Charity Registration No. 225690
BOULTON'S COTTAGE HOMES TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
Monetta LLP Chartered Accountants 110-114 Duke Street Liverpool L1 5AG
BOULTON'S COTTAGE HOMES TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Mrs J R Gopsill Mr F P Gopsill Mr M I F Gopsill Mr J D Gately Mr S W Greenall Charity number 225690 Independent examiner Monetta LLP 110-114 Duke Street Liverpool L1 5AG Investment advisors Campbell Insurance Services Limited 110-114 Duke Street Liverpool L1 5AG
BOULTON'S COTTAGE HOMES TRUST
CONTENTS
| Page | |
|---|---|
| Statement of Trustees responsibilities | 1 |
| Trustees report | 2 - 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the accounts | 7 - 15 |
BOULTON'S COTTAGE HOMES TRUST
STATEMENT OF TRUSTEES RESPONSIBILITIES
FOR THE YEAR ENDED 31 MARCH 2025
The trustees are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Boulton's Cottage Homes Trust and of the incoming resources and application of resources of the Boulton's Cottage Homes Trust for that year.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Boulton's Cottage Homes Trust and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Boulton's Cottage Homes Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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BOULTON'S COTTAGE HOMES TRUST
TRUSTEES REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The trustees present their annual report and financial statements for the year ended 31 March 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Boulton's Cottage Homes Trust's trust deed, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)”
Objectives and activities
The Boulton's Cottage Homes Trust was established for the purpose of providing low-cost accommodation to pensioners or members of the congregation of Bethesda Church in Bebington.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Boulton's Cottage Homes Trust should undertake.
The Boulton's Cottage Homes Trust has no employees.
Achievements and performance
Financial review
During the year ended 31 March 2025, incoming resources amounted to £158,338 (2024 - £163,887) and expenditure on repairs and refurbishment, power and insurance amounted to £101,273 (2024 - £98,893 ). The trustees have continued to maintain the properties to a good standard, to enable them to achieve the objective of providing quality but affordable housing to eligible beneficiaries.
It is the policy of the Boulton's Cottage Homes Trust that unrestricted funds should be maintained at a level equivalent to approximately twelve months' expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Boulton's Cottage Homes Trust’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
The funds held by the Boulton's Cottage Homes Trust are all undesignated and unrestricted funds, Investments comprise unquoted investments in the Charities Official Investment Fund and Campbell Insurance Services Limited, trading as RSJ Financial Services, who manage investments on a discretionary basis. The overall value of the fund as at 31 March 2025 was £4,393,277 (2024 - £4,436,403) after withdrawals of £40,000 and revaluations.
Financial Risk Management
The trustees have assessed the financial risks facing the charity. Significant risks which have been identified are: - loss of income and reserves through falls in the value of the Trust's investments; - loss of income through error or fraud.
The trustees are satisfied that they have taken all reasonable steps to manage any likely effect on the charity and are satisfied that systems are in place to mitigate exposure to the major risks.
Structure, governance and management
The Boulton's Cottage Homes Trust was established by deed on 30 October 1930.
The trustees who served during the year and up to the date of signature of the financial statements were: Mrs J R Gopsill Mr F P Gopsill Mr M I F Gopsill Mr J D Gately Mr S W Greenall
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BOULTON'S COTTAGE HOMES TRUST
TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
The trustees are appointed by deed and hold meetings from time to time, as they think fit, to consider the affairs of the Trust and to make rules and regulations for the conduct of their meetings and carrying out their duties.
The recruitment and appointment of new trustees is at the discretion of the existing trustees.
During the year, the Trust effected an indemnity insurance policy for the trustees.
The Trustees report was approved by the Board of Trustees.
Mrs J R Gopsill Trustee
28 August 2025
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BOULTON'S COTTAGE HOMES TRUST
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF BOULTON'S COTTAGE HOMES TRUST
I report on the financial statements of the Boulton's Cottage Homes Trust for the year ended 31 March 2025, which are set out on pages 5 to 15.
Respective responsibilities of trustees and examiner
The Boulton's Cottage Homes Trust’s trustees are responsible for the preparation of the financial statements. The charity's trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
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(i) examine the financial statements under section 145 of the 2011 Act;
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(ii) to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
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(iii) to state whether particular matters have come to my attention.
Basis of independent examiner's report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the financial statements present a ‘true and fair view’ and the report is limited to those matters set out in the next statement.
Independent examiner's statement
In connection with my examination, no matter has come to my attention.
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(a) which gives me reasonable cause to believe that in any material respect the requirements:
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(i) to keep accounting records in accordance with section 130 of the 2011 Act; and
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(ii) to prepare financial statements which accord with the accounting records, and comply with the accounting requirements of the 2011 Act;
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have not been met or
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(b) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
Mark Platt FCA Monetta LLP 110-114 Duke Street Liverpool L1 5AG
Dated: 9 September 2025
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BOULTON'S COTTAGE HOMES TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
| Notes Income from: Charitable activities 3 Investments 4 Total income Expenditure on: Raising funds 5 Charitable activities 6 Total resources expended Net (outgoing)/incoming resources before gains and losses on investments Net (losses) / gains on investments 11 Net movement in funds Fund balances at 1 April 2024 Fund balances at 31 March 2025 |
2025 £ 41,998 116,340 158,338 25,515 110,156 135,671 22,667 (90,448) (67,781) 4,745,708 4,677,927 |
2024 £ 42,735 121,152 |
|---|---|---|
| 163,887 | ||
| 23,540 | ||
| 104,594 | ||
| 128,134 | ||
| 35,753 272,556 |
||
| 308,309 4,437,399 |
||
| 4,745,708 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
All movements are in unrestricted funds.
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BOULTON'S COTTAGE HOMES TRUST
BALANCE SHEET
AS AT 31 MARCH 2025
| Notes Fixed assets Tangible assets 13 Investments 14 Current assets Debtors 16 Cash at bank and in hand Creditors: amounts falling due within one year Other creditors 17 Net current assets Total assets less current liabilities The funds of the Boulton's Cottage Homes Trust Unrestricted funds 18 |
2025 £ £ 258,530 4,393,277 4,651,807 3,997 28,061 32,058 5,938 26,120 4,677,927 4,677,927 4,677,927 |
2024 £ £ 258,530 4,436,403 4,694,933 5,154 51,942 57,096 6,321 50,775 4,745,708 4,745,708 4,745,708 |
2024 £ £ 258,530 4,436,403 4,694,933 5,154 51,942 57,096 6,321 50,775 4,745,708 4,745,708 4,745,708 |
|---|---|---|---|
| 4,694,933 50,775 |
|||
| 4,745,708 | |||
| 4,745,708 | |||
| 4,745,708 |
The financial statements were approved by the trustees on 28 August 2025
Mrs J R Gopsill Mr F P Gopsill Trustee Trustee
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BOULTON'S COTTAGE HOMES TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1 Accounting policies
Charity information
Boulton's Cottage Homes Trust is a charitable trust, established by deed on 30 October 1930.
1.1 Accounting convention
The financial statements have been prepared in accordance with the Boulton's Cottage Homes Trust's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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 (FRS 102)". The Boulton's Cottage Homes Trust is a Public Benefit Entity as defined by FRS 102.
The Boulton's Cottage Homes Trust has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows.
The financial statements are prepared in sterling, which is the functional currency of the Boulton's Cottage Homes Trust. Monetary amounts in these financial statements are rounded to the nearest £.
The accounts have been prepared under the historical cost convention, modified to include the revaluation of unlisted investments and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the Boulton's Cottage Homes Trust has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes. The charity has no designated funds.
1.4 Incoming resources
Income is recognised when the Boulton's Cottage Homes Trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Rental income is credited to incoming resources when receivable.
Investment income is included in the financial statements as it becomes receivable or due.
Interest is credited to incoming resources when receivable. Donations are credited at the time of receipt.
1.5 Resources expended
Resources expended are accounted for on an accruals basis. Costs of charitable expenditure include both direct and support costs. Governance costs represent bank charges and the costs of accounting and independent examiner's fees.
Expenditure is recognised when incurred.
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BOULTON'S COTTAGE HOMES TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
1 Accounting policies
(Continued)
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Freehold properties, which are held as social housing stock under the trust deed, are disclosed as fixed assets and stated at cost.
No depreciation is provided on these freehold properties on the basis that the residual value is not less than the original cost and any depreciation based on the estimated useful life would be negligible. They were built for occupation by the type of beneficiary for which the trust was created and are thus regarded as core to the trust.
1.7 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred. Investments are included in the balance sheet at their market value at the year end date.
1.8 Impairment of fixed assets
At each reporting end date, the Boulton's Cottage Homes Trust reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in income/ (expenditure for the year, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.9 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.
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BOULTON'S COTTAGE HOMES TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
1 Accounting policies
(Continued)
1.10 Financial instruments
The Boulton's Cottage Homes Trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Boulton's Cottage Homes Trust's balance sheet when the Boulton's Cottage Homes Trust becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Boulton's Cottage Homes Trust’s contractual obligations expire or are discharged or cancelled.
1.11 Taxation
The trust is exempt from UK taxation and VAT. Irrecoverable VAT is charged against the expenditure heading for which it was incurred.
2 Critical accounting estimates and judgements
In the application of the Boulton's Cottage Homes Trust’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
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BOULTON'S COTTAGE HOMES TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
3 Income from charitable activities
| 4 5 |
Unrestricted Unrestricted funds funds 2025 2024 £ £ Income Rental income 41,593 42,180 Other income 405 555 41,998 42,735 Investments 2025 2024 £ £ Investment income 116,340 121,152 Raising funds 2025 2024 £ £ Investment management 25,515 23,540 25,515 23,540 |
Unrestricted Unrestricted funds funds 2025 2024 £ £ Income Rental income 41,593 42,180 Other income 405 555 41,998 42,735 Investments 2025 2024 £ £ Investment income 116,340 121,152 Raising funds 2025 2024 £ £ Investment management 25,515 23,540 25,515 23,540 |
|---|---|---|
| 42,735 | ||
| 2024 £ 121,152 |
||
| 2024 £ 23,540 |
||
| 23,540 |
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BOULTON'S COTTAGE HOMES TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
6 Charitable activities
| Property repairs and maintenance Insurances Letting fees Rates on untenanted property Power on untenanted property Office rates Office telephone Office heat & light Contribution to office costs Grant funding of activities (see note 7) Share of governance costs (see note 8) |
2025 £ 65,337 2,807 8,811 2,562 1,637 - - 239 (120) 81,273 20,000 8,883 110,156 |
2024 £ 70,849 3,072 5,328 - 231 392 158 513 (650) |
|---|---|---|
| 79,893 19,000 5,701 |
||
| 104,594 |
7 Grants payable
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Grants to institutions: | ||
| Peel Beach | 10,000 | - |
| The Paraochail Church | 5,000 | - |
| St Marks Church | 5,000 | - |
| Charles Thompson Mission | - | 15,000 |
| Orchards - Church | - | 4,000 |
-
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BOULTON'S COTTAGE HOMES TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
8 Support costs
| Support costs Governance costs £ £ Independent examiner - 1,850 Independent examiner - other services - 4,702 Trustees insurance - 2,331 - 8,883 Analysed between Charitable activities - 8,883 |
2025 £ 1,850 4,702 2,331 8,883 8,883 |
2024 Basis of allocation £ 1,850 Governance 1,939 Governance 1,912 Governance 5,701 5,701 |
|---|---|---|
Governance costs includes independent examiner's remuneration of £1,850 (2024- £1,850).
9 Trustees
None of the trustees (or any persons connected with them) received any remuneration from the Boulton's Cottage Homes Trust during the year. However, the Trust effected an indemnity insurance policy for the benefit of the trustees, at a cost of £2,331 (2024 - £1,912).
10 Employees
The average monthly number of employees during the year was:
| 2025 | 2024 | |
|---|---|---|
| Number | Number | |
| Total | - | - |
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BOULTON'S COTTAGE HOMES TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
11 Gains and losses on investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2025 | 2024 | |
| Gains/(losses) arising on: | £ | £ |
| Revaluation of investments | (79,130) | 383,534 |
| Sale of investments | (11,318) | (110,978) |
| (90,448) | 272,556 |
12 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
13 Tangible fixed assets
Tenanted properties, utilised for social housing under the objects of the trust.
| Cost At 1 April 2024 At 31 March 2025 Carrying amount At 31 March 2025 At 31 March 2024 |
£ 258,530 |
|---|---|
| 258,530 | |
| 258,530 | |
| 258,530 |
14 Fixed asset investments
| Listed Investment Unlisted investments £ £ Cost or valuation At 1 April 2024 4,216,369 143,702 Additions 790,460 - Valuation changes (72,434) (6,695) Transfer - - Disposals (770,618) - At 31 March 2025 4,163,777 137,007 Carrying amount At 31 March 2025 4,163,777 137,007 At 31 March 2024 4,216,369 143,702 |
Cash in portfolio 76,332 (781,919) - (40,000) 838,080 92,493 92,493 76,332 |
Total £ 4,436,403 8,541 (79,129) (40,000) 67,462 |
|---|---|---|
| 4,393,277 | ||
| 4,393,277 | ||
| 4,436,403 |
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BOULTON'S COTTAGE HOMES TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
14 Fixed asset investments
(Continued)
All investments are carried at their fair value. The unlisted investments comprise funds invested in the Charities Official Investment Fund and are included at the bid price.
The trustees consider that the carrying amounts of financial assets carried at amortised cost in the financial statements approximate to their fair values.
| 15 Financial instruments Carrying amount of financial assets Debt instruments measured at amortised cost Equity instruments measured at cost less impairment Carrying amount of financial liabilities Measured at amortised cost 16 Debtors Amounts falling due within one year: Other debtors Prepayments and accrued income 17 Other creditors falling due within one year Trade creditors Accruals and deferred income |
2025 £ 728 4,393,277 5,938 2025 £ 728 3,269 3,997 2025 £ 438 5,500 5,938 |
2024 £ 1,828 4,436,403 |
|---|---|---|
| 6,321 | ||
| 2024 £ 1,828 3,326 |
||
| 5,154 | ||
| 2024 £ 821 5,500 |
||
| 6,321 |
18 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At 1 April | Incoming | Resources | Gains and | At 31 March | |
|---|---|---|---|---|---|
| 2024 | resources | expended | losses | 2025 | |
| £ | £ | £ | £ | £ | |
| General funds | 4,745,708 | 158,338 | (135,671) | (90,448) | 4,677,927 |
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BOULTON'S COTTAGE HOMES TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
| 18 | Unrestricted funds | (Continued) | ||||
|---|---|---|---|---|---|---|
| Previous year: | At 1 April | Incoming | Resources | Gains and | At 31 March | |
| 2023 | resources | expended | losses | 2024 | ||
| £ | £ | £ | £ | £ | ||
| General funds | 4,437,399 | 163,887 | (128,134) | 272,556 | 4,745,708 |
19 Related party transactions
Transactions with related parties
During the year the Boulton's Cottage Homes Trust entered into the following transactions with related parties:
One of the pensioners' bungalows was occupied by two of the trustees, Mr F P Gopsill and Mrs J R Gopsill, during the year. Rent was payable at the rate of £350 per month for twelve months, a total of £4,200 (2024 - 4,372)
During the year, the Trust effected an indemnity insurance policy for the trustees, at a cost of £2,331.
During the year the trust received a contribution of £120 (2024 - £650) from A H Boulton Trust against the office running costs with regard to servicing the properties owned by the trust
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