R•gbtered Charlty Number." 1125000 THE SCOTh BOLTON TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2022
THE scorr BOLTON TRUST ANNUAL REPORT AND FINANCIAL STATEMETrirs FOR THE YEAR ENDED 31 AUGUST 2022 coENTs Page Legal and Administrative Infoffnation Trustees. Report Independent Auditors, Report Slalement of Financial Acuvltles Balan Sheet 10 Cash f5ow statgmenl Notes lo the Flnanclal Stalanents 13-16 The followlng pages do nol fom7 part of Ihe statutory accounts." Schedule of Investments 17-18
THE SCOTh BOLTON TRUST LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 AUGUST 2022 Twsteas Twslees in Offi during the year were.. Mlss M M Scott FAScott WLGSwan Management Committee Mrs C Boscoe Mrw J Craven Mr D Garton Mrs A Brooks Dr S E Fisher Mr I Cooper Mr T P Taylc* Secretsry MrsCLFox Registered Offlce Bolton Schoc4 Chorfey New Road 8olto BL14PA Audltors Crowe U.K. LLP Chartered Accountants & Registered Audilors The Lexicon Mount Slreot Manchester M2 5NT Bankors and Investment Managers Smilh & Williamx)n Investment Management Limited 25 Moorgale London EC2R 6AY Solicitors Currey & Co LLP 33 Queen Anne Street London W1G 9HY
THE SCOTT BOLTON TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2022 Referencè and Administrativ• Information The Scott Bolton Trust was crealed by a TnJst Deed dated 14 May 1962. The Trust was previously administered as a subsidiary tharity of Bolton School. vAlh the Charfty Nurnber 1110703. However, the Charity Ccmmisson have confimied that The Scoll Bolton Trust has been registered as a main reportlng charity. number 1125000. The Truste&s, Management Committee, Secretary and registered office of the Charity are shown on page 1 together with parts"culars of the Charity's professional athisers. Structuro, Goveman¢e and Managomont The grant making activities of the Trust {insofar as they relate to the income of the Trusll are currenly dealt with through the Management Committee based at Bolton School. Subject to that and lo the power for the Management C<inmittee lo appoint Ils Clerk 8r¥J Treasurer. all other powers in respe¢l of the Trust are reserved to the Trustees. The Trustees have wide powers to revoke the trusts of the said Trust Deed dedare other exdu&vely charitablg trusts for purposes connected wlh Bolton School or the Borough of BIAlon. The pos%er of appiynting Trustees is currently vested in Mr F A Scott. Employee Information The Scott Bolton Trust has no employees. Rlsk Management During the year the Trustees have exanined the principal areas of the Tfust's operations and considered the major risks in each of these. In their opinion th8 Trust has established systems which, under nomial orcumslances. should allow these risks to be managed to an acceptable level in its day to day operauons. The Tru*ees contlnue to keep the Trusi's activities under review, particulady with regard to any malor risks that may arise from lime ID time. and lo monitorthe effectiveness of the system of internal controls and other viable means by which Ihose risks identified by the Trustees can best be managed. The key controls used by the Trust indude: . Formal agendas for all Committee and Board activity, Comprèhensive strategic planning, budgeting and accounting, Established lines of reporting, and Clear aulhorisation and approval levels. Objects, A5ms, Oblo¢tlves and Activrtles The objects of the Trust include inter alia.. the promotlon and encouragement of educabon al Bolton School., the provision, primarily for boys, girls and young people {bng not more than 21 years of age or if receiving full-lime instruction at any University, College. School or other educational establishment being not mtsre than 25 years of age) being pupils or fomier PLJpils ol Bolton Sthool and also for other boys, giris and yDun9 people of such age who shall be resident in the Borough of Bolton, of fa¢ililies for recreation or other leisure time occupation (being facilities of which such persons have need by reason of their youth or social or economic arcumstancesl in the interest of their Sla1 welfare and for improving their conditions of life,. and the funding for the benefit of pupils and former puplls of Bolton Schoollsubject to thgr making such contribulion Iowdrds the expense as is Considered as appropriatel of..
THE SCOTT BOLTON TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2022 lal Iravd for the purpose of education or for atteThJarKe al educational courses ellher wlhin or oulslde the UK.. attendance al courses or expeditions of an advenlurfxjs kind either within or ouwde the UK.. arKI journeys or expeditions either thIn or outsde the UK which give opportunities for ndividual inillatwe in relation to physlcal. intellectual or cultural pursuits. Ib) Ic) The Trustees confimi that they have complied with the Charities Act 2011 and have referred lo the guidance contsined in the Ch8rity Commission's general and SUctor guidancè on publi¢ benefit when reviewing ¢heTrust's aims and objectives and in plannlng its activities and setting its grant ma.ng policy. The Trust meets its objeclives by maklng grants to pupils and former pupils of Bolt¢Jn S¢hool are embarkn'ng on the sorts of aclwilies envisaged in the TrLJsfs objects. Grants are also made to instilutSons which provide the facilities lo enable puplls and fomier pupils to carry OLrt such aclivilies. Applicants are invited lo apply to the Trust setttng wt the detalls of their proposed activities. The Management Conmittee {which is appointed annually by the Trustees) revlews the applications and decides on the grants lo be a¥Yarded each year. OlS1OnS to award grants are based on each appllcation's merit and the benefit that is likely lo be gained from the proposed activity {both by the appllcant hSm or herself and in appropriate orcumstances by those the applicant may be benefiting by undertaknng the project). The successful applicants are required lo report back on their experiences once their adivities aro ccmplele so that the Management Committee czn review how the grants were spent and ensure th& funds %%er8 applied appropriately. The sorts of aL*vibes the Trust typlcally supports indude: Duke of Elfinburgh Award and Oun9 expedltlons. work experience and volunteering abroad.. cultural, educational and sporting trips abroad., and fundr8ising projects. Sh activities benefll young people by Improving thr independence and self-ccyrfidence, by leaching them valuable life skills and by broadening their understanding of the world, as envisaged by the Trusvs objects. Again in Ilne wth the Trusvs objects, the benefioaries of Ihe Trusl's grant-maknng programme are prlmarily Ihe pupils and former pupils ol Bolton School. The Trustees consider Ihis to be reasonable in view of the large number of pupils 8nd fomer pupils who can potentially benefit and the range of backgrounds from which the pupils at the school come. (Bolton School is itself 8 registered charity with an open 8ccess policy in place for ils pupils. The School encourages children lo allend IspeCtive of their parents, ability lo pay, offering bursaries where appropriate ranging from 10Y• lo 100¥0 remisslon of school fees. Furthermore, over half the 51udenl$ 8t Ihe school come frun beyond Ihe immediate Bolton postcodesl. The Twslees consider that the direct benefit that the pupils and forrner pupils receive from having the opportunily to enjoy and leam from the sorts of experiences supported by the Trust also has an indirect benefit for the wider community by improving those Individuals, social skills and awarene55. In certain instances le.g. fundraising projecis} the activities the Trusl supports can have a direct benefit on the der cornmunity. Further details of grants awarded in the year to 31 August 2022 are set out in Note 2 to the financial statements.
THE SCOTT BOLTON TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2022 Rovlew of A¢hlevem¥nts and Performancè for the Year The Trust continues to provide gran15 to puwls and fomier pulS of BoIlL School, all apICatIOnS for such grants being carefully vetted by the Secreiary arKI the Managemenl Committee. The Trustees made a transfer of £24.000 out ofthe capitsl fund lo the ManagementC(wnmittee forthis purpose during the year. The value of grants made by the Management Committee was £18.650 compared to £1.757 in the previous year. The Management Commttee's income account Ilhe designated inccme fund) may bè summarised as fdlows: Gross income Less.. expenses Net inccffle Less.. grants awarded 24.1Y 24,000 {18.650) Operat(ng suolus This left the inrne fund with a postive carried fowrnrd balance of £30.235. Re5?rve5 pollcy All the reserves of the Trusi arg unr851ricled. A designated income fund is maintained and Ihe balan 8131 August 2022 was £30,235. It Ss not the inlenlon ol the Truslees to build up reserves In tNs fund, which Is usually maintsined a year end balance of between £1,000 and £7,500. The remaining reserves are held in the capital fund. The balance on the CAPit81 fund at 31 August 2022 was £1,315,435. The Trustees aim lo maintain this fund al a similar levd In order for SLrfiaent investment income to be generated to provide for future grants in line wlh the charitstAe objecljves. Operatlng Perforniance The Trust's net neg8tive rneMent in funds for the year amounted to £96.624 12021: nel positnie movement of £209.4981, with fund balances carrled ford al the end of the year of £1.345.67012021= £1,442.2941. Inve$lm*nt policy and porformancg The Trustees are permilled lo invest available funds at their absolLrte discretion. The Trust's investments are managed by Smith & Williamson Investment Managemenl knmiled. Their performance is regularly reviewed by the Trustees. The Truslees aim lo seek maximum lotal relum fiom the investments through capital Appreciation or income as appropriate. Principle Risks and Uncertainties Th& Trustees COnder the Health and Safety ol their beneficiaries whilst Iravelling lo be the principle risk area for risk management. The levèl and breadth of acbvlbes and expeditions is impressive and applicants are reminded ol the risks associated with these activities al the time of their application preseniation.
THE SCOTh BOLTON TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2022 Fulure Plans Slraleglc prforllles for the next few years revofv$ arouNJ ensuring there is suffiaent invesknent performance lo enable the Trust lo continue lo promote and provide facilibes for recreation or other leisure tlme occupation {being facilities of 1¢h such persons have need by reason of their youth or sodal or ew)omlc cir(yJmslancesl In the interest of their social we]fare and for improving theSr con¢Jitions of life,. and the funding for the benefit of pupils and former pupils of Bolton School Isublect to their m8king suth wntribution Iowdrds the expense as is consdered as appropriatel of.. la) travd for the purpose of education or for attendance at educallon81 courses either ithin or outde the UK., attendan at coufises or gxpedilions d an adventurous kind either wlhin or outside the UK; and joumeys or expeditions etther wlhin or outside the UK which gwe opportunities for irKlividual Initiative in relauon lo physical, Inlelledual or cultural pursuits. Ibl Ic) Statemenl of Trustaes, Responsibilitles The Trustees are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and United ifjngdom Generally Accepted Accountlng Practice (United Klngdom Accounting Sland8rdsl. The law applicable lo charities in England and Wales requires th8 Tnjstees to prepare finanaal statements for each financial year which give a true and fa5r view of the state rf affairs of the charity and of the Incoming resources and application of reSoUS of the charity for that period. In preparing these finanoal Statemen the Trustees are r8quir8d lo.. select suitable arxounling p(Ai¢ies and then appty them consistently. obseNe the methods and prin(yples in the Charities SORP- make judgments and eslimales that are reasonable and prLKlentr stale whether applicable accounting $18nd8rds have been Idlowed. subject to any material departures disclosed and ex ained in the financlal slalements-, prepare the finanaal statements on the going concem basis unless il is inapproprtate lo presume that the ¢harlty wll continue in business. The Tnjstees are responsible for keeping adequate accounting record5 that are wffirient to show and explain the charity's transactions, disdose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply wth the Charities Act 2011. the Charities (Accounts and Reports) Regulation5 2008 and the provisions of the charity's ConstitlOn. They are also responsible lor safeguaiding the assets of the charity and hence for reasonable stèps for Ihe prevention and detection of fraLJd and other irregularibe5. Auditors Crowe U.K. LLP has indicaled lis willingness to be reappointed 8$ registered auditor. 2b2S and sgned on Approved by the Board of Trustees of The Scoll Bomon Trust on ......... its behalf by- WLGSwan Trustee
INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE SCOTT BOLTON TRUST Opinion We have audited the financial slalements of The Scott Boll¢)n Trust for the year ended 31 August 2022 whlch comprise the Statement of Financial Activities, BalanGe Sheet, Cash Flow Slalemenl and notes lo the financial statements. In(Juding a MMary of signific8nt 8c¢ounts'ng policies. The financial reporting framework that has been appwed in their preparatlon is applicable law and United Kingdom Accounting Standards, induding Financial Repoiting Stsndard 102 The Finanaal Reporting Standard appli¢aLAe in the UK and Republic of Ireland {United Kingdom Generally Accepted Accounting Pfacli¢e). In our oplnion the finanaal slalements.. give a true and lair view of the state of the charitable trust's affairs as at 31 August 21722 and of ils incoming resources and appli¢atlon of resources, induding ils inccffle and expenditure for the year then ended., have been properly prepared in accordance 1h Unlled Klngdom Generally Accepted Accountlng Practice,. and have be prepared Sn aanCe with the requirentS of the Charities Act 2011. Basis for opinion We condu¢led OUT audit In accordance wlh Inlemational Slandards on Auditing IUK) IISAS IUKI} 8nd applicat4e law. Our responsibilities under those standards are further described in the Auditorfs responslbilitie5 for the audit of the financial slalements section of our report. We are independent of the aritable tnjsl in accordance with the ethical requirements (hat 8re relan1 to our audit of thefinancial statements in the UK, induding the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilioes in accordance with these reouirements. We believe that tha audit evldence we have obtained Ss strfFiclenl and appropriale to provide a basis for our opinion. Conclusions rglatiro to golng concern In auditing the financial slalemenls, we have c1cluded that the trustees, use of the going concem bass of accounting in the pparatiOn of the finanrial slalemenls 15 appropriate. Based on the w)rk we have performed. we have nol identified any material uncertainties relaltng lo events or Gonditions that, individually or collectivdy. may cast significant doubt on the charitable twsfs ability to continue as a going NEe[n for a period ol at least twelve months from when the flnanoal statements are 8ulhori5ed for issue. Our re5ponsibililies and the responsibllilles of the trustees with respect to golng concern are described in the relevant sections ol this report. Other infomiatlon The Iruslees are respondble for the other infomiation contained within the annual report. The other inforTn81ion comprises the information included in the annual report. other than the financjal $18lemenls and our auditor's report thereon. Our opinion on the finanaal statements does not cover the other inlorrnation and. except lo the exlenl otherwise explicidy sialed in our report. we do not express any form of assurance condusion thereon.
INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE SCOTh BOLTON TRUST Our responsibility is lo read the other infomatIon and. in doing so. cOnder whether the other infom)ation Is malerfally inconsisienl vAth the financial statements or our knowledge obtsined in the audlt or otherw5e appears to be materially misslaled. If we identify such material inc¢)nsistenaes or apparent material misstslemenls, w are required to determi whether this gives rfse to a material misstatement in the financial statements th&nselves. If. based on th8 work we have perfomied, we condude that there is a materf81 mi&8talemenl of this other information, we are required to report that fact. We have nothing to report In thls regard. Matters on whith we are required to report by exception We have nothing to repc*1 In respeGt of Ihefdlowng matters in rdation lo vthich the Charities Ik¢ounts and Reportsl Regulations 2008 r8qulre us lo report to you rf, in our opinion.. the information £4ven in the finanaal ststements is inconsstenl in 8ny materi81 sPect with the trustees, report., or suffl¢ienl accounting records have not been kept., or the flnancl81 slalements are not in agreement 1th th& accounting records and returns.. or we have not recewed all the information and explanalirms we require for our aLKlil Responsibilities of twstoès As ex aIne{l more fLAly in the trustees, Tespon&bililies statement set out on page 5, the trustees (who are also the dire¢lors of the charitable tfust for the purposes of ch8rity lawl are responsibte for the preparation of the financial slalemenls and for being sallsfied Ihal they give a true and fair view. and for such Inlemal control as the trust5 determine is necessary to enable the preparation of finan(?al siatement5 Ihal are free from material misstalemenL vthether due to fraud or error. In preparing the financlal statements, the trustees are responsible for assessing the charitable trust's ability to continue as a going concern, dis¢loslng, as applicable, matters related lo going concem and using the wng concern basis of accountlng unless the Iruslees either intend lo liquidate the charitable trust or lo cease operations, or have no realistic altemative bul lo do so. Audltorfs rgspon$lblllt105 for the audit of the financial statsments We have been appointed as auditor under section 145 of the Charities Act 2011 and repc(t in accordance wlth the Act and relevant regulations made or having effècl thereunder. Our objectSves are to obtain reasonable aSranCe about wthether the financial statements as a %thole are free from material misstalemenl, whether due to fraud or error, and to Issue an auditor's rep(wt that Sncludes our opinion. Reasonable assurance is a high levd of auranCe, bul is not a guarantee th81 an audit conducted in accordance with ISAS IUKI wll always delect a material mi181eMenI when il exists. Misslatemenls can arise from fraud or error and are considefed m81eri81 if, individually or In the aggregate, they could reasonably be expected lo influence the econ(Ynic decisions of vsers taken on the basis of these financial slatemenls.
INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE SCOTT BOLTON TRUST Irregularities, induding fraud. are Instances of non-cc#mpIian with laws and regulations. We design procedures in line wth our responsibililes, outlined above, to delecl material misstatements in respecl of irregularities, including fraud. The extent lo whi¢h our procedures are capable of delecting irregularfties, induding fraud is detailed below. Extont to which the audbt was wnsidored capable of detectlng Irregularltlas. Including fraud Irregularities. Indudlng fraud. are instances of non-compliance with laws and regulations. We identified and assessed the risks of mateJial misslalemenl of the financial statements from irregularities. ether due lo fraud or error, and discussed these between our audit learn members. We then designed and p&rfomied audit procedures responsive to those risks, IncludirwJ obtaining audit eviden suffioenl and appropriate to provide a basis for our opinion. We obtained an understanding of the16gal and regulatory frameworks wlhln which the charitable trust operates, focusing on those laws and Tegulations that have a dlrect effecl on the determination of material amounts 8nd discjosures in the finanaal statements. The laws and regulations we Gonsidered in this context were the Charitie5 Act 2011 and The Charities IAc¢ounls and Reports) Regulations 2008 together with the Charities SORP {FRS 1021. We assessed the required compliance with these laws and regulations as part our audit proKedures on the related llnancial statement items. In addltion. we con&dered provSsis of other laws and regulations that do not have a direct effect on the financial slalemenls bul Complian 1th which might be fundamental to the charitable trust's 8bility lo operate or to avoid a material penalty. We also considered the opportunities and incèn¢J'ves that may exist wthin the charitall8 trust for fraud. Auditlng sland8Tds limit the required audit procedures lo identify non-compliance wlh these laws and regulations to enquiry of the Trusl8es and other management and inspe¢llon of regulatory aThJ legal correspondence, if any. We idenlified the grealesl risk of material impact on th8 financi81 statements from irregulariues, including fraud, to be wlhin the override of controls by management. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment ol the risks of itr&gul3rilies. designing audll procedures over income, sample testing on the posting of joumals, reviewing accountbng estimates biases and reading mlnutes of meetings of those charged with govemance. Owing to the inherent limitations of an audit. Ihere Is an unavoidable risk that k%e may not have detected some material missiatemenls In the financial statements, even though we have pmperly planned and performed our audit in acwrdance with auditing standards. For ex8mple, the further removed non- Compliance with laws and regulations lirregularitiesl is from the events and transactions reflected in the financial stalemenls. the less likely the inherently limited procedures required by auditing Standards would identify it. In addition. as with any audit, there remained a higher risk of non-delection of irglarities, as these may involve collusion, forgery. intentional omissions, misrepresentations, or the override ol internal controls. We are not responsible for pievenling non-compliance and cannot be expected to delecl nOn<Crfnplian ¥Mth all12w5 and gUlations. A further dewiption of our responsSbililles for the audit of the financial statements is I(ated on the Financial Reporting Council's website al.. .frc.or laudi or sibililies. Thls description forms part of our auditor's report.
INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE SCOTT BOLTON TRUST Use of our report This report is made solely lo the charity's trustees, as a body, in accordance wlh Part 4 ofthe Charities (Accounts and Reports) Regulations 2008. Our audlt work has been undertaken so that mlghl state to the charity's trustees those matters we are required to state lo them in an auditorfs report and lor no other purpose. To the fullest exlenl pemitted by law. we do not ap1 or assume responslbility to anyone other than the charity and the charity's trustees as a body. for our audit work, for this r8POrt. or for the opinions have fomied. LLR Crowe U.K. LLP Statutory Audilor The Lexicon Mount Streèt Manchester M2 5NT 28th lune 2023
THE SCOTT BOLTON TRUST STATEMENT OF FINANCIAL ACTPIITIES FOR THE YEAR ENDED 31 AUGUST 2022 UThrestrfcted Fund$ Yr Ended 31 August 2022 Catal Income Fund Fund Igenernll Id•81onatedl UnresÉnct8dFun¢ts Yew Ended 31 AugUSt2027 CapftalFund Inry Fund (gerw&l) l¢toswat6d) NDies Total INCOME Investment in¢oTne Gross In(x)rne from UK listed Investmerrts Bank interest 25.593 11 25.593 23.512 23,512 95 Total In¢tyhe EXPENDITURE Ralsing fvnds Investma)t m8nwJement fe85 11,102 11,102 10.207 10,20T Charttable a¢lvities Irnprovwnenl of SDoal welf8re and CondOn$ of lrfe in young p>ple tho a re5i¢JEnt in the Borough of Bc4ton Total Exp8ndbtvr¢ Nat In¢rrfng I l•xpendlture) 11,756 118.650 16.894) 9,496 11.7571 7,739 Gain$lllo$8esl on Iwe8tment a$set$: Realis Unrealised 161,1111 128,6191 {61,111) 128.619) 111,5781 213,337 111,578} 213,337 Transf of Grant to Commlttee NET MOVEME IN FUNDS Fund balanees at 1 September 2021 FUND BALANCES AT 31 AUGUST 2022 The notes on p8ges 13 to 16 fomi part of these lin8nu81 statements. The activil'es of the Trust are dassed as continuing. io
THE SCOTh BOLTON TRUST BALANCE SHEET AS AT 31 AUGUST 2022 Note$ 31 August 2022 31 August 2021 FIXED ASSETS Investments 1,269.364 1.404,429 CURRENT ASss Cash and bank 95,006 52.415 CREDITORS- amounts falling due thin one year Acuuals NEf CURREKf ASSETS TOTAL NEf ASSETS FUNDS Income fund C8pilal fun(J 30,235 24.885 TOTAL FUNDS The finanaal statements were approved and authorfsed for Issue by the Board of TTUStees and tre slgned on Ils behalf on 7th lune 2023 Miss M M Scott Trustee FAScott Tru$tg9 WLGSwan Twstee
THE SCOTT BOLTON TRUST CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2022 2022 2022 2021 2021 NET CASH oiJfFLOW FROM OPERATIONS Nel ¢ash used by operatlng activities (28.348) 131,903) CASH FLOWS FROM INVESTING ACTIVITIES Investment income recelpts Payment foi invesknents Proceeds from sale of Inveslments 25,604 1522,9851 23,607 1387,2391 NET CASH PROVIDED BY INVESTING ACTIVITIES 70.939 121.823) CHANGE IN CASH AND CASH EQUIVALEKfs IN THE YEAR CASH ANO CASH EQUIVALENTS AT START OF THE YEAR 415 106 CASH AND CASH EQUIVALENTS AT END OF THE YEAR 12
THE SCOTh BOLTON TRUST CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2022 R•conclliation of net incom8 to net cash outnow from opèrating activitl•s 2022 2021 Net Incoming leUrceS 16.894) 7.739 Non-operatlng cashThows ellminated." Investment incc4ne (Decreaseylncrease in creditors 125,6041 123.6071 Nèt cash oufflow from op¢rating activities 2. Analysis of cash and cash equivalent$ 2022 2021 Cash at bank Thg notes on pages 13 to 16 fomi part of thgse flnan¢ial stotgments. 13
THE SCOTh BOLTON TRUST NOTES TO THE FINANCIAL ST ATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Accounting Policies Ba$l$ of A¢¢ounting The accounts have been prepared under the historical cost convention as modified by the revaluation investrnents. In preparing the financi81 ststemenls the Charity follows best practi as set out In the Charities SORP {FRS 1021- Accounting and Reporting by Charities.. Slalemenl of Recommended Practlce applicable lo charities preparing their accounts in a¢¢ordan¢e wlh the Financial Reporting Standard applicable in the UK and the Republic of Ireland {FRS 1021. The funcllonal currency of the Charity is considered to be GBP because that is the currency of the primary economlc envlronment in bthich the Charity operales. The Trust is a Public Benefit Entity registered as a charity in England and Wales 15 July 2008 Icharity number.. 11250001. The Trust manages oper8tior)al cash flow lo make best use of available resources. Investrnenls held as fixed assets are liquidated if necessary. Overall the trustees are confident that the Trust has suffiaent resourcesto continue as a gc>ing con¢ern and Consider th81 there were no material uncertainties over the Trust's llnanoal viability. b. Income Inccme from investmenls is induded in the Statement of Finanaal Aebvities only if te1ved. or dedared and recewable. Realised and unrealised gains or losses arisng fr(Yn the sale or revaluation of investrnents anted for ltIn Ihe Statement of Financial Activitie& ¢. Resour¢es Expended Costs of generating funds relales to the Snvestmenl managers costs. Grants are accrued for once the Trustees have approved the application. Governance costs includes the costs connected wlh the Charity's eonsts'iutional and statutory requirements. All expenses are accounted for on an accruals bass. d. Investsnants Investments are stsled at market value al the balance sheet dale. e. Fund AccountSng Unrestricted funds are expendable al the discretion of the Trust8es in furtherance of the objects or admiristration of the Charfly. f. Taxatlon The Trust Is a regISted charity, and as such is enlilled to taxation exEy))ptions on all its income and gains, properly applied for ils charitable purposes. 14
THE scorr BOLTON TRUST NOTES TO THE FINANCIAL STATEMENTS (Continuod) FOR THE YEAR ENDED 31 AUGUST 2022 Recognition of Li8bilitie$ Liabilities are reoognised once there is a legal or conslructNe obligauon that ccthmSls the Charity lo the obligation. Critical accounting judgements and key sour¢es Of estimation un¢ertainty In the application of the accounting poliaes, Trustees are required lo make ludgement, estimates. and assumptions about the carrying value of assets and liabilities that are not readily apparent ffom other sources. The esllmales and undedying assumptions are based on historical experience and other factors that are nsidered lo be rdevanl. Aclu81 results may differfrom these estim8les. The estimates and underlying asgjmpllons are reviewed on an ongoing basis. Revisions to accounting estimates are recL)gnised in the period in which the estimate IS Tevised if the revison affects only that period, or in the period of the reVIOn and future periods if the ievision affected current and future periods. In the view of the Iruslees, fKS aSMptIonS conceming the fLrture or estimation ertaInty affecting assets or liabilities al the b818nce sheel dale are Ilkelyto result in a material adjustment lo their carrying amounts in the next financ4al year Char]tabl& actlvltles 2022 2021 Grants awardad Individuals Inslblutions Prior pericxl Grant 8rdS paid out Prior period Grant awards unspent due lo Covid-19 Bicydes purchased 2020 allocated grants 20,300 12,OQO 113.6501 13,150 500 12.0051 123.3791 18,650 1.757 Govern8nce costs 904 Toial Grants to individuals of £20,300 (2022.. £13,150) were awarded lo pupils and fomier pupils of Bdton School, in line with the objects of the eharily. In ad¢Jition. grants to inslituli¢)ns of £12,(N)0 (2022.- £500J were awarded in line with the objects of the charity. The total number of such pupils received grants in the year was 34 {2021.- 36). The institution gr8nts 01 £12,000 (2021.. £500J comprised awards lo Bolton Schod for Equipment al Patterdale Hall. Total Resources Expended No Trustees have received any remuneration or expenses during Ihe year. 15
THE scorr BOLTON TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Investments 2022 2021 Balan at 1 September 2021 Additions in year Disposals Management fees Revaluation gains Illossesl 1.404.429 522,985 (557,2181 (11.1021 1,157,241 387,239 1331,602) IAO.207) Balance al 31 August 2022 HiStC cost 2022 2021 Government and corpor8te stock- UK UK equities Investments and unil trusts- overseas 154,786 655.792 106,828 621,821 16
THE SCOTT BOLTON TRUST NOTES TO THE FINANCIAL STATEMENTS {Continued) FOR THE YEAR ENDED 31 AUGUST 2022 Cash and Bank 2022 2021 Client money investment deposit Dividend account Income account Donations rVrVe account Current account 35,862 3,470 15.101 3.417 4.054 12.913 Unrestrlcted Funds Balancé at 1 S¥ptgmber 2021 Incoming Rasourcos resour¢es expended Inv08tment Transfer Balance at gain$ bgtween 31 August funds 2022 Capitsl fvnd Inctxne fund 1.417,409 24,885 25,604 13.848 18.650 189,731) 124,(Kx)} 1,315.435 24.000 30.235 Total 1.442,294 25,604 32.498 189,731) 1.345.670 The income fund is a designated fund relates lo the furKls allocated lo the management ommittge review applications for grants and decide on 9r8nls to be awarded. The transfer befften funds relates to the 8mount transferred Irom the main unrestricted fund to the designated fund for this purpose. The remalning balance on the degnated fund wlll be spent in the next rinanaal year. Net assets ol the funds of th• charity Investments Net Current Asselsl (Liabilities) Fund Balances Charity Unrostricted Funds Income Funds Capital FLinds 30.235 30,235 Total Unrestricted Funds R¢lat&d Party Transa¢tion$ During the year, the Trust paid amounts totalling £1,78812021'. £2,952) on nom)al commercial tems to Currey & Co LLP for prOfeonal services. WLG Swan, a Trustee of the Trust. is also a Partner of Currey & Co LLP. 17
THE scorr BOLTON TRUST SCHEDULE OF INvESTMEs FOR THE YEAR ENDED 31 AUGUST 2022 Book Cost Market Value Bonds 59000 United lfjngdom Igovemmenl on 0.375% bds 14800 Ishares Vll plc USD Treas bd 3-7yr uals etf 145 CG Portfolio fund plc real relum 57,027 71,052 18.167 53,354 69,664 31.768 Multl assets 1450 Rrr Capital Pathers PLC 21000 LF RLrffer Investment Funds 145 CG Portfolio Fund PLC Real Relum 29,887 73.553 72,491 33,133 77,828 82,899 Prop•rtle8 21000 Charfties Prop$rty Fund 25000 Greencoat Renewables PLC 29250 Cordiant Dig'tal InfrastnJclure Ltd 25335 Pantheon Infrastructure PLC 26.816 25.730 29,406 25,335 31,445 26,651 31.151 26.602 United Klngdom- Equitiès 2S150 City Of London Investment Trust 1245015hares Core FTSE1 LMJ UCITS ETF 9500 Baillie Grfford UK GTOWth Trust PLC 29000 LF Lionlrust Investment Funds 400 Troj8n Investment Funds 21922.8 T8 Evenlode Investment Fund5 85,881 92,177 21.784 40.402 56,328 41.813 100.349 89.528 14,858 36,845 51,426 53,077 North America- EqultSes 100(K) JP Morgan Fund ICVC JPM 1421 SSGA SPDR ETFS Europe I PLC 1 IOfK) Premler Milon Investment Funds 29,306 73.300 39.157 45.740 83,924 42.284 Europe- Equltles 150 Edgewood L Select US Growth 12 10,000 JP Morgan Asset Mgmt UK Ltd US Equity Income C Inc 28.629 29.394 27.336 25,844 Asla~ Equities 4,250 First State Investments IUKI Stewart Inv Asia PA Ldrs 2,900 First Stsle Inveslmenls IHKI Asian Equity Plus USD 6,800 JP Morgan Asset Management UK Ltd Japan 22,541 30,844 34,643 23,360 44,287 41,854 Global- Equities 41,300 Ballie Gifford Global Equity Inc 12,300 Ballie Gifford Positive change 29,2 Cordiant Digital Infrastructure 28.584 50.399 22,794 35,958 62,487 25,712 Total Holdings 1,269,364 This page does not fom part of the statutory accounts. 18