Registsrod Charlty Numbor: 1125000 THE SCOTT BOLTON TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023
THE SCOTh BOLTON TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 CONTENTS Page Leg81 and Admlnlstratlve Informallon Trustees, Report Independent Audltorg, Report statement of Flnanclal A¢tivili88 10 8alanL* Sheot Cash flow statement 12-13 Notes to the Flnancial Slalemenl8 14-17
THE scorr BOLTON TRUST LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 AUGUST 2023 Trustees Trustees In Offi durlng the year were.. Miss M M Scott F A Scott WLGSw8n Managomont Commlttoo Mrs C Boscoe Mr W J Craven Mr D Garton Mrs A Brooks Dr S E Flsher Mr I Cooper Mr T P Taylor 3ocr•tary MrsCLFox Raglitered 0ffl¢o Bolton School Chorley New Road Bolton BL1 4PA Auditors Crowe U.K. LLP Chartered Accountants & Registered Auditor¥ The Lexicon Mount Street Manchester M2 5NT Bank•rn and Investment Managors Smith & Williamson Investment Managem&nl Limlled 25 Moorgate London EC2R 6AY Sollcltor• Currey & Co LLP 33 aueen Anne Street London W1G9HY
THE SCOTh BOLTON TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2023 Reference and Administrativo Infomiation The Scott Bolton Trust was created by a Trust Deed dated 14 May 1962. The Trust was previously administered as a subsidiary charity of Bolton School, with the Charrty Number 1110703. However, the Charlty Commission have confirmed that The Scott Bolton Trust has been registered as a main reporting Charity, number 11250fyJ. The Trustees. Management Committee. Secretary and registered office of the Charity are shown on page 1 together with particulars of the Charity's professional advisers. Structure. Governance and Management The grant making 8Ctlvlties of the Tru51 linsofar as they relate to the income of the Trust) are currently dealt with through the Management Committe8 based al Bolton School. Subject lo that and lo the power for the Management Committee lo appolnt its Secretary, all other powers in respect of the Trust are reserved to the Trustees. The Trustees have wide powers lo revok& the tnjsls of the $ald Trust Deed and declare other excluslvely charitable trusts for purposes connected wllh Bolton School or the Borough of 8dlon. The power of appolnllng new Trustees is currently vested In Mr F A S¢ott. Employe• Infomiatlon Th8 Scoll Bolton Trust has no employees. Rlsk Managemont Durlng the year th8 Tru31ees have examlned the prlnclpal areas of the Tnjst's operations and consldered the major risks in each of these. In their oplnlon the Trust has &slablished syslerns whlch, under normal circumstancos, should allow these rlsks to be managed to an 8¢¢eptable level In Its day lo day operatlons. The Truslees conlSnue lo keep the Trust's acllvllles under review, partl¢ularly wllh regard to any major rlsk8 that may arise from lime lo lime, and lo monllor the effectivene$$ of the $y$lem of internal controls and other vlable mean5 by which those risks Sdentlfled by the Trustees can best b8 managed, The key control8 Used by the Tru81 include.. Fomial agendas for all Commlttee and Board acllvS1y. Comprehensive Strateg plannlng, budgeting and accounting. Established lines of reporting. and Clear aulhorisalion and approval levels. Objocts, Alms, Obl•ctlve8 and Actlvltle8 The object5 of the Trust Include Inter alia.. the promotion and encouragement of educalion al Bdlon School., the provision, primarily for boys, girls and young people (being not more than 21 years of age or if receiving fvll-time in8lruclion al any Unlversily, Colleg8, School or other educational establishment being not more than 25 years of age) being pupils or foimer pupils of Bolton School and also for other boys, glrls and young people of such age who shall be resident in the Borough of Bolton, of facllilles for creatiOn or other leisure lime occupation (being facililles of which such persons have need by reason of their youth or social or economic circumslancesl in the interest of their social welfare and for improving their conditions of life,. and the funding for the benefit of pupils and former pupils of 8olton School (subject lo Ih8ir making 5u¢h contribution towards the expense as Is consldered as appropriatel of..
THE SCOTT BOLTON TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2023 (a) travel foi the purpose of education or for attendance at educational course5 either within or outside the UK., allendance at courses or expedliions of an adventurous kind either within or outslde the UK,. and journeys or expeditions èithér wlthin or oulslde the UK which give opportunities for individual initiative in relation to physical, intellectual or cultural pursuits. (bl (cl The Trustees confirm that they have complied wllh the Charilles Act 2011 and have referred lo the guid8nce contained in the Charity Commission's general and Sub-seclor guidance on public benefit when reviewing the Trust's aims and objectives and in planning Its activllles and setting ils grant making pollcy. The Trust meet$ Its objectives by making grants to pupils and former pup115 of Bolton School who are embarking on the sorts of activities envisaged in the Trust's objects. Grant8 are also made to inslitulion8 which provide the facilities to enable pupils and former pupils lo carry Out such acllvlties. Appllcantg are inviled to apply lo the Trust selling out the delalls of Ihelr propoged acllvltles, The Management Committee Iwhich is appointed annually by the Trusleesl r8Vi8ws the appllcalions and decides on the grant8 lo be awarded each year. Decisions lo award grants aw based on each applicallon'8 merit and the benefit that is likely lo be galned from the propo8ed 8clivity (both by the applicant hlm or herself and in appropriat8 circumstances by those the appll¢anl may be benefiting by undertaking the prolect). The successful appllcanls are requlred lo report back on their experlences once thelr activlties are complete so that the Management Commltl&e can review how the grants were spent and ensure the fundg were applied approwlately. The 80rt8 of 8clivllies the TnJ8t typlcally supports Include.. Duke of Edinburgh Award and SC¢x¢ling exwdlllons; work experlence and volunteering abroad., cultural. educallonal 8nd sporting trip¥ abroad., and fundraislng projects. Such actlvllles benefit young p80ple by Smprovlng thelr Independence and self-confldence. by leaching them valuable Ilfe skllls and by broad8ning Ihelr understanding of the world. as envisaged by the Trust's objects. Again, in Ilne with the Trust's objects, tho beneficiaries of the Trust'8 granl-makSng programm8 are primarily the pupils and former pupS18 of Bolton School. The Trustees consider Ihls lo be reasonable in view of the large number of pupils and former pupils who Can potentially benefit and the range of backgrounds from which the pupils al the school come. (Bolton School 18 Itself a registered charity with an op8n access policy in place for its pupils. The School encourages children lo attend Irrespective of their parents. abi1Sty lo pay. offering bursaries where appfopriate ranglng from 10QA to 1000k remission of school fees. Furthermore, ov8r half the students at the school come from beyond Ihe immediate Bolton postcodesl. The Trustees conslder that the direct benefit that the pupils and former pupils receive from having the opportunity lo enjoy and learn from the sorts of experiences supported by the Tnjsl also has an indirect ben8fil for the w¢der community by improving those individuals, social skills and awareness. In certain inslancos (e.g. fundraising projeclsl the activities th& Trust $upports can have a direct benefit on the wider community. Further details of grants awarded in the year to 31 August 2023 are Set out in Note 2 to the financial statement5.
THE SCOTT BOLTON TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2023 Revlew of Achlevements and Porfornianc• for tho Yoar The Trust continues lo provide grants lo pupils and former pupils of Bolton School, all applications for such grants being carefully velled by the Secr8tary and the Management Committee. The Trustees made a trangfer of£27,000 out of the capital fund lo the Managemènt Committee for this purpose during the year. The valLse of grants made by the Management Committee was £35,767 compared lo £18,850 Sn the previous year. The Management Commillee'g Incomé account {Ihe designated income fund) may be summarised as follows: Gross income Less.. expenses Nel income Less.. grants awarded Operating deficlt 27.000 27.000 This left the Income fund with a poslllve carrled forward balance of £21,468. Res•fve8 pollcy All the reserves of the Trust are unre8lricled. A deslgnaled income fund 1$ mainlalned and the balance at 31 August 2023 was £21,468. It Is not th8 inlenllon of the Trustees lo build up serveS in thls fund. The remaining reserves are hold In the capllal fund. The balan on the Capital fund al 31 August 2023 was £1,255,702. The Trustees aim to rnaintain this fund at a similar lével in order for sufficienl investment Income lo be generated lo provlde for future grants in line with Ihe ¢haritable objectives. Operatlng Perforniancg The Trust's nel negallve movement in funds for the year amounted to £68,500 (2022.. net negative movement of £96,624}, wllh fund balances carrfed forward al the end of tho year of £1,277,17012022'. £1.345,6701. Investment pollcy and p•rforniance The Trustees are permitted lo invest avallable funds at Ihelr 8b¥olute discretion. The Trust's investments are managed by Smith & Williamson Investment Management Limited. Their performance is regularty revlewed by the Trustees. The Tnjstees alm to seek maxlmum total relum from the Investmen15 through capltal appreciation or income as approprlate. Prlnclple Rlsk8 ond UnGortalntlo8 The Trustees consider the Health and Safety of their beneficiaries whilst travelling lo be the prlnciple risk area for risk management. The level and breadlh of actrtIeS and expeditions is impressive and applicants are remlnded of the risks associated with these aclfvitles at Ihe b'me of their application presentation.
THE SCOTT BOLTON TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2023 Futuro Plans Strategic pnorilies for the next few years revolve around ensuring there is sufficient investment performance lo enable the Trust lo continue lo promote and provide facilities for recreation or other leisure lime occupation {b8ing facilities of which such persons have need by reason of their youth or social or economic circumstances) in the interest of thèir soclal welfare and for improving their conditions of lrfe,. and the funding for th6 benefit of pupils and former pupils of Bolton School Isubjecl lo their making such contribution towards the expense a$ is ¢onsi(Jered as appropriatel of: (al travel for the purpose of education or for attendance at educational course8 either within or outsid8 the UK., attendance al courses or expeditions of an adventurous klnd ellher wSlhln or ou181de the UK., and Ic} Joumeys or expeditions either within or outside the UK which give opporbjnlties for Indlvidual initiative in relation to physical, intellectual or cultural pursulls. Ibl Statemont of Tru•to0•' Rèsponslbllltle8 The Trustees are responsible for preparing the Trustees. Annual Report and the financial statements In aCcOrdar with applicable law and United Kingdom Generally Accepted Accounting Pracllce {Unlled Kingdom Accounting Slandardsl. Th8 law applicable lo charities in England and Wales requires the Trustees lo prep8re financlal $181emenls for each financial year which give a true and falr view of the stale of affairs of the charlty and of the incoming resources and application of resource5 of the ¢harily for that period. In preparlng Ih&se financl81 statements, the Trustees are required to.. • select suitable accounlSng pollcies and Ih•n apply them consistently,. observe the methods and prlnclples In the Charilles SORP., make judgments and estimates that are reasonable and prudent., slate whether applicable accounting standards have been followed, subject lo any malerlal departures disclosed and explained in the financial slalemenls., prepare the flnanclal slalement8 on the goSng con¢8rn basis unless 11 Is Inappropriate to presume that the charity wlll continue In buslnes8. The TNstee$ are responsible for keaping adequate accounting record5 that are sufficient to Show 8ThJ explain the ¢harity's Iransacllons, dlsc108e with reasonable accuracy al any time the financial poslllon of the ¢harily and enable them lo ensure that the flnancial Statements comply with the Charilles Act 2011, the Charities (Accounts and R8POrtsl Regulations 2008 and the provisions of the charity, conslilulion. They are also ffjsponsible for safeguardlng the assets of the charity and hence for taking reasonable steps for the prevention and delecllon of fraud and other irregularitie5. Audltor8 Crowe U.K. LLP has Indicated ils willingness to be reappointed as reg181ered auditor. 27: 1: £•l%<.......... and signedon Approved by the Board of Trustees of The Scoll Bolton Trust on ...... Ils behalf by.. WLGSwan Trustee
INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE SCOTT BOLTON TRUST Oplnlon We have audited the financial statements of The Scott Bolton Trust for the year ended 31 August 2023 which comprise the Statement of Financial Aclivilie8. Balance Sheet, Cash Flow Stslemenl and notes lo the financial 51alemenls, including a summary of signtficant 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 Republlc of Ireland (United Klngdom Generally Accepted Accounting Praclicel. In our opinion the financlal statements.. glve a true ané fair vièw of the stale of the charitable trust's affairs as at 31 August 2023 and of ils incoming resources and appltstion of resources. including Ils Income and exp&ndilur8 for the year then endèd., have been properly pr&pared In accordanee wllh Unlled Kingdom Generally A¢cepled Accounting Practlce.. and have been prepared in accordanoe wllh the requlrements of the Charlties Act 2011. Bas1¥ for oplnlon We conducted our audlt in accordance wllh International Standards on Auélllng {UK) {ISAs IUKI} and applicable law. Our responsibilllies under those standards are further described In the Audllor's responsibilllios for the audit of the financial statements secilon of our report. We are Independent of the charitable tru$t in a¢¢ofdance with the ethical requirements th81 are relevant lo our audlt of the flnancial slalemenls in Ihe UK, including the FRC'S Ethical Standard. and we have fulfllled our other elhlcal responsibilities in ac¢ordance with these requirgmenls. We belleve thal the auéll evidence we have obtained is sufficient and appropriate to provide a basis for our oplnion. Concluslon• relatlng to golng concorn In audillng the flnancial sl8lemenl$, we have concluded that the tnjstees, use of the golng concern basis of accounllng In the preparatlon of tho financial statements Is appropriate. Based on the work we have performed, we hav& not Identlfled any material uncertaintles relating lo events or conditions that, indlvidually or collecllvely, may c891 slgnrfl¢anl doubl on the charitable Irusl's ablllty lo continue as a going concern for a period of at least Iwelve months from when the financial statements are aulhorised for issue. Our responslbillties and the respon$lbilities of the Iruslees with respect to golng Corarn are described in the relevant sections of Ihls report. Other infomiation The Iruslees are responsible for the other Information contained within the annual report. The other information cornpri5es the information included in th& annual report, other than the financial slalemenls and our auditor's report Ihoreon. Our opinion on th8 financial statements doos not cover the other iriformalion and, except to the exlenl otherwise expli¢illy slated in our report, we do not express any form of assuran conclusion Ihereon.
INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE SCOTh BOLTON TRUST Our responsibility is to read the other informalDn and. In dolng so, consider ether the other Information is materially inconsistent with the financial statements or our knoedge obtained in the audll or otherwise appears lo be materially misstated. If we Identify su¢h material inconsistencies or apparent malerlal misslalemenls, we are required lo determine whether this gives rise to a material mlsslalemenl in the financial statements themselves. If. based on the work we have performed, we conclude that there is a material misstatement of this olher information, we are required to report that fact We have nothlng lo report in this regard. Mattern on whlch we are roqulr•d to roport by •xc•ption We have nothing lo report in r•$pecl of the following mallers in relation lo whlch the Chartlles (Accounts and R8POrtsl R8gvlations 2008 requlre us to report lo you rf, in our opinion.. the Informatlon glven In the financial slalements is Inconslstent In any material respect with th8 Iruslees, report,. or sufficlenl accountlng records hav8 nol been kept., or the financial sla18ments are not in agreement with the accounllng records and retums.. or we have nol received all the information and explanations we require for OLtr audit R•spon8lbllltlo8 of tru8t•O8 As 8xplained more fully in the trus18es' responsibilities stal&menl s61 out on page 5, the Iruslees {who ar8 also the directors of the charitable trust for the purposes of charlty lawl are responsible for the praparallon of the financial slalemenls and for being satisfied that they glve a true and fair view, and for such Internal control as the Iruslees determine 18 necessary lo enable the preparation of financial slalemenls that are free from material misstatement, whether due to fraud or error. In preparSng the flnanclal slalemenls, the trustee5 are responsibl& for assesslng the ch8dtable tru51's ability lo ¢ontlnue ag a golng concern, dlsclosing, as applicable, mallers related to golng concern and using the golng wncern ba¥is of accountlng unless the trustees either Intend to liquidate the charitable trust or to cease operalksns, or have no reallstic allemative bul lo do so. Audltoes respon8lbllltl•s for th• audlt of tho flnan¢lal 8tatoments We have b8en appolnted as auditor under section 145 of the Charilles Act 2011 and report in accordance wllh the Act 8nd relevant regulations made or having effect thereunder. Our objective5 are to obtain reasonable assurance about whether the financial Statements as a whole are free from material misslatemenl, whether due to fraud or error, and to Issue an auditor's report that includes our oplnion. Reasonable assurance is a high level of assuran¢e, but is not a guarantee that an audit conducted in accordance with ISAS {UK) will always detect a material mi5Stalement when il exists. Misslaternents can arise from fraud or error and afe considered material if. individually or in the aggregate, they rould reasonably be expected to influence the economic decisions of users taken on the basis of these financial slalements.
INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE SCOTh BOLTON TRUST Irregularities, induding fraud, are instar8 of non-complian with laws and regulations. We design procedures in line with our responsibilili8s, outlined above, to delecl material misstatements in respect of irregularities, including fraud. The extent to which 04Jr procedures are capable of del8cling irregularities. induding fraud is detalled below. Extent to whlch the audlt was consld¢r¢d capable of detectlng Irregularltle8, Including frnud IrregularltSes, Including fraud, are instances of non-compliance wlth laws and regulations. We identified and assessed the risks of material misstalemenl of the financial statements from irregularities, whether ue lo fraud or error, and discussed these betsveen our audll team members. We then designed and performed audit procedures responslve lo those risks. including obtaining audit evidence sufficient and approprlal& lo provide a basis for our opinion. We oblained an understanding of the legal and regulatory frameworks wlhin which the charitable tnjst operates. focusing on those laws and regulations that have a direct effect on the determinallon of malerial amounts and disclosures In the flnancial statement5. The laws and regulations we consldered In thls context We the Charities Act 2011 and The Charities (Accounts and Reports) Regulations 2008 logether with the Charities SORP IFRS 1021. We assessed the required compliance wilh these laws and regulations as part of our audit procedures on the related financial 8talement items. In addition, w8 consldered provisions of other laws and regulallons that do not have 8 dlrecl effect on the financial slalemenls bul compliance wllh which might be fundamental lo the charitable Irusl's ability Io operate or to avoid a material penalty. We also ¢onslder8d the opportunllles and Incentives that may exist wllhin the charitable trust for fraud. Audillng standards limS1 the required audit procedures lo identify non-compliance wllh these law$ and regvlalions lo enquiry of the Trustees and other management and insp8clion of gUlatOry and legal correspondence, if any. We identrf18d the greatest r4sk of malerlal Impact on the financial ststements from Irregularitles, In¢ludlng fraud, lo be wilhln Ihe override of controls by management. Our aud51 procedures lo respond to these risk5 included enquiries of management about thelr own idenlificallon and assessment of the rfsks of irregularilios, designing audlt procedures over Income, sample lesllng on the posllng of journals, reviewing accounllng esllmal8s for blases and Trading mlnule8 of meetings of those charged w6th governance. Owng lo the inherenl limitations of an audit, Ih6r6 is an unavoidable rSsk that we may not have detected some material misslalemenls in the financial slatemenls, even though we have propedy planned and performed our audit In accordance with auditing standards. For example, Ihe further removed non- compliance with laws and regulations {irregulariliesl is from the events and transactions refflecled in the financial slalemenl8, the less likely the inher8nlly limited proc8dur8s requlred by auditing standards would Ident It. In addition. as with any audit, there remained a higher risk of non4eteclion of irregularities, as these may involve Collusion, forgery, intentional omissions, misrepresenlalions, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to delect non-compllance with all laws and regulations. A further description of our responsibilities for the audit of the finarla1 slalemenls is located on the Financial Reporting Council's websile at.. www.frc.or uklaudilorsres nsibililies. This description forms part of our auditor's report.
INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE sco BOLTON TRUST Use of our roport Th18 report is made sdely to the charity's trustees, as a body, in accordance wllh Part 4 of the Charities {Acwunls and Reports} Regulallons 2008. Our audit work has been undertak&n so Ihat we might state to the charity'g Iruslees those matters we are required to stale to them in an audllor's report and for no other purpose. To the fullest extent permllled by law, we do not accept or assume responslblliiy lo anyone other than the charlty and the oharity's trustees as a body, far our audit work. for thls report. or for the opinions we have formed. UK LLF Crowo U.K. LLP Slalulory Audltor The Lexicon Mount Street Manchester M2 5NT 18th April 2024
THE SCOTT BOLTON TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023 Lknr05trlctod Yoar Endod 31 August 2023 Caplt81 Inwn8 Fund Fund Igen8rall lth•lgnatedl Ufwe$trlc4od Funds Yow Entsd 31 Auous12022 C8tytelFund Notei T+ Fund (g0ra) (de5wnat•L4J Total INCOME Investment Inc(bm• Gross Income fr(fft UK 118tsd Invastmènts Bank Int8r68t 31,838 31,836 183 25,593 11 25,593 Totsl Incomo EXPENDITURE R4l•lng fundB Investment manag8m8nl fe88 10.418 10,418 11,102 11,102 Charltable actlvlti Improvement of soclol welfar8 and conditlons of Ilfe In your¥J people who are resldgnt In the Borough of Boltc Total exp•ndltur• N•t Incom• l {•xp•ndltur•l 18,152 135,7671 117,815) 11,758 {18,650 18,894} Galn•1ll•••I on Inv••tm•nt a880ts.' Reali8gd Unroa1180(J 126,6631 124,2221 126.6331 124.2221 161,1111 128.6191 161,1111 128,619) Transfer of Grant to Commltt88 NET MOVEMENT IN FUNDS Fund balanc•• at 1 S•ptemb•r 2022 FUND BALANCES AT 31 AUGUST 2023 The notes on pages 14 10 17 form part of these financlal statements. The aclivllles of th8 Trust ar8 classed as continulng. io
THE scorr BOLTON TRUST BALANCE SHEET AS AT 31 AUGUST 2023 Notes 31 August 2023 31 August 2022 FIXED ASSETS Investments 1,230,914 1,269.364 CURRENT ASSErs Cash and bank Debt 65,209 95,006 CREOITORS: amounts falling due wlthin one year Accruals NET CURRENT ASSETS TOTAL NET ASSETS FUNDS Income fund C8pltal fund 21,488 30,235 43 TOTAL FUNDS The financlal stslèments were approved and aulhor588d for183ue by the Boar¢J of Trustees and were slgned on118 behalf on 27tl) 7rlI 2(J24 Ml88 M M Scott Trust0• FAScott Trust90 WLGSwan Trustao li
THE sco BOLTON TRUST CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2023 2023 2023 2022 2022 NET CASH OUTFLOW FROM OPERATIONS Nel cash used by operating aclivilbs (49.3811 128,348) CASH FLOWS FROM INVESTING ACTIVITIES Investment Sncome receipts Payment for Investments preedS from sale of investmen15 32.019 1755,2121 742 777 25,604 1522,9851 568 320 NET CASH PROVIDED BY INVESTING ACTivmE8 19,584 70,939 CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR CASH AND CASH EQUNALENTS AT START OF THE YEAR CASH AND CASH EQUIVALENTS AT END OF THE YEAR 209 12
THE SCOTh BOLTON TRUST CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2023 1. RKonGiliatlon of nel InGom• to not cash outhow from op•rating actlvltles 2023 2022 Net Incomlng resourc85 {17,6151 (6,8941 Nonpatlng cashftows eliminated." Investment income {Decreaseylncr8ase in creditors Decreasel{Increasel in debtor8 {32,019) 125.6041 4.150 Not ¢a•h outhow from op•ratlng activltl 2. Analy818 of ¢a$h and cash oqulvalonts 2023 2022 Cash al bank Th• not•8 on pag•s 14 to 17 fomi part of th•8• flnan¢lal •latamont•. 13
THE SCOTT BOLTON TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Accounting Pollcl08 Basis of Accountlng The accounts have been prepared under the historical cost convenllon as modffled by the revaluation of investments. In preparing the financial stslements the Charity follows best practice as sèt out in the Charities SORP IFRS 1021- Accounting and Reportlng by Charitle5: Stslement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial R8POrting Standard applicaNe in th8 UK and the Republic of Irdand IFRS 102). The functional currency of the Charity is considered to be GBP because that Is the ujrrency of thè primary economic environment In which the Charity operates. The Trust Is a Public 88nèfil Entity registered as a charity in England and Wales on 15 July 2008 {charlty number.. 11250001. The Tiust manages operallonal cash flow to make best use of available resources. Investments held as fixed assets are liquidated ff necessary. Overall, the ITU51ees are confident that the Tru81 has suffi¢i6nl resources to conlinue as a golng concern and consider that there were no malerlal unc•rtainli85 over the Trust's financlal vlabllity. b. In¢orn• Income from investments is induded in the Statement of Financial ActlvltSes only If recelved. or declared and receivable. Realised and unrealised gains or losses arlsing from the sale or revaluation of investments are accounted for wilhin the Statement of Financial Aclwllies. c. Rosources Expond•d Costs of generating fund8 relates lo the inveslrnenl manag8r8 C08t8. Grant5 are accrued for once the Truste89 have approved the applicallon. Governance costs includes the costs ¢onneGled with the Charlty's conslltutional and statutory requirements. All &xp&n5es are accounted for on an a¢¢ruals basi5. d. Investments Investments are slated al market value at the balance sheet dale. Fund Accountlng Unreslricled funds are expendable at the discretion of the Trustees in furtherance of the ob*¢ls or administration of the Charlty- f. Taxation The Trust is a reglstered charity, and as such is entitled lo taxallon exemptions on all ils income and gains. properly applied for its charitable purposes. 14
THE SCOTT BOLTON TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 AUGUST 2023 Recognition of Liabilities Liabilili8s are regnised once there is a legal or constructive obligation that commks the Charity to the obligation. Critical accountlng Judg0m•nts and k•y Sourceg of estlmatlon un¢•rtainty In the application of the accounting policies, Trustees are required to make judgement, estimates. and assumption5 about thè carrying value of assets and liabilities that are not readlly apparent from other sources. The estimates and underfylng assumptions are based on historical experi6nce and other factors that are ¢on$ldered lo be relevant. Actual results may drffer from these estimates. The eslimales and underlying assumption8 are reviewed on an ongolng bas18. Revisions to accounting 88limales are recognlsed In the period in which the estlmate Is revised the revi8lon affects only that period, or In the perlod of the revision and future perlods the rev181on affected current and future peri¢xIs. In the view of the Injslees, no assumpllons ¢on¢ernlng the future or estlmallon unGertalnly affecting assets or liabilities at the balance Sheet date are likely to result in a malerlal adlustment lo their carrying amount8 in the next financlal year Charltsbl• actlvltl•• 2023 2022 Grants awardod Individuals Inslltulions Prlor perfod Grant awards pald out 13.750 39.817 23,900 8,400 35.787 18,850 Govemance costs Totsl Grants lo individuals of £13.750 (2022.. £23,900} were awarded to puplls and fornier puplls of Bolton School, In Ilne wllh the objects of Ihe charity. The total number of such pupils who recelved grants in the year was 37 {2022.' 34). The institution grants of £39,817 (2022.. £8,400) comprised awards to Bolton School for Equipment al Patterdale Hall. Totsl Ro$our5 Expended No Trustees have recelved any remuneration or expenses during the year. 15
THE scorr BOLTON TRUST NOTES TO THE FINANCIAL STATEMENTS (Contlnuod) FOR THE YEAR ENDED 31 AUGUST 2023 Invo$tmonl8 2023 2022 Balance at 1 September 2022 Additions in year Disposals Management fees Revaluation galns l{Ioss&8) 1.269,364 755,212 1732.361) (10,416) 1,404.429 522,985 {557,218) 111,1021 Balance al 31 Augu$l 2023 H18torlc cost 2023 2022 Government and corporate stock- UK UK equlll8s Investments and unlt IrustB- overseas 129,535 101,065 1,000,314 154,786 655.792 458,786 Cash and Bank 2023 2022 Cllent mney Investment deposlt DSvldend a¢¢ounl Income account Current account 10.797 2.981 18,985 35.862 3.470 15,101 16
THE SCOTh BOLTON TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 AUGUST 2023 Debtor8 2023 2022 Accrued Income 695 Unr•strlcted Funds Balance at 1 Septomber 2022 Incornlng Ro8ourc•8 resources p•nd•d Inveltment TTan8f•r Balanc• at galns botwoen 31 Auguit funds 2023 Capll81 fund Income fund 1,315,435 32,019 {13,8671 35.787 {50,8851 (27,0001 1,255,702 21,468 Total 1 345 870 49,634 50.885 1277 170 The income fvnd Is a de8lgnated fund and relate8 lo the funds allocated to the management committee who review applieallons for grants and decide on grants lo b6 awarded. The transfer betsveen funds relate5 to the amount transferred from the main unrestricted fund lo tho de51gnated fund for thi5 purpo$8. The remalnlng balance on the de8lgnaled fund will be spent in the next flnanclal year. Not a8•ets of tho funds of th• Charlty Investments Net Current A388lsl (Liabllilièsl Fund Balance8 Charhy Unr•strlct•d Funds Income Funds Capital Funds 21,468 21.468 25 Totsl Unr8strlet•d Funds Rolated Party Tran$a¢tlo Durlng the year, the Trust paid amounts tolalling £2,21412022= £1,788) on normal commerclal temis lo Currey & Co LLP for wofes8ional Services. WLG Swan, a Trustee of the Trust, Is also a Partner of Currey & Co LLP. 17