Flnan¢lal Statements at 31 December 2022 Charity RStratIOn No. 1175954 THE BOLEH TRU5r ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMEPITS FOR THE PERIOD ENDED 310ECEMBER 2022
Flnancial Statements as at 31 December 2022 THE BOLEH TRUST CONTENTS Page Trustees Report Independent Examinerfs Report............................................. Statement of Financial Activities ............................................ Balance Sheet Notes to the Financial Statements . 7-10
FlnarKlal statern as at 311)e(em 2022 THE BOLEH TRUST The Trustees present their report and final statements forthe wM)d ended 31 December 2022. The flnan¢ial statements have been prepared in accordance with the accounting pDli¢ies set out In note I to the financial statemenis and cornp with the Trust Deed, the Charities Act 2011 and 'Accountin8 and Rewrting by Charities: Statement of Rewmmended Practice- applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" {as amended for accounti wmxls comrfncin8 from I January 20161 Objethes and Artl¥tt1•5 The Charity's objectTrves a. l. To a(fvance In life and relleve the needs of youn8 people through: . The athiancement of educatlon In traditional shipwrw skllls . Provldlng supwrt and actfvltles whTrch develop thelr skllls. capacltSe5. and CapaIleS to enable participation in Society as ponsIble individuals • The PrlSOn of recreational and leisure lime activities provided in the interests of soclal welfare, desbgned to Imwove their condltlon In Ille 2. For the public benefit the promotion, preser4atbon, and maintenance of Brltlsh maritlme herita8e and, in particular, the preser¥atlon and maintenance In full workin8 order of examples of sailing vessels of historic si8nifi¢ance. 3. To provlde or assist in the pslon of facllitles in the interests of soclal welfare for the recreation of other leisure-time ¢upatIon of individuals who have need of such facillties by reason of their youth. age, infimiity. financial hardship. or social circumstances with the obiert of improvin8 their conditions of Ilfe; with particular ema$1$ on peOe with dlsabllities or who are $4xially disadvantaged. 4. The provlskin of sall trafjn1r and lelsure tlme admties for the members of the Armed Forces and their families for the purpose of promoting the welfare and effICrV of the Forces of the Crown. The Trustees have paid due regard to guidance issued by the Charity CommlssK*n in deciding what activities the Charity should undertake. Thi5 year has been one of 0StandIng aCh1Ment. culminatin8 in a visit by HAH The Prince5 Ral to the Trust on 1st November 2022. Thls year the Trust athieved its ambrtion of recruiting an Operations Director to manage the Trusys sailing programme, so relvIng the Trustees of the (Jay to day management of the charity. Craig
Coupe was appointed in May, and he wa5 instrumental in the Trust achieving 104 days at sea, and in increasing its outreach to 258 young people and 130 adult beTheficia. Thanks to continued Nuffield Trust arTrd RN&RM Charity fundin& the Tru51 increased its support of the Armed Forces and their families which included delivering the core progromme of day sailin8 Service children from Portsmouth and Gospon schools. together with sailin8 RN Wounded Sick and Injured seNin8 personnel and Veterans groups from Portsmouth. The Trust repeated its annual monthty deployment to Porfand to day sail children from Dorset 5choo15. SUPPOrted by the Chesil Trusi. The Trust also delivered a two-week residential sail for Cadets from the Devon Army Cadet Force and undertook a range of day sails to support charities. including Youth Attion Wikshire and Military Menwrs. Our ability to deliver such a complex pro8ramme this year was due ro the high level of system5 reliability of BOLEH throughout the season. so enabling BOLEH to keep to her planned programme. In that respect the Trustees have a8ain been woftderful 5UPPOrted by a smèll amy of volunteers- Sklppers, Males, and the Boleh support team- who have also been instrumental in enablin8 the Trust to delNer the salling Programme. The Trust also pays tribute to the support we have received from our many funders. Flnally, the highlight of the year was the vtsit of HflH The prin$5 Royal to the Trust at the end of the sailing season. The occasion was a huge success thanks to HRH'S real interest in the work of the Trust and her keenness to meet and thank those invow in making a differen to the INes of many youn8 people, and particularty those members of the Armed Forces and their families. The occasion. which include HRH re-commissioning BOLEH for tharitable service. was a joyful celebration of all that the Trust has achieved since its lormation in 2CKJg. With renewed confiden, based on this yearfs success and with the Trust on an increasingty Sound financial footin& the Trustees are now focused on fulty evofvin8 the Operations Director role. on growing the pool of volunteer crew. on further expan(ling ihe Trusys customer base and on developin8 a detailed Business Plan to thart a long-term sustainable future for the Trust, including sourcing new income streams. Fundlng From the inception of the Trust in 2C(fJ the Trustees remain grateful for the support they have received from the Mercers Company. the Shipwrights Company. the Bulldog Trust. vr Group plc, Livingstone and Company, Air Tanker Ltd. ING Real Estate. National Historic Ships, the Hampshire and Isle of Wight Community Fund, the Heritage Lottery Fund, IMATh Bursary Fund, the Radcliffe Trust. the Verdon-smith Family Charitable Trust. the Payne-Gallwey Charitable Trust. the Coral Samuel Charitable Trust. Babcock International. the Hedley Foundation, the Garfield Weston Foundation. the lan Askew Trust, the Whirnd Charitable Trust. the Armed Forces Covenant Fund. the Eight Foundation, Trbnity House. the Foyle Foundation. the Royal Nakny and Royal Marines Charity, the Arrny Central Fund, the Nuffield TnJst. the Swire Charitable Foundation. St James. Place Charitable Trust. the Chesil Sailing Trust, the Pineapple Youth Trust, Blackburn ChemK315, the Farmer Trust and many individual donors.
FIlndal Statements asat 31 December 2022THE BOLEH TRUST P83 Tntstees Report Icwtlnuedl nandal Re¥lew The Boleh TTU5t secured Income from grants, donations and Charitab activities of £93,424 and reported Expenditure of £72.798 lexcludin8 depreci8tion of £4.8iK)I Consequentty the TfUSt achieved an operatin8 surplus of £20.626. It is the poliry of the Charity that unrestricted funds which have not been designatetl for specific use would be maintained at a level equivalent to between three- and six-monlh's expendrture. The Trustees conslder that reserves at this level will ensu that in the event of a 5i8nificant drcp in fundin8. they will be able to conlinue the charity's current aciivilies Whi consideration is given to ways in which ad¢Jitional funds may be raised. This level of reserves has beÈn maintained throughout the period. StnKture, G0ManCe and ManwmÉrt The trustees who served durin8 the period and up to the date of si8nature of the financial statements were.. Mr C Austin Mr N Craine Mr D Critchley Mr R Metcalf Mr HKW Middleton Ms C Middleton Mr M Minshull Mr T Marrbs Mrs C A Mylet Rev S Springett RN Mr B White Mr PGI Middleton (retired 13 December 20221 The Trustee's report Wa5 app by the Board of Trustees. Mr H K W Middleton Chairman Dated= 2 May, 2023
2022 THE 8(XEH TRusr Independent examlnerfs rert to tr trustees of The 8oleh Tnfjt I report to the trustees on my wmlnatbn ol the accounts of Boleh Trust (the Trust) fix the year ended 31 December 2022. Respon51bllltles and basis of Itrt As ihe charity trustees ol the Trust you a responsible for the preparation of accounts in accordarKe the requirements of the Chartties Act 20111'the I report in fespect of my examination of the acrounts carrled )ut under sectw)n 145 of the 2011 Act and In urrybr ¢>Jt my enInatIon I hJ¥e follo¥ml all the applkable Dlfectk>n5 glven bv the Charlty Cornmlssknn wmler sectlon 1451511bl ol the ACL Indepthnt examlnerfs ststemeni I have corned my examlnatlon. l Confirm that no material matter5 hwe come to my attentlon In Connect with t examlnatlon gl¥ir¥ me uuse to belleve that in •ny matedal respect. l. accountlry records wffe not kept in respert of the Tntst as requlred ty sectlon 130 of t Act; or I have rK• concems and ha coff across no other matters In with the examlnatkn to which attention st#)uld be drawn ifi thls rewt in order io enable a syoper understandir¥ of the accounts to be reached. Name: f. q 6(Ab-S tLL P¢jI Ihjq Date: Zei3
Flnancial Statements at 31 December 2022 THE BOLEH TRUST STATEMENT OF FINANCIAL AcrivmES INCLUDING INCOME AND EXPENDiniRE ACCOUNT FOR 7HEPERIOD ENDED 31 DEAlBER 2022 Notes 20Z2 2021 Donatlon. grants and legaths Charltable activitie5 92,424 50.870 Total Inu¥ne 93,424 $0.870 Expendlture •)n: Charitable activitles 77.598 $6,901 Net Income IExpendlturel for the yearl Net movement in funds 15.826 16,0311 Balance brought forward 89.134 95.165 Fund balances at 31 December 2022 104,9fA) 89,134 The statement of flnandal actlvftle5 Includes all gains and losses reco8nlsed In the period. All income and expenditure derive from contlnuing artrlithes.
FlnabKlal Statements al JI December 2022 ThE 8OLEH TRUST BALANCE SHE ASA T31 D£CEMBER2022 Ilotes 2021 Nxed Assets Heritage asstts Currenl assets Cash In bank and In hand 91.2CK) 43.022 32.396 Cr•dltorg Amounts follin8 due wlthin one year Defeued Incom* Net current assets 43,022 32,396 129,422 123.S% Amounts falllng due after one year 9&10 124.4621 134.4621 104.960 89.134 Funds of the thlrlty Unrestricted funds IN.960 The financial statements were apprtyrtd14 the trustees on 7 Ap1. 2023 Mr H KW Middleton Chalrman
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NOTESTO THE FNcIALSTA7tmEPS (com71111) FON Tllf PERIOD Ef4ofDJI DfCEMPERalVI and serykes provided lrt course Ofbu5ir, nrf ofdisctyrt. VATaThl related taxes. C•sh èr¥1 cash equivalents cash In deposlts W •ttal with l)•5. 51cflnc511 assets, whkh dekn •rl ¢•5h andfo5h balarKos, are lThlt141ty mwurtrtat tran5Ktlon Includlf tr•nsartk)n costs aryj afe at arnrxt c05t the efferttse Inle$1 Tr ufilÈ55 thE•rr•r4ewent consttutesa flnartl•l trrt%irtKffi, mtasured atthè Val ol the lutwe e¥S dIsnd •t m•rket rate of Interut. Flnandal assets dassffied as frfth4ble withknone wrare notamortbed. B•sic financ1 li•bilbtie5. I¥d1 rrTdY<¢n aThJ bank are initièlhf rcwts¢d at transacDw wce e$S thearrarymirt tounted t * market raie of Interest. FfjnlMi lialxliiies 5 ptyablewitswn yw are r#)t •nxrtised. Tr•de Creiltors are oNiRatkns ro pay1S ot stw¥iths that have been acwlred lfi the ordifiary cwr5e olowratlons Irom suppliers. kn)Dunts plyable are(lfied as cuneni Ilthlths il ptymtnt15 due wlthkn btaror less. 11 ire presented as non.curyent I11111. TradE CredItare recolSed Inltl•Dyai trnfiSdkn wce •nd subseQuentMe¥Sul •1 •mortlsdcost Uslwthe effeui% Inieiest mÈtho 1.7 FIM•d AM•is eh w35 vahjed tr•t Mathle Tec Martne CthBLdi•ry in W 201S. The Matht lue was assessed at £120,(0). The Trurt Is dtwtitin8 the ¥Yssel on a strht Ilne bas1s0 25years. No s4rth4nl lrnpalrment has been Mted sIn[et valuathjn was assumptions about tl rarryiry aftTrt ofassets liabilit thatxe Tr)t relltyapp•ertt fvom other 50urres. The e5tlmates and assoctsied Issumrtions are bed on hi5tcrtal experèand ottv lactry5 thai aTecdefed1ts be relevinL ktual results rnay from dwe#imates. The esiimates and underfywd a$SMpli0ns are Teld on anowolw basis. Rtr•iSs to aCc(mJnti estknates art rÈtd8nised in the perKKI in whth the estlmaie is Sed wlve re¥i51 affects onlythatwvAor intl perxJ of It Is the td1oofttru5t rt to Giwtsllse lor whth fundiog has been SFeofrally dot)ated. thItrlIV. th is lfficulry in aSstsSi ihe pmlected lifÈ5pan vfilems 015yifKantewThJth forUse an Thetntst h5
Hnancial SLitemerbts at 31 Decem 2022 THE 8OiEH TRU NOTES TO THE FIPIANCIALSTATEMENTS ICONnNNUEDI FOR THEPERIOD EPIDED 31 DECEM8ER1022 PB9 Unrestrkted funds 2022 2021 3 Oonlons and lesades Donations and gifts 92h24 SOJ70 4 Charltable Actlvltles. IIK Boleh charter Inc¢xne 5 Ch•rh•ble Actl¥ltles. Expefftdlr¢ Yacht depreciion and Impaimnt Operatlonal costs Berthlng Sejvicing & Maintence Maritime Coastal Agency wrvey & associated costs Insurance Website. Marketin& PR. Leaflets Other 4,8CKI 18,872 3,71XI 24,770 155 2,299 29,249 3,873 21.913 730 2.396 10.869 3,768 77.598 56,901 6 Trn$tees None of the trustees lor any persons connected wlth them) received any remuneration or benefits from the charity during the period. 7 Employees There were no employees durin8 the period 8 Herlwe Assets Boleh. at 31 December 2021 (see note 1.71 Depreciation 91.21)0 {4J(X) At 31 December 2022 91,2(X)
Flnan¢hl Stat•mwts at 31 December 2022 NOTES TO ThE FINAPICIAL STATEMEPll5 coKnNUED) THE PERIOD EIIDED31 DECEAI8ER2022 Pgio 9 Cr*dltm: •mounts fallw du• aft•f one y {Z020 •NI) Trustee Loans from GRG and HKW Middlet¢)n (see rbxe 11 24 34A62 10 R•l•t•d p•rty tr•nsxlkns At 31 December 2022 the trustees, Messrs GAG and HKW Midtheton, In equal shares, were owed £24,462 by the Boleh Trust CIO. Durlng the year, £5.(W was repaid to each debttx. Loan balance as at 1st January Repayment to Messes Middleton Balance as at 31 December 34.462 110.CrtJ)I 24.462 34,462 34A62 Legally blnding agreements have beèn by both trustees to the elfect t1 in the e¥ent of thtir deaths the It has been further minuted and agreed wrih the Irusiees that.. al the loans would not be recalled by the lenders whilst thÈ tharlty was opefatlrvd bl the Trustees reserved the Ti8hi to repay the loans. rf Sufflent funds were available in the Trusys Reserve Account cl rf the charity was wound up. and subj'ect to consultation with the Charity Commiulon, the loans coukl be repald from the proceeds of the sale of BOLEH 11 H•rhap iery Fundh A malor grant was received from the Herita8e Lottery Fund IHLF) in 2012 towards the restoration of 8OLEH. In a¢ceptlng thls funding the Boleh Trust are legally obliged. for a perlod of 25 years (that is to 20371, to maintain and insure BOLEH. and to make her available for public viewing. There is also a requirement to seek the prior approval of HLF to any di5FwI of BOLEH. since HLF mi8hi require a share of the sale proceeds. No ThKJnetary value ha5 been asigned to this obligation in these actwn