THE P G & N J BOULTON TRUST L￿TED
(a ¢omp*ny limited by guarantee)
ANNUAL REPORT AND ACCOUNrs
FOR THE YEAR ENDED
31 MARCH 2023
Regtittred Charlty No. 1158431
Reglstered CoMp￿Y No. 08933963
Bwllwood & Co

THE P G & N J BOULTON TRUST LIMITED
(4 ¢ompany limited by gll*rantee)
YEAR ENDED 31 MARCH 2023
Page
Thist¢¢s' Amlual Reptrt (Jncludm8 Directh, Report)
Statement of Financial Activities
(]ncludin8 Income and Expcnditurc Account)
Balance Sho¢t
Notes to the Financial Stsiements
10-15

THE P G & N J BOULTON TRusf LIMITED
(a ¢onwy Ilmlted by gurntee)
YEAR ENDED 31 MARCH 2023
INFORMATION
CHARrrY REGISTRATION NUMBER: 1158431
COMPANY REGISTRATION NUMBER: 08933963
INCORPORATED IN ENGLAND & WALES
TRUSTEES
MrALPury
Mrs S Perry
Mr P H StaffLYd
Miss M Jardin¢-Smith
INTERNET ADDRESS
http:Ilwww.boultontN81.org.uk
REGISTERED OFFICE
The P G & N J Boulion Trust Limilcd
392 - 394 Hoylake RoNd
Morton
Wirral
CH46 6DF
INDEPENDENT EXAMINERS
Hallw￿￿ & Co
392 - 394 Hoylakc Rogd
Moreton
Wirral
CH46 6DF
BANKERS
Lloyds TSB pl
Isi FILN
355 Woodchurch Road
BiTkenh¢ad. CH42 8PE
SOLICITORS
Lees Soliciior8 LLP
44145 Hamilton Square
Birk¢tththl
Wirral
CH415AR
srocKBROKERS
Barclays Inveslment Solutions Limited
I Churchill Place
E14 5HP
PROPERTY MANAGERS
Neston Pr￿rtY ManageM￿t Limited
cjo 3840 King Street
Wallasey
Wirral
CH44 8AU

THE P G & N J BOULTON TRUST LIMrrED
(a company llmlted by guxrnntee)
TRusfEES' ANNUAL REPORT (INCLUDING DtREcfoR'S REPORI)
FOR THE YEAR ENDED 31 MARCH 2023
The Tn￿lets praent their re￿t and the fina￿la1 slatements of the clMTity for the ye4rthdeAI 31 M￿h 2023.
The trn81ees have adoptal th¢ prov1s1crf￿ of the Ststement of ReC(ffnj￿deAl Practice (SORP)"Accounting and
Reporting by Charitics. in preparing the atmual rewrt and financial stst¢ments of the charity.
The financial stalements have been prepared in acC￿￿Ce with the accounting p)Iicias set out in the notes to
the accounts and comply with the charitys governin8 dc¢umenl, the ChaTiti¢s Act 2011 and Accounting and
r¢porting by CharAti¢s: Statement of RKommended Practi¢¢ applicable lo charities preparing iheir accounts in
accordance with the Financial Reporting Standard applicabl¢ ID thc UK and Republic of Ireland published in
October 2019.
Referenee and Admlnlitradve Detalls of the ch￿ty, Its Trnsteel and Advl*n
Thc regi81cr¢d nam¢ of thc Charity is Thc P G & N J Boulim T￿￿1 Limiiejj (charity number 1158431)
(company number 8933963). All the Tn￿le¢S who Served durin8 the year are listed b¢low. Dethils of the
regist¢r¢d office and the Ch￿1￿8 profes810t￿l advi8er8 are li8ted ffl a s¢parnlc pa8c at the front of the accounts.
Struetur¢. GovernAnee and M￿4￿¢ment
Conslifvilon andOrgan￿aLIo
The P G & N J Boulion Trusi Limitd was incorp)raled on I l March 2014 and began trading l April 2015.
The company was establish￿ under lis Memorandum of Association, and its aim8. objects and powers are
e8lablish¢d under the Articles of A8sc¢iaiion. In thc eveni of the company Ixin8 wound up members
are requir¢d lo contribuie ihe amount not exceding £10.00.
Directors and Trnsiees
Th¢ direclors of the company arc also charity trus1¢¢8. those who 8erYed durin8 th¢ year were'.-
Mr A L Peny. Chairnwi
Mr P H Stafford
Mrs S Perry
Miss M Jardine-srnith
Method ofappointmenl
New truslces are apw)inid by the existing trusle¢8 bA8&J on their ability to benefit the organisation with
their Skills and knowl￿8¢. A3 there is no real need fc( spe¢ifi¢ trainin& PNAential Tn￿1¢¢8 are encournged
lo attend & number of meetings priir to their app)inlmenL
RiskMana8emeni
The trustees have revi¢wed the Maj￿ risks facing the charity and have laken acti￿ to ensure that there ￿e
pr￿edureS ond policies in place to athlra8s thes¢ risk5.
ObJeetlve8 and A¢tivities
Charitable obj¢rlives
The objects of the Tnjst. as set (Njt in th¢ Articles of AS￿￿18tiO￿ are to provide financial assistance. without
distinction between capital and iocome for any charitable purp￿ that the Tn￿le¢S at thcir uncontrolled
discretion wnsider to be worthy of assistaDK.

THE P G & N J BOULTON TRUST LIMITED
(* company limited by guarwktte)
TRUSTEES. ANNUAL REPORT (INCLUDING DIREcfoR'S REPORT)
FOR THE YEAR ENDED 31 MARCH 2023
(eontthued)
ObJe¢tlvei And Actfivltlei (contlnued)
Aclivilies
The ttwtee4 fulfil these aims by making donati(￿ to othff dwities and by mini￿Sing administration costs.
The tnLSt¢es aim to taT8et the sttmller charities. to whom a Tclativcly small gift can mak¢ 4 significant difference.
Whil$t a substantial protthiLm of d(￿110￿8 is allLKated to Christian missionary work in accordance with
th¢ interests of th¢ tru81¢e8. a wider int¢ral is maintsined by Covering other areas such as pov¢ty
relief. medical researc￿ h¢alth¢8r¢ and disability relief.
Aehlevemtnts •nd Performanee
During th¢ year, the TnL8t made charitable donali(ms totalling £81,IXKI, and k¢pt 8overnancc
costs lo within 4 /0 (2022: 5rA* ) of the n¢1 income from investhients. During the year. the Trust gave financial
aysistance lo 15 diffe￿1 causes whose work has affc¢led the lives of people all over the world,
including the U
FlnADclal Revlew
Resulis
The lolal value of the eompangs 88Bcts have d￿reaSed by £27,056 to £5.82 million (2022.. £5.85 million).
The decrease has been mainly due to a fall in the propety market over the pjsl year. decreasing the value of
the inv¢stment properties. Some prop¢rties 5ti11 requir¢ r¢fiwbishmenl work which will happen as and when
they become vacant. thi8 has been refied¢d in the ￿ end ￿lUatiOn. Th¢Tc has also been a fall in the
value of quoted investments.
Reserves Poli¢y
The trnst ha8 no plans to furth¢r build up unresthct¢d r¢5crvc8 although the level of reBerves
can vary depending UK prcwty and strKk market pwfornwice.
The trusltts 8enernlly l(N)k to distribute all of the Ch8rity8 realised income.
InvesthzentPowers. Pollcy and Perfonnance
Th¢ tN8tecs' investment p)wers arc governed by th¢ Articles of As￿latiOn, whi¢h wmits the Charitys
fimd8 to be Inv￿ted in any way to further its i)bjects.
Th¢ trustees invest the CharIt￿S reserves in pn)lty and the st(￿k market, althou8h there is 8 bias
tOW8rds property. The charitys sI￿kbrokerS are instructed to maximise income without exposing
the charitys fimds to undue risk. but otherv4ise. control of the N)rtfolio is then passed to
A fjjll refwbishment on one Propety b¢8an this year which ￿11 cost around £16,600 in totsl, £1,3(KJ of work was
completed in the current ￿r. the remaining £15 JOO is to k completed in 2024.
Ther¢ have also been 80me upgrad¢s lo other prcoerties inchlding windows and a fireplace totallinB
around £12,400.

THE P G & N J BOULTON TRUST LIMITED
{2 ¢omp*ny limited by guarantee)
TRUSfEES' ANNUAL REPORT (INCLUDING DIRE￿oR•s REPORT)
FOR THE YEAR ENDED 31 MARCH 2023
(¢onthiued)
Finanelal Review (Continued)
The avernge return compared to the value of the Charitys inve8tments can be anal￿ as follows:
2023
2022
2.2%
Capitsl
-0.9%
19.W
Quoted share8.
Income
2.7QA
Capital
-7.3%
5.60/0
4.6%
7.8%
C88h
0.0%
0.0%
This refl¢ths an decrease in th¢ s1(Kk market on invutmcnts 8till held and an d¢cr¢as¢ in the value of the
invc81menl properti¢s. The housing market over th¢ past year has steadied after the Si￿11r1¢an1 increases in prior
years. In total there are two properties slill needin8 mLNlrrisatirn. The return on cash investments rmined as nil
The investment properties have been valued by B.A.Riley RICS who has experience of the local 8Tea.
The valuation tskes into account th¢ ¢UTrenl housing Tnarket situation which has decreased over the past year,
plus refurbishment ths. The quoted shar¢$ also d￿reaSed by th¢ yw enl the valuation wa8 providd by
Barclays inv&8thienl solutions limited.
There were nvo void prop¢rtie8 at the year end
There 18 on¢ forn)er tenani who still ow¢8 arrears and ts only pAying minimal amounts. Th¢ atrcars continue to
be monitl)Tcd each month and a PT(Th78i(m f(r these atrears has made during the year.
Th¢tt has been no significant change in maknD8 donation8 io the beneficiaTiU.
The accounts have beul prepar&1 (m a going c(rfKern basis.
Future Plans
Any properties which r¢quire refiwbishm¢nl and modernisation will continue to happen as and when they
become vacant. The properties will coniinue to be maintained on a cyclical basis and this work will b¢ fiDanG
from the inCODK they generate.

THE P G & N J BOULTON TRUST LIMITED
(a eompatty limited by guarantee)
TRUSTEES, ANNUAL REPORT (INCLUDING DIREcfoR'S REPORT)
FOR THE YEAR ENDED 31 MARCH 2023
(tonthiued)
Statement of Trusteesl Re¥w)tt￿JIlltlCI
The trustees (who are also directors of The PG & NJ Boulton Trust Limited for the purN)ses of company law) are
responsible for preparing the Trust￿, Annual Rerth and the financial stslements in accordance with applt¢able
law and United Kingdom Accountin8 Stsndar&8 (United Kingdom Generally AC¢¢pl￿ Accounting Prnthic¢).
Company law rquire5 the trustees lo prepare financial statements for c￿h financial ycar, which give a true and
fair Ni¢w of thc slate of affairs of the charithble company and of the incoming r¢sourtt8 and application
of resources. including the income and exp￿dItuTe. of the charitsble company that perio
In prcparinB these fllwi¢ial statements. the trusttts ar¢ required 10:
Sele￿ suitabl¢ accountin8 policies and apply them Consistently,
observe the methods and principles in the Charities SORP 2019 (FRS 102).
make judgements and ¢slimalcs that are rea$(￿ab]e and PTudenl'
slate vth¢ther applicable UK Ac¢owilin8 Siandards have been followed. subject to any material
departures disclosed and explained in the financial Statements;
prepare thc financial 8taiements on the 80in8 concern bagis unla8 il 18 inappropriate lo pre8um¢
that Ihe charitable company will continue in Lwation.
The trustee8 Are a180 re8p)nsible for keeping adequalc accounting records that disclose with reasonable a￿UrAcY
al any lime the financial position of the ciwitAbl¢ ¢ompany and enable them to ensure that the fin&ncial stslement
comply with the Companies Act 2006. They arc also rwibl¢ for sllf¢guardin8 the assets of the charitable
company and hcncc for taktng re￿Onable 8Icps for the prevention and detection of fraud and thher irregularitie5.
The trustees (who also the direct￿) who served durin8 the year and up lo the dale of the report are
set out on pagc l.
In plBnning our activities for the ￿ and future yE4rg, the TnJ8t¢¢s have kept in mind the Charity Commis8ion'8
Buidance on publi¢ b¢nefil. Thc ¢hatityconsti¢utcs a public benefii entity as d¢fined by FRS 102.
The TrLL8te¢8 ryort ha8 been prepared havin8 taken adv8nta8e of the 8mall companie& exemption in
th¢ Companies Act 2006.
Signed for and behalf of the trustee5
MrALP¢rry
TNstee
18 October 2023
Mr P H Staff
Trustee
18 October 2023

THE P G & N J BOULTON TRUST LIMITED
(a ¢omp*ny Ilmlted by gu4raDt¢e)
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES
I report to the chaTity trustees ¢)n my examination of the a¢￿Unts of the company for the year ended 31 March 2023,
vthi¢h ar¢ sel out on pages 7 to 15.
R¢$pondbllltlu and bA811 ofr¢port
As the charity truste¢s of the company (and also its directh fir the purN)M of wmpany law) you are rwibl¢
for the preparation of the acwunls in acc(thce with the r4ulrem￿ts of the Comparries Act 2006 (Ihe 2006 Act?.
Having satisfied myself that th¢ a¢¢owits of the company aff not T4uired to be audited under Part 16 of th¢ 2006 A
and are ¢ligiblc for independent exaTnination. I r¢port in rwt of my examination of your companls account5 as
carried out under section 145 of the Charilies Act 2011 (Ihe 2011 Act?. In urrying out my examination I have
followed the Dirwlions 8ivcn by the Charity Con)mis8ion under section 145(5)(b) of ihe 2011 Ath.
Independent examlner'i st*tement
I have Complet￿ my examinati¢M. I ronfinn that no matters hav¢ come ¢0 my attention in connettion with the
examination giving me cause to believe that in any material r￿￿t.
a¢countin8 records were not kcpl in re$￿t of th¢ ￿Mp8nY as rwjired by ￿tion 386 of the 2006 Act. or
th¢ accounts do not accord with th￿¢ records: or
th¢ accounts do not comply with th¢ accounting requirem¢nts of section 396 of the 2006 A¢1 other than
any requirement thai ihe accounls 8ivc a Inle and fair viewl whi¢h is not a matter considered a$ part of an
independent examination..
th¢ accounts have not been pryred in accordance with Ih¢ methc*ts and principles of th¢ Statement of
Recomtwded Practice for accounting 8nd reE￿ing by charili¢s applicable io charities preparing th¢ir
accounls in accordance with the Financial ReE￿ing Stsndard applicable in the UK and Republic of
Ireland (FRS 102).
I have no concerns and have com¢ across no other rnalter8 in connection with th¢ cxaminalion to which attention
should be drawn in thi8 report in iirder to enable a proper und¢r8¢andin8 of the acwmts to be r¢ached.
A.D. French F.C.
HallW￿d & Co
Chart¢r¢d Accountants
Moreton
18 October 2023

THE P G & N J BOULTON TRusf LIMITED
(a eompany Ilmlted by guaranlee)
SUMMARY INCOME AND EXPENDITURE AccouNr
YEAR ENDED 31 MARCH 2023
Note
2023
2022
Income
Gain81(1088es) on investments
Interest and investment incom¢
170,859
(72,702)
9,495
169,976
866.926
8.476
Total Ineon
107.652
1,045,378
ExpeDdlthre
9.10
(134.708)
(156.450)
N¢t In¢omel(¢xpendlture) for th¢ ye•r
(27,056)
888,928

THE P G & N J BOULTON TRusf LIMITED
{a tompany limited by £ll￿antee)
STATEMENf OF FINANCIAL ACTIVITIES
ONCLUDING INCOME AND EXPENDITURE ACCOUNT)
YEAR ENDED 31 MARCH 2023
Unrestricted Fundi
Note
2023
2022
Income and endowments from:
Jnveslmenls:
Rental income
Interest- de￿]18
Dividend8- equiIi¢s
170.859
169,Y76
9.495
8,476
TotAI Ineomt and endoTvmeDts
180,354
178.452
Expendlture on:
Raising fimds
Charithble activiti
10
47.607
87,101
82,071
74,379
Total expendltur¢
Net 8aIn•ll￿•ej on Inveltments
R¢ali8¢d gainsl(Iosc8)
Loss comp8red lo revalued amount on propcty disNNal
ReAlised gainsl(10sses) on disW￿l ofshares
Unrealised gainslllosses)
Revaluation gainl(1055) - invcstments
R¢valuation 8ainl(loss) - buildings
134,708
156.450
(34)
48
3b
(22,916)
(49,752)
18,729
848,149
Net 8ainsl(losJH) on invutments
(72.702)
866,926
Net Ineomel(exptndlture) and n¢t movement In fuDd•
(27,056)
888,928
R¢¢on¢lllatlon of fundi:
Total fimds brou8hi forward
5,849J73
4,960,445
Total fulldi carrled forw*rd
5.822,317
5.849.373
Movements in reserv￿ ar¢ shown in notes 6 and 7.
All income and expendinlle derive from continuing activities.
The statement of financial aclivities include8 all gains aJMI1058c8 reco￿lIseAJ during the year.

THE P G & N J BOULTON TRusf LIMITED
(a ¢omp8ny Ilmlted by £u*rAntee)
BALANCE SHEET
YEAR ENDED 31 MARCH 2023
2023
2022
Investment a$*ts
5,754,987
5,814,882
Current as8¢ts
Debi¢)rs
Cash at Bank
31.422
42,816
21,575
19,497
74238
41.072
Current IIAbllltlei
Credilors due in less than (me year
{6,908)
(6,581)
Net current ￿¢t$
67,330
34,491
Totsl luets leil eurrent Il*blllde8
5.822.317
5.849.373
Unreitrleted Fund•
Accumulated Q¢n¢ral Fund
1,420,423
1,374.593
Revaluation Reserve
4.401.894
4,474.780
Net Ai*ti
5,822,317
5,849,373
For the year ending 31 March 2023 ihe ¢ompgny was entitled to exempticq) from audit under
section 477 of the Companies Act 2(K)6 relating to small ￿mpanIeS.
Dire¢tor3' T¢sponsibilitie8:
The mcmbers have not r¢quir¢d the c(onp8ny to obtain an audit of its accounts fot the year in
question in accorda￿ with section 476;
The directors acknowld8c th¢ir re8ponsibilities for wmplyin8 with the requir¢menl8 of the Act
with respect to accounting recorth and the preparation of aixowits.
These fjnancial 8tstemcnts have been prcpared in thCCLrdan¢¢ with the provisions applicable lo
companies subject lo the small companies, regime.
Approved by the Board
Tn￿lee5 on 18 (klober 2023 and sign¢d on its behalf by
St
MrALPffly
Tn￿tee
Trnst¢e
Company number. 08933963
The notes on pages 10 to 15 form part of a¢counts.

THE P G & N J BOULTON TRUST LIMITED
( * company limltsd by guarantee)
NOTES TO THE ACCOUNTS
YEAR ENDED 31 MARCH 2023
COMPAIYY STATUS
charity is a company limited by guarantee, having no 8hare capitsl. The liability in respect of
the guarantee as set out in the Articlas of Aswiation 15 limited to £10 per member of the company.
The nature of the charitys operations and principal activiti&s are disclowl in the Tn￿ttts Rq￿.
Thc company wa8 incorwrated in EnRland. The rexist￿￿1 otrice is 392-394 Hoylake Road,
Moreton. Wirral. CH46 6DF. The charitfy objects are to provide financial assistan¢¢. without
distinction between capitsl and income for any charitable purpose thAt th¢ Trusiees &t their
nconlrolled discretion wnsider to be worthy of assistance. The I￿￿te¢S fulfil these aim5 by makin8
donations to other charities and by mini￿sIng administration ¢(Ksts.
ACCOUNTING POLICY
(a) Bas18 of Prepar&don:
The accounts have been prepared Im a going concern basis wider the historical cost convention.
modifi¢d lo include the revaluaticm of land. buildin8s and investments. They have also been
prepared
in
8¢¢ordance with A¢counlin8 and R¢porting by Charitie8: St4temenl of
Recon)mended Practice applicable to Chariti￿ preparing their accounts in ac¢ordance with Ihc
Financial Reporting Standard applicable in the UK and Republic of Ireland i86ued in October 2019.
the Financial Reporting Standard applicable in thc United Kingdom and R¢public of Ireland
(FRS 102). Ihc Charities Act 2011, the Companies Act 2Iy)6 and UK Genernlly Accepted Practice.
The charity has oot included a cash flow stslement as its incom¢ is below £5￿.[￿￿•.
The charity con$ti¢ut¢8 a public benefit ¢nlity as dcfined by FRS 102.
The financial statements are pre5ent¢d in sterling thich is th¢ fun¢lion81 cum¢y of th¢ charity and
rounded to the nearest £.
A summary of the mor¢ import8nt a¢¢ounting policie8 18 Set oui below.
Ib) Investment Revaluatlon Re*erve:
Investments w¢re revalued at th¢ balance 8heet date to rtfleth market value. Unrealised capital
8urpluse8 and deficits 8risin8 ￿ the r¢valu8tion of lan(L buildings and investments are iak¢n lo an
inveslmenl revaluatiiyn reser￿ Reali8ed revaluation surplu8e8 and d¢ficits arc taken ￿ the
accumulated general fimd.
Land and buildin88 have been valued at maTket valuc by B Riley RICS ond a￿eed
by the Trt￿te¢s. List¢d investments have b¢¢n valued ai the middl¢ market price ai the ¢lose of
busin¢88 on the balance ¥h¢et date.
(c) Surplu8 oll DIS￿$￿ of Investments:
The surplus on diswl of investments represents the excess of the sale pr(*eeds over
valuation. This surplus has been ￿ed1(ed to the awunulated gen￿al fund. Furth¢r dethils are
shomm in th¢ nolcs lo the fitwicial 5tat¢ments.
(d) InvestmeDt propertles:
Investment properti¢s for which fair value can be measured reliably without undue cost or effort
are measured at fair value at each reportin8 dale with changes in fair value recognised in
el gainsl(losses) on investments, in the SoFk Depreciation is not provtded on investmenl propffj.
Capital expenditw¢ on inve8tmeni pri4)ertiC8 18 added to the wsl of prorKrty prior lo any
adjustment to reflect th¢ fair value. Any tepairs and maintenanLX C4)nsidered to be replacements
are charged lo the Incon￿ and exp¢nditure accounL
-1

THE P G & N J BOULTON TRUST LIMITED
{ * eompany limited by guarADtee)
NOTES TO THE ACCOUNrs
YEAR ENDED 31 MARCH 2(fr23
AccouNfING POIICY (¢onthiued)
(e) Investm¢nl8:
Investtnents are recognised 41 fair valuc at each Teporting date with chang¢8 in fair value
recognis¢d in gainsloosses) on inv¢stments' in the SOFA a8 long as th¢ shar&q are publicly
traded or th¢ir fair valu¢ can be otheTrrise measured reliably.
(fj Income recognltlon:
tncome is reCO￿lS¢d in the StateDKnt of Financial Activities (SOFA) when th¢ thaTily ha8
entitlement to the funds. any perfornwice conditions attach￿ lo the iicm(s) of income have be
mel, il is probable that th¢ income will be received and the all￿nt w be measured reliably.
Investment in¢om¢ is earned thou￿ holding assets fff Inv￿ttne￿t Purpo￿ such as shares
and propty. It Includ￿ divid¢nds. inleresi and renthl income. The iDvcslment management costs
are identified under Taisin8 funds. InieresL dividend5 and r¢nlal income are ryiised on an
accruals basis when the charitys ri8hi lo receive this Inr￿￿¢ is establis1￿1.
All of the income 18 aitributable to unrestrithed fiu)d8.
(g) Expendlture and trrecoverable VAT:
Exp¢ndilure is recognised once thcrc is a le8al (r c(mstnKtive obligatii)n ¢0 make payment to a
third party, il is probable thai s¢nl¢menl will be required and the amowit of obli8alton can be
nKasured rcliably. Expenditure is ac¢{X￿1￿ for on an accrua18 basis.
Expendtthre is classified under the following athivity headings:
Costs of raising funds - are tha8c associaied with the numing and maintainin8 of all investm￿ts.
Costs of charitsble activities
include donations to other charities, ¢0 which there are no
conditionB allached and are not classified 89 grants. plus governance and administration costs.
(h) D¢btori And ¢redltor8 reeelv*blelpayable wlthln one year:
Debtors and crediiors with no stated iotcr¢sl ratc and receivable or payable within one Jrar
are recorded at transaction price.
INVESTMENT ASSETS
2023
2022
(A) Freehold land And bulldlng# *t valuatlon
Broughi forward
Additions
Sury)lusl(deficil) on revaluation
Realised on dispo$81
Disposals
5.478.0(Kl
13.752
(49,752)
4.607.000
22.851
848.149
5.442.0(M)
5,478,000
At 31 March 2023 th¢ propertie8 b8d an open mthet value (with vacant ix)sse85ion) of £5,442,000
(2022: 5,478,(KJO). This valuation was perfornled by B.kRiley MIUCS who ha8 experience in the
I￿atiOn and type of inveslmcnt priiperties being valued.
The hi51orical cost of the above pr(4)erti&4 am(xu)ts to £1.102.947 (2022: £1,089,195).
All investment ptopertics are situated within the UL

THE P G & N J BOiILTON TRU￿ LIMITED
{ 8 ¢ompany limÉted by ￿arantee}
NOTES TO THE ACCOUNTS
YEAR ENDED 31 MARCH 2023
INVE￿MENT ASSETS (¢onthiued)
2023
2022
(b) Investmen¢8 lts¢ed on retognlsed UK Stock Ex¢hwy*
Mark¢t valuc at Start of
Additions
Disposals
Net unrealis¢d investnKnt Bainsl(losses}
Mrtet valuc at cnd of year
336,123
318,460
(850)
(22.916)
(1,066)
18.729
312.357
336,123
Revaluation (8urplusyd¢fi¢it
(62,840)
249,517
(85.974)
250,149
2023
2022
(¢) C#ih htld a• part of IDve•tmeD¢ portfollo
On deposit with banks
On deposit at 8tockbroker
630
759
630
759
Totgl Inve•tment #i#ti #t year end
5,754,987
5,814.882
All invcstmenl8 are held PTimarily for the return theypmide.
DEBTORS
2023
2022
Rent arrears
Ixss: bad debi provision
Net arrears
Other debtors
pr¢pa￿ts
5,642
{1,195)
9,367
(2,782)
4,447
24.760
2215
6,585
13,214
1,776
31,422
21,575
CREDITORS
2023
2022
Deposits held on behalf of tenants
Rent advances
Swidry creditors
Other creditors
1.425
5,483
1,331
5250
6,908
6.581
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THE P G & N J BOULTON TRUST LIMrrED
(4 company limited by guarantee)
NOTES TO THE ACCOUNTS
YEAR ENDED 31 MARCH 2023
2023
2022
ACCUMULATED GENERAL FUND
Brought forw￿ on l April
Net Incomel(expenditu￿) Ipage 7)
Unrealised Iossc81(gain8)
Revaluation (gain)lloss- investhients
Revaluation (gain)Aoss - buildin88
Realised gainsl(losses) on disposal of investments
Previously unrealised surplusl{dcficil) r¢lcased from revaluation rG8¢rve
Reali8ed gainl(loss) on disp)sal of propcrti¢8
Previou81y unrealised 8ury)lu81(defJcil) relea8ed from revaluation rc8¢f
1.374,593
(27.056)
1,352.317
888,928
22.916
49.752
(18,729)
(848,149)
218
226
.420,423
1,374,593
Th¢ 8¢cumulated fimd i¥ rwrucnl¢d by investhwil assets of £1.353.093 and net Cu￿1 &88¢ts
of £67,330.
REVALUATION RESERVES
2023
2022
Land and Bulldlng8
Brou8hi forward
Surplus/(deficit) on revaluation
Transferred io accumulated general fimd
4,388,805
(49,752)
3.540.656
848,149
4.339.053
4,388,805
Inveltments
Brought forward
Surplusl(deficil) on rcvaluation (note 3b)
Transferred (toyfrom accumulated genernl fund sale (notc 6)
85.975
{22.916)
(218)
67.472
18,729
(226)
62,841
85.975
Total rtvaluatlon re8erve8 At year end
4,401,894
4.474.780
The revaluation re8erYe 18 representeAJ by inv¢stmcnt a8s&8 of £4,401,894.
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THE P G & N J BOULTON TRUST LIMITED
( A company limited by 8uAr¥ntee)
NOTES TO THE AccouNrs
YEAR ENDED 31 MARCH 2023
COMMITMENTS
2023
2022
Brought forward
18.518
Increase in commitment
Expenditure during the ￿*r (note 3a)
14.400
4,333
(22,851)
Commitm¢nts at 31 March
14.400
Comnlltmenls due within one ye4r
Commitments due more than one )rar
14,4C
14,4
The above commitmen18 relate to r¢fiwbishment wrt in respect of an inve8knenl prop¢rty vthich has
been authorised by the end.
CHARITABLE ACTIVITIES
2023
2022
Donations (note 12)
Stationery. postage and ¢on8umables
Sundri¢s
Internet and administration Costs
Governance costs Inole I l)
81,(K
432
266
84
5,319
68,500
416
326
84
5,053
87,101
74,379
10. RAISING FUNDS
2023
2022
Investment manAgement costs
ProtKrty Exp¢ns¢s
Repairs and rate8
Insuran¢¢8
Collection and letting costs
Bad dcbt provisionlwrile off
St(Kkbroker's fee8
16,874
4,846
26227
(1.255)
915
51275
4,101
26,325
(661)
1,031
47.607
82,071

THE P G & N J BOULTON TRusf LJMrrED
(4 comp￿Y11￿1ted by guarantee)
NOTES TO THE AccouNrs
YEAR ENDED 31 MARCH 2023
li. GOVERNANCE
2023
2022
Independent examination ftts
t£8al and professional fees
Accountancy s¢rvi¢e8
Bank Charges
1,190
1,123
4,024
105
3,828
102
5.319
5,053
2023
12. DONATIONS TO CHARITY
An$w¢rs In Genesis
Arnienian Mini81erie8
Asia Link
Aurora Christian A88ocialion
Avail Mission
Barnabas Fund
Charles Thompson Mission
Christ18n Institute
Elam Ministri
IKJn8￿0ft Church
Nepal Leprosy Tn￿1
New Tribes Mission
Slavic Gospel knocialion
Vision For China
W￿l11T¢ UK
1.000
4,000
2,000
500
2,000
4,(100
1,000
4.000
3,000
30,000
500
1,000
1,000
21,000
6,000
81.000
All th¢ above donaiions have been paid to Insti￿tion&
13. REMUNERATION OF TRusfEES
None of the Tn￿lee$ rettived remuneration (Y expense8 during ¢ither financial year.
14. RELATED PARTIES
Control
The charity 18 controlled by its trustee8 VA￿￿ names ar¢ shown in the tnLSttts report.
Tr￿S￿¢tIOnS
There were no Telated paty trntsactions during either )Tar.
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