Flnan¢lal Statements at 31 December 2022
Charity R￿StratIOn 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 comrf*ncin8 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 Capa*￿I￿leS to
enable participation in Society as ￿ponsIble individuals
• The Pr￿lS￿On 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 p￿slon 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 em￿a$1$ on peO￿e 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 effIC￿r￿V 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 0￿StandIng aCh1￿Ment. culminatin8 in a visit by HAH The Prince5 R￿al 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 rel￿vIng 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 Whir￿nd 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.

FIl￿ndal 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, G0￿ManCe 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 re￿rt 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 It￿rt 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 e￿nInatIon I hJ¥e follo¥ml all the applkable Dlfectk>n5 glven bv
the Charlty Cornmlssknn wmler sectlon 1451511bl ol the ACL
Indep*thnt examlnerfs ststemeni
I have corn￿ed 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 examlnatk*n 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
t￿LL
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 DE￿AlBER 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 Ap￿1. 2023
Mr H KW Middleton
Chalrman

28th 2017.
Ireland IFR5 1021. la$¥Th￿ X1161. Th*¢h¥4y6•P¥bllc
Oeréfft Er¢tth •sdÈl&Md ty FR$ 102.
prtp•re * Statementoltash FIOWL
rth•rll*sipthr4FRS 102 ratherth￿the%￿rsI0￿fjl tre %at¢meni Prxt*ewhkh 15 r¢f¢rr¢d W In
th•M mt•mffts•retotMht1rn5t É.
Urrfuirthd fvndsare ￿l[￿ble ltr u5eattheth5cretkn Old*Tn￿thIWtrQr¥￿é0IlhÉtrCtr*￿*4eiknSt￿
rMtrkt•d funds1￿ set In r*xestothefmwK￿I thatemtn
•mDUntsun ￿ measwed relfratr*, and th•t *rttrfne Will￿ receh*d.

NOTESTO THE F￿NcIALSTA7tmEP￿S (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.
51cfl￿nc511 assets, whkh dekn •r*l ¢•5h andfo5h balarKos, are lThlt141ty mwurtrtat tran5Ktlon Includlf
tr•nsartk)n costs aryj afe at arnrxt￿ c05t the efferttse Inle￿$1 Tr￿ ufilÈ55 thE•rr•r4ewent
const*tutesa flnartl•l tr*rt%irtKffi, mtasured atthè Val￿ ol the lutwe ￿￿e¥S dIs￿n￿d •t*
m•rket rate of Interut. Flnandal assets dassffied as frfth4ble withknone wrare notamortbed.
B•sic financ￿1 li•bilbtie5. I￿¥d1￿ rrTdY<¢n aThJ bank are initièlhf r*cwts¢d at transacDw wce ￿￿e$S thearrarymirt
tounted *t * market raie of Interest. FfjnlMi￿ lialxliiies *5 ptyablewitswn ￿ yw are r#)t •nx*rtised.
Tr•de Creiltors are oNiRatk*ns ro pay1￿￿￿S ot stw¥iths that have been acwlred lfi the ordifiary cwr5e olowratlons Irom
suppliers. kn)Dunts plyable are(l￿fied as cuneni Ilthlths il ptymtnt15 due wlthkn ￿ btaror less. 11 ire
presented as non.curyent I￿1￿1111￿. TradE CredIt￿are reco￿lSed Inltl•Dyai trnfiS*dkn wce •nd subseQuent￿Me¥Su￿l •1
•mortls*dcost 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
dtw*ti*tin8 the ¥Yssel on a str*ht Ilne bas1s0￿ 25years. No s4rth4nl lrnpalrment has been Mted sIn[et￿ valuathjn was
assumptions about tl* rarryiry aft￿Trt ofassets liabilit￿ thatxe Tr)t re*lltyapp•ertt fvom other 50urres. The
e5tlmates and assoctsied Issumrtions are b￿ed on hi5tcrtal exper*èand ottv lactry5 thai aTec￿defed1ts be relevinL
ktual results rnay from dwe#imates.
The esiimates and underfywd a$S￿Mpli0ns are Tel￿*d on anowolw basis. Rtr•iS￿s to aCc(mJnti￿ estknates art
rÈtd8nised in the perKKI in whth the estlmaie is ￿￿Sed wlve re¥i51￿ affects onlythatwvAor intl* perx*J of
It Is the td1ooft￿tru5t r￿t to Giwtsllse lor whth fundiog has been SFeofrally dot)ated. *thIt￿r￿lIV. th￿ is
lfficulry in aSstsSi￿ ihe pmlected lifÈ5pan vfilems 015yifKantewThJth forUse￿ an Thetntst h*5

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 Oon*lons and lesades
Donations and gifts
92h24
SOJ70
4 Charltable Actlvltles. IIK
Boleh charter Inc¢xne
5 Ch•rh•ble Actl¥ltles. Expefftdl￿r¢
Yacht depreci*ion and Impaim*nt
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 t￿1 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 Suff￿lent 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 i￿ery 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