Financial Statements at 31 December 2024 Charity Registration No. 1175954 THE BOLEH TRUST ANNUAL REPORT AND UNAUDtrED FINANCIAL STATEMEHrs FOR THE PERIOD ENDED 31 DECEMBER 2024 na￿031 Stateff*nts asat 31 D￿fiber 2024 THE BCiEH TRU CONTENTS Trustees Repjrt Independent Exwninerfs Report_--------.-~-- Statement of fina￿la1 Activities Balan￿ Sheet Notes to the FinarKial Statements... 7-10 Fnancial Ststements as at 31 c￿rnber 2024 THE BOLEH TRU Trustees ReF The Trustees present their report and final statements for the wiod ended 31 December 2024. The financial statements have been prepared in accordance with the Kcounting poliaes set In note I to the financial 5tatemerrts and comply with Trust Deed. the Chartties kt 2011 and "Accounting and Rewrtin8 by Charitie& Statement of Recommended Prartice" applicable to charill.es prepariryd theSr attounts in accorilance with the Finanaal Reportirvd Stsndard applioble in the UK and Republic of IrelarKI {FRS 1021" {as amended for ac(ountiry pernds commendre from I January 20161 The Charity's obJectNes are: l. To alfvan￿ in Iofe and releve the needs of YOU￿ people throu8h: • The a(fvancement of educatlon in trathtional shipwrw skills • Providing 5UPPOrt and actrvittes whith (levelop their skllls. opathie4 and capabtlities to enable participatton in society a5 respon&ble sndsviduals . The provtslon of recyeational and leisure tome activiti￿ pro%ryded in the interests of Social welfare. designed to improve their condition in lrfe 2. For the public benefft the promolpon. preservati￿. and maintenance of Br6ttsh maritime heritage and. in partiujlar. the preser¥atk>n and rnaintenance in full workin8 order of examples of sèillng Nwels of historoc swiificance. 3. To pro%ide or assst in the prDvision of faolltles In the interests of social welfare forthe recreation of other leisurtrtime ocojpation of individuals who haNE need of suth facillties trry reason of their youth, age, infirnitty. financial hardship, or sixial tircumstsnces with the objert of imprown8 their (onditions of life: with partiaslèr emrkns on wple with di5abilrties or who are socially d15advanta8ed. 4. The prthision of sail traini￿ and letsure tkne actibryt*s for the rneMb￿ olthe Amed Forces ¥ their famllies for the purpose of promotin8 the welfare and efficiency ofthe Forces of the Cmwn. The Trustees haNt pald due regard to guidan￿ i￿ued bythe 0￿rity Cornmi55ion in decidin8 whèt artivities the Charity should undertake. FinaFKial Statements o at 31 Oetathr 2024 THE BOLEH TRU Trtts RetK)rt IcontIn￿l 2024 has been anotlw h4thly succwfvl tr*ar maintaini1¥ our long4tandi￿ focus on SUPFWting youre people from disadvantsged back4rounds and t￿se from the Armed Forces community whlch has enabled sailors ofw* dl¥erse needs. ages. and backgr￿ThIs to enjoy and leam frorn the unique BOLEH experience. The Trust wlshe5 to pay tribute to all those who have helped with this year's success: firstty. the Skippers and Mates who have excelled themsel￿5. abmays receiwn8 enthusiasti4 positive feedbad( for their professionalivn and passion for their dedication. tirne and effort: and secondly. to our committed volunteers who work so tirelessjy. I￿r fvnd.raiser5. our maintena)ce team and our manv 5UPPOrters behind tt* scenes. all of whom contributed to 801EFfs thrivir8 sailing programme. The statistlcs: This ￿aT 80LEH has been'at sea. for a total of 125 d¥￿, a sli8ht increase on 2023. but stawng close to the optimum level of attl￿tr. she took groups to sea on 103 of these dtys. 22 further days were devoted to uew trainin& or to transots from one location to another. Volunteers provided skippers on 86 da￿, a slight in(yease on 2023. BOiEH prowded 298 se￿3￿5 for yOLtng people under 25 and 192 5e&days for adul￿ 8OLETrfs a&so(iatyon with the Royal NawKs Recovery Pathway has come to an end. followlng the decision to cease reo)very day-sails, tyJt the Trust plans to build on its experients of rehabilttstion with other Service units. A new departure this year was represented by BOLEH'S attendan￿ èt the South•npton F￿at Show: this brought in new donation5 and enables the Trust to make contact with numerous p)tentkl wlunteer& 2025 will represent the 75th anniversary of 80LEH's successful initial w)yage: plans for Celebrati￿ this opportunity are currently in hand. The Trust is also hugety erateful to ourfvnder5 whose financial support makes it possible to mainraln and promote 8OLEH's growing sailire programme. Durin8 2024 we received Significant donations from National Hlstoric Ships. the Hedley Foundation. the Royal Naval atMI Royal Marines Charity. the a￿511 Sailin@ Trust, the Valentine Trust. the Alice Cooper Dean Foundation. the Shlpwrfi8hts Company. Trinity House. the Swire chariL1￿ Tnst and many individual dono The Tr¥Jstees continue to focus on strengthenire the IoT¥-term 5ustsina￿'Irty of the Trust To this end the Trustees are de4elopin8 the Twsys Business Plan. The Trust is now able to offer certain RYA courses and certifi¢ates. which will enhance the Trusys offer for ￿rtain charitable groups. The Trust continues to work with the Amed Forces. and is developin8 relatKins with The Rifies Regiment. These steps will ensure that the Trust is fit for purpose in order to fulfil its core charitable ObjertNe of usir4 BOLEH to provide ex(fitin8 and Inspiri￿ Saili￿ opportunities for the benefit of ￿Ung people. Fknandal Slatements as at 31 De￿mber 2024 THE BOLEH TRU Trustees Report lcontirn￿) Fknanclal Re¥*w The P*)leh Tntst secured Income fT(*n grarrts. ¢th)nati￿ and tharitable activibe5 of £61.021 and reported Ex￿ndItUre of £74.809 (exduding depredation of £4.8(NJl. Consequentfy, the Trust realised an operatina deficit of £JP,78. The small dekn in the financial year 6s not of material concem in the light of the prior year operatin8 surplus of £32.939. and the receipt of a large grant in January 2025 from the Nuffield Trust lof £30.(KKII. Whilst the Trustees continue to ewore new fundin8 Opportunities, we have no hesftation In conswjerlng The Boleh Trust a Yiable charlty and goirg concern. It is the policy ofthe Charity that unrestritted funds which ha¥e not been desi8nated for specific use would be maintsined at a I￿1 equivalent to between thretr and six-month's expenditure1£1&38kl. as a Holding Reserve. The Trustees Co￿•der th* reseyves at this level will ensure that in the event of a signtficant drop in fundi￿ they will be able to conttnue the tharity's current attiwties whrle conslderation Is wven to ways in whith additional funds rnay be raised. At year end. the Holding ReSe￿e dSpped to £15k. but has subsequentty beeTr replentshed followrwa ts Nuffiekl Tfust donation in January. The Trustees who ser¥ed durin8 the period and up to the date ofsi8nature of the financial staternents were: Henry Middleton Chalr IreliTed November 20241 Christopher Liws lappoirted May 2024: Chair N0￿Mb￿ 2024) Richard Metcalf Mark Minshull Toby Marris Caroline Middleton Nigel Cralne OavKI Critthley 8rook White Ant Atkinson-WiHes {appoiTrted Septernber 2024) The Trustee's report was apwoved try the Board of T￿￿t￿. f Christopher laws Chair Dated: 30 April, 2025 FIna￿la1 Ststements as at 31 De￿mber 2023 THE BOLEH TRusr Pg4 Indeper¥gent Exam1￿5 Report To the trustees ofthe BO￿ Trust Irnlependent examlfi•rfs roport to the tNste•s of The Boleh Trust I report to the Trustees on my examination of the accounts of the 8oleh Trust (the Tr￿1) for the year ended 31 December 2024. R•SPm￿bl$ltles and basts of r•pwl As the charlty trustees of the Trust you are re5pons5ble for the preparatk)n of the accounts in accordan￿ wlth the requirements of the Chadtles Act 20111'the Act'l. I report In respert of my examination of the Trusvs accounts carried out under sert5on 145 of the 2011 ALt and in carrying out my examinatlon I have followed all the applicable Directions given by the Charity Comm15skJn under seLtbon 14515}Ibl of the Act. Ind•p•nd•nt examlTherfs ststement I have completed my examlnatlon. I confimi that no mater+al matters have come lo my attentlon In Connectlon wlth the emèmlnatlon 8lvin8 me cause to belleve that In any materlal respect: accountlng records were not kept In respett th the Trust as requlred by section 130 of the t.or 2. the accounts do not accord wlth ttrthe records. I hw4e no concerns and ha¥* come across no other rnatters In connectlon wlth the examlnatlon to whlch attention should be drawn in thi5 report In order to enable è proper under5tandin8 of the accounts to be reached. Signed: Name: (hrlstopher John Morton Address: 199 Botley Road. 8urrld8e. Southampton. S03118J Oate: 18th April 2025 Finandal SLitements at 31 December 2024 THE 8OLEH TRUST STATEMENT OF FINANCIAL Ac￿￿￿E5 INCLUDING INCOME AND EXPENDffuRE ACCOUNT FOR THEPERIOD ENDED31 DECEMBER 2024 Pg5 Notes 2024 20Z3 Income from: Donation, grants and legacies Charitable activtties Interest fy),829 104.037 192 210 Trtal Income 61,021 107,148 Expendwture on". Charitsble athities {exd De[￿ecIatIOn) 74.809 74.209 Cash Sur￿U$ l (deficit) forthe ye 113.787) 32,939 Depreciation Net incorne (Exw￿lture} for the yearl Net movement In funds 118,587) 28,139 Balallce brought forward 133,099 IN.960 Fund bal•Kes at 31 De(ember2024 114511 133,099 The statement of financial activi￿ indudes all gains and losses reco8nised in the peri(￿. All income and expenditure derive frorn Continui￿ activities. THE B(XEH TRusr BALANCE SHEET AS A T31 OECEMBER2024 Pg6 Flxed Assets Heritage assets Current assets Cash in bank and in harnj io 81.fAM) 52.173 65.961 Creditors Amounts fal￿Tr8 ¥￿thfift one year Deferred income Net current assets 52.173 65.961 Totsl Assets less current habilh6es 128.973 147,561 Credltors Amounts falling due after li& 114.4621 114.4621 Net Assets 114511 Funds of the charity Unrestrtcted funds 114511 The flroncial 5tsternents were apwoved bythe trnstees ¢)n 3(kh Aprtl. 2025 For the year ending 3111212024. The Boleh Tntst wa5 entitled to exemption from audit under sectkni 477 of the Companies Art ￿lating to small tompanies. The members have not required the company to obtsin an auditof its &countsforthe year in questton in accordance with section 476 Companies Act 2LK6. and the trustees acknowledge their ￿s￿)nSIbilIty forcomp￿.ng with the requlremerrts of panies Act 2(￿ wrth respert to accountin8 reconk and the preparation of account MrCLaws Chair l&h l*J￿rnt￿r20I7. 8eneft Enwas¢JefiMd ty FRS 101 1.3 ChJvitsb121un irkteilfurK15are xet+yrt PIOTESTOTHE FIlIANC￿sfA7EmENrs ICmUEDI FOR TMEPEIIIQDEPIDÉ031 DffEAlOe11024 Twr￿er 15 mea5wedat the loirvalueolthe wnslderat#)nrec*%YdorfecepiabbE and represents arT￿￿nIS recei¥aLqe 8o)d5 Thern were no ￿$ts i￿L¥r•d forlry4 •thctto T￿tIeS ¢>n c(ms1ituloMI ffi•ttws. IA C•sh rash •qUI￿1•rtS Cash and (ash equfvalents )rKl￿￿e(￿sh1n hand de￿)￿ts hekl at c*lwhh bw*5. Bask nnanuol a55rts whkh indudedebtws and ush and cash ￿lI0¢e5. are ￿11￿71￿ me•surtd •1 tr•rtyctiofi pri¢e ah¢￿￿[￿¢ trathsathM costs ond Ortstheo￿rrtl¥cathed ai amorttsed eost uslr* the effetthe l)tterest mÈttsJd untess theaNangement COm#thiiesa finarthl tra￿7¢￿0r*. thÈ transacth)Th rs measured ai the present value of the future recdpts dlxourtsd at a miiket r•teof kntue51. Flnanthl assets ￿$$lIbEd33 recehf•bbE wthiTroneyew werrfjl 4nbytis￿. 8ukfiMrKl•l I1￿111*￿. I￿lud￿￿(re¢ml0TS bank ltslns •r•In1¢l￿ty rqtoDl$￿ •t trnnS•¢l*>n vnleu t￿ •nn44ment r4n5tltutes a Ilm￿111 Iflwrtlon, W￿r¢the deb¢ i@trumeNt Li mèisurtd at Iht wejefit ￿lut of theluture payments dls¢wftted *t• mwketr•teof FknMdal IlablMtlescl•sslfied •J pwbbèwiihkn one￿￿ we Th)t afflortW. Tr*letredttors 0￿￿•tIOnSto pry forpod5 Of seTrlctsttwt been yjlrod In theor￿￿ry¢0￿5• ofogernllw5 Irom j￿Iers. ATrJurts payat4e are classlfied •s£urrent Ilab41ttKs 11p￿ent Is due whhln One￿￿9r less. 11 not, th¢y pres*lil￿ •$ Ill￿1￿*$. Trade(rnd￿￿*re r¢¢¢WstyJ knlt6aHyattrardKdon wlceard sth5eq￿th meaSLnd at amtsrt￿ cost effeCt￿e lrtere# method. 1.7 FLYqd Aw•ts 6￿eh wa5 ¥althl by M•m•T•¢ M•iin•Corbwlt•Ky in 2015. Tht •sses*d •t EIZO.LIXTr. The Tw5t Is eprecwtinl thè *ss¢l • str•*ht bèsis 25years. Mos￿lf￿an1 1ft￿Ment hasbeen r￿led skKe tt*valuaikin w41 •ppM¢•tb)n Of ¢heth￿￿$•¢￿ffi¥ry wlkb* theTntyttts •r¢ Iw￿red￿ m•ktlud8eThnts.•stlm•tes wld •ssumptkJns •b)ut ihe carry5ryam0￿lf OF •sseis and16•bHII*s thèi afe noi apparent Fmrn other sOu￿e5. The estknaies arrtl 4ss0datedas5wn￿0￿are based on hlswfkal e¥wAqrKe •ThJothir fXt015t￿IIW*ran5•dw￿ io be [elE￿￿ kt4wI results maydlfferfrom I￿Se esti￿te& The estirnale5 and uthy1￿ a5wrWim5 a￿ rp¥iv*rd on anorwiinBba5i5. A￿￿orts to acC￿ni1￿*S11ffl8tes are 08nL￿d in thè peiityj in whkh ihÈestwn*te Is i*lstd *thert ihe rewslon affertSOn￿ th* ￿0d. or peTr)d ofihe VI￿On and future perithjs where ihe re4iJr onaffects Ix)thcurrent and future perlod5. Is thepoltcyottheTnist rKittoCa￿t￿tse ex￿￿1￿re1￿ whlch has been spedfically&Jnated. A&Jbth)naly, t￿1$ dilkulty In asses￿rI the profrcted Ilfw3n of items of sl8nfficant expendltyjre foru$•on ￿ N5torkve￿l. The Tntst ha5 therelwe Set a h*h ihreshddof £I￿,tK￿*lQrlhe Capkal￿alkn)n of exPu￿￿re. Hnanclal Ststements at 311)e(Émber 2024 THE BOLEH TRUST NOTES TO THÉ RNANCIAL STATEMENTS ICONnNNUEDI FOR THE PERIOD ENDED31 DECEMBER2024 2024 2023 3 Don•tlons and letades Grarrts. donations and gtft5 104,037 Boleh charter income S InteTesl ¥Kome. bank iThlere5t 192 210 Operational costs Berthing SerylcinE & Maintence Maritlme Coastal & ass￿1￿ costs Insurance Website. marketi￿ m Leaftets Other 44397 150 40,210 8,269 15,569 1.749 3.657 3.861 893 74209 24556 717 3.027 L749 213 74A09 7 Yatht and im￿￿1ent Nor￿ of the T￿￿tee5 lor any persors connth ￿th them) received any remuneration or benefits from the cha¢ity durin8 the peric￿. 9 EMplo￿eS There were no ern￿ during the pEriod Boleh, at 31 De￿rnber 2023 (see ncrte L7) Oepreclatlon 81MJ (4￿001 At 31 December 2024 81.600 nancialStat•mÈnts at 31 Decem￿ 2024 THE 8OLEH TrLisr NOTES TO THE FINA14aAL STATEME1￿ copilliiuEDI Pglo Trustee LOar￿ fmm GRG and HKW MmId￿10n1se¢ note 121 14M62 62 12 Related party trnnsactlons At 31 Deeernber 2024 the TnKstees. Mtssts GRG and HKW Wmklknn. In ewal 5hafes. t*ere £14.462 bythe 8oteh Trust CIO. Loan balance asat tst January Repayment to Messrs Middleton Balan￿ as at 31 December 14.462 24,462 IiO.LK)01 14A62 62 Le8alty bindi￿ agreewrents have been both f(wmerTA￿eeS to the Èftert that in the event ofthèlr dÈaths the loans will nor be retatmed by ￿rr estate It ha5 been fvrther minuted and agTEed with thetnistees that" al the loans*￿Id not bÈ recalled bythe lerbders whilst thetharitywasoperati bl thETru5tee5 re5ewb*d the right th reply the loan% rfsuffic*M ftsT￿ wtre ¥¥ailable in the Trusfs ResÈrve A¢¢ount l rfthe Char￿ was wound up, and subj.ert to ctswlt•tkn T*lth the Charlty C(xnmi590n. the k•ans could be repai frcrfn the proceeds oftt* 5¥1e of eoLEH General Reserve Holdln8 Total Resen ReSer￿S 20,0￿ 133.099 18.587 20,OIKI 114,511 I5.1￿0) 15.000 Openlng Balance Surpiuslldelicit) for the year 113.099 118,5871 512 5,000 99.512 Transfer to Holdln8 Reserve Closln8 Balance 114.511 The Trustees ha￿ e5kblished a Holding Reserve. initialty equal to six mOnttr￿ Èxpthdiiure. to ensure the conbnuation of charftable Xii%rylle5 kn the e¥entof an ÈThKerKyorof a symficant drop in fundilw. All fuThls are unrestricted. 14 Htrltage Lottery Funthng A major grant wa5 r￿e1￿1 from the Herfiage Lottery Fund IHLF) in 2012 ttr*ards the festoratlon of BOIEH. In acceptlngthis funding the Boleh TnJst are le831ty obliged. fora period of 25 years Ithal is to ?0371. to maintain and insure 8CiEH, and to make a¥iikb* for publicwlÈ*lng. Is also a requirwnentto seek the prh)rapproval of HLF to any disposal of BOLEH. since HLF might require a share of ￿ glp pr￿ds. No mondary value has been asigned to this 0￿183110n in these accounts.