Charity registration number 257951 The Boltons Trust Annual Report and Financial Slalemenls for the Year Ended 5 April 2024 The Boltons Trust Contents Reference and Adminislralive Details Trustees. Report 2to4 Independenl Examinerfs Report Stslement of Finanaal Actnif(ies Balance Sheet Notes to the Financlal Ststemenls 8t014 The Boltons Trust Reference and Administrative Detalls Charlty Regbtratlon Nurnber 257951 Prfnclpal Office 08kfield House Bollinglon Lane Nether Aldertey Cheshire SK10 4TB Indep8ndent Examinèr Milsled Langdon LLP Chartered Accountants Freshford House Redcliffe Way Bristol BS16NL Page I The Boltons Trust Trustees, Report The trustees present the annual ￿port together with the financial statements and auditors, report of the charity for the year ended 5 Aplll 2024. Statement of Trustees. Responsibilities The trustees are responsible for preparing the trustees, report and the financial slatem¢nts in accordance wi(h the United Kingdom Accounting Standards {United Kingdom Generally Accepted A¢￿untIng Practice) and applicablo law and regulations. The law applicable to chaTilies requires the trustees lo prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the Charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements. the trustees are required to.. select gyitoble accounting policies and then apply them consislenlty.. observe the methods and principles in the Charities SORP., make judgements and estimates that aTe reasonable and prudent.. state whether applicable accounting standards have been followed, subject lo ary matsrial departures disclosed and explained in the financial statements.. and prepare the financial stalernents on the going concem basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accounting ￿e0rd$ that dlsclose with reasonable accuracy al any lime the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities {Accounls and Reports) Regulations 2008, and the provisions of the Constitution. Th8 Iru5tees are also responsible for safegLtarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Objectives and activities Objocts and aims The principle aims and objectives of the Trust are.. lil The pursuit, understsnding and reduction of innocent suffering.. lil) The support for education. research and welfare PToje¢ls The trust ¢arries out these objects by providing grants for projects which fall within the overall objectt'ves of the Irusl. Public benefft The Tru$lees confirm that they referred lo the guidance contained in the Charity Commission's general guidanco on public benefit when rwewing the Intsl's aims and objectives and in planning future aclivilies. In particular, the Trustees consider how planned aetlvities will contribute to the aims and objectives they have set. The Trustees confimi that they have complied with the requirements of section 7 of the Charities Act 2011 to havg due regard to the public benefit guidance published by the Charity Commission for England and Wales. Page 2 The Boltons Trust Trustees. Report {continued> Financial revigw During the year the chaTty Teceived £31,512 12023.. £27,734) from its principal funding source of investment income. Grants of £30,000 12023.. £30,000} were paid to institutions a8 selected by the Trustees. A net increa$9 in lunds of £70,364 (2023.. £76.281 docreasel arose. Policy on reserves The Charity has considered the reserves required and have taken into a￿oUnt their current and future liabilf(ies. The Trustees aim lo maintain free reserves in unrestrided funds at a ￿Ve1 which equates to approximately three months of un￿StrIcted charitable expenditure. The Trusleos consider that this level will provide suffiJ¢ient funds lo respond to applications for grants and ensure that support and govemance costs are ￿vered. The Charty has no significant overheads and lends lo d(Inate within the expected amount of income and capital gro%￿h of the managed funds. As such reserves are more than adequate. The balancè hdd as unrestrirted funds at 5 April 2024 was £1,257.29012023.. £1,186,926} of which £10,438 12023.. £16.346) are regarded as free reserve8, after allowing for funds lied up in inveslmgnls. The trustees are satisfied that the current level of reserves is sufficient for the ¢h81ity lo ry out ts Work. Investmentpollcy andobjectlves Tho fvnds are held in listed inve$lmenls m8naged by LGT Vestra and are used to generate income for carrying out the Chanvs objective$. LGT Vestra has ￿en inslTucled by the Trustees to maintain a balanced investment objedive, wlh a medivm risk profile. whtch is expected to generate an income of a 3-6% return on investment. Plans for future perfod8 Alms andkey oblectlves forfuture periods The Trustees are remewing their policy on Gharitable donations and will contin￿8 to support ¢harities wf(hin the objectives of The Boltons TrusL Structure. governanGg and management Nature of govgrnlng document The Charity was created by a deed dated 4 April 1967 as a Charity exclusively for charitable purp08es. The Charty was registered with the Charity Commission on 25 July 1969 and is managed by the Tnjslees. The administration is carried out from the Charity's registered office. Recruitment and appoIntm￿t Df trustses Tnjstees are appointed al the Annual General Meeting and are appointed on the basis of enthusiasm for and Gommttmenl to the objects of the charity and lo provrde a broad range of skills and expertise to the Board of Trustees. P8ge 3 The 8oltons Trust Trustees. Report (continued) Induction and trnining of trusi*e5 The current gru51ees ale responsible 1¢" In' l&Ès every fsr.anc',al yeaf and bas deve'.oped sw-ems io m.onrtor and wntwl itriese nsks io mitigale ar.y pmpaci Ihey rnay have on the Charty in the future The Trustees have systems In pla¢0 io Tr#eniifty any wnflict$ ¢1 interest thai may o¢¢ur Whe4 a coryfllct ol ..ntèresl anses tb.e relevani trustee or Iwslees agree to W￿￿t¥raW tforn any discussion arEtI #ecision. The iumbe,. ol tran$8ctions .'s very bw an4 the Trusiees rdy upon a simple &xplanat￿n of i￿.e year end acctsup.ts Trust• The Trustees serving dunng the y*èr ano since Ihe year enl weo as follows. Trusiees.. Mr8 C L Albuqueroue r S Albuoueroue Mr R Basrtock Ttr,e annual reptsrt was approve¢ by the Trustees Df +he chafity on behalf by" arKt sigp.a on rt$ Mr R 8airt¥ Tnjstee Page 4 The Boltons Trust Independent Examiner's Report to the trustees of The Boltons Trust I report lo the charty trustees on my examination of the accounts of the charity for the year ended 5 April 2024. Responsibilities and basis of report As the charity's trustees of The Bollons Trust you are responsible for the preparation of the accounts in accordan￿ wi(h the requirements of the ChaTilies Ad 2011 I'the Act'}. HavTng satisfied myseir that the accounts of the Charty are not requlred lo be audited under section 144{21 of the Charities Act 2011 1"Ihe Act") and are eligible for independent examination, I report in respect of my examination of the The Bollons Trust's accounts carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable DiTeclions given by the Charity Commission under section 145{5llb} of the 2011 Act. Indgpandant gxamlnofs ststement I have completed my examination. I confim that no material matters have come lo my attention in onne¢lion wth the examination giving me cause to believe that in any material respect.. 1. accounting records were not kept in respect of The Bolton$ Trust as required by section 130 of the Char((ies Act 2011.. or 2. the a¢wunts do not accord with those records., or 3. the 8¢counts do not comply ￿th the accounting requirements concerning the form and Gontent of account$ sel out in the Charities (Accounts and Reports) Regulations 2008 other than ary requirement that the accounts give a 'lrue and fair view, which is not a matter considered as part of an independent examination. 4. the accounts have not been prepared in accordance wf(h the methods and prinelpals of the statement of Recommended Practice for accounting and reporting by charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Ireland (FRS 1021. I have no concerns and have come acr05$ no other matters in connection with the examination lo which attention should be drawn in this report in order lo enable a Proper understanding of the accounts to be reached. obert Rawle FCCA Milsled Langdon LLP Chartered Accountants Freshford House Redcliffe Way Bristol 8S1 6NL Date:..i&.l.i.l.u*..... Page 5 The Boltons Trust Statement of Financial Actlvltlès for the Year Ended 5 April 2024 Unrestrlcted funds Total 2024 Total 2023 Notg Incorne and Endowments from: Investment income 31.512 31,512 27,734 Expenditure on: Raising funds Charitable activities 110,4851 35,226 110.4851 135,226 (10,5481 35,214 Total expendilu Gainsllosses on investsment asset$ 45.711 83.723 45.711 83,723 45,7621 58,253 Net incomel{expendilurel Ngt movement in fund$ 69,524 69,524 76,281 69,524 69,524 176.281) Reconclllatlon of funds Total fund5 brought fonvard Total funds carried foryRTd 1.186,926 1,186,926 1,256,450 1.263.207 1,256.450 1,186,926 All of the Charty's activities derivo from continuing operations during thè above tsvo pertod8. The lund$ breakdown for 2023 shown in note 11. The notè5 on pages 8 to 14 fom an integral part of th¢¥e financial statements. Page 6 The Boltons Trust IRegistration number.. 257951) Balance Sheet as at 5 April 2024 2024 2023 Nole Fixed a$5ets InvesiP?ep.Is 1246.552 1.170,580 Current as$•ts Cash at barTrlE and In hond .574 24 255 Creditors-. Amounts falling due %*ilhin one y*•r Nel ctsrrvnt assets 10 17 9761 1 1.909j Net aysets FLtnd¥ of th* ¢harity: Unrestrkied income fund UP.1￿riC,ta 4wds I.2￿.450 1.186 926 Totsi fund¥ 11 1 256.450 .186.92E The fi . ai $taternen'.5 cn page5 S 14 were appfoved by Ihe TrLssitres. an(# 8i*lttoriseé for Issue .. and sign&l o* their bohatf by. Mr R 831¢G.-k TrLSiee The n¢tes on pages 8.10 14 Igrm an Integral part O'i these financ$al slalemenls. The Boltons Trust Notes to the Flnancial Statements for the Year Ended 5 April 2024 1 Accountlng policles Statement of compliance The financial slalemenls have bean PTep8red in accordance with Accounting and Reporting by Charities.. Statement of Rewmmended Practice appIl￿ble lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 leffeetive 1 January 2019} - (Charities SORP {FRS 1021), the Financial Reporting Slandard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. Basis of preparatlon The Boltons Trust meets the definition of a public benefft enltty under FRS 102. The finan¢io1 statements have been prepared under the historical cost convention with items fecognised at cost or transaction value unless otherwise slated in the relevant notes lo these accounts. Going concern The trustees consider that the￿ are no material uncertainties aboLrt the ch2rty's ability to continue as going concem. They have a reasonable expectation that the Charity has adequate resources to continue for the foreseeable futufe. Ac¢oTdingty. they continue to adopt the going conem basis in preparing the rtport of the Trustees and financial slalemenls. Incomtr and endowments All income ts Rcognised once the charity has entrtlement to the income, il 18 probable that the income will be received and the amount of income can be measured reliably. Investment income InteTest and dividends received from funds held by investsment manager or on deposit are induded when recewable and the amounl can be measured reliabty by the charty. Expenditure All expenditur8, including irrecoverable VAT, ss recogni5ed once there is a legal or constructive obligation lo that expenditure. f( is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs lo that Cat￿Ory. Charitable actlvities Charitable expenditure comprise3 those costs incurred by tho charty in the dglivery of its activities and services for its benef￿lar1eS. 11 includes both costs that can be allocated directly lo such activities and those costs of an indirect nature necessary to support them. Grant provlslons Provisions for grants arg made when the inl8nlion to make a gront has been communicated to the recipient but there is uncertainty about either the timing of Ihe grant or the amount of grant payable. Page 8 The Boltons Trust Notes to the Financial Statements for the Year Ended 5 April 2024 (continued) Taxatlon The charity is considered to pass the tests sel out in ParagTaph 1 Schedule 6 of the Finance Ad 2010 and therefore it meets the definiiion 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 Sedion 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied 8xclusÉvety to Gharitable purposes. Fixed assgt investments Fixed asset investments, other than programme related investrn8nts, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the drfference be￿een sales proceeds and their market value at the start of the year. or their subsequent cost, and are charged or credited lo the Statement of Financial Actwille8 in the period of disposal. Unrealised gains and losses represent the movement in market values during the year and are credrted or charged lo the Slalement of Financial Activities based on the mark&l value at the year end. Cash and cash equivalents Cash and cash equ*valenls compfise cash on hand and call deposits. and other short-term high liquid investments th81 are readily convertible lo a known amount of cash and are subjèct to an insignificant risk of change in value. Trade creditors Trade credrtOTS are obligations to pay for goods or service5 that have been acquired in Ihe ordinary course of business from suppliers. Accounts payable are classrfied as current liabilities If the does not have an uneondilional right, at the end of the reporting period, to def8r settlement of the creditor for al least twelve months after the reportirbg date. If there is an unconditional right to defer settlement for at least twelve months after the reporting dale. they are presented as non-current Irabilities. Trade ereditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method. Fund $tru¢ture Unrestricted income funds are general funds that are available for use 8t the trustees diseretion in furtherance of the objectives of the charity. Restricted funds are funds which are lo be used in accordance wth specffic Testriclrons imposed by the donor or which have been raised by the Charty for particular purposes. The cost of raising and administerrng such fvnds are charged against the spectfic fund. The aim and use of each Restricted fund is sel out in the notes lo the financial slalemenls. Page 9 The Boltons Trust Notes to the Financial Statements for the Year Ended S April 2024 {continued) Financial in$truments Cla$sMkatson Financial assets and financial liabilities are recognised when the chaTity becomes a paty to the contractual provision$ of the instrument. Financial liabilrties and equty instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deduding all of ils liabilitie5. Recognldon and m•a$urnment All financial assets and liabilities are inttially measured al transaction price (including transaction costs). except for those financial assets cla5srfied as at fair value through profil or loss, which are inilialty measured at fair v81ue (which is normally the Iransaelion price excluding transaction costs). unless the arrangement conslilules 8 financing transaction. If an arrangement conslilul&s a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Finanual assets and liabilitiès are only offset in the slatament of financial position when, and only when Ihgre exists a legally enforceable right to sel off the recognised amounts and the charity intends etther to settle on a nel basis, or to realise the asset and settle the liabilty simuttaneously. Financial assets are derecognised when and only when al the contractual rights to the cash ffows from the financial asset expire or are settled, bl the charity transfers to another paty substantially all of the risks and rewards of ownership of the financial asset, or cl the charity, despite having retained some, bul not all. significant risks and rewards of owneTship, has transferred control of Ihg asset lo another paty. Financial liabilities are derecognised only when the obligation specified in the contract is discharged. cancelled or expires. Investments Investments In non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicty traded or their fair value is reliably measurable) aro measured at lair value through proff( or loss. Where fair value cannot be measured reliabty. invesknents are mgasured at cost less impaiment. Falr value measurement The best eviden￿ of fair value is a quoted price for an tilenlical asset in an active market. When quoted priees are unavailable, the price of a recent transaction for an identical a88el provides evidence of fair value as long as there has not been a significant change in ewnomic clrcumslances or a signrficanl 18pse of lime since the transaction look place. If the market is not acttve and recent transactions of an identical asset on their own are not a good estimate of fair value. the fair value is eslimaled by using a valuation technique. Page 10 The Boltons Trust Nots$ to the Flnancial Statements for the Year Ended 5 April 2024 (continued) 2 Investment Income Unrgstrfctsd funds General Total 2024 Total 2023 Interest and dividends rec¢ivable 31.512 31,512 27,734 £31,512 (2023- £27.7341 of the in¢om9 above was attribLrtable lo unrestricted funds and £Nil (2023 - £Nill attributable to restricted funds. 3 ExpenditUTe on ralslng funds al Investment management e05ts Unrestricted fvnds General Total 2024 Total 2023 Other investment management costs," Costs of obtsining investment advice 10,485 10.485 10.485 10,548 10,485 10.548 £10,48512023 - £10,548) of the income above was attributable lo unTestricled funds and £Nil12023- £Nill attributable to r8stricte