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
Wi￿al
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 SI￿lfiCant 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 Ca￿led 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 Cu￿ent 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 Charit￿s objects are to provide financial assistance, without distinction between
capital and income for any charitable pU￿oSe 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 a￿earS
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)
Transfe￿ed (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-