THE P G & N J BOULTON TRUST LIMITED (a company limited by guarantee) ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 Reglstered Charity No. 1158431 Registered Company No. 08933963 Hailivood & Co Chartered Accountants
THE P G & IY J BOULTON TRUST LIMITED (a company limited by guarantee) YEAR ENDED 31 MARCH 2025 CONTENTS Page Inforniation Trustees, Annual Report (Including Directors, Report) Independent Examiners, Report Summary Income and Expenditur¢ Account Statement of Financial Activities (Including Income and Expenditure Account) Balance Sheet Notes to the Financial Statements 10- 16
THE P G & IY J BOULTON TRUST LIMITED (a cornpany limited by guarantee) YEAR ENDED 31 MARCH 2025 INFORMATION CHARITY REGISTRATION NUMBER: COMPANY REGISTRATION NUMBER: CORPORATED IN ENGLAND & WALES 1158431 08933963 TRUSTEES MrALPerry MrsSPe Mr P H Stafford Miss M Jardine-smith INTERNET ADDRESS http://www.boultontrust.org.uk REGISTERED OFFICE The P G & N J Boulton Trust Limited 392 - 394 Hoylake Road Moreton Wirral CH46 6DF INDEPENDENT EXAMINERS Hailwood & Co 392 - 394 Hoylake Road Moreton Wirral CH46 6DF BANKERS Lloyds TSB plc I st Floor 355 Woodchurch Road Birkenhead, CH42 8PE SOLICITORS Lees Solicitors LLP 44145 Hamilton Square Birkenhcad Wirral CH415AR STOCKBROKERS Barclays Investment Solutions Limited I Churchill Place London EI4 5HP PROPERTY MANAGERS Neston Property Management Limited c/0 38-40 King Street Wallasey Wial CH44 8AU
THE P G & N J BOULTON TRUST LIMITED (a company limited by guarantee) TRUSTEES, ANNUAL REPORT (INCLUDING DIRECTOR'S REPORT) FOR THE YEAR ENDED 31 MARCH 2025 The Trustees present their report and the financial statements of the charity for the year ended 31 March 2025. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" in preparing the annual report and fmancial statements of the charity. The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity's governing document, the Charities Act 201 l and Accounting and reporting by Charities: Statement of accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in Recommended Practice applicable to charities preparing their accounts in October 2019. Reference and Administrative Details of the Charity, Its Trustees and Advisers The registered name of the Charity is The P G & N J Boulton Trust Limited {charity number 1158431) (company number 8933963). All the Trustees who served during the year are listed below, Details of the registered office and the Charity's professional advisers are listed on a separate page at the front of the accounts. Structure, Governance and Management Constilulion and organisation The P G & N J Boulton Trust Limited was incoryorated on I l March 2014 and began trading l April 2015. The company was established under its Memorandum of Association, and its aims, objects and powers are established under the Articles of Association. In the event of the cornpany being wound up members are required to contribute the amount not exceeding £ l 0.00. Directors and Trustees The directors of the company are also charity trustees, those who served during the year were:_ Mr A L Perry - Chairnian Mr P H Stafford Mrs S Perry Miss M Jardine-smith Method of appointment New trustees are appointed by the existing trustees based on their ability to benefit the organisation with their skills and knowledge. As there is no real need for specific training, potential Trustees are encouraged to attend a number of meetings prior to their appointment. Risk Management The trustees have reviewed the major risks facing the charity and have taken action to ensure that there are procedures and policies in place to address these risks. Objectives and Activities Charitable objectives The objects of the Trust, as set out in the Articles of Association, are to provide fmancial assistance, without distinction between capital and income for any charitable purpose that the Trustees at their uncontrolled discretion consider to be worthy of assistance.
THE P G & N J BOULTON TRUST LIMITED (a company limited by guarantee) TRUSTEES, ANNUAL REPORT (INCLUDING DIRECTOR'S REPORT) FOR THE YEAR ENDED 31 MARCH 2025 (continued) Objectives and Activities {contiDued) Activities The tNstees fulfil these aims by making donations to other cbarities and by minimising administration costs. The trustees aim to target the smaller charities, to whom a relatively small gift can make a SIlfiCant difference. Whilst a substantial proportion of donations is allocated to Christian missionary work in accordance with the interests of the trustees, a wider interest is maintained by covering other areas such as povety relief, medical research, healthcare and disability relief, Achievements and Performance During the year, the Trust made charitable donations totalling £50,000, and kept governance costs to within 6 % (2024: 5 /0) of the net income from investments. During the year, the Trust gave financial assistance to 8 different causes whose work has affected the lives of people all over the world, including the UK. Financial Revieiv Results The total value of the company's assets have increased by £470,327 to £6.39 million (2024: £5.92 million). The increase has been mainly due to a rise in the property market over the past year alongside a full refurbishment, increasing the value of the investment properties. Some properties still require refurbishment work which will happen as and when they become vacant, this has been reflected in the year end valuation. There has also been a fall in the value of quoted investmentti. Reserves Policy The trust has no plans to further build up unrestricted reserves although the level of reserves can vary depending upon UK property and stock market perfonnance. The trustees generally look to distribute all of the Charity's realised income. Investment Powers, Policy and Performance The trustees, investment powers are governed by the Articles of Association, which permits the Charity's funds to be invested in any way to further its objects. The trustees invest the charity's reserves in property and the stock market, although there is a bias towards propety. The charity's stockbrokers are instructed to maximise income without exposing the charity's funds to undue risk, but otherwise, control of the portfolio is then passed to them. A full refiwbishment on one property occured in the year. The refurbishment cost £29,746 in total.
THE P G & N J BOULTON TRUST LIMITED (a company limited by guarantee) TRUSTEES, AIYNUAL REPORT (IIYCLUDING DIRECTOR'S REPORT) FOR THE YEAR EIYDED 31 MARCH 2025 (continued) Financial Review (continued) The average return compared to the value of the Charity's investments can be analysed as follows: 2025 2024 Property - Income Capital 1.5% 0.90/0 2.60/0 Quoted shares - Income Capital 2.5% 2.6/0 6.5 /0 Cash 0.90/0 O,OO/o This reflects an increase in the stock market on investments still held and an increase in the value of the investment properties. The housing market over the past year has steadied after the significant increases in prior years. In total there are two properties still needing modernisation. The return on cash investments remained as nil. The investment properties have been valued by B.A.Riley RICS who has experience of the local area. The valuation takes into account the current housing market situation which has increased over the past year, plus refurbishment works. The quoted shares also decreased by the year end, the valuation was provided by Barclays investment solutions limited. There were two void properties at the year end. There is one forn]er tenant who still owes arrears and is only paying minimal amounts. The arrears continue to be monitored each month and a provision for these arrears has been made during the year. There has been no significant change in making donations to the beneficiaries. The accounts have been prepared on a going concern basis. Future Plans Any properties which require refurbishment and modernisation will continue to happen as and when they become vacant. The properties will continue to be maintained on a cyclical basis and this work will be fmanced frorn the income they generate.
THE P G & N J BOULTON TRUST LIMITED (a company limited by guarantee) TRUSTEES, ANNUAL REPORT (IIYCLUDIIYG DIRECTOR'S REPORT) FOR THE YEAR EIYDED 31 MARCH 2025 (continued) Statement of Trustees, Responsibilities The trustees (who are also directors of The PG & NJ Boulton Trust Limited for the purposes of company law) are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare fmancial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to: select suitable accounting policies and apply them consistently. - observe the methods and principles in the Charities SORP 2019 (FRS 102)" make judgements and estimates that are reasonable and prudent. state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the haritable company will continue in operation. The trustees are also responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensuTe that th¢ financial statements comply with the Companies Act 2006. They are also re&iponsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The tTUStees (who are also the directors) who served during the year and up to the date of the report are set out on page l. In planning our activities for the year and future years, the Trustees have kept in mind the Charity Commission's guidance on public benefit, The charity constitutes a public benefit entity as defined by FRS 102. The Trustees report has been prepared having taken advantage of the small companies exemption in the Companies Act 2006. Signed for and on behalf of the trustees MrALPerry Trustee 15 October 2025 Mr P H Stafford Trustee 15 October 2025
THE P G & N J BOULTON TRUST LIMITED (a company limited by guarantee) IIYDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES FOR THE YEAR EIYDED 31 MARCH 2025 I report to the charity trustees on my examination of the accounts of the company for the year ended 31 March 2025, which are set out on pages 7 to 16. Responsibilities and basis of report As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act,). Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company's accounts as Caled out under section 145 of the Charities Act 201 l ('the 201 l Act,). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145{5)(b) of the 2011 Act. Independent examiner's statement I have completed my examination. I confirn] that no matters have corne to my attention in connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of the company as required by section 386 of the 2006 Act. or the accounts do not accord with those records: or the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view, which is not a matter considered as part of an independent examination: or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. A.D. French F.C.A. Hailwood & Co Chartered Accountants Moreton 15 October 2025
THE P G & N J BOULTON TRUST LIMITED (a company limited by guarantee) SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Note 2025 2024 Incom¢ Gainsl(losses) on investments Interest and investment income 193,961 428,430 8,304 177,025 70,949 8,873 Total income 630,695 256,847 Expenditure 9,10 (160,368) (163,922) Net income/(expenditure) for the year 470,327 92,925
THE P G & N J BOULTON TRUST LIMITED (a company limited by guarantee) STATEMENT OF FIIYANCIAL ACTIVITIES {INCLUDIIYG INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted Funds 2025 2024 Note tncome and endowments from.. Investments.. Rental income Dividends - equities Interest - deposits 193,961 8,298 177,025 8,873 Totaj income and endowments 202,265 185,898 Expenditure on: Raising funds Charitable activities 10 103,368 57,000 79,557 84,365 Total expendlture 160,368 163.922 Net gainsllosses on IDvestments Realised gains/(loses) Loss compared to revalued amount on property disposal Realised gainsl(losses) on disposal of shares Unrealised gains/(losses) Revaluation gainl(loss) - investments Revaluation gain/(loss) - buildings 952 884 3b 224 427,254 19,540 50,525 Net gains/(losses) on investments 428,430 70,949 Net incomel(expenditure) and net movement in funds 470,327 92,925 Reconciliation of funds: Total funds brought forward 5,915,242 5,822,317 Total funds carried forivard 6,385.569 5,915,242 Movements in reserves are shown in notes 6 and 7. All income and expenditure derive from continuing activities. The statement of financial activities includes all gains and losses recognised during the year.
THE P G & N J BOULTON TRUST LIMITED (a company limited by guarantee) BALANCE SHEET FOR THE YEAR ENDED 31 MARCH 2025 Note 2025 2024 Investment assets 6,351,110 5,894,767 Current assets Debtors Cash at Bank 32,823 8,399 19,586 14,452 41,222 Current liabllRties Creditors due in less than one year Net current assets 34,038 (6,763) (13.563) 34,459 20,475 Total assets less Cuent liabilities 6,385,569 5,915,242 Unrestricted Funds Accumulated General Fund Revaluation Reserve 1,492,547 4,893,022 1,449,460 4,465,782 Net Assets 6,385,569 5,915,242 For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors, responsibilities: The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476. The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. Approved by the Board of Trustees on 15 October 2025 and signed on its behalf by.. MrALPerry Trustee Mr P H Stafford Trustee Company number: 08933963 The notes on pages l O to 16 fonn part of these accounts.
THE P G & N J BOULTON TRUST LIMITED (a company lin]ited by guarantee) NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2025 COMPANY STATUS The charity is a company limited by guarantee, having no share capital. The liability in respect of the guarantee as set out in the Articles of Association is limited to £1 O per member of the company. The nature of the charity's operations and principal activities are disclosed in the Trustees Report. The company was incorporated in England. The registered office is 392-394 Hoylake Road, Moreton, Wirral, CH46 6DF. The Charits objects are to provide financial assistance, without distinction between capital and income for any charitable pUoSe that the Trustees at their uncontrolled discretion consider to be worthy of assistance. The trustees fulfil these aims by making donations to other charities and by minimising administration costs. ACCOUNTING POLICY (a) Basis of Preparation: The accounts have been prepared on a going concem basis under the historical cost convention, modified to include the revaluation of land, buildings and investments, They have also been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Practice. The charity has not included a cash flow statement as its income is below £500,000. The charity constitutes a public benefit entity as defined by FRS 102. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £. A summary of the more important accounting policies is set out below. (b) Investment Revaluation Reserve: Investments were revalued at the balance sheet date to reflect market value. Unrealised capital su4)luses and deficits arising on the revaluation of land, buildings and investments are taken to an investment revaluation reserve. Realised revaluation surpluses and deficits are taken to the accumulated general Land and buildings have been valued at open market value by B Riley RICS and agreed by the Trustees. Listed investments have been valued at the middle market price at the close of business on the balance (c) Surplus on Disposal of Investments: The surylus on disposal of investments represents the excess of the sale proceeds over valuation. This surplus has been credited to the accumulated general fund. Further details are shown in the notes to the financial statements. -10-
THE P G & IY J BOULTON TRUST LIMITED (a company limited by guarantee) NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICY (continued) (d) Investment properties: Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in 'net gains/(losses) on investments, in the SOFA. Depreciation is not provided on investment propety. Capital expenditure on investment properties is added to the cost of property prior to any adjustment to reflect the fair value. Any repairs and maintenance considered to be replacements are charged to the income and expenditure account. (e) Investments: Investments are recognised at fair value at each reporting date with changes in fair value recognised in 'net gainsl(losses) on investments, in the SOFA as long as the shares are publicly traded or their fair value can be otherwise measured reliably. {D Income recognition: Income is recognised in the Statement of Financial Activities (SOFA) when the charity has entitlement to the funds, any perfonnance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably. Investment income is eamed though holding assets for investment purpobes such as shares and property. It includes dividends, interest and rental income. The investment management costs are identified under raising funds, Interest, dividends and rental income are recognised on an accruals basis when the charity's right to receive this income is established. All of the income is attributable to unrestricted funds. (g) Expenditure and Rrrecoverable VAT: Expenditure is recognised once there is a legal or constructive obligation to make pajynent to a third party, it is probable that settlement will be required and the amount of obligation can be measured reliably, Expenditure is accounted for on an accruals basis. Expenditure is clabsified under the following activity headings: Costs of raising funds - are those associated with the running and maintaining of all investments. Costs of charitable activities include donations to other charities, to which there are no conditions attached and are not classified as grants, plus governance and athninistration costs. (h) Debtors and creditors receivablelpayable within one year: Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price.
THE P G & N J BOULTON TRUST LIMITED (a company limited by guarantee) NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2025 INVESTMENT ASSETS 2025 2024 (a) Freehold land and buildings at valuation Brought forward Additions Surylus/(deficit) on revaluation Realised on disposal Disposals 5,593,000 29,746 427,254 5,442,000 100,475 50,525 6,050,000 5,593,000 At 31 March 2025 the properties had an open market value (with vacant possession) of £6,050,000 (2024.. £5,593,000). This valuation was perforn]ed by B.A.Riley MIUCS who has experience in the location and t)ye of investment properties being valued. The historical cost of the above properties amounts to £1,233,168 (2024: £1,203,422). All investment properties are situated within the UK. 2025 2024 (b) Investments listed on recognlsed UK Stock Exchanges Market value at start of year Additions Disposals Net unrealised investment gains/(losses) Market value at end of year Revaluation (surplus)/deficit 301,190 312,357 (936) 224 (30,707) 19,540 300,478 301,190 (76,190) (76,203) Cost 224,288 224,987 -12-
THE P G & N J BOULTON TRUST LIMITED {a company limited by guarantee) NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2025 INVESTMEIYT ASSETS (continued) 2025 2024 (c) Cash held as part of investment portfolio On deposit with banks On deposit at stockbroker 632 577 632 577 Total investment asset$ at year end All investments are held primarily for the return they provide. 6,351,110 5,894,767 DEBTORS 2025 2024 Rent arrears Less: bad debt provision 5,738 (1,580) 5,742 (2,405) Net aearS Other debtors Prepaymentb 4,158 26,201 2,464 3,337 13,907 2,342 32,823 19,586 CREDITORS 2025 2024 Deposits held on behalf of tenants Rent advances Sundry creditors Other creditors 878 5,885 1,849 5,714 6,000 6,763 13,563 -13-
THE P G & N J BOULTON TRUST LIMITED (a company limited by guarantee) NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2025 2025 2024 ACCUMULATED GENERAL FUND Brought forward on l April Net income/(expenditure) (page 7) Unrealised lossesl(gains) Revaluation (gain)/loss - investments Revaluation (gain)/loss - buildings Realised gains/(losses) on disposal of investments Previously unrealised sury)lus/(deficit) released from revaluation reserve Realised gainl(loss) on disposal of properties Previously unrealised surplusl(deficit) released from revaluation reserve 1,449,460 470,327 1,420,423 92,925 (224) (427.254) (19,540) (50,525) 238 6,177 1,492,547 1,449,460 The accumulated fund is represented by investment assets of £1,458,088 and net current assets of £34,459. REVALUATION RESERVES 2025 2024 Land and Buildings Brought forward Surylus/(deficit) on revaluation Transferred to accumulated general fund 4,389,578 427,254 4,339,053 50,525 4,816,832 4,389,578 Investments Brought forward Surplus/(d¢ficit) on revaluation (note 3b) Transfeed (to)/from accumulated general fund upon sal¢ (note 6) 76,204 224 (238) 62,841 19,540 (6,177) 76,190 76,204 Total revaluatlOD reserves at year end 4,893,022 4,465,782 The revaluation reserve is represented by investment assets of £4.893,022. -14-
THE P G & N J BOULTON TRUST LIMITED (a company limited by guarantee) IYOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2025 COMMITMENTS 2025 2024 Brought forward Increase in commitment Expenditure during the year 6,000 29,747 {35,747) 14,400 6,000 (14,400) Commitments at 31 March 6,000 Commitments due within one year Commitments due more than one year 6,000 6,000 The above commitments relate to refurbishment work in respect of an investment property which has been authorised by the year end. CHARITABLE ACTIVITIES 2025 2024 Donations (note 12) Stationery> Postage and consumables Sundries Internet and administration costs Governance costs (note I l ) 50,000 132 655 226 5,987 77,500 462 518 189 5,696 57,000 84,365 10. RAISING FufsDS 2025 2024 Investment management costs Property Exp¢nses Repairs and rates Insurances Collection and letting costs Bad debt provision/write off Stockbroker's fees 68,592 5,757 28,949 (825) 895 44,964 5,460 27,006 1,185 942 103,368 79,557 -15-
THE P G & N J BOULTON TRUST LIMITED (a company limited by guarantee) NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2025 11. GOVERNANCE 2025 2024 Independent examination fees Legal and professional fees Accountancy services Bank charges 1,296 1,242 4,589 102 4,351 I03 5,987 5,696 12. DONATIONS TO CHARITY 2025 Arn]enian Ministries Asia Link Barnabas Fund Charles Thompson Mission Christian Fellowship school Longcroft Church Vision For China Wycliffe UK 4,500 1,000 1,000 1,000 1,000 13,500 18,000 i 0,000 50,000 All the above donations have been paid to institutions. 13. REMUNERATION OF TRUSTEES None of the Trustees received remuneration or expenses during either financial year. 14. RELATED PARTIES Control The charity is controlled by its trustees whose names are shown in the trustees report. Transactions There were no related paty transactions during either year. -16-