Charity registration number.. 257951 The Boltons Trust Annual Report and Financial Statements for the Year Ended 5 April 2025
The Boltons Trust Contents Reference and Adminislralive Oetails Tru5tees' Report 2to4 Independent Examinerfs Report Statement of Financial Activf(ies Balance Sheet Notes lo the Financial Slalemènts 8t014
Th8 Boltons Trust Reference and Admlnistrative Details Charity Registratlon Nurnb•r 257951 Prfjnclpal Office OakfIe House Bollinglon Lane Nether Aldedey Cheshire SK10 4TB Indèpendent Examlnèr Milsted Langdon LLP Chartered Accountants Freshford House Redcliffe Way Bristol BS1 6NL Page 1
The Boltons Trust Trustees, Report The trustees present the annual report together wrf(h the financial statements and auditors. rewrt of the charity for the year ended 5 April 2025. Statèment of Trustees, Responsibilities The trustees are responsible for preparing the Iruslees, raport and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations. The law applicable lo charities qUireS the Iruslees 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 resourcgs and application of resources of the charity for that period. In preparing these financial statements. the trustees are required ID.. select suitable accounkn.ng policies and then apply them consistently", observe the methods and principles in the Charities SORP.. makejudgements and estimates that are reasonable and prudent.. slate whether applicable accounting standards have been followed. subjed lo any mat6ri81 departures disclosed and explained in the financial slatemenls., and prepare the financial slalemenls on the going ¢oncern basis unless il is inappropriate to presume that the charty will continue in business. The trustees are responsible for keeping proper accounting records th* disclose with reasonable accuracy at any lime the financial posf(ion of the charity and enable them to ensure that the financial statements comply with the Charrties Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the conslilution. The trustees 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 irregularilyes. Objectives and aetivitias Objects and aims The principle aims and objectives of the Trust are.. lil The pvrsuvc, vnderstsnding and reduction of innocent suffering.. lill The support for education. research and welfare projects The trust carries out these objects by providing grants for projects which fall within the overall objectives of the trust. Public benefit The Trustees confirm that they referred to the guidan contained in the Charity Commission's general guidance on public benefit when reviewing the trust's aims and objectives and in planning ftjture aclivilies. In particular. the Trustees COT15ider how planned actiwb'es wll ntribUte to th8 aims and objectives théy have sel. The Trustees confirm that they have complied wrth the requirements of section 7 of the Charities Act 2011 to have due regard lo the publ benefit guidance published by the Charity Commission for England and Wales. Page 2
The Boltons Trust Trustees, Report {continued) Flnancial review During the year the charity received £33,896 12024." £31,512> from its principal funding SOU of Investment income_ Grants of £42,000 12024.. £30,000) were paid lo institutions as selected by the Trustees. A net decrease in funds of £19.991 12024.. £69,524 increase) arose. PDlicy on resee$ The Charity has considered the reservès rèquired and have taken into account their current and future liabilities. The Tru51ees aim to maintain free reseryes in unreslricled funds al a level which equates to approximately three months of unrestricted chaiilable expenditure. The Trustees ¢onsideT that this level wll provide suffucienl funds to respond lo appli¢alions lor grants and ensur8 that support and governan¢e costs are covèred. The Charity has no signrficant overheads and tends to dtsnale within the expected arnounl of income and capbtal growth ol the Manag fund5. As such reserves are more than adequate. The balance held as unrestrided funds al 5 April 2025 was £1.236,459 12024." £1,256,450) of which £2,76312024' £9,598) are regarded as free reserves, after allowing for funds lied up in inveslrnenls. The Iruslees are satisfied that the current level ol reserves is suffitient for the charity to ¢arry out ils work. Investment poli¢y and oblectlves The funds are held in listed investments managed by LGT Veslra and are used lo generate income for carrying out the Charity's objectives. LGT Veslra has beèn instructed by the Trustees lo maintsin a balanceé investment objective, wf(h a medium risk profile, which is expected to generate an income of a 3-6Qh relum on investment. Plans for future periods Aims and key obje¢dve$ for future perlods The Trustees are reviewing their policy on charitable donations and will continue to support charf(ies within the objectives of The Bollons Trust. Structure, govamance and managoment Nature olgoverning document The Charity was created by a deed dated 4 April 1967 as a charity exclusively for charitable purposes. The Charty wa5 reglstered with the Charity Commission on 25 July 1969 and is managed by the Trustees. The administration is carTied out from the Charity's registered office. Reernitment and appointment of trustees TTuslees are appointed al the Annual General Meeting and are appointed on the basis of enthusiasm for and commitment lo the objects of the charity and lo provide a bioad range of skills and expertise to the Board of Trustees. Page 3
The Boltons Trust Trustees. Report (continued) InducD"on •nd Ining of trustees Tre cu":e-.I :"Ls'aes are resFc-,$ t.e f¢r è Je.."" ' any lit'st -Ich ,rKfves kna"e-ess a a irLS:ee's respc-s D I,t.es ptte sJv8ri-. "ccurnè1 a¢m.'ris".-a 4e crcced.re a-. d Ike sto? o the cDa-. A ne trL5',ee .u.rt recettse es of :.tre ?rtr4 eJs ' ea-s a-ryua Ftrrt a-d aacuD:S ,-.ef". s.cry ol t,-e cra", -' y a,-d a c?ry cl tie 52T,-,9 d¢¢umer'. Ifie-ack 1 a's Y Lle a ccpi Ci ltte Cbar-.I Co.-T'ss ¢Y Gd da- ' I ne Esser+i3' Tms:ee you r.ee¢ lo and "Ctraptes ard Ptsts Benefi;," oryan1"9nal structur• Ttre Bo',ai IS T-.,, Is a s fn=le ca-ab.'e -'Js: wV.Y l?ree tnJ5tees 'who mee• o. 'trre¢ i oies per yea" Th ,rJ51 a5 ro emJ.- prer ses ard okne.-.eads are the costs ) n%¥es:Tep: maragernent a.-d xcounta-o. Alaior risks •nd m•n•g•mth?t ofthose risks T)e ep.ti"ety of the Chartys inves'.Terts are In map.aseTr,en: by LGT Ves'.ra Tr,ere bave been r() ¢ttan9es '."e lear Tre TTUStees exam,.ne :be na,'o' r5k5 Iat Chariy .ace$ ev f..ancIa., yeaf tras ¢e¥e'eJed 5ys'.ems to m.¢firor aftd control trese nsk5 0 Tn.tsate any inpact may frabp ?n tr.e Charty te Th.e frLs'Lees bav• sys.:erps ip. Face io ¢Artity a"y cofl,ct5 cl Tnteosi that .. INwt cctr•itt trl Interest arses .,tre 'evant &iiStee CT trus".ees agree t) W4kli draw m d.ScLssD. aThd dec 51CXI. Tme 1r.r o,, transa#$ ,s very and tre Twstees oiy Lron a exp1apar of Ihe 'fft8r er,d accwJP4S Truste•s i tre T.. LS:ee5 serv1ng aunrg;e lear arf $ince::e ar end werè as fc.'I rs Atq'.e".- r R Bal¢cc Th.e arpJal repc.1 wa5 aFP"tr4ed by TrL'sTees & ttre ctran-.rf ori I beb.a': ty J s."gned oi is Pae 4
The Boltons Trust Independent Examiner's Report to the trustees of The Boltons Trust l part lo the charity trusl8es on my examination of the accounts of Ihe charity for the year ended 5 April 2025. Responsibllltles and basis of report As the charity's Irvslees of The Bollons Trust you are responsible for Ihe preparation of the accounts in accordance with the requirements of the Charrties Act 2011 I'lhe Acl'l. Having satisfied myself that the %¢ounts of the Charrty are not required lo be audited under section 144121 of the Char((ies Act 2011 I'the Act") and are eligible for independent examination, I report in respect of my examination of the The Boltons Trusvs accounts carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directs'ons given by the Charity Commission under section 145151{bl of the 2011 Act. Indepèndent examlner's statamènt I have completed my examination. I confirm that no material matt&rs have come lo my attention in connection with the examination giving me cause lo believe that in any material respe¢t'. 1. accounting records wère not kept in respect of The Bokons Trust as requiTed ty section 130 of the Charities Act 2011.. or 2. the accounts do not accord WTth those re¢grds', or 3. the ac¢ounts do not comply wlh the accounting requirements concerning the form and Content of accounts sel out in the Charities (Accounts and Rèports) Regulations 2008 other than any requirement that the accounts give a 'true and tair view, which is not a matter considered as part of an independent examination. 4. the accounts have not been prepared in accordance wlh the methfxls and principals of the Statemènt of Recommended Practice for aGcounling and reporting by charities preparing their accounts in accordance w(¢h the Financial Reporting Stsndard appli¢able In the UK and Ireland IFRS 1021. I have no concerns and have come across no Other matters in conne¢lion with the examination lo which attention should be drawn in this report in Order lo enable a proper understanding ot the accounts lo be reached. Robe awle FCCA Milsted Langdon LLP Chartered Accountants Freshford House Redeliffe Way Bristol BS1 6NL 26 August 2025 Page 5
The Boltons Trust Statement of Financial Activities for the Year Ended 5 April 2025 Unrostri¢ted funds Total 202S Total 2024 Note Income and Endowmgnts from: Investment incoma 33,896 33,896 31,512 Expenditurn on: Raising funds Charttable activities 111,3231 147,6041 158,927 5,040 111,3231 47,6041 110,4851 35,226 Total expenditure Gainsllosses on investment assets 158,927 5,040 145,7111 83.723 Nel lexpendilure)fincome Nel movement in funds 19.991 19.991 69,524 119.991) 119,9911 69,524 Reconciliation of funds Total funds brought foward Total funds carried forward 1,256.450 1,256.450 1.186.926 11 1.236.459 1.236,459 1.256.450 All of the charty's actiwlies derive from continuing operations during the above two periods. The funds breakdown for 2024 shown in note 11. The notes on pages 8 to 14 fomi an intagral part of these financial slalemenls. Page 6
The Boltons Trust {Registration number". 257951) Balance Sheet as at S April 2025 2025 Not 2024 Fixod auets 1 233.e Curr•nt ass•ts Cash at bank d In h.athj 1.248.8>2 11.IC6 17.574 Cr•ditorn.' Amounts falling due within on• y••r Not ¢urr•ni a$Mts 10 9-, 61 Funds of th• ¢h•rity-' Unr•strictod inc¢m• lunds Lrr&sir!- 1 2 j? 4>9 Total funds The fr,nar,c a, slentS w. pages $ 10 ',4 by thè Trustees. and auth)nwl lor iss Tn rcies =n ra5es 8 ', 4 ¢rm an i-. ies'ai r, p¢7 '.nt5e , ryar:c.a sta',ewè-'.s
The Boltons Trust Notes to the Flnancial Statements for the Year Ended 5 AprTI 2025 l Accoun0 policies Statem¢nt of compllan¢e The financial slalements have been prepared in a¢coTdance with Accounting and Rèporting by Charities.. Slalemenl of Recommended Practice applicable lo cha¥ilie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffertive 1 January 20191 (Charitie5 SORP IFRS 10211. the Financial Reporting Standard applicable in the UK and Republic of Iland {FRS 1021 and the Charities Act 2011. Basls of preparation The Boltons Trust meets the definition of a public benefft enlily under FRS 102. The financial statements have been prepared under the historical cost ¢onvenlion with tierns recognised at cost or transaction vallte unless othernise slated in the relevant notes lo these accounts. Going concern The trustees consider that there are no rnalerial uncertainties about the charitls ability to continue as a going concern. They have a reasonable expectation that the Charity has adequate resources to continue for the foreseeable futu. Ac¢oTdingly, they continue lo adopt the going conern basis in preparing the report ol the Trustees and financial statements. Income and endowments All income is recognised once the charity has enlrtlement to the iricome, il is probable that the income will be received and the amount of income can be measured reliably. Investn70nt Income Interest 8nd dividends received from tunds he by inveslmenl manager or on deposit a include(I when receivable and the amount can be measured reliably by the charity. Expendituro l expenditure, including irrecoverable VAT, is recognised once there is a legal or constructive obligation lo that expenditure, il is probable settlement is required and the amount can be measured reliably. All costs arè allocated to the applieable expendi(ure heading that aggregate similai costs lo that category. Charitable actlvltles Charitable expenditure compris8s those eosls incurred by the charity in the ddivery of rts aetiwties and services for rts beneficiaries. 11 includes both costs that can be allocated directly lo such actiwties and those c051s of an indirecl nature necessary to support them. Grant provisions Provisions for grants are made when the intention to make a grant has been eommunicaled to the recipient but there is uncertainty about either the liming of the grant or the amount of grant payable. Page 8
The Boltons Trust Notes to the Financlal Statements for the Year Ended S April 2025 (continued) Taxation Thè charty is considered lo pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definth.on of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from laxalion in respect of income or caprtal gains received within ¢alegoTies covered by Chapter 3 Part 17 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Ch8rgeable Gains Act 1992, to the exlenl that such income or gains are applied exclusively lo charitable purposes. Flxed assèt investments Fixed asset investments, other than programme related inveslmenls, are included al market value al the balance sheet dale. Realised gains and losses on investments are calculated as the difference beeen sales proceeds and their market value at the start of the year, or their subsèquent C05t, and are charged or credited lo the Statement of Financial Activjti'es in the period of disposal. Unrealised gains and losse5 represent the movement in markèt values during the year and are eredil$d or Gharged to the Statement of Finanoal Adiwties based on the market value al the year end. Cash and cash oquivalents Cash and cash equNalenls comprise cash on hand and call deposits, and other short-lerm highly liquid investments that are readily convertible lo a known amount of cash and are subject lo an insignificant risk of change in value. Trade ¢reditors Trade Creditors ara obligations to pay for goods or seice5 that have been acquired in tha ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the does not have an unconditional right, at the end of the reporting period, lo defer settlement of the creditor for at least e1ve months after the reporting dale, If there is an unconditional right lo defer settlement for at least fvlelve months after the reporting dale, they are presented as nan-curyenl liabilit$. Trade creditor5 are recognised initially at the transaction price and subsequentty measured at amortised cost using the effectiv8 interest methad. Fund structure UnrÈstr7cled income funds are geneial funds that are available for use al the Ifusleès discretion in furtherance of the objectives of the charity. R8$tri¢led funds are funds which are to be used in accordance wlh specffic reslTiCtions imposed by the d¢)nor or which have been raised by the Charily foT particular PLJrposes. The ¢osl of raising and adrninistering such funds are charged against the specific fund. The aim and us8 of each Restricted fund is set out in the notes to the financial slalements. Page 9
The Boltons Trust Notes to the Financial Ststements for the Year Ended 5 April 2025 (continued Flnancial instruments Classificatlon Finaneial assets and financial liabilities are recognised when the charity becomes 8 party to the ¢ontraclual provisions of the instrument. Financial liabilf(ies and equity instruments are classified according lo the substance of the contractual arrangements entered into. An equtty instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of ils liabilities. Recognition and measuremént All financial assets and liabilities are initially measured at Iransadion price (including transaction costsl, except for those financial assets classified as at fair value through profit or loss, whh are inrtially measured at fair value {which is normally the transaction price excluding transaction cos15}, unless the arrangement constitutès a financing transaction. If an arrangement Conslitules a financing transaction, the financial asset or financial liability is measured at the prèsent value gf the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets and liabilities are onty offset in the stslement of financtal position when, and only when there exists alallY enforable right lo set off the recognised amounts and the charity intends ef(her to settle on a net basis, or lo realise the asset and settle the liabilty simuttaneously. Financi81 assets are derecognised when and only when al the ¢orttractual rights to the cash flows from the financial asset expire or are Settled, bl the charity transfers to another paty subslanb.ally all of the risks and rewards of ownership of the finan¢Tal a5sel, or ¢1 the charity, despite having retained some, bul not all. signrficant risks and rewards of ¢)wnership, has transferred control of the asset to another party. Financial liabilittes are derecognised only when the obligation specifi8d in the contract is discharged. cancelled or expires. Investments Investrnents in non<onvertible preference shares and non-puttable ordinary or prèference shares Iwhere shares are publicly traded or their fair value 15 reliably measurable) are measured al fair value thrciugh profrt or loss. Wherè lair value cannot be measured reliabty, investments are measured al cost less impaimient. Fair value measurement The best evidence of fair value is a quoted pricè for an identical asset in an active market. Vvhen quoted prices are unavailable, Ihe price of a recent transaction for an identical asset provid&s evidence of fair value as long as there has not been a significant change in economi¢ circumslonces or a significant lapse gf lime since the Iransactioll took place. If the market is not active and r8c8nt transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique. Page 10
The Boltons Trust Notes to the Financial Statements for the Year Ended S April 2025 (continued) 2 Investment incoma Unre5trictad funds General Total 2025 Total 2024 Interest and dividends receivable 33,896 33,896 31,512 £33,89612024 - £31,512) of the income above was attributable to unre$lri¢ted funds and £Nil12024 - £Nill attributable lo restrieted fun¢Js. 3 Expenditur• on raising funds al Invostment managom¢nt costs Unrestrlctod tund$ General Total 2025 Total 2024 Other investment management costs., Costs of obtaining investment adwce 11,323 11.323 10.485 10.485 11,323 11,323 £11,32312024 - £10,485) of the incomè above was attributable lo unrestricted funds and £Nil12024 - £Nill attn"bulable lo restricted funds. 4 ExpéndÈture on charllable aetlvities Unrestricted funds General Total 2025 Totsl 2024 Grants to in5trtutions Independent Examinels Remuneration 42.000 5,604 42,000 5,604 30,000 S,226 47,604 47,604 35.226 £47.60412024 - £35,226) of the income above was attributable lo unrestricted funds and £Nil12024 £Nill attributable lo restricted funds. Pa9e 11
The Boltons Trust Notes to the Financlal Statements for the Year Ended 5 April 2025 (continued) S Grant4naking Analysis of grants Grants to institutions 2025 2024 Anaty$ls Good Works Charity The support costs associa18d with grant-making are £Nil12024- £Nil}. 42,000 30,000 6 Trustsas remuneration and expenses No trustees have received any reimbursed expenses or any benefits from the charity ¢Juring the year. No trustees have donated any income lo the charty. 7 Taxation The charity is a registered charty and is therefore exempt from laxalion. Page 12
The Boltons Trust Notes to the Flnancial Statements for the Year Ended 5 April 2025 (continuedl Flxed asset investments 2025 2024 Other inv8stmenls 1,233,696 1,246,852 Other Investmonts Listed Investments Cash for reinvestm&nt Total Cost or Valuatlon At 6 April 2024 Revaluation Additions Disposals Cash movement 1,238,72S 4,237 1 $7,041 1172.9211 8,127 1,246,852 4,237 157,041 1172,9211 1,513 1.513 AI 5 April 2025 1.227.082 6.614 1,233,896 N¢t book valuo At 5 April 2025 1.227,082 6.614 1,233,696 At 5 April 2024 1.238,725 8,127 1,246,852 The investments have been revalued al the year end based on valuations provided by the chantws investment manager. The basis of the valuation wa$ market rate as at 31 March 2025. Investments over 5°h of the total value being the UK Government Bonds £158,88012024 - £110,425). Finday Park Funds PIC £117,157 12024 - £121,1091, First Senlier Investor5 ICVC £67,258 12024 £71,399), Fidelty Investment Funds £72,840 12024 - £55,950), Fundsmilh Equity Fund £103.515 12024 - £110,733), Morgan Stanley Investmènt Management Group £108,987 12024 - £106.1581, Polar Capital Funds PIC £61,70312024 £62.4301, Link Fund Solutions Ltd Trojan £94,234 12024 - £79,848), Inslilulional Cash Series PIC £77,000 {2024 - £13,000). 9 Cash and cash oquivalents 2025 2024 Cash at bank 11,106 17,574 10 Creditors.. arnounts falling due within one year 2025 2024 Accruals 8,343 7,976 Page 13
The Boltons Trust Notes to the Financial Statements for the Year Ended 5 April 2025 (continued) 11 Funds Balance at 6 Aprll 2024 Other Incomlng Resources recogni$ed resources oxp&ndeibJainslllos$esl Balance at 5 April 2025 Unrestrl¢t•d funds Gen8ral 1.256,450 33,896 158,927 5,040 1,236,459 Balance at 6 April 2023 Other Incoming Resources recognised resources eXpende(aInS1[losses Balance at S April 2024 Unrestricted funds General 1,186,926 31,512 145.7111 83,723 1,256,450 12 Analysis of net assets betwggn funds Unrestricted funds Genèral Total funds at S Aprll 2025 Fixed asset investments Current assets Current liabilrties 1.233.696 11,106 8.343 1,233,696 11,106 8,343 Total net assets 1.236.459 1,236,459 Unrestricted funds Gèneral Total funds at S April 2024 Fixed asset investment5 Curr8nt as$etS Current liabilities 1.246,852 17,574 17.9761 1,246,852 17,574 7,976 Total net assets 1,256,450 1,256,450 Page 14