Charity number: 1123129
## THE BOLTINI TRUST
TRUSTEES’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
.
## THE BOLTINI TRUST
## CONTENTS
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|Page|
|Reference|and|administrative|details|of the|Charity,|its|Trustees and|advisers|1|
|Trustees’|report|2-5|
|Independent auditors’|report on|the financial statements|6-9|
|Statement|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 2025
## 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
1123129
## 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
## Bankers
Natwest Bank 39 The Borough Farnham Surrey GU9 7NP
## Solicitors
Kitson Boyce LLP Minerva House Orchard Way Edginswell Park Torquay TQ2 7FA
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## THE BOLTINI TRUST
## TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2025
The Trustees present their annual report together with the audited financial statements of the The Boltini Trust for the 1 April 2024 to 31 March 2025. 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)'.
## 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 details 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 the 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). They are happy to carry forward unutilized reserves. As one Trustee meeting is normally held in November or December income will accumulate from this meeting until the Trust's year-end. The balance held as unrestricted funds as at 31 March 2025 was £255,516 (2024: £253,824). There are no restricted funds.
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## THE BOLTINI TRUST
## TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
## 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 £621,495 (2024: £616,282) were agreed. Investment Income was £666,137 (2024: £536,540) and donations were £2,808 (2024: £272). The net movement in income and expenditure before investment gains and losses was a gain of £38,078 (2024: deficit of £96,686).
## 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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## THE BOLTINI TRUST
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## TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
## Structure, governance and management (continued)
## c. Organisational structure and decision-making policies
The Trustees 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 third 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 Trustees expect the charity to be run on a similar basis for the foreseeable future.
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## : a THE BOLTINI TRUST
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neal
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
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OO
Statement of Trustees’ responsibilities
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The Trustees are responsible for preparing the Trustees’ report and the financial statements in accordance with
panei law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting
The law applicable to charities In England & Wales requires the Trustees to prepare financial statements for
each financial year which give a true and fair view of the state of affairs of the Charity and of its Incoming
resources and application of resources, Including its Income and expenditure, for that period. In preparing these
financial statements, the Trustees are required to:
° select suitable accounting policies and then apply them consistently;
e observe the methods and principtes of the Charities SORP (FRS 102);
° make judgments and accounting estimates that are reasonable and prudent,
e state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material
departures disclosed and explainedin the financial statements;
° prepare the financial statements on the going concem basis untess it is inappropriate to presume that the
Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and expiain
the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity
and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity
(Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for
safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of
fraud and other irregularities.
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## Disclosure of Information to auditors
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Each of the pereons who are Trustees at the time when this Trustees’ report Is approved has confirmed that:
e so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are
unaware, and
° that Trustee has taken ail the steps that ought to 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.
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## Auditors
The auditors, Shaw Gibbs (Audit) Limited, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.
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Approved by order of the members of the board of Trustees and signed on their behalf by:
Al \
AnthonyJohn Bolton
(Trustee)
pate AM OVOlvev 2028
nnnSPOUISTSSUOTnIIIIOTUNS
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## THE BOLTINI TRUST
## 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 2025 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 lreland' (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:
- ° give a true and fair view of the state of the charity's affairs as at 31 March 2025 and of its incoming resources and application of resources for the year then ended;
- ° have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- ° have been prepared in accordance with the requirements of the Charities Act 2011.
## Basis for opinion
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:
- ° the information given in the Trustees’ report is inconsistent in any material respect with the financial statements; or
- e sufficient accounting records have not been kept; or
- ° the financial statements are not in agreement with the accounting records and returns; or e we have not received all the information and explanations we require for our audit.
## 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.
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
## el INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE BOLTINI TRUST (CONTINUED)
## 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.
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 detailed 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 involve deliberate 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 Charities Act 2011. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and inspection of legal correspondence.
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. In addition to this, we reviewed grants paid out by The Boltini Trust to ensure they were given to relevant charities in line with the objects of the charity and to cover the risk of fraudulent activities.
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 did not 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.frc.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: \o ocrosey 2025
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THE BOLTINI TRUST
## STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025
|||Unrestricted
funds|Endowment
funds||Total
funds||Total
funds|
|---|---|---|---|---|---|---|---|
|||2025|2025||2025||2024|
||Note|£|£||£||£|
|Income and endowments from:||||||||
|Donations and legacies|3|2,808|-||2,808||272|
|Investments|4|629,751|36,386||666,137||536,540|
|Total income and endowments||632,559|36,386|°|668,945|~|536,812|
|Expenditure on:||||||||
|Charitable activities|6|630,867|-||630,867||633,498|
|Total expenditure||630,867|-||630,867||633,498|
|Netincome/(expenditure) before net||||||||
|gains on investments||1,692|36,386||38,078||(96,686)|
|Netgainson investments||-|296,383||296,383||74,340|
|Netmovement in funds||1,692|332,769||334,461||(22,346)|
|Reconciliation offunds:||||||||
|Totalfunds broughtforward||253,824|13,433,510||13,687,334||13,709,680|
|Netmovement infunds||1,692|332,769||334,461||(22,346)|
|Totalfundscarriedforward||255,516|13,766,279||14,021,795||13,687,334|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 13 to 27 form part of these financial statements.
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THE BOLTINI TRUST
Le SSS SAS SSS SISOS SS See aanasesansse
BALANCE SHEET
AS AT 31 MARCH 2025
a
Note 2025- 2024
Fixed assets
Investments 10 12,988,275 12,667,472
12,898,275 12,667,472
Current assets
Debtors 11 44,375 41,856
Investments 12 774,421 774,344
Cash at bank and in hand 229,724 228,662
1,048,520 1,044,862
Creditors: amounts falling due within one
year 13 (25,000) (25,000)
Net current assets 1,023,520 1,019,862
Total assets fess current Habilities 14,021,785 13,687,334
Net assets excluding pension assct 14,021,795 13,687,334
Total net assets 14,021,785 13,687,334
g——— == SEE
Charity funds
Endowment funds 14 13,768,279 13,433,510
Unrestricted funds 14 255,516 253,824
Total funds 14,021,795 13,687,334
Pana aemer naam i
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.
byte C2.
Anthony John Bolton
(Trustee)
Dates GM ONdeex 2ZOCT
The notes on pages 13 to 27 form part of these financial statements.
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## THE BOLTINI TRUST
## STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025
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2025 2024
£ £
Cash flows from operating activities
Net cash used in operating activities 37,447 (15,962)
Cash flows from investing activities
Proceeds from sale of investments 1,633,184 1,976,638
Purchase of investments (1,669,492) (1,317,935)
Net cash (used in)/provided by investing activities (36,308) 664,703
Cash flows from financing activities
Net cash provided by financing activities - -
Change in cash and cash equivalents in the year 1,139 648,741
Cash and cash equivalents at the beginning of the year 1,003,006 354,265
Cash and cash equivalents at the end of the year 1,004,145 1,003,006
The notes on pages 13 to 27 form part of these financial statements
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## THE BOLTINI TRUST
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
## 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 provide a ‘true and fair’ view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The 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
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
## 2. Accounting policies (continued)
## 2.4 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
## 2.5 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
- 2.6 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## 2.7 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.
2.8 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.
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.
## 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 2025
## 3. income from donations and legacies
||||Unrestricted
funds|Total
funds|
|---|---|---|---|---|
||||2025|2025|
||||£|£|
||Donations||2,808|2,808|
||||Unrestricted|Total|
||||funds|funds|
||||2024|2024|
||||£|£|
||Donations||272|272|
|4.|Investment income||||
|||Unrestricted|Endowment|Total|
|||funds|funds|funds|
|||2025|2025|2025|
|||£|£|£|
||Investment income|627,667|36,386|664,053|
||Interest received|2,084|-|2,084|
|||629,751|36,386|666,137|
||||Unrestricted|Total|
||||funds|funds|
||||2024|2024|
||||£|£|
||Investment income||534,583|534,583|
||Interest received||1,957|1,957|
||||536,540|536,540|
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## THE BOLTINI TRUST
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
## 5. Analysis of grants
|Grants|payable|
|---|---|
|Grants|payable|
|Grants to|Total|
|---|---|
|Institutions|funds|
|2025|2025|
|£|£|
|621,495|621,495|
|Grants to|Total|
|---|---|
|Institutions|funds|
|2024|2024|
|£|£|
|616,282|616,282|
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## THE BOLTINI TRUST
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
## The Charity has made the following grants to institutions during the year:
## Unrestricted grants payable
||2025|2024|
|---|---|---|
||£|£|
|Disadvantaged /Disabled / Children &Young People Care Institution|||
|Midhurst Youth Trust|20,000|-|
|Winston'sWish|7,000|-|
|The BellTower Drop-in / Chichester CityCentre Drop-in|5,000|5,000|
|Childrens Bookfest|5,000|-|
|St Barnabas Hospice|5,000|-|
|Young People's Shop|-|10,000|
|PACSO (Parent& Carers Support Organisation)|-|6,000|
|Sick Children's Trust|-|6,000|
|Elizabeth's Smile UK|-|4,000|
|Chailey Heritage Foundation|-|3,500|
|Tuppenny Barn|-|3,000|
|WellspringWestSussex|-|2,000|
||42,000|39,500|
|Disadvantaged / Disabled /Homeless AdultCare Institutions|||
|Family Support|15,000|-|
|Refugee Council|10,000|-|
|Stonepillow|10,000|-|
|Electric Umbrella|10,000|-|
|Bramber Bakehouse|5,000|-|
|Demintia Support|5,000|-|
|Response Org.|5,000|-|
|Life Centre|5,000|-|
|North Paddington Foodbank|-|10,000|
|UKHarvest|-|6,000|
|Home-Start UK|-|5,000|
|StWilfreds Hospice|-|5,000|
|Age UK|-|3,000|
|Listening Books|-|3,000|
||65,000|32,000|
|Medical Research / Medical Institutions|||
|Kent SurreySussexAirAmbulance|20,000|-|
|The Brain Tumor Charity|10,000|-|
|SepsisResearch|10,000|-|
Page 17
## THE BOLTINI TRUST
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
|Medical Research /Medical Institutions (continued)|||
|---|---|---|
|Breast CancerNow|10,000|-|
|Crohns & ColitisUK|5,000|3,000|
|PregnancyOptions|5,000|-|
|Tommy's|5,000|5,000|
|Cancerwise|3,000|-|
|Alzheimer's Research UK|-|20,000|
|Chichester Medical Educational Centre (CMEC)|-|20,000|
|Antenatal Results and Choices (ARC)|-|10,000|
|HopeforTomorrow|-|10,000|
|Bliss|-|5,000|
|Marie Curie|-|5,000|
||68,000|78,000|
|Major Disaster ReliefFunds|||
|Shelterbox|25,000|15,000|
|Medecins Sans Frontieres UK|20,000|33,000|
|Save the Children|20,000|30,000|
|War Child (Ukraine Appeal)|-|10,000|
||65,000|88,000|
|Community& Educational Institutions|||
|The Friends of St. Mary's Church Bepton Trust|25,000|-|
|Goodwood Education Trust|7,500|5,000|
|Midhurst Primary School|7,000|-|
|North Paddington Foodbank|5,000|-|
|Charity Mentors|5,000|-|
|Little Village|5,000|-|
|ChichesterFoodbank|5,000|-|
|RotherValleyTogether|5,000|-|
|Interim|5,000|-|
|OnlyConnect|3,000|-|
|Wintershall|2,500|-|
|SussexCommunity Foundation|-|20,000|
|Midhurst CLT|-|15,000|
|Midhurst Community Hub|-|5,000|
|National Garden Scheme|-|5,000|
|Petworthand District CommunityAssociation|-|5,000|
|RSPCA|-|§,000|
|SelseyCommunity Forum|-|3,000|
||75,000|63,000|
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## THE BOLTINI TRUST
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
|international|||
|---|---|---|
|Golden Halo|20,000|-|
|Friends ofthe Care Foundation|14,000|12,311|
|MondoChallenge Foundation|10,000|10,000|
|The Sofiia Okunevska Foundation|10,000|10,000|
|Adopt a Coastline|3,000|-|
|Halo Foundation|-|23,838|
|Children on theedge|-|10,000|
|Prospect Burma|-|10,000|
|Second Sight|-|6,000|
|Touching Hearts Ministries|-|2,047|
||57,000|84,196|
|Environmental|||
|Royal Botanic Gardens Kew|20,000|-|
|Citizens Zoo|10,000|-|
|Green Living|5,000|-|
|Paul Watson Foundation|5,000|-|
|Rewilding Europe|-|10,224|
|Chichester Harbour Trust|-|10,000|
|Mongabay|-|5,115|
||40,000|25,339|
|Music|||
|Sound & Music|100,000|100,000|
|Britten Pears Arts|30,000|-|
|Royal Opera House Foundation|15,000|20,000|
|The London Symphony Orchestra|10,000|10,000|
|Royal Philharmonic Society|10,000|10,000|
|English National Opera|10,000|-|
|Chichester Catherdral Platinum Endowment Fund|10,000|-|
|FutureTalent|5,000|10,000|
|Cambridge Music|5,000|-|
|Petworth Festival|4,000|3,500|
|National Opera Studio|4,000|-|
|Nash ConcertSoc|3,000|-|
|Antigua and Barbuda Youth Symphony Orchestra (ABYSO)|2,495|10,247|
|Shadwell Opera|1,000|-|
|The BRIT School|-|10,000|
|Ora Choir|-|10,000|
|RoyalPhilharmonicOrchestra|-|10,000|
Page 19
## THE BOLTINI TRUST
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
**----- Start of picture text -----**
Music (continued)
Children's Concerts - 5,000
Music Theatre Wales - 5,000
Iping Parochial Church Council - 2,500
209,495 206,247
Total grants payable 621,495 616,282
**----- End of picture text -----**
## Total grants payable
## 6. Analysis of expenditure on charitable activities
Summary by fund type
## Charitable activities
**----- Start of picture text -----**
Unrestricted
funds Total
2025 2025
£ £
630,867 630,867
**----- End of picture text -----**
## Charitable activities
**----- Start of picture text -----**
Unrestricted
funds Total
2024 2024
£ £
633,498 633,498
**----- End of picture text -----**
## 7. Analysis of expenditure by activities
**----- Start of picture text -----**
Chartitable activities
**----- End of picture text -----**
**----- Start of picture text -----**
Grant
funding of Support Total
activities costs funds
2025 2025 2025
£ £ £
621,495 9,371 630,866
**----- End of picture text -----**
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## THE BOLTINI TRUST
**----- Start of picture text -----**
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
7. Analysis of expenditure by activities (continued)
Grant
funding of Support Total
activities costs funds
2024 2024 2024
£ £ £
Charitable activities 616,282 17,216 633,498
8. Auditors’ remuneration
2025 2024
£ £
Fees payable to the Charity's auditor for the audit of the Charity's annual
accounts 7,042 7,144
**----- End of picture text -----**
## 9. Trustees‘ remuneration and expenses
**----- Start of picture text -----**
During the year, no Trustees received any remuneration or other benefits (2024 - £ENIL).
During the year ended 31 March 2025, no Trustee expenses have been incurred (2024 - ENIL).
**----- End of picture text -----**
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## THE BOLTINI TRUST
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
## 10. Fixed asset investments
||Listed|
|---|---|
||investments|
||£|
|Cost orvaluation||
|At 1 April 2024|12,667,473|
|Additions|1,669,492|
|Disposals|(1,594,652)|
|Revaluations|255,962|
|At 31 March 2025|12,998,275|
|Net book value||
|At 31 March 2025|12,998,275|
|At 31 March 2024|12,667,473|
|AllthefixedassetinvestmentareheldintheUK||
. Material investments
||2025|2024|
|---|---|---|
||£|£|
|Artemis Income Fund Class | [nc|1,891,852|1,758,760|
|BlackRock World Mining Trust PLC Ord GBP0.05|1,047,891|1,110,164|
|IFSL Mariborough MultiCap IncomeFundP Inc|753,842|827,815|
|JPMorgan China Growth& Income PLC Ord GBP0.25|1,803,141|-|
|Jupiter MonthlyAlternative Income Fund | Class Inc|1,817,933|1,814,957|
|Lazard Global EquityIncomeC Inc|-|1,594,652|
|Man Income Fund ProfIncD|2,147,984|2,024,071|
|MI Polen Capital Asia Income | Income|2,173,500|2,195,914|
|Premier Miton UK Multi Cap Income Fund Institutional B Income|1,362,132|1,341,200|
||12,998,275|12,667,473|
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## THE BOLTINI TRUST
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
**----- Start of picture text -----**
11. Debtors
2025 2024
£ £
Due within one year
Prepayments and accrued income 44,375 41,856
12. Current asset investments
2025 2024
£ £
Investments 774,421 774,344
2025 2024
£ £
Fidelity Cash Fund W - ACC 774,421 774,344
13. Creditors: Amounts falling due within one year
2025 2024
£ £
Accruals for grants payable 25,000 25,000
**----- End of picture text -----**
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## THE BOLTINI TRUST
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
## 14. Statement of funds
## Statement of funds - current year
**----- Start of picture text -----**
||||||||
|---|---|---|---|---|---|---|
|Balance|at|
|Balance|at|1|Gains/|31|March|
|April 2024|Income|Expenditure|(Losses)|2025|
|£|£|£|£|£|
|Unrestricted|funds|
|General|Funds|253,824|632,559|(630,867)|-|255,516|
|Endowment funds|
|Endowment|Funds|13,433,510|36,386|-|296,383|13,766,279|
|Total|of funds|13,687,334|668,945|(630,867)|296,383|14,021,795|
|Statement of funds|-|prior year|
|Balance|at|
|Balance|at|Gains/|31|March|
|1|April 2023|Income|Expenditure|(Losses)|2024|
|£|£|£|£|£|
|Unrestricted|funds|
|General|Funds|350,510|536,812|(633,498)|-|253,824|
|Endowment funds|
|Endowment|Funds|13,359,170|-|-|74,340|13,433,510|
|Total|of funds|13,709,680|536,812|(633,498)|74,340|13,687,334|
**----- End of picture text -----**
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## THE BOLTINI TRUST
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
## 15. Summary of funds
## Summary of funds - current year
||||||Balance at|
|---|---|---|---|---|---|
||Balanceat 1|||Gains/|31 March|
||April 2024|Income|Expenditure|(Losses)|2025|
||£|£|£|£|£|
|General funds|253,824|632,559|(630,867)|-|255,516|
|Endowment funds|13,433,510|36,386|-|296,383|13,766,279|
||13,687,334|668,945|(630,867)|296,383|14,021,795|
|Summary offunds - prioryear||||||
||||.||Balance at|
||Balance at
1 April2023|Income|Expenditure|Gains/
(Losses)|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 of funds - prior year
## 16. Analysis of net assets between funds
Analysis of net assets between funds - current year
||Unrestricted|Endowment|Total|
|---|---|---|---|
||funds|funds|funds|
||2025|2025|2025|
||£|£|£|
|Fixed asset investments|-|12,998,275|12,998,275|
|Current assets|280,516|768,004|1,048,520|
|Creditors due within one year|(25,000)|-|(25,000)|
|Total|255,516|13,766,279|14,021,795|
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THE BOLTINI TRUST
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
## 16. Analysis of net assets between funds (continued)
## Analysis of net assets between funds- prior year
**----- Start of picture text -----**
|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|Unrestricted|Endowment|Total|
|funds|funds|funds|
|2024|2024|2024|
|£|£|£|
|Fixed|asset|investments|201,991|12,465,481|12,667,472|
|Current|assets|76,833|968,029|1,044,862|
|Creditors due within|one|year|(25,000)|-|(25,000)|
|Total|253,824|13,433,510|13,687,334|
|17.|Reconciliation|of net movement|in|funds|to|net cash|flow from|operating|activities|
|2025|2024|
|£|£|
|Net|income/expenditure|for|the|year|(as|per|Statement|of|Financial|
|Activities)|334,461|(22,346)|
|Adjustments|for:|
|Gains|on|investments|(296,383)|(74,340)|
|Decrease/(increase)|in|debtors|(2,519)|78,088|
|Investment|Fees|1,888|2,636|
|Net cash|provided|by/(used|in)|operating|activities|37,447|(15,962)|
|18.|Analysis|of cash|and|cash|equivalents|
|2025|2024|
|£|£|
|Cash|in|hand|1,004,145|1,003,006|
|Total|cash and|cash|equivalents|1,004,145|1,003,006|
**----- End of picture text -----**
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## THE BOLTINI TRUST
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
## 19. Analysis of changes in net debt
**----- Start of picture text -----**
Changes in
market
value and
exchange
At 1 April rate At 31 March
2024 Cash flows movements 2025
£ £ £ £
Cash at bank and in hand 228,662 1,062 - 229,724
Liquid investments 774,344 - 77 774,421
1,003,006 1,062 77 1,004,145
**----- End of picture text -----**
## 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 2025.
Page 27