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2021-04-05-accounts

Registered Charity No. 1084664

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BRIAN AND JILL MOSS CHARITABLE TRUST

Report and Financial Statements

Year Ended 5 April 2021

BRIAN AND JILL MOSS CHARITABLE TRUST

CONTENTS Page
Officers and professional advisers 1
Trustees’ report 2-3
Trustees’ responsibilities statement 4
Independent Examiners' Report 5
Statement of financial activities 6
Balance sheet 7
Notes to the financial statements 8-10

BRIAN AND JILL MOSS CHARITABLE TRUST

OFFICERS AND PROFESSIONAL ADVISERS

REGISTERED CHARITY NUMBER

1084664

TRUSTEES AND OFFICERS

Mrs Jill Moss Mr David Paul Moss Mrs Sarah Levy

BANKERS

Coutts & Co 440 Strand London WC2R 0QS

INDEPENDENT EXAMINER

Bevan Buckland LLP Cardigan House Castle Court Swansea Enterprise Park Swansea SA7 9LA

INVESTMENT MANAGERS

Smith & Williamson 25 Moorgate London EC2R 6AY

REGISTERED OFFICE

c/o Deloitte LLP 5 Callaghan Square Cardiff CF10 5BT

1

BRIAN AND JILL MOSS CHARITABLE TRUST

TRUSTEES’ REPORT

TRUSTEES’ REPORT

The Trustees of the charity present their annual Trustees’ Report on the affairs of the charity, together with the financial statements and examinor’s report for the year ended 5 April 2021.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Brian and Jill Moss Charitable Trust is a registered charity, number 1084664 (charitable status obtained on 23 January 2001), the governing instrument being the trust deed dated 2 August 2000.

The trustees, who served throughout the year, are summarised on page 1. Appointment of new trustees is at the discretion of the existing trustees. New trustees are briefed about the charity’s objectives and how they have been achieved in the past.

RISK MANAGEMENT

As part of its business planning process, the trustees have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks. A key risk identified by the Trustees is a potential fall in valuation of investments. To mitigate these risks investment managers are engaged to diversify the investment portfolio.

OBJECTIVES AND ACTIVITIES

The charity’s income is derived from a portfolio of listed investments, any remaining income after the deduction of expenses is then donated or granted. Donations and grants are made for the benefit of such exclusively charitable objects and purposes that the trustees feel appropriate and towards those in need. Appeals are considered as they are received and the trustees will make donations throughout the year.

PUBLIC BENEFIT

As the charity is a public benefit entity, the trustees have had due regard to the guidance contained in the Charity Commission’s guidance on public benefit when reviewing the charity’s aims and objectives and in planning future activities.

In particular the trustees consider how planned activities will contribute to the charity’s aims and the objectives they have set.

They consider that they have complied with their duty under section 17(5) of the Charities Act 2011.

The charity’s main activities, achievements and benefits are described below.

ACHIEVEMENTS AND PERFORMANCE (INCORPORATING FINANCIAL REVIEW AND PLANS FOR THE FUTURE)

Gift Aid donations of £75,000 were received during the year from the charity’s trustees (2020 - £75,000). The trustees are to claim a tax repayment of £18,750 in relation to the donations (2020 - £18,750). Investment income for the year was £100,091 (2020 - £111,850).

The trust donated a total of £164,350.00 during the year (2020 – £172,350). The donations, each in isolation, are not material and therefore they are not detailed in the accounts.

Ignoring gains on revaluation and disposal of investment assets, the net outgoing resources amount to (£16,613) (2020 – £4,588). There was a positive movement of funds for the year of £882,764 (2020 – negative movement of £536,786) which has been transferred to unrestricted funds. The balance of the unrestricted funds at 5 April 2021 amounted to £5,202,925 (2020 - £4,320,161). The value of the investments under management was £4,528,067 at 5 April 2021 (2020 – £3,513,361). The investment portfolio is under discretionary management with the stockbrokers, who undertake a moderate risk investment policy and review the investment performance regularly with the trustees.

2

BRIAN AND JIIJ. MOSS CHARTfABLE IRUST TIiUSTKL8' REPORT {tolll#ued)

BRIAN AND JILL MOSS CHARITABLE TRUST

TRUSTEES’ RESPONSIBILITIES STATEMENT

The trustees are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the 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:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

4

BRIAN AND JILL MOSS CHARITABLE TRUST

INDEPENDENT EXAMINER’S REPORT

Year ended 5 April 2021

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF BRIAN AND JILL MOSS CHARITABLE TRUST

I report to the charity trustees on my examination of the accounts of Brian & Jill Moss Charitable Trust for the year ended 05 April 2021.

RESPONSIBILITIES AND BASIS OF REPORT

As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').

I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

INDEPENDENT EXAMINER'S STATEMENT

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.

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.

Henry Lloyd Davies Bevan Buckland LLP Cardigan House Castle Court Swansea Enterprise Park Swansea SA7 9LA

20 January 2022 Date: ...... ......

5

BRIAN AND JILL MOSS CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES Year ended 5 April 2021

Note

INCOME FROM:
Donations and Legacies:
Gift aid donations
Income tax receivable
Tax repayment supplement
Investments:
Interest receivable
Quoted securities
TOTAL INCOME
EXPENDITURE ON:
Charitable activities
2
Support costs
3
TOTAL EXPENDITURE
NET INCOME
Net gains/(losses) on investments
9
NET MOVEMENT IN FUNDS
Total funds brought forward
Total funds carried forward
8		 Total
Funds
2021
£
75,000
18,750
277
(685)
100,091
193,433
164,350
45,696
210,046
(16,613)
899,377
882,764
4,320,161
5,202,925		 Total
Funds
2020
£
75,000
18,750
11
1,090
111,850
206,701
172,350
38,939
211,289
(4,588)
(532,198)
(536,786)
4,856,947
4,320,161

The above activities relate entirely to unrestricted funds.

The following notes form an integral part of these financial statements.

There were no other recognised gains or losses other than those listed above and the net income for the year. All income and expenditure derives from continuing activities.

6

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BRIAN AND JILL MOSS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS Year ended 5 April 2021

1. ACCOUNTING POLICIES

Basis of accounting

The financial statements have been prepared in accordance with Statement of Recommended Practice ‘Accounting and Reporting by Charities’ (SOPR January 2019), Financial Reporting 1 Standard 102 and applicable United Kingdom accounting standards.The changes that apply for periods commencing on or after 1 January 2016 have been adopted by the Trustee.

The accounting policies that the Trust has adopted to determine the amounts included in respect of material items shown in the Balance sheet and also to determine the income and expenditure have been applied consistently in the current and preceding year, and are shown below.

Going concern

The charity’s activities, results and future plans are disclosed in the trustees’ annual report.

The trustees have assessed the balance sheet and likely future cash flows of the charity at the date of approving the financial statements. The trustees believe that the charity is well placed to manage its business risks successfully despite the current uncertain economic outlook.

The trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The Trustees therefore consider that the going concern assumption is an appropriate basis on which to prepare these financial statements.

Income

Income is recognised when the Charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably. Income is recognised on a receivables basis.

Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Liabilities are recognised when an obligation arises to transfer economic benefits as a result of past transactions and events. Expenditure is classified under the following activity headings:

Expenditure on raising funds includes the costs incurred in generating investment income.

Expenditure on charitable activities are the donations payable to registered charities.

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include governance costs which support the Trusts activities. The basis on which support costs have been allocated are set out in note 3.

All expenditure is accounted for on an accruals basis, inclusive of any VAT, which cannot be recovered and is recognised when there is a legal or constructive obligation to pay for expenditure.

Fund accounting

All funds are unrestricted, and may be spent at the discretion of the trustees in furtherance of the objectives of the charity.

Taxation

Brian and Jill Moss Charitable Trust is a registered charity, subject to the taxation reliefs applicable to charities. As all income is applied to furtherance of the objectives of the charity, it is exempt from corporation taxation.

Investments

Investment assets are stated at valuation.

8

BRIAN AND JILL MOSS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS Year ended 5 April 2021

Critical accounting judgements and key sources of estimation and uncertainty

In applying the company’s accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates; however, during the year to 5 April 2021 no significant estimates have been made.

Cash flow statement

A statement of cash flows has not been prepared as the Charity has taken advantage of the exemption available in the SORP for smaller charities.

2. ANALYSIS OF EXPENDITURE

Charitable activities
Support costs		 Total
2021
£
164,350
45,696
210,046		 Total
2020
£
172,350
38,939
211,289

All support costs have been allocated to one charitable activity.

None of the Trustees received any remuneration or expense during the year (2020 – Nil).

3. ANALYSIS OF SUPPORT COSTS

Accountants fees
Accountants fees – prior year charity
repayment claims
Accountants fees re French reporting
Bank charges
Dividend collection charges
Independent Examiners fee
Investment management fees
Trustee fee written off		 2021
£
8,640
1,800
5,700
100
10
780
28,666
-
45,696		 2020
£
8,220
-
-
100
-
780
29,949
(110)
38,939

4. DEBTORS

2021 2020
Amounts falling due within one year: £ £
Accrued income 1,127 2,567

9

BRIAN AND JILL MOSS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS Year ended 5 April 2021

5. CREDITORS

2021 2020
Amounts falling due within one year: £ £
Accruals 21,289 12,676

6. ULTIMATE CONTROLLING PARTY

The charity is controlled by the trustees of Brian and Jill Moss Charitable Trust.

7. RELATED PARTY TRANSACTIONS

Donations of £75,000 (2020 - £75,000) were received from the charity’s trustees in the year. There were no other related party transactions.

8. MOVEMENT IN UNRESTRICTED FUNDS

Balance brought forward at 6 April 2020
Accrued Income scheme
Eexcess reportable income
Retained (loss)
Profit on investments realised
Profit/(loss) on investments unrealised
Balance carried forward at 5 April 2021		 2021
£
4,320,161
773
27
(16,613)
208,125
690,452
5,202,295		 2020
£
4,856,947
-
-
(4,588)
29,422
(561,620)
4,320,161

9. FIXED ASSET INVESTMENTS

All investments except £12,174 which is trustee's cash held by the investors are listed or traded on a recognised stock exchange, these are held at valuation.

Balance brought forward at 6 April 2020
Acquisitions
Proceeds
Profit on realised gains
Profit/(loss) on unrealised gains
Balance carried forward at 5 April 2021		 2021
£
3,513,361
1,739,069
(1,622,940)
208,125
690,452
4,528,067		 2020
£
4,052,915
826,344
(833,700)
29,422
(561,620)
3,513,361

10