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2025-08-31-accounts

Registration No: 1196968

THE BOLTON SCHOOL BURSARY FOUNDATION

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

THE BOLTON SCHOOL BURSARY FOUNDATION

ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 AUGUST 2025

TRUSTEES, OFFICERS AND ADVISERS

TRUSTEES REPORT

The Bolton School Bursary Foundation (BSBF)

CHARITABLE REGISTRATION NUMBER

1196968

CHARITY TRUSTEES:

The Trustees of BSBF are as follows:

Mr W J Craven * ** (Chair) Mr S Banerjee * Mr M Griffiths ** Mr A R Palmer * (retired 27/06/25) Mr I Riley * ** Mr N Wightman **

CHARITY SECRETARY:

Mrs C L Fox

Notes

1

THE BOLTON SCHOOL BURSARY FOUNDATION

ANNUAL REPORT AND ACCOUNTSYEAR ENDED 31 AUGUST 2025 TRUSTEES, OFFICERS AND ADVISORS

ADVISORS:

Bankers: Barclays Bank
PO Box 229
Navigation Way
Preston
Lancashire PR2 2XY
Solicitors: Broadfield Law UK LLP
One Bartholomew Close
London EC1A 7BL
Auditors: Crowe UK LLP
St George’s House
56 Peter Street
Manchester M2 3NQ
Investment Advisers: Partners Capital LLP
5th Floor
5 Young Street
London W8 5EH
CCLA
Senator House
85 Queen Victoria Street
London EC4V 4ET
Cazenove Capital
1 London Wall Place
London EC2Y 5AU
HarbourVest Partners (UK) Limited
3rd Floor
33 Jermyn Street
London SW1Y 6DN
Hollyport Capital LLP
4th Floor
15 Golden Square
London W1F 9JG
Insurance Broker: Marsh Ltd
Capital House
1-5 Perrymount Road
Haywards Heath
West Sussex
RH16 3S 
2

THE BOLTON SCHOOL BURSARY FOUNDATION

ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 AUGUST 2025

TRUSTEES REPORT

The Trustees have pleasure in presenting their annual report for the year ended 31 August 2025, under the Charities Act 2011, together with the audited financial statements for the year, and confirm that the latter comply with the requirements of the Governing Document and the Charities SORP 2019.

REFERENCE AND ADMINISTRATIVE INFORMATION

The Bolton School Bursary Foundation (BSBF) (charity registration number 1196968) was established as a charitable incorporated organisation (CIO) with the Charities Commission on 7 December 2021.

CONSTITUTION

BSBF’s objects are ‘The advancement of education for the public benefit of those who need financial assistance in particular but not exclusively by the provision to Bolton School of bursary support for the benefit of pupils who would be unable to continue in education at the School or who would be unable to commence education at the School despite being accepted, without financial assistance.’

BSBF has the power to do anything which is intended to further its objects or is conducive or incidental to doing so. The income and property of BSBF must be applied solely towards the promotion of the objects.

There must be at least five and no more than seven trustees, Bolton School may appoint up to five trustees and there must be at least two trustees, independent of Bolton School, appointed by a resolution passed at a properly convened meeting of the trustees.

GRANT MAKING POLICY

As the focus of the Charity’s objects is to support Bolton School (registered charity number: 1110703) (the School), the Trustees intend to provide an annual grant to the School to enable the School to provide bursaries to pupils in support of their education.

The amount of each grant awarded and the amount of grant expenditure by the Charity from year to year is entirely at the discretion of the Trustees. Nevertheless, the Trustees’ intention is that the amount of the annual grant awarded will be such as to maintain the real value of the Charity’s net assets over the economic cycle, taking into account any new donations and grants received. The Trustees have determined that the annual grant to Bolton School for bursary provision should currently be four per cent of the average value of the Charity’s assets at the end of the three preceding financial years.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Trustees determine the strategic direction and general policy of BSBF and co-ordinate their responsibilities through regular meetings. The day-to-day management of BSBF is delegated to the Charity Secretary and the fundraising activities of BSBF are undertaken by Bolton School on behalf of BSBF under a free of charge services agreement. BSBF has no employees.

INVESTMENT POLICY AND OBJECTIVES

The Investment Policy and Objectives may be achieved by investment in equities (both quoted and private), fixed income (including government, corporate and unquoted debt), cash and other assets to include commodities, infrastructure, and property. Investment may also be made in derivatives, both quoted and unquoted.

The goal is to maintain the real value of the portfolio, taking into account any new donations and grants received, while enabling regular grants to be made to Bolton School to fund bursaries by achieving an annualised total return of at least four percentage points over the prevailing rate of inflation over the economic cycle.

The investment portfolio has a moderate to high risk profile and is viewed with a long-term time horizon. 

3

THE BOLTON SCHOOL BURSARY FOUNDATION

ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 AUGUST 2025

TRUSTEES REPORT

BSBF has utilised the services of CCLA, Cazenove Capital, HarbourVest Partners, Hollyport Capital LLP and Partners Capital LLP who, between them, manage the portfolio on a discretionary basis. The Investment Committee meets with investment managers regularly to review investment performance, risk, asset allocation and objectives. Performance is reported against suitable benchmarks over a variety of periods.

OBJECTS, AIMS, OBJECTIVES AND PUBLIC BENEFIT, ACTIVITIES

Objects and Aims

The Objects of the Charity are ‘The advancement of education for the public benefit of those who need financial assistance in particular but not exclusively by the provision to Bolton School of bursary support for the benefit of pupils who would be unable to continue in education at the School or who would be unable to commence education at the School despite being accepted, without financial assistance.’

Bolton School’s charitable objects are restricted specifically to ‘advance education by carrying on in Great Britain a school or schools in which infants, children and students may obtain education and instruction in academic, sporting, musical, cultural, scientific, technical, religious, vocational, social and commercial subjects, activities and crafts of every description and making the benefit of the same available where possible for the public at large’.

Bolton School educates some 2,500 pupils from 3 to 18 years old, and aims to continue to operate around this capacity for the foreseeable future. The School resolves to give equal emphasis to a very high standard of academic achievement and to the full range of cultural, sporting and social activities which ensure a fully rounded education. An open access policy is in place to encourage bright pupils who are awarded a bursary to attend, even if their parents are not able to afford the fees.

BSBF aims to provide bursary funds to Bolton School by way of making a bursary grant each year, sufficient to support the funding of a growing number of bursaries at the School. Approximately one in five senior school pupils at Bolton School currently receive bursaries.

Objectives and Public Benefit

The Charity’s objectives reflect the educational aims of providing bursary support to Bolton School.

The Trustees believe it is important that access to the education offered by Bolton School is not restricted to those who can afford its fees. They view the bursary awards made by Bolton School as important in helping to ensure children from families who would otherwise not be able to afford the fees can access the education offered.

Activities

BSBF raises and invests funds with which to provide bursary support to Bolton School and makes an annual bursary grant to Bolton School.

REVIEW OF ACHIEVEMENTS AND PERFORMANCE IN THE YEAR

During the year BSBF’s total income was £11.9 million (2024: £3.0 million).

This comprised of bursary donations of £11.1 million (2024: £2.5 million) and dividends and interest income received of £0.7 million (2024: £0.5 million).

Total resources expended were £2.0 million (2024: £1.5 million), including the bursary grants paid to Bolton School of £1.95 million (2024: £ 1.49 million).

4

THE BOLTON SCHOOL BURSARY FOUNDATION

ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 AUGUST 2025

TRUSTEES REPORT

FINANCIAL REVIEW

Fundraising Performance

The Charity works with Bolton School’s development team for the purpose of fundraising, is registered with the Fundraising Regulator and abides by their Fundraising Code of Practice.

There have been no failures to comply with the scheme or standards and no complaints received by the charity about its fundraising activities. The charity has taken all reasonable precautions to protect vulnerable people and other members of the public from unreasonably intrusive or persistent fundraising.

Bursary fundraising was highly successful this year, with £11.1 million (2024: £2.5 million) being raised to provide bursary support to Bolton School. We are extremely grateful to all who have shown their generosity by donating.

Investment Performance

BSBF’s investment performance is to maintain the real and growing value of the portfolio by achieving an annualized total return of UK CPI + 4% over the economic cycle. Taking into account new donations to BSBF and bursary grants from the School, this should enable a sufficient annual bursary grant to be paid to Bolton School, whilst maintaining the real value of the fund in line with school fee inflation..

At 31 August 2025, BSBF’s managed investments were valued at £53.9 million (2024: £41.9 million).

The net gain on investment assets during the year was £2.7 million (2024: £4.1 million). This combined with the investment and dividend income generated of £0.7 million (2024: £0.5 million), represents a total return of 7.2% (2024: 12.4%), being 3.4% above the UK CPI rate of 3.8% for the 12 months to August 2025 (2024: 10.2% above UK CPI rate of 2.2%).

Operating Performance

The overall net movement in funds during the year was £12.5 million (2024: £5.6 million) and total fund balances at the end of the year were £54.8 million (2024: £42.3 million).

Reserves Level and Policy

The Trustees have examined the needs, risks and challenges faced by BSBF in both the short and medium terms along with the relevant financial plans and forecasts and have formulated a strategy to meet those needs. This strategy is reviewed by the Trustees on a regular basis and monitored in line with strategic plans. Free reserves are £ Nil (2024: £ Nil). Target free reserves are nil, since all reserves and funds are restricted for the purpose of funding bursary grants to Bolton School.

The Trustees expect the present level of fundraising activities to be sustained for the current year and the Charity’s funds to continue to grow over time. They expect to be able to meet BSBF’s financial obligations in the foreseeable future. 

5

THE BOLTON SCHOOL BURSARY FOUNDATION

ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 AUGUST 2025

TRUSTEES REPORT

RISK MANAGEMENT, PRINCIPAL RISKS AND UNCERTAINTIES

During the year the Trustees have examined the principal areas of BSBF’s operations and considered the major risks in each of these. In their opinion BSBF has established systems which, under normal circumstances, should allow these risks to be managed to an acceptable level in its day-to-day operations.

The Trustees continue to keep BSBF’s activities under review, particularly with regard to any major risks that may arise from time to time, and to monitor the effectiveness of the system of internal controls and other viable means by which those risks identified by the Trustees can best be managed.

The principal areas of risk have been identified as investment market performance, potential fraud or misappropriation of funds, financial counterparty risk and cyber security or technology failure.

The key controls used by trustees to mitigate these include:

BSBF strives to ensure that it understands the source of funds for significant donations. Reasonable and appropriate processes are followed to know who the charity's donors are, particularly where significant sums are being donated or the circumstances of the donation give rise to notable risk. These include the assessment of any risks to the charity that may arise from accepting a donation or certain types of donations, ensuring that it is appropriate for the charity to accept money from the particular donor, seeking reasonable assurance that the donation is not from any illegal or inappropriate source and ensuring that any conditions that may be attached are appropriate and can be accepted. Processes are in place to provide adequate assurances about the identity of donors, particularly substantial donors, taking steps to verify this where reasonable and necessary to do so.

BSBF’s performance is heavily reliant upon global stock market performance alongside the support of generous benefactors. A major decline in investment performance, or in the support of benefactors, for reputational or other reasons, would present a significant threat to BSBF’s ability to continue to make grants at the current and intended level to Bolton School.

STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES

The Trustees are responsible for preparing the Annual Report and the financial statements with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards).

The Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of BSBF and of the incoming resources and application of resources, including the income and expenditure, of BSBF for that year. In preparing these financial statements, the Trustees are required to: 

6

THE BOLTON SCHOOL BURSARY FOUNDATION

ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 AUGUST 2025

TRUSTEES REPORT

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain BSBF’s transactions, disclose with reasonable accuracy at any time the financial position of BSBF and enable them to ensure that the financial statements comply with the provisions of the Charity’s constitution. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Insofar as each of the Trustees at the date of approval of this report, is aware there is no relevant audit information (information needed by BSBF’s auditor in connection with preparing the audit report) of which BSBF’s auditor is unaware. Each Trustee has taken all the steps that they should have taken as a member of BSBF in order to make themselves aware of the relevant audit information and to establish that BSBF’s auditor is aware of that information.

Approved by the Trustees of BSBF including the Strategic Report contained herein, and signed on its behalf by:

Mr W J Craven Chair Date: 11 March 2026 

7

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF

THE BOLTON SCHOOL BURSARY FOUNDATION

FOR THE YEAR ENDED 31 AUGUST 2025

Opinion

We have audited the financial statements of The Bolton School Bursary Foundation (the ‘Charity’) for the year ended 31 August 2025 which comprise the Statement of Financial Activities incorporating Income and Expenditure Account, Balance Sheet, Statement of Cash Flows and Notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditorʼs responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRCʼs Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a year of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. 

8

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF

THE BOLTON SCHOOL BURSARY FOUNDATION

FOR THE YEAR ENDED 31 AUGUST 2025

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of the trustees

As explained more fully in the trusteesʼ responsibilities statement set out on page 6 the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the Charityʼs ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

9

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF

THE BOLTON SCHOOL BURSARY FOUNDATION

FOR THE YEAR ENDED 31 AUGUST 2025

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the group and charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act 2011 together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of other income and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and those charged with governance about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, sample testing of other income entries and cut-off procedures of other income.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed noncompliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect noncompliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. 

10

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF

THE BOLTON SCHOOL BURSARY FOUNDATION

FOR THE YEAR ENDED 31 AUGUST 2025

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Crowe U.K. LLP Statutory auditor

St George’s House 56 Peter Street Manchester M2 3NQ

Date: 25 March 2026 

11

THE BOLTON SCHOOL BURSARY FOUNDATION

Statement of Financial Activities for the year ended 31 August 2025

Income from:
Donations and legacies
3
Charitable Activities:
Investment income
2
Dividend income
2
Total
Charitable activities:
Educational bursary grants to Bolton School
4
Cost of generating funds:
Investment managers’ fees
4
Governance costs
4
Total
Net income and net movement in funds before
gains and losses on investments
Realised gains/(losses) on investments
Unrealised gains/(losses) on investments
Net movement in funds
Reconciliation of Funds
Total funds brought forward
Total funds carried forward		 Restricted
funds
Total funds
2025
Total funds
2024
£
£
£
11,121,471
11,121,471
2,522,999
19,668
19,668
9,301
718,758
718,758
511,347
11,859,897
11,859,897
3,043,647
(1,952,000)
(1,952,000)
(1,486,000)
(61,234)
(61,234)
(42,366)
(17,195)
(17,195)
(10,139)
(2,030,429)
(2,030,429)
(1,538,505)
9,829,468
9,829,468
1,505,142
657,795
657,795
726,188
2,015,948
2,015,948
3,403,562
12,503,211
12,503,211
5,634,892
42,263,772
42,263,772
36,628,880
54,766,983
54,766,983
42,263,772

The notes on pages 14 to 19 form part of these financial statements. 

12

THE BOLTON SCHOOL BURSARY FOUNDATION

Balance Sheet for the year ended 31 August 2025

Notes
Fixed Assets
Investments
5
Current Assets
Debtors
7
Cash at bank and in hand
Total current assets
Creditors:
Amounts falling due within
one year
8
Net current assets
Net Assets
The funds of the Charity
Restricted funds
9
Total Charity funds		 2025
2024
£
£
53,935,637
41,894,997
545,119
188,536
293,727
228,921
838,846
417,457
(7,500)
(48,683)
(7,500)
(48,683)
831,346
368,764
54,766,983
42,263,771
54,766,983
42,263,771
54,766,983
42,263,771

Approved on behalf of the Trustees on 11 March 2026

Mr W J Craven Chair

The notes on pages 14 to 19 form part of these financial statements. 

13

1)

THE BOLTON SCHOOL BURSARY FOUNDATION

Notes on and forming part of the Financial Statements for the year ended 31 August 2025

a)

Accounting Policies

These accounts cover the year ended 31 August 2025.

The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

The functional currency of the Charity is considered to be GBP because that is the currency of the primary economic environment in which the Charity operates.

BSBF constitutes a public benefit entity as defined by FRS 102. It was a registered as a CIO on 7 December 2021 (charity number: 1196968). The registered office is Chorley New Road, Bolton BL1 4PA.

b)

Going Concern

The Trustees believe that BSBF has adequate resources to continue in operation for at least twelve months from the date of approval of these financial statements and for the foreseeable future. This is because of the relatively large proportion of funds compared to the minimum level of expected future payments and charges. The accounts are therefore prepared on a going concern basis. The trustees consider that there are no material uncertainties about BSBF’s ability to continue as a going concern.

c) Donations and Legacies

Donations and legacies are recognised as income to the capital fund when received or earlier if, before receipt, there is sufficient evidence to provide the necessary certainty that the donation or legacy will be received and the value of the incoming resources can be measured with sufficient reliability.

Transfers from Bolton School are recognised in the year during which they are received.

Donations for purposes restricted by the wishes of the donor are taken to Restricted Funds.

d) Investment Income

Dividends are credited to the statement of financial activities when they are receivable.

e) Interest Received

Interest is credited to the statement of financial activities on an accruals basis. 

14

THE BOLTON SCHOOL BURSARY FOUNDATION

Notes on and forming part of the Financial Statements for the year ended 31 August 2025

f) Allocation of costs

Expenditure is allocated to activities on a reasonable, justifiable and consistent basis. Governance costs comprise the costs of running BSBF, including strategic planning for its future development, external audit, any legal advice for the Trustees, and all the costs of complying with constitutional and statutory requirements, such as the costs of Trustee meetings and of preparing statutory accounts and satisfying public accountability.

g) Cash and cash equivalents

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

h) Taxation

The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to chargeable purposes.

i) Fixed Asset Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. BSBF does not acquire put options, derivatives or other complex financial instruments. The main form of financial risk faced by the Charity is that of market volatility due to wider economic conditions, the attitude of investors to risk and changes in sentiment.

j) Realised gains and losses

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

k) Estimates and judgements

The trustees do not consider there to be any significant estimates and judgements. 

15

THE BOLTON SCHOOL BURSARY FOUNDATION

Notes on and forming part of the Financial Statements for the year ended 31 August 2025

2)
Dividend Income and Investment Income
Dividend income
Bank interest received
4)
Analysis Of Expenditure
Charitable Activities – Education
Educational bursary grant and donation
to Bolton School
Total charitable expenditure
Costs of generating funds
Investment managers’ fees
Governance Costs:
Remuneration paid to the auditors for
audit services
Legal fees
Bank charges
Total costs of generating funds
Total Resources Expended
3)
Donations and legacies
Bursary fund donations raised		 2025
2024
£
£
718,758
511,347
19,668
9,301
738,426
520,648
Grant
funding
Support
costs
2025
2024
£
£
£
£
1,952,000
-
1,952,000
1,486.000
1,952,000
-
1,952,000
1,486.000
-
61,234
61,234
42,366
-
6,756
6,756
9,071
-
10,073
10,073
-
-
366
366
1,068
-
78,429
78,429
52,505
1,952,000
78,429
2,030,429
1,538,505
2025
2024
£
£
11,121,471
2,522,999
11,421,471
2,522,999		 
16

THE BOLTON SCHOOL BURSARY FOUNDATION

Notes on and forming part of the Financial Statements for the year ended 31 August 2025

5)
Fixed Assets Investments
As at 1 September 2024
Unrealised gain/(loss) on revaluation
Additions
Disposals
Market value at 31 August 2025
Investments comprise:
Listed investments – equities
Cash held in investment portfolio
COIF accumulation units
Private Equity		 2025
£
41,894,997
2,015,948
24,321,759
(14,297,067)
53,935,637
39,417,129
680,877
-
13,837,631
53,935,637		 2024
£
36,322,429
3,403,562
10,313,647
(8,144,641)
41,894,997
27,485,686
105,433
4,305,349
9,998,529
41,894,997

During the year BSBF has utilised the services of CCLA, Cazenove Capital, Harbourvest Partners, Hollyport Capital LLP and Partners Capital LLP. These firms manage the investment portfolio on a discretionary basis.

6) Trustees

No Trustees received any remuneration or expenses during the year.

7) Debtors

Prepayments and accrued income 2025
£
545,119
545,119		 2024
£
188,536
188,536 
19

BOLTON SCHOOL BURSARY FOUNDATION

Notes on and forming part of the Financial Statements for the year ended 31 August 2025

8) Creditors 2025 2024
£ £
Accruals 7,500 7,500
Amounts owed to Bolton School - 41,182
7,500 48,682
9) Funds
Restricted funds:
As at 31 Income Expenditure Realised As at 31
August / unrealised August
2024 gains/(losses) 2025
Bolton School Bursary
Fund (formerly
School Open Door
Bursary Fund) 16,408,190 285,857 (23,773) 1,038,035 17,708,309
Bolton School Lever
Scholarship
Bursary Fund 16,691,173 290,787 (24,183) 1,055,938 18,013,715
BSBF Bursary Fund 1,624,679 11,090,500 (1,971,549) 102,782 10,846,412
Bolton School George
Lancashire Bursary
Fund 1,421,391 71,162 (2,059) 89,922 1,580,416
Bolton School Leigh
Bramwell Bursary
Fund 6,098,339 106,243 (8,836) 385,801 6,581,547
Professor Stevens
Bursary Fund 20,000 15,348 (29) 1,265 36,584
42,263,772 11,859,897 (2,030,429) 2,673,743 54,766,983 
18

BOLTON SCHOOL BURSARY FOUNDATION

Notes on and forming part of the Financial Statements for the year ended 31 August 2025

Bolton School Bursary
Fund (formerly
School Open Door
Bursary Fund)
Bolton School Lever
Scholarship
Bursary Fund
BSBF Bursary Fund
Bolton School George
Lancashire Bursary
Fund
Bolton School Leigh
Bramwell Bursary
Fund
Professor Stevens
Bursary Fund		 As at 31
August
2023
Income Expenditure
Realised
/ unrealised
gains/(losses)
As at 31
August
2024
14,561,206
208,403
(16,984)
1,655,565
16,408,190
14,812,336
211,917
(17,277)
1,684,118
16,691,173
582,065
2,507,738
(1,496,461)
31,337
1,624,679
1,261,392
18,054
(1,471)
143,416
1,421,391
5,411,881
77,456
(6,312)
615,314
6,098,339
20,000
-
-
-
20,000
36,628,880
3,043,647
(1,538,505)
4,129,750
42,263,772

All of the above funds are restricted for the provision of bursary funding to Bolton School.

10) Related Party Transactions

During the year under review the following transactions took place between BSBF and Bolton School (Registered charity number 1110703), a connected charity through its objectives and the five trustees it appoints to BSBF.

BSBF awarded £1.6million (2024: £1.5 million) by way of a bursary grant and donated £385,000 (2024: £Nil) during the year to Bolton School.

At the year-end BSBF owed £Nil to Bolton School (2024: £41,182 to Bolton School).

There were no other related party transactions in the period. 

19