COMPANY REGISTRATION NUMBER: 03950830 CHARITY REGISTRATION NUMBER: 1083219
Mountain Heritage Trust Company Limited by Guarantee Unaudited Financial Statements 31 December 2021
SAINT & CO
Chartered Accountants Saint & Co Chartered Accountants Sterling House Wavell Drive Rosehill Carlisle Cumbria CA1 2SA
Mountain Heritage Trust
Company Limited by Guarantee
Financial Statements
Year ended 31 December 2021
| PAGE | |
|---|---|
| Trustees' annual report (incorporating the director's report) | 1 |
| Independent examiner's report to the trustees | 8 |
| Statement of financial activities (including income and expenditure | |
| account) | 9 |
| Statement of financial position | 10 |
| Notes to the financial statements | 11 |
Mountain Heritage Trust
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 December 2021
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 December 2021.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered charity name
Registered charity name Mountain Heritage Trust Charity registration number 1083219 Company registration number 03950830 Principal office and registered Blencathra Field Centre office Threlkeld Keswick CA12 4SG
THE TRUSTEES
The British Mountaineering Council Ms T A Tasker Mr W M Lownsbrough (Resigned 18 March 2021) Mr C Martin Ms C Renouf (Resigned 8 February 2021) Ms E J Sutton (Resigned 12 March 2021) Mr I J Smith Ms C Meehan (Resigned 5 February 2021) Mr G Uney (appointed 6 May 2021) INDEPENDENT EXAMINER Stuart Farrer FCA Saint & Co Chartered Accountants Sterling House Wavell Drive Rosehill Carlisle Cumbria CA1 2SA
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Mountain Heritage Trust
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 December 2021
INTRODUCTION
The year ending December 2021, and the subsequent hangover from the interruption caused by the Covid pandemic, continued to present challenges for MHT.
In the early part of the year as the nation emerged from lockdowns and enforced working absences, we used the opportunity to focus again on some of the Trust's contingency policies, notably our Disaster Recovery plan and our Collections Information Policy.
During the enforced recess taken by the Trust during Covid19, the Trustees worked remotely on a Heritage Lottery bid that would allow us to move to more robust staffing compliment and propel us one step nearer to the strategic end game of creating an overarching national heritage organisation that could embrace the geographic diversity of national club archival collections and provide a framework for a national online catalogue. Sadly, the post pandemic landscape for funding was a highly competitive one, and our bid for funding failed on this occasion. However, we looked to the rest of the year to continue to seek a more robust and modern organisational structure and governance as defined by our M&AA, and at the end the year had moved to a position to present the redrafted M&AA proposals to our sole member, The British Mountaineering Council (BMC) for their consideration and ratification.
In April 2021 we took the opportunity to recruit Administration Support for the office, specifically to aid Kelda Roe (Collections Manager) in her post. We were delighted to have Rachel Kelly join the team and her impact on the operational efficiency of the Trust was immediate. Her primary function was to take on the financial administration work and liaison with our new Treasurer, Fiona Bennet, who we also recruited in the same month.
2021 saw the 100th anniversary of the founding of the Pinnacle Club, the UK's only national mountaineering club for women. The Pinnacle Club Centenary Project, supported by funding from the National Lottery Fund and in partnership with MHT outlined its aim to preserve and share the rich history of the Pinnacle Club through voices, images, films and events and provided one of the UK's premier mountaineering celebrations during 2021. MHT were able to consult the Club on how to tell their stories to a wider audience, rebalancing a narrative which is primarily about men, and spotlighting women's longstanding involvement in climbing and mountaineering. MHT's specific expertise was sought to support the mainstay exhibition which was staged in Cumbria and later in London at the Alpine Club, between 5th July to 14th November 2021. We were delighted that Kelda was able to complete her work on this hugely important national exhibition before departing on her maternity leave.
The first half of 2021 saw the departure of Christine Renouf and Liz Sutton, long standing trustees whose contribution over the past years had been considerable. With the previously reported death of Doug Scott, in December 2020, the Trust began to seek new Trustees and we were delighted to have Graham Uney join in June to begin to bolster a new complement of Trustees. Further strengthening of the Trustee and Patron cohort is seen as a priority for 2022/23.
On 16th July 2021, Kelda departed on maternity leave. Her drive and enthusiasm for the Trust collections was a catalyst in re-energising the Trust's activities post lockdown and her subsequent absence was always going to be a significant loss. Given that the temporary nature of her absence and recruiting a suitably qualified maternity replacement would prove extremely challenging, it was decided that the remaining Trustees, under the leadership of the Chair, would maintain minimal operational cover for the Trust alongside the Office Administrator, similar to that undertaken during pandemic furlough.
During the year we continued to receive a number of private donations to our archives as well as our library. Further historically significant archival donations were received from the estates of Ian McNaught-Davis, Paul Nunn, Mark Vallance, John Allen and Ian Howell. We remain hugely grateful to the families of these esteemed members of the climbing community, and indeed all our donor families, for their significant additions to the
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Mountain Heritage Trust
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 December 2021
national mountaineering archives.
Following a drop in the British Mountaineering Council's (BMC) income due to the Covid-19 pandemic, the 2020 grant, used essentially to recompense Collection Manager and Administrator salaries, was reduced significantly. We are delighted to report that the full £35,000 funding has been reinstated this year and this has allowed us to continue to fund these two roles that play a key role in ensuring that the Trust remains viable. Fundraising to ensure the long-term sustainability of the Trust continues to be a priority as we now move into 2023.
As we reach the end of 2021, the Trust's lease on it premises at FSC Blencathra falls due for renewal in January and it remains the intention of the Trust to seek renewal for a further term to be agreed with our landlords.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The company is a Registered Charity and a Company Limited by Guarantee and is governed by its Memorandum and Articles of Association.
Recruitment and Appointment of Trustees
The directors and Trustees are appointed by the members. At the time of this report, the sole member is the British Mountaineering Council (BMC) who has therefore appointed all Directors and Trustees. However, a governance review with the Trust's legal advisors has recently been concluded which will now ensure that the Trust is operating from a governance structure that is more relevant to a modern day Charity legal framework and allows MHT to operate more independently from the sole influence of the BMC. In essence it will allow the Trust to bring in a broader 'membership' of heritage mountaineering bodies to work alongside the BMC. The Memorandum & Articles of Association have been revised and, heaving been approved by the Board of the BMC, are in the process of registration at Companies House and the Charity Commission.
The Board of Trustees
The current Board of Trustees has been reduced due to some individuals reaching the end of their three-year tenure and wishing to stand down. Furthermore, one moved from being a Trustee to a Patron, and sadly we had to report the death of Doug Scott, one of our longest serving Trustees and a former Vice Chair. We have recruited a new Trustee, alongside a bolstering of our office staffing contingent, and we hope to progress further trustee recruitment this year. We currently have three patrons, but it is hoped to attract additional candidates to support the Trust in this capacity also. As mentioned, this year has been a challenging one for the remaining contingent of Trustees on a personal level with illnesses and bereavements within respective families that needed their attention. This coincided with the office contingent also weakening with the maternity absence of the Collections Manager and her subsequent resignation. But the procurement of an Excellent replacement candidate in the round of interviews plus new administrative, finance and marketing resourcing means we enter 2024 with a renewed vigour and stronger staffing compliment all round. The ability of Trustees to meet quarterly this year was therefore somewhat compromised but contingency arrangements put in place to ensure the office was periodically manned and decision making could be effected via zoom etc has meant that the Trust has remained active throughout the year albeit in a reduced capacity.
As a Registered Charity the company is non-profit making and has at its sole member, the British Mountaineering Council (BMC). The BMC is a corporate body with over 75,000 members and is limited by guarantee but is not a charity. Mountain Heritage Trust has been incorporated without share capital as it is limited by guarantee, to a maximum of £1, by its members. The Memorandum and Articles of Association prohibit distribution of any surpluses other than to similar charities and so by definition the BMC will not be able to benefit financially from any surplus generated by the Charity. Future members of the Charity are to be approved by all existing members.
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Mountain Heritage Trust
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 December 2021
Risk Management
The Directors and Trustees, as mentioned above, have carried out a review of the Charity's activities. The Directors and Trustees are monitoring progress against the strategic objectives set out in the plan at each quarterly meeting and a comprehensive annual review is also carried out. As part of this process, the Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finance of the Charity and are satisfied those systems are in place to mitigate exposure to major risks.
OBJECTIVES AND ACTIVITIES
The Charity was established for the advancement for the public benefit of education and training through knowledge and understanding about the history, heritage, skills and safe conduct of climbing, hill walking and mountaineering and the environments in which these activities take place; for the advancement for the public benefit of education, awareness and understanding for the creation of a record and archive, and display and preservation of mountaineering history and heritage; and to assist in the provision of facilities for recreation or leisure for persons who are in need thereof by reason of their youth, age, infirmity, poverty or to the members of the public at large.
These objects were fulfilled as detailed in the review of activities.
Public Benefit
The Trustees confirm that they have complied with section 17(5) of the 2011 Charities Act in having paid due regard to the Charities Commission guidance on public benefit.
The trustees have considered the guidance issued by the Charity Commission and confirm that they continue to adhere to this guidance. The benefit of MHT's work to the general public is that it provides a unique resource of Britain's mountain heritage which is preserved and promoted to as wide an audience as possible. The creation and upkeep of this legacy will ensure future generations will have full knowledge of this fascinating aspect of our history.
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Mountain Heritage Trust
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 December 2021
ACHIEVEMENTS AND PERFORMANCE
As previously mentioned, during 2021 the Trust underwent a further extended period of dormancy, similar to that experienced during the pandemic of the previous year. This time the curtailment of much planned activity was due to the maternity absence of our Collections Manager, who returned in early 2022 only to hand in her resignation. A thorough and successful recruitment process was convened and a new Collections Manager moved into post during 2022 to enable us to readdress many of the priorities held over from the previous reporting year.
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Early in 2021 we provided curatorship expertise for a celebration of the 100th Anniversary of the Pinnacle Club, the UK's only all female climbing and mountaineering club. This was met with significant national acclaim and the exhibition moved on from its original location in Cumbria to the halls of the Alpine Club in London. There was also significant national profile given to the anniversary by the media and it was pleasing to see the Trust gain greater profile as a result of its partnership with the Pinnacle Club on this project.
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The Trust has, as always, continued to acquire new collections with considerable interest and significance to the mountaineering community. Work continue apace to log these into the cataloguing database and a concerted effort on the part of the new Collections Manager in 2022 will show a huge improvement in the visibility of our collections to academic researchers and those wishing to explore mountaineering's vast and varied history.
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In October 2021 we were delighted to host the world premier of the feature-length documentary film screening about Cumbrian miner, rock climber and artist Bill Peascod (1920-1985). The film charted Bill's life from a challenging childhood in the Cumberland coalfields to his pioneering of new rock climbing routes in 1940s. Filmed in England, Australia and Japan, it featured rare MHT archive material, interviews with John Innerdale and Chris Bonington from the Trust, photographs by the Abraham Brothers and a soundtrack by Cumbrian and Australian musicians.
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Continued Partnership work with the National Trust at Allan Bank where the Chorley Hopkinson library resides remains ongoing. The National Trust continue to consider funding opportunities to broaden the popularity of Allan Bank to its membership and the general public. It is hoped that by doing so we can bring a greater prominence to the importance of the mountaineering library entrusted to ourselves and the National Trust by Lord Chorley. We continue to view our partnership working with the National Trust as an exciting opportunity for MHT on many differing levels which we hope to be able to report in next years accounting statement.
As previously mentioned a huge amount of work from the trustees and the Collections Manager was effected to prepare for a substantial Heritage Lottery bid , submitted at the end of 2020. Sadly in early 2021 we learned that this was not successful due to huge competition in the funding space post pandemic.
Research
Given the ongoing office closure for the bulk of the reporting year it was decided to restrict access only to MHT Trustees and staff and as such no research was conducted by scholars etc during the year in question.
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Mountain Heritage Trust
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 December 2021
FINANCIAL REVIEW
During the financial year our total incoming resources, of the charity were £65,528 of which £8,700 was restricted. Total resources expended, for the charity were £51,391 of which £9,862 was spent on restricted projects, resulting in a Net Resources Surplus of £14,137.
The Balance Sheet shows Total Funds at the Balance Sheet date of £77,962 represented by Unrestricted General Funds of £67,272 and Restricted Funds of £10,690.
The financial position of the charity as at the Balance Sheet date is considered to be satisfactory.
Reserves and Investment Policy
The charity is in its eighteenth year of operation, and it is intended to build up six months expenditure in due course as free reserves on the unrestricted fund in order to allow the charity to react in an orderly way to unforeseen events. At the year end unrestricted reserve levels were £67,272 (2020: £52,770) and the charity's current level of unrestricted free reserves (total funds less the amount held in fixed assets and restricted funds) is £35,865 (2020: £20,570).
There are no investments.
Investment Powers
Under the Memorandum and Articles of Association, the Charity has the power to make any investment which the Trustees think appropriate.
PLANS FOR FUTURE PERIODS
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a) Continue to consolidate and develop MHT's presence in its current home at the Blencathra Field Studies Centre as well as considering opportunities to develop a greater presence in the wider region including other areas of Northern England.
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b) Following the findings in our 'Resilience Project - we have outlined lined new plans to develop an event based timeline driven marketing strategy that supports all areas of the Trust. A contract has been negotiated with a specialist marketing agency and this will be enacted during January 2024.
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c) To further develop the relationship with Mountain Rescue England and Wales to support their Heritage efforts.
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d) When the necessary staff and trustee resources are available, develop a manageable and sustainable events profile for MHT which directly / indirectly keeps the custodianship, dissemination and development of its collections central.
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e) To continue to add to the database of National Archives with regular updating.
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f) To continue to target potential mountain heritage archives and be pro-active in securing their future.
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g) To continue to offer support and consultancy to other mountain heritage organisations, in particular the Scottish Mountain Heritage Collection, the Kendal Mountain Festivals archive and the Boardman / Tasker Charitable Trust.
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h) To continue to support and develop a relationship with climbing clubs for the potential development of club archives, including oral interviews.
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i) To continue to offer heritage consultancy to the BMC and promote the work of MHT with regular articles in Summit magazine and gain a presence on the BMC website regarding mountain heritage.
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j) Revisit the five-year Development Plan which was an outcome of the Resilience Plan project funded by the HLF which will guide the Trust's priorities and activities.
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k) Focus our governance through increased skills and confidence in areas including strategy, fundraising and collections management.
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l) Further develop the Collections Management System which supports the nationally significant heritage in our care.
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Mountain Heritage Trust
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 December 2021
- m) Develop partnerships with key stakeholders in line with 'mountain heritage' to understand how MHT could develop to be most useful to them, whether as individual heritage organisations or the mountaineering sector.
Connected Institutions and Bodies
Currently, the British Mountaineering Council is the sole member of Mountain Heritage Trust with the power to appoint Trustees. Its principal activity continues to be to act as the representative body for the sport of climbing, mountaineering (which shall include ski-mountaineering) and hill walking. However, as previously advised work has continued to further enhance the independence of MHT as a national heritage body, strengthening its membership to encompass a wider variety of heritage stakeholders. This work continued during the financial year 2020/21 under the auspices of the Trust's Chairperson and legal advisors, and final ratification by the BMC, and subsequent registration with Companies House and The Charities Commission, was undertaken in 2022.
Directors of British Mountaineering Council are as follows: F Alzetta (appointed 6 January 2021) P Davis J Dry D N Hopper (appointed 6 January 2021) M N Hurn (appointed 16 May 2021) P Salenieks F Sanders C B Spencer A B Syme (appointed 16 May 2021) J D White C B Worboys (appointed 13 January 2021)
SMALL COMPANY PROVISIONS
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The trustees' annual report was approved on 19[th] December 2022 and signed on behalf of the board of trustees by:
Ms T A Tasker Trustee
Mr C Martin Trustee
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Mountain Heritage Trust
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of Mountain Heritage Trust
Year ended 31 December 2021
I report to the trustees on my examination of the financial statements of Mountain Heritage Trust ('the charity') for the year ended 31 December 2021.
RESPONSIBILITIES AND BASIS OF REPORT
As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act’).
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
INDEPENDENT EXAMINER'S STATEMENT
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
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the financial statements do not accord with those records; or
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the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination; or
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the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Stuart Farrer FCA Independent Examiner Saint & Co Chartered Accountants Sterling House Wavell Drive Rosehill Carlisle Cumbria CA1 2SA
Date: 19[th] December 2022
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Mountain Heritage Trust
Company Limited by Guarantee
Statement of Financial Activities (including income and expenditure account)
Year ended 31 December 2021
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | ||||
| funds | funds | Total funds | Total funds | ||
| Note | £ | £ | £ | £ | |
| Income and endowments | |||||
| Donations and legacies | 5 | 49,750 | 8,700 | 58,450 | 49,723 |
| Charitable activities | 6 | 7,078 | – | 7,078 | 170 |
| Investment income | 7 | – | – | – | 15 |
| ----------------------------- | ------------------------ | ----------------------------- | ----------------------------- | ||
| Total income | 56,828 | 8,700 | 65,528 | 49,908 | |
| ============================= | ======================== | ============================= | ============================= | ||
| Expenditure | |||||
| Expenditure on raising funds: | |||||
| Costs of raising donations and | |||||
| legacies | 8 | (232) | – | (232) | (669) |
| Expenditure on charitable activities | 9,10 | (41,298) | (9,862) | (51,159) | (69,947) |
| ----------------------------- | ------------------------ | ----------------------------- | ----------------------------- | ||
| Total expenditure | (41,530) | (9,862) | (51,391) | (70,616) | |
| ============================= | ======================== | ============================= | ============================= | ||
| ----------------------------- | ------------------------ | ----------------------------- | ----------------------------- | ||
| Net income/(expenditure) | 15,298 | (1,162) | 14,137 | (20,708) | |
| ============================= | ======================== | ============================= | ============================= | ||
| Transfers between funds | (796) | 796 | – | – | |
| ----------------------------- | ------------------------ | ----------------------------- | ----------------------------- | ||
| Net movement in funds | 14,502 | (366) | 14,137 | (20,708) | |
| Reconciliation of funds | |||||
| Total funds brought forward | 52,770 | 11,056 | 63,826 | 84,534 | |
| ----------------------------- | ----------------------------- | ----------------------------- | ----------------------------- | ||
| Total funds carried forward | 67,272 | 10,690 | 77,962 | 63,826 | |
| ============================= | ============================= | ============================= | ============================= |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 11 to 23 form part of these financial statements.
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Mountain Heritage Trust
Company Limited by Guarantee
Statement of Financial Position (continued)
31 December 2021
| 2021 | 2020 | |||
|---|---|---|---|---|
| Note | £ | £ | £ | |
| FIXED ASSETS | ||||
| Tangible fixed assets | 16 | 13,571 | 15,300 | |
| Heritage assets | 17 | 25,000 | 25,000 | |
| ----------------------------- | ----------------------------- | |||
| 38,571 | 40,300 | |||
| CURRENT ASSETS | ||||
| Debtors | 18 | 5,852 | 1,908 | |
| Cash at bank and in hand | 35,676 | 33,624 | ||
| ----------------------------- | ----------------------------- | |||
| 41,528 | 35,532 | |||
| CREDITORS: amounts falling due within one year | 19 | (2,137) | (12,006) | |
| ----------------------------- | ----------------------------- | |||
| NET CURRENT ASSETS | 39,391 | 23,526 | ||
| ----------------------------- | ----------------------------- | |||
| TOTAL ASSETS LESS CURRENT LIABILITIES | 77,962 | 63,826 | ||
| ----------------------------- | ----------------------------- | |||
| NET ASSETS | 77,962 | 63,826 | ||
| ============================= | ============================= | |||
| FUNDS OF THE CHARITY | ||||
| Restricted funds | 10,690 | 11,056 | ||
| Unrestricted funds | 67,272 | 52,770 | ||
| ----------------------------- | ----------------------------- | |||
| Total charity funds | 23 | 77,962 | 63,826 | |
| ============================= | ============================= |
For the year ending 31 December 2021 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on 19[th] December 2022, and are signed on behalf of the board by:
Ms T A Tasker Trustee
Mr C Martin Trustee
Company Registration Number: 03950830
The notes on pages 11 to 23 form part of these financial statements.
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Mountain Heritage Trust
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 December 2021
1. GENERAL INFORMATION
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Blencathra Field Centre, Threlkeld, Keswick, CA12 4SG.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP 2019 (FRS 102)), the Companies Act 2006 and the Charities Act 2011.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Taxation
No provision is made for taxation as exemption has been granted by the HM Revenue and Customs from taxation under the legislation applicable to charitable companies, section 466 to 493 of the Corporation Tax Act 2010.
Disclosure exemptions
The charity has taken advantage of the disclosure exemptions permitted by the Charities SORP 2015 (FRS102) regarding inclusion of a Statement of Cash Flows as the Charity is a small charity as defined in Update Bulletin 1 of the Charities SORP (FRS102).
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Significant judgements
The trustees consider there were no significant judgements made in preparing the financial statements.
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Mountain Heritage Trust
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 December 2021
3. ACCOUNTING POLICIES (continued) Key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The trustees consider there are no key sources of estimation uncertainty.
Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Restricted funds are funds that are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for a particular purpose. The aim and use of each restricted fund is set out in the notes to the financial statements.
Incoming resources
All income is included in the statement of financial activities once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. The following specific policies are applied to particular categories of income:
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(a) Voluntary income is received by way of grants, donations and gifts and is included in full in the statement of financial activities when receivable. Grants where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant.
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(b) Donated services and facilities are included at the value to the charity where this can be quantified. The value of services provided by volunteers has not been included.
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(c) Gifts donated for resale are included as income within activities for generating funds when they are sold.
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(d) Legacy income is recognised when receipt is probable and entitlement is established.
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(e) Income from grants, where related to specific performance conditions, are accounted for as earned (as the related goods or services are provided). Grant income included in this category provides funding to support performance activities and is recognised where there is entitlement, receipt of the income is probable and the amount can be measured with sufficient reliability.
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(f) Income or grants received in advance are held in deferred income. Any grants restricted to future accounting periods are deferred and recognised in those accounting periods.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
- expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
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Mountain Heritage Trust
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 December 2021
3. ACCOUNTING POLICIES (continued)
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expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
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other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
| Fixtures and Fittings | - | 10% reducing balance |
|---|---|---|
| Equipment | - | 20% reducing balance |
| Heritage assets |
The charity holds heritage assets, originally acquired by way of gift, which are tangible fixed assets of historical, artistic or scientific importance that are held to advance preservation and conservation objectives of the charity.
Where heritage assets were acquired in past accounting periods and not capitalised, it can be difficult or costly to attribute a cost or value to them. Therefore heritage assets are excluded from the balance sheet as reliable cost information is not available and conventional valuation approaches lack sufficient reliability or significant costs are involved in the reconstruction or analysis of past accounting records or in valuation, which are onerous compared with the additional benefit derived by users of the accounts in assessing the trustees' stewardship of the assets.
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Mountain Heritage Trust
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 December 2021
3. ACCOUNTING POLICIES (continued)
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the charity will comply with the conditions attaching to them and the grants will be received.
Where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
- 14 -
Mountain Heritage Trust
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 December 2021
3. ACCOUNTING POLICIES (continued) Defined contribution plans
The charity operates a defined contribution pension scheme for it's employee. The assets of the scheme are held separately from those of the charity. The annual contributions payable are charged to the statement of financial activities.
4. LIMITED BY GUARANTEE
Every member of the company undertakes to contribute to the assets of the company, in the event of the same being wound up while he is a member or within one year after he ceases to be a member, the payments of debts and liabilities of the company contracted before he ceased to be a member and of the costs, charges and expenses of winding up and for the adjustment of the rights of the contributors among themselves, such amount as may be required not exceeding £1.
5. DONATIONS AND LEGACIES
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2021 | |
| £ | £ | £ | |
| DONATIONS | |||
| Donations | 10,143 | – | 10,143 |
| GRANTS | |||
| Heritage Lottery Fund Grant | – | – | – |
| The British Mountaineering Council | 35,000 | – | 35,000 |
| HLF Resilience | – | – | – |
| Heritage Compass | 2,000 | – | 2,000 |
| Government grant income | 2,607 | 8,700 | 11,307 |
| SPONSORSHIP | |||
| Sponsorship | – | – | – |
| ----------------------------- | ------------------------ | ----------------------------- | |
| 49,750 | 8,700 | 58,450 | |
| ============================= | ======================== | ============================= | |
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2020 | |
| £ | £ | £ | |
| DONATIONS | |||
| Donations | 5,417 | – | 5,417 |
| GRANTS | |||
| Heritage Lottery Fund Grant | – | 17,700 | 17,700 |
| The British Mountaineering Council | 15,300 | – | 15,300 |
| HLF Resilience | – | (3,228) | (3,228) |
| Heritage Compass | – | – | – |
| Government grant income | 5,167 | 8,700 | 13,867 |
| SPONSORSHIP | |||
| Sponsorship | 667 | – | 667 |
| ----------------------------- | ----------------------------- | ----------------------------- | |
| 26,551 | 23,172 | 49,723 | |
| ============================= | ============================= | ============================= |
- 15 -
Mountain Heritage Trust
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 December 2021
6. CHARITABLE ACTIVITIES
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
|---|---|---|---|---|---|
| Funds | 2021 | Funds | 2020 | ||
| £ | £ | £ | £ | ||
| Other income | 211 | 211 | 170 | 170 | |
| The Pinnacle club | 6,867 | 6,867 | – | – | |
| ------------------------ | ------------------------ | --------------- | --------------- | ||
| 7,078 | 7,078 | 170 | 170 | ||
| ======================== | ======================== | =============== | =============== | ||
| 7. | INVESTMENT INCOME | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2021 | Funds | 2020 | ||
| £ | £ | £ | £ | ||
| Bank interest receivable | – | – | 15 | 15 | |
| =============== | =============== | =============== | =============== | ||
| 8. | COSTS OF RAISING DONATIONS AND | LEGACIES | |||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2021 | Funds | 2020 | ||
| £ | £ | £ | £ | ||
| Costs of other trading income | 232 | 232 | 669 | 669 | |
| =============== | =============== | =============== | =============== | ||
| 9. | EXPENDITURE ON CHARITABLE ACTIVITIES BY FUND TYPE | ||||
| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2021 | |||
| £ | £ | £ | |||
| Charitable activities | 31,693 | 1,162 | 32,855 | ||
| Support costs | 9,604 | 8,700 | 18,304 | ||
| ----------------------------- | ------------------------ | ----------------------------- | |||
| 41,297 | 9,862 | 51,159 | |||
| ============================= | ======================== | ============================= | |||
| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2020 | |||
| £ | £ | £ | |||
| Charitable activities | 28,137 | 35,450 | 63,587 | ||
| Support costs | 4,386 | 1,974 | 6,360 | ||
| ----------------------------- | ----------------------------- | ----------------------------- | |||
| 32,523 | 37,424 | 69,947 | |||
| ============================= | ============================= | ============================= |
- 16 -
Mountain Heritage Trust
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 December 2021
10. EXPENDITURE ON CHARITABLE ACTIVITIES BY ACTIVITY TYPE
Charitable Activities
| Charitable Activities | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Exhibition and Event expenses | 91 | 640 |
| Wages & Salaries | 17,216 | 28,364 |
| Pension costs | 944 | 1,367 |
| Rent | 11,000 | 11,000 |
| Insurance | 905 | 1,022 |
| Travel and Subsistence | 45 | 438 |
| Legal & Professional | - | 18,271 |
| Telephone | 347 | 433 |
| Depreciation | 1,729 | 1,975 |
| Printing, postage, stationery and advertising | 51 | 12 |
| Archival material costs | 527 | 65 |
| ----------------------------- | ----------------------------- | |
| 32,855 | 63,587 | |
| Support Activities | ||
| 2021 | 2020 | |
| £ | £ | |
| Repairs & Maintenance | 634 | – |
| Marketing and Website Costs | 3,955 | 3,849 |
| Bank charges & interest | 86 | 88 |
| Sundry | 318 | 913 |
| ----------------------------- | ----------------------------- | |
| 4,993 | 4,850 | |
| Governance Costs | ||
| 2021 | 2020 | |
| £ | £ | |
| Accountancy fees | 2,813 | 1,510 |
| Legal Fees | 10,498 | – |
| ----------------------------- | ----------------------------- | |
| 51,159 | 69,947 | |
| ============================= | ============================= |
11. ANALYSIS OF SUPPORT COSTS
| Analysis of | |||
|---|---|---|---|
| support costs | Total 2021 | Total 2020 | |
| £ | £ | £ | |
| Communications and IT | 3,955 | 3,955 | 3,849 |
| Finance costs | 86 | 86 | 88 |
| Governance costs | 13,311 | 13,311 | 1,510 |
| Sundry | 952 | 952 | 913 |
| ----------------------------- | ----------------------------- | ------------------------ | |
| 18,304 | 18,304 | 6,360 | |
| ============================= | ============================= | ======================== |
- 17 -
Mountain Heritage Trust
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 December 2021
12. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| Net income/(expenditure) is stated after charging/(crediting): | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Depreciation of tangible fixed assets | 1,729 | 1,974 |
| ======================== | ======================== | |
| INDEPENDENT EXAMINATION FEES | ||
| 2021 | 2020 | |
| £ | £ | |
| Fees payable to the independent examiner for: | ||
| Independent examination of the financial statements | 578 | 550 |
| =============== | =============== | |
| STAFF COSTS | ||
| The total staff costs and employee benefits for the reporting period are analysed as follows: | ||
| 2021 | 2020 | |
| £ | £ | |
| Wages and salaries | 17,216 | 28,364 |
| Employer contributions to pension plans | 944 | 1,367 |
| ----------------------------- | ----------------------------- | |
| 18,160 | 29,731 | |
| ============================= | ============================= |
13. INDEPENDENT EXAMINATION FEES
14. STAFF COSTS
The average head count of employees during the year was 1 (2020: 1).
No employee received employee benefits of more than £60,000 during the year (2020: Nil).
15. TRUSTEE REMUNERATION AND EXPENSES
No remuneration was paid directly or indirectly out of the funds of the charity to any Trustee or to any person or persons known to be connected with them.
No reimbursement was made out of the funds of the charity to any Trustee in respect of their position as Trustee. No Trustees claimed travel and subsistence expenses in the year. (2020: £550 for travel and subsistence was paid to 3 trustees).
- 18 -
Mountain Heritage Trust
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 December 2021
16. TANGIBLE FIXED ASSETS
| Fixtures and | |||
|---|---|---|---|
| fittings | Equipment | Total | |
| £ | £ | £ | |
| Cost | |||
| At 1 January 2021 and 31 December 2021 | 19,069 | 5,702 | 24,771 |
| ============================= | ======================== | ============================= | |
| Depreciation | |||
| At 1 January 2021 | 5,746 | 3,725 | 9,471 |
| Charge for the year | 1,333 | 396 | 1,729 |
| ----------------------------- | ------------------------ | ----------------------------- | |
| At 31 December 2021 | 7,079 | 4,121 | 11,200 |
| ============================= | ======================== | ============================= | |
| Carrying amount | |||
| At 31 December 2021 | 11,990 | 1,581 | 13,571 |
| ============================= | ======================== | ============================= | |
| At 31 December 2020 | 13,323 | 1,977 | 15,300 |
| ============================= | ======================== | ============================= |
17. HERITAGE ASSETS
The charity holds heritage assets consisting of a painting of Scafell Crag by Julian Cooper and also holds title to other collections of mountaineering significance.
The Trust maintains summary lists (electronic and/or paper) of its heritage assets, these are to be expanded in the near future to provide greater detail as time permits. Access is permitted to all assets (except in two cases where a closure period has been agreed with donors for a small section of specified collections) once they are catalogued and providing users follow the Trust's handling guidelines and comply with Data Protection legislation.
| Heritage Asset | |
|---|---|
| £ | |
| Cost or valuation | |
| At 1 January 2021 and 31 December 2021 | 25,000 |
| ============================= | |
| Accumulated depreciation | |
| At 1 January 2021 and 31 December 2021 | – |
| ============================= | |
| Carrying amount | |
| At 31 December 2021 | 25,000 |
| ============================= | |
| At 31 December 2020 | 25,000 |
| ============================= |
The heritage asset included within the financial statements is the painting of Scafell Crag by Julian Cooper. This is included at valuation.
Heritage assets recognised at valuation
In 2010, the painting was valued on behalf of the trustees, by The Heaton Cooper Studio Limited to a value of £25,000. The Heaton Cooper Studio Limited appear appropriately skilled to carry out this work. Julian Cooper is a director of The Heaton Cooper Studio Limited. The Trustees consider this valuation to be an accurate reflection of the true worth of the painting to the charity at the year end. The trustees are of the opinion that the painting is not depreciating.
- 19 -
Mountain Heritage Trust
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 December 2021
17. HERITAGE ASSETS (continued)
Summary of transactions
| 2021 | 2020 | 2019 | 2018 | 2017 | |||
|---|---|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | |||
| Not included in the statement of financial | position | ||||||
| Donations | – | – | – | - | 7,755 | ||
| --------------- | --------------- | --------------- | ------------------------ | ------------------------ | |||
| Total additions | – | – | – | - | 7,755 | ||
| ============================================ | ============================================ | ============================================ | ======================== | ======================== |
There have been no transactions in the last 5 years relating to heritage assets included in the balance sheet.
Heritage assets not recognised on the statement of financial position
The Trust holds title to a collection of heritage assets originally acquired by way of a gift. The value of this collection has not been included within the financial statements due to the nature of the items preventing a fair market value being obtained. The insured sum for this collection amounts to £55,167, a value which the trustees believe to be reasonable.
18. DEBTORS
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Prepayments and accrued income | 2,741 | 500 |
| Other debtors | 3,111 | 1,408 |
| ------------------------ | ------------------------ | |
| 5,852 | 1,908 | |
| ======================== | ======================== | |
| CREDITORS: amounts falling due within one year | ||
| 2021 | 2020 | |
| £ | £ | |
| Trade creditors | 181 | 2,712 |
| Accruals and deferred income | 1,710 | 8,775 |
| Social security and other taxes | – | 274 |
| Other creditors | 245 | 245 |
| ------------------------ | ----------------------------- | |
| 2,136 | 12,006 | |
| ======================== | ============================= | |
| DEFERRED INCOME | ||
| 2021 | 2020 | |
| £ | £ | |
| At 1 January 2021 | 6,960 | – |
| Amount released to income | (6,960) | – |
| Amount deferred in year | – | 6,960 |
| ------------------------ | ------------------------ | |
| At 31 December 2021 | – | 6,960 |
| ======================== | ======================== |
19. CREDITORS: amounts falling due within one year
20. DEFERRED INCOME
There is no deferred income (2020: The deferred income in the year is for part of the Culture Recovery Fund 2020 which relates to the period 1 January 2021 to 31 March 2021).
- 20 -
Mountain Heritage Trust
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 December 2021
21. PENSIONS AND OTHER POST RETIREMENT BENEFITS
Defined contribution plans
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £944 (2020: £1,367).
22. GOVERNMENT GRANTS
The amounts recognised in the financial statements for government grants are as follows:
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Recognised in income from donations and legacies: | ||
| Government grants income | 11,307 | 13,867 |
| ============================= | ============================= |
Included in Government grants is £2,607 (2020: £5,167) relating to grants claimed under the Coronavirus Job Retention Scheme and £8,700 (2020: £8,700) relating to the Culture Recovery Fund.
23. ANALYSIS OF CHARITABLE FUNDS
Unrestricted funds
| Unrestricted funds | ||||||||
|---|---|---|---|---|---|---|---|---|
| At | ||||||||
| At | 1 | January | 31 | December | ||||
| 2021 | Income | Expenditure | Transfers | 2021 | ||||
| £ | £ | £ | £ | £ | ||||
| General funds | 52,770 | 56,828 | (41,530) | (796) | 67,272 | |||
| ============================= | ============================= | ============================= | =============== | ============================= | ||||
| At | ||||||||
| At | 1 | January | 31 | December | ||||
| 2020 | Income | Expenditure | Transfers | 2020 | ||||
| £ | £ | £ | £ | £ | ||||
| General funds | 60,126 | 26,737 | (33,192) | (901) | 52,770 | |||
| ============================= | ============================= | ============================= | =============== | ============================= |
- 21 -
Mountain Heritage Trust
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 December 2021
23. ANALYSIS OF CHARITABLE FUNDS (continued)
Restricted funds
| Restricted funds | ||||||
|---|---|---|---|---|---|---|
| At | ||||||
| At | 1 January | 31 December | ||||
| 2021 | Income | Expenditure | Transfers | 2021 | ||
| £ | £ | £ | £ | £ | ||
| Man and Mountain | – | – | (113) | 113 | – | |
| Mercer's Grant | – | – | (683) | 683 | – | |
| Joe Tasker | 539 | – | (108) | – | 431 | |
| Johnnie Lees | 1,868 | – | (33) | – | 1,835 | |
| Archives Testbed | 3,260 | – | (225) | – | 3,035 | |
| HLF Resilience project | 5,389 | – | – | – | 5,389 | |
| Culture Recovery Fund | ||||||
| 2020 | – | 8,700 | (8,700) | – | – | |
| HLF Emergency Funding | – | – | – | – | – | |
| ----------------------------- | ------------------------ | ------------------------ | --------------- | ----------------------------- | ||
| 11,056 | 8,700 | (9,862) | 796 | 10,690 | ||
| ============================= | ======================== | ======================== | =============== | ============================= | ||
| At | ||||||
| At | 1 January | 31 December | ||||
| 2020 | Income | Expenditure | Transfers | 2020 | ||
| £ | £ | £ | £ | £ | ||
| Man and Mountain | – | – | (141) | 141 | – | |
| Mercer's Grant | – | – | (759) | 759 | – | |
| Joe Tasker | 674 | – | (135) | – | 539 | |
| Johnnie Lees | 1,908 | – | (40) | – | 1,868 | |
| Archives Testbed | 3,260 | – | – | – | 3,260 | |
| HLF Resilience project | 18,566 | (3,228) | (9,949) | – | 5,389 | |
| Culture Recovery Fund | ||||||
| 2020 | – | 8,700 | (8,700) | – | – | |
| HLF Emergency Funding | – | 17,700 | (17,700) | – | – | |
| ----------------------------- | ----------------------------- | ----------------------------- | --------------- | ----------------------------- | ||
| 24,408 | 23,172 | (37,424) | 900 | 11,056 | ||
| ============================= | ============================= | ============================= | =============== | ============================= |
The Man and Mountain fund was a Heritage Lottery Fund Grant and is restricted to a project exploring the life and influence of Sir Chris Bonington.
The Mercer's Grant was restricted to improving archive storage for preserving mountaineering heritage.
The HLF Resilience Grant is restricted to improving the organisational resilience of the charity including developing comprehensive marketing and fundraising strategies, improving website facilities and creating a five year development plan to formalise the trusts priorities.
The Culture Recovery Fund 2020 and the Heritage Lottery Emergency Fund were restricted to cover specific costs to support the Charity in the wake of the coronavirus (COVID-19) pandemic.
- 22 -
Mountain Heritage Trust
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 December 2021
24. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2021 | |
| £ | £ | £ | |
| Tangible fixed assets | 6,407 | 7,164 | 13,571 |
| Heritage assets | 25,000 | – | 25,000 |
| Current assets | 38,002 | 3,526 | 41,528 |
| Creditors less than 1 year | (2,137) | – | (2,137) |
| ----------------------------- | ----------------------------- | ----------------------------- | |
| Net assets | 67,272 | 10,690 | 77,962 |
| ============================= | ============================= | ============================= | |
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2020 | |
| £ | £ | £ | |
| Tangible fixed assets | 7,200 | 8,100 | 15,300 |
| Heritage assets | 25,000 | – | 25,000 |
| Current assets | 25,616 | 9,916 | 35,532 |
| Creditors less than 1 year | (5,046) | (6,960) | (12,006) |
| ----------------------------- | ----------------------------- | ----------------------------- | |
| Net assets | 52,770 | 11,056 | 63,826 |
| ============================= | ============================= | ============================= |
25. OPERATING LEASE COMMITMENTS
The total future minimum lease payments under non-cancellable operating leases are as follows:
| 2021 | 2020 | |||
|---|---|---|---|---|
| £ | £ | |||
| Not later than | 1 | year | 2,750 | 11,000 |
| ======================== | ============================= |
26. RELATED PARTIES
The British Mountaineering Council is the sole member of Mountain Heritage Trust, and controls Mountain Heritage Trust through the appointment of trustees to the charity. The receipts from the British Mountaineering Council were; Donation towards general running costs £35,000 (2020: £15,300).
At the balance sheet date £245 was owed to BMC (2020: £245 was owed to BMC).
William Lownsbrough, a trustee of Mountain Heritage Trust (up to 18 March 2021), is director of Nibiru Holdings Limited. During the period up to his resignation Mountain Heritage Trust paid Nibiru Holdings Limited £90 (2020: £613) for IT support.
Elizabeth Sutton, a trustee of Mountain Heritage Trust (up to 12 March 2021), is director of Ruby Tiger Limited. During the year Mountain Heritage Trust paid Ruby Tiger Limited £nil (2020: £8,322) for fundraising research and proposal submission, at the year end Mountain Heritage trust owed Ruby Tiger Limited £nil (2020: £2,641).
Key management personnel
Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the charity. No compensation has been paid to key management personnel for services provided to the charity since key management personnel is made up of the trustees of the charity.
- 23 -