REGISTERED CHARITY NUMBER: 1190082
Report of the Trustees and
Unaudited Financial Statements
for the Year Ended 31 December 2020
for
The Alex Moulton Charitable Trust
MHA Monahans Chartered Accountants Fortescue House Court Street Trowbridge Wiltshire BA14 8FA
The Alex Moulton Charitable Trust
Contents of the Financial Statements for the Year Ended 31 December 2020
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | ||
| Notes to the Financial Statements | 7 | to | 13 |
The Alex Moulton Charitable Trust
Report of the Trustees for the Year Ended 31 December 2020
The trustees present their report with the financial statements of the charity for the year ended 31 December 2020. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objects of the Trust are:
-
To preserve, restore, maintain, and enhance, for the benefit of the public, the grounds and buildings of The Hall, Bradford on Avon
-
To advance the education of the public about the history and architecture of The Hall by providing or assisting in the provision of tours and educational events
-
To advance the education of the public in the subjects of engineering, design, science, industrial history and related subjects through the maintenance of an archive of educational materials and making such materials publicly accessible, and through lectures and other educational activities
-
To advance such other purposes which may be charitable according to the law of England and Wales
During the 2013 year the Charitable Trust received a gift, under a Deed of Appointment dated 5 July 2013, from the Alex Moulton Deceased Will Trust consisting of The Hall at Bradford on Avon, household and personal goods, land, properties, an investment portfolio and cash.
The Estate comprises of buildings dating from the 1610s through to the 1960s. The principal building is The Hall surrounded by c. 3.5 hectare Estate. Also within the Estate are stable blocks and drawing offices; terraced cottages; the Dovecote cottage; and three outside stone 'temples'. The Hall is a Grade I listed property dating from c. 1610 and it has been described as one of the most important buildings in England. The Terrace of the Hall is Grade II* listed, the Dovecote is Grade II listed and the Estate in its entirety is Grade II listed. The trustees consider that due to the history and architectural interest of the site, together with the historical and cultural significance of the artefacts connected with the industrial and engineering heritage of Bradford on Avon, the assets should be preserved for the future use and education of the general public.
The Trust's current aims are:
-
To promote The Hall, Bradford on Avon as a place of historical and architectural interest and natural beauty through events and education activities
-
To advance the education of the public, in particular (but not exclusively) in the subjects of engineering and design
-
Conserve and enhance the Hall and its collection
Significant activities
The charity is maintaining the heritage assets through a programme of issues reporting, risk identification and maintenance based on a prioritisation system. The Trust seeks to run the estate as an independent heritage site offering events, venue hire and education for visitors of all ages.
During this financial year The Alex Moulton Charitable Trust became an incorporated charitable organisation (CIO). The Trustees made the decision to close the unincorporated charitable trust (registered charity number 273158) and form a charitable incorporated organisation (CIO) under the same name on 24 June 2020 (charity registration number 1190082). Transfer of all the assets to the new CIO was completed by 1st September 2020.
The impact of the COVID-19 pandemic necessitated the curtailment of most of the charitable activities during the planned 2020 opening season. During periods when there weren't national or local lockdowns, the Trust ran a few limited Open Gardens for the public and a small number of tours and events for c.1500 individuals and groups.
Following a skills audit, 3 new trustees were appointed to support the development of the trust in the areas of: education, collections care, interpretation and engagement.
Public benefit
The charity trustees confirm that they have had regard to the guidance issued by the Charity Commission on public benefit and have followed this in planning and undertaking the activities.
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The Alex Moulton Charitable Trust
Report of the Trustees for the Year Ended 31 December 2020
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The charitable activity resources expended represent the costs incurred in maintaining and running The Hall and the grounds from the date the assets were donated to the Charitable Trust, with a view to ultimately enabling these assets to be utilised for awareness and education purposes for the general public.
Prior to 2020, the Trust had run several pilot events, open days and educational activities with the intention of expanding the offer year-on-year. The impact of the COVID-19 pandemic resulted in a dramatic reduction of events and activities.
The Charitable Trust changed its staffing structure in 2019-20, to better support the delivery of its charitable objectives.
FINANCIAL REVIEW
The Trust maintains the Estate and does not receive external funding. Rental income is the main source of funds for the Trust. In 2020, the Trust had 5 residential tenants and 1 commercial tenant. The trustees have considered the effects of the Covid-19 pandemic and it is felt the financial impact has been moderate, largely related to reduced income from events, which were in any case in their infancy.
The Trust ran a deficit budget in 2020 and currently does not generate enough income to meet the operational budget. The level of usable reserves at 31 December 2020 was £719,716 (2019: 812,797) which covers more than 12 months likely expenditure in the coming year (based on 2020 financial statements). The trustees are, however, concerned about the rapidly diminishing free reserves and are seeking to address this as a matter of urgency.
The charity had net surplus for the year of £7,919 (2019: £77,965 deficit) relating to heritage asset maintenance costs, donations to charities and other governance costs in excess of the income raised from the charity's investments. Included within net income is £101,000 profit (2019: £50,602 loss) on investments (this pertains to an increase in market valuation of heritage properties that are rented out rather than a cash gain and thus is not useable). The end-of-year deficit on general funds was £93,081.
Reserves policy
The reserves policy is to hold funds sufficient to maintain and run The Hall and the grounds. The cash balances are held to develop and meet the charitable objectives of the charity. The trustees are reviewing the reserves policy.
Investment policy and objectives
The trustees maintain a portfolio of mixed motive investment properties that were part of the Estate left to the charity in 2013. These properties enable the charity to generate income but their illiquid nature do not contribute towards The Hall running costs.
FUTURE PLANS
Following external advice commissioned from professional heritage architects and consultants which concluded that there is a viable way forwards for The Hall estate as an independently run heritage attraction, the Trustees appointed a Project Development Manager in April 2019 to take the project forwards. A 5-year plan was produced outlining the capital projects required to support visitors (toilets, ticket desk, café facilities etc) and other income streams that will be required to become financially sustainable including public events, venue hire and fundraising. Considering Covid-19 and a more developed understanding of the site liabilities, the Trust will be reassessing the 5-year plan to ensure it is fit for purpose.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document.
Charity constitution
During this financial year The Alex Moulton Charitable Trust became an incorporated charitable organisation (CIO). The Trustees made the decision to close the unincorporated charitable trust (registered charity number 273158) and form a charitable incorporated organisation (CIO) under the same name on 24 June 2020 (charity registration number 1190082) 24 June 2020.
Recruitment and appointment of new trustees
Every trustee must be appointed for a term of three years by a resolution passed at a properly convened meeting of the charity trustees. In selecting individuals for appointment as charity trustees, the charity trustees must have regard to the skills, knowledge and experience needed for the effective administration of the CIO.
A skills audit of existing trustees was conducted to identify the particular skills and experience required when recruiting new trustees.
Organisational structure
Day to day management of the charity is entrusted to S J Missen and R Tritton (trustees).
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The Alex Moulton Charitable Trust
Report of the Trustees for the Year Ended 31 December 2020
STRUCTURE, GOVERNANCE AND MANAGEMENT Induction and training of new trustees
Induction and training of trustees is carried out where considered appropriate.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1190082
Principal address
The Hall Bradford on Avon Wiltshire BA15 1AJ
Trustees
H B Llewellyn H M Hilliard S J Missen R S Cook (resigned 14.10.20) M Young R Tritton (appointed 14.10.20) C Jones (appointed 31.8.20) P W Barker (appointed 14.10.20)
The following individuals were trustees of the former unincorporated charity (registered charity number 273158) and were appointed as trustees of the Charitable Incorporated Organisation (CIO) on 24 June 2020; H B Llewellyn, H M Hilliard, S J Missen, R S Cook and M Young.
Independent Examiner James Gare FCA DChA MHA Monahans Chartered Accountants Fortescue House Court Street Trowbridge Wiltshire BA14 8FA
Solicitors Thrings LLP Midland Bridge Bath BA1 2HQ Mills & Reeve 1 City Square Leeds LS1 2ES
Bankers Lloyds Bank plc 64 Fore Street Trowbridge BA14 8EU
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ S J Missen - Trustee
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Independent Examiner's Report to the Trustees of The Alex Moulton Charitable Trust
Independent examiner's report to the trustees of The Alex Moulton Charitable Trust
I report to the charity trustees on my examination of the accounts of The Alex Moulton Charitable Trust (the Trust) for the year ended 31 December 2020.
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:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
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.
James Gare FCA DChA MHA Monahans Chartered Accountants Fortescue House Court Street Trowbridge Wiltshire BA14 8FA
Date: .............................................
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The Alex Moulton Charitable Trust
Statement of Financial Activities
for the Year Ended 31 December 2020
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Other trading activities 3 Investment income 4 Total EXPENDITURE ON Raising funds 5 Charitable activities 6 Running and maintenance of heritage assets Other charitable activities Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds £ 221 14,141 52,820 67,182 - 160,263 - 160,263 101,000 7,919 4,181,247 4,189,166 |
Restricted funds £ - - - - - - - - - - - - |
2020 Total funds £ 221 14,141 52,820 67,182 - 160,263 - 160,263 101,000 7,919 4,181,247 4,189,166 |
2019 Total funds £ 39,656 15,716 49,570 |
|---|---|---|---|---|
| 104,942 1,638 129,203 1,464 |
||||
| 132,305 (50,602) |
||||
| (77,965) 4,259,212 |
||||
| 4,181,247 |
The notes form part of these financial statements
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The Alex Moulton Charitable Trust
| FIXED ASSETS Heritage assets Social investments CURRENT ASSETS Debtors Cash at bank and in hand CREDITORS Amounts falling due within one year NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS Unrestricted funds: General fund Fixed asset reserve Major repairs reserve TOTAL FUNDS |
Balance Sheet 31 December 2020 Notes 11 12 13 14 16 |
2020 £ 1,919,450 1,550,000 3,469,450 - 726,529 726,529 (6,813) 719,716 4,189,166 4,189,166 519,716 3,469,450 200,000 4,189,166 4,189,166 |
2019 £ 1,919,450 1,449,000 |
|---|---|---|---|
| 3,368,450 1,556 824,210 |
|||
| 825,766 (12,969) |
|||
| 812,797 | |||
| 4,181,247 | |||
| 4,181,247 | |||
| 812,797 3,368,450 - |
|||
| 4,181,247 | |||
| 4,181,247 |
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. S J Missen - Trustee
............................................. H M Hilliard - Trustee
The notes form part of these financial statements
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The Alex Moulton Charitable Trust
Notes to the Financial Statements
for the Year Ended 31 December 2020
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The Alex Moulton is a charitable incorporated organisation (CIO) registered in England and Wales. During the year all the assets and liabilities of the former unincorporated charity (charity registration number 273158) were transferred over to this new CIO (charity registration number 1190082) which was set up on 24 June 2020.
The address of the registered office is given in the charity information on page 2 of these financial statements. The nature of the charity's operations and principal activities are to apply resources for the purpose of maintaining and running The Hall Estate and Grounds.
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, and UK Generally Accepted Practice.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.
The financial statements have been prepared on a merger accounting basis in line with Sections 27.12 and 27.13 of the SORP on the basis that although the legal form of the charity has changed, the beneficiary class, the purposes for which funds are held and the persons who constitute the trustee body are not significantly changed.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Charitable activities
Charitable activity costs represent the costs of running and maintaining the heritage assets.
Governance costs
Governance costs include those costs associated with the constitutional and statutory requirements of the charity and include audit fees and costs linked to the strategic management of the charity.
Heritage assets
Heritage assets are assets of historical, artistic and scientific importance that are held to advance preservation, conservation and educational objectives.
Heritage assets are included at valuation at the date of addition.
No depreciation is charged on heritage assets on the basis that such depreciation is considered to be immaterial as the assets have an indefinite useful life and a high residual value.
Impairment reviews are carried out where considered appropriate.
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The Alex Moulton Charitable Trust
Notes to the Financial Statements - continued
for the Year Ended 31 December 2020
1. ACCOUNTING POLICIES - continued
Social investments
Mixed motive investment properties are held to generate a return for the charity, but also contribute to the charity's wider heritage objectives. Mixed motive investments are stated at the trustee's best estimate of market value. No depreciation is charged on investment properties.
All changes in value in the year, whether or not realised, are reported in the gains and losses on investment assets in the Statement of Financial Activities.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Unrestricted designated funds have been set aside by the trustees out of unrestricted funds towards a specific purpose.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Pension costs and other post-retirement benefits
The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
2. DONATIONS AND LEGACIES
| Donations Grants 3. OTHER TRADING ACTIVITIES Income from water turbine Tours and events Other income 4. INVESTMENT INCOME Rents received Dividends and interest receivable |
2020 £ 221 - 221 2020 £ 7,695 5,835 611 14,141 2020 £ 52,540 280 52,820 |
2019 £ 2,556 37,100 |
|---|---|---|
| 39,656 | ||
| 2019 £ 3,988 9,174 2,554 |
||
| 15,716 | ||
| 2019 £ 48,745 825 |
||
| 49,570 |
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The Alex Moulton Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 31 December 2020
5. RAISING FUNDS
| Investment management costs 2020 £ Investment properties maintenance costs - Rental bad debts - - 6. CHARITABLE ACTIVITIES COSTS Support Direct costs (see Costs note 7) £ £ Running and maintenance of heritage assets 110,786 49,477 7. SUPPORT COSTS Governance Management costs £ £ Running and maintenance of heritage assets 43,896 5,581 |
2019 £ 358 1,280 1,638 Totals £ 160,263 |
|---|---|
| Totals £ 49,477 |
Costs relating to restricted activities are allocated to the appropriate restricted fund.
8. TRUSTEES' REMUNERATION AND BENEFITS
R S Cook, a former trustee, received £5,740 during the year (2019: £11,000) for the supply of grounds maintenance services, in accordance with the provisions of the trust deed. No trustees were remunerated for their services as trustees.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2020 nor for the year ended 31 December 2019.
9. STAFF COSTS
| Wages and salaries Social security costs Other pension costs The average monthly number of employees during the year was as follows: Administration Project development Housekeeping |
2020 £ 43,326 - 570 43,896 2020 1 2 1 4 |
2019 £ 26,982 1,621 268 |
|---|---|---|
| 28,871 | ||
| 2019 1 1 1 3 |
No employees received emoluments in excess of £60,000.
Key management personnel remuneration
The charity considers its key management personnel comprise the trustees. No employee benefits were received by key management personnel.
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The Alex Moulton Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 31 December 2020
| 10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds £ INCOME AND ENDOWMENTS FROM Donations and legacies 17,556 Other trading activities 15,716 Investment income 49,570 Total 82,842 EXPENDITURE ON Raising funds 1,638 Charitable activities Running and maintenance of heritage assets 107,103 Other charitable activities 1,464 Total 110,205 Net gains/(losses) on investments (50,602) NET INCOME/(EXPENDITURE) (77,965) RECONCILIATION OF FUNDS Total funds brought forward 4,259,212 TOTAL FUNDS CARRIED FORWARD 4,181,247 11. HERITAGE ASSETS MARKET VALUE At 1 January 2020 and 31 December 2020 NET BOOK VALUE At 31 December 2020 At 31 December 2019 |
Restricted funds £ 22,100 - - 22,100 - 22,100 - 22,100 - - - - |
Total funds £ 39,656 15,716 49,570 |
|
|---|---|---|---|
| 104,942 1,638 129,203 1,464 |
|||
| 132,305 (50,602) |
|||
| (77,965) 4,259,212 |
|||
| 4,181,247 | |||
| Total £ 1,919,450 1,919,450 1,919,450 |
|||
Heritage assets comprise The Hall at Bradford on Avon together with household and personal goods of Dr Alex Moulton, the founder of Moulton Developments Limited who developed the design of the Moulton Bicycle. The Hall is a Grade I listed property dating originally from c. 1610, and set in ornamental walled gardens of c. 3.5 hectares.
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The Alex Moulton Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 31 December 2020
12. SOCIAL INVESTMENTS
| MARKET VALUE At 1 January 2020 Revaluations At 31 December 2020 NET BOOK VALUE At 31 December 2020 At 31 December 2019 13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors Prepayments and accrued income 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Social security and other taxes Other creditors Accruals and deferred income 15. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted funds £ Fixed assets 1,919,450 Investments 1,550,000 Current assets 726,529 Current liabilities (6,813) 4,189,166 16. MOVEMENT IN FUNDS At 1.1.20 £ Unrestricted funds General fund 812,797 Fixed asset reserve 3,368,450 Major repairs reserve - 4,181,247 TOTAL FUNDS 4,181,247 |
Restricted funds £ - - - - - Net movement in funds £ (93,081) 101,000 - 7,919 7,919 |
2020 £ - - - 2020 £ 672 540 801 4,800 6,813 2020 Total funds £ 1,919,450 1,550,000 726,529 (6,813) 4,189,166 Transfers between funds £ (200,000) - 200,000 - - |
Mixed motive investments £ 1,449,000 101,000 1,550,000 1,550,000 1,449,000 2019 £ 660 896 1,556 2019 £ 362 826 209 11,572 12,969 2019 Total funds £ 1,919,450 1,449,000 825,766 (12,969) 4,181,247 At 31.12.20 £ 519,716 3,469,450 200,000 4,189,166 4,189,166 |
|
|---|---|---|---|---|
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The Alex Moulton Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 31 December 2020
16. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 67,182 | (160,263) | - | (93,081) |
| Fixed asset reserve | - | - | 101,000 | 101,000 |
| 67,182 | (160,263) | 101,000 | 7,919 | |
| TOTAL FUNDS | 67,182 | (160,263) | 101,000 | 7,919 |
Comparatives for movement in funds
| Unrestricted funds General fund Fixed asset reserve TOTAL FUNDS |
At 1.1.19 £ 838,762 3,420,450 4,259,212 4,259,212 |
Net movement in funds £ (25,965) (52,000) (77,965) (77,965) |
At 31.12.19 £ 812,797 3,368,450 |
|---|---|---|---|
| 4,181,247 | |||
| 4,181,247 |
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Fixed asset reserve Restricted funds National Heritage funding TOTAL FUNDS |
Incoming resources £ 82,842 - 82,842 22,100 104,942 |
Resources expended £ (110,205) - (110,205) (22,100) (132,305) |
Gains and Movement losses in funds £ £ 1,398 (25,965) (52,000) (52,000) (50,602) (77,965) - - (50,602) (77,965) |
Gains and Movement losses in funds £ £ 1,398 (25,965) (52,000) (52,000) (50,602) (77,965) - - (50,602) (77,965) |
|---|---|---|---|---|
| (77,965) - |
||||
| (77,965) |
The designated fixed asset reserve represents the net book value of the charity's heritage assets and social investments, which are not freely available to spend on day to day running costs.
The major repairs reserve is a designated funds to meet the future costs of maintaining the Trust's various properties. The Trustees have identified immediate repair work to the roof and stone work which will be at least £200,000 to address.
The funding from National Heritage was for surveys and feasibility studies regarding the future of The Hall.
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The Alex Moulton Charitable Trust
for the Year Ended 31 December 2020
Notes to the Financial Statements - continued
17. RELATED PARTY DISCLOSURES
R S Cook, a former trustee, has provided grounds maintenance services to the Alex Moulton Charitable Trust. The amount charged in the year was £5,740 (2019; £11,000).
M Young, a trustee, is a director in Thrings who have provided solicitors services to the Alex Moulton Charitable Trust. The amount charged in the year was £350 (2019; £705).
18. ULTIMATE CONTROLLING PARTY
The trustees consider that the charity is jointly controlled by the trustees and that there is no ultimate controlling party.
19. MERGER ACCOUNTING AND RESTATEMENT OF HERITAGE PROPERTY
The Alex Moulton Charitable Trust Charitable Incorporated Organisation (CIO) (registered charity number 119082) was established on 24 June 2020 in order that former unincorporated charity (also known as The Alex Moulton Charitable Trust, registered charity number 273158) could change its legal structure. Although the CIO started operating from 31 August 2020 the principles of merger accounting have been applied and the results of the combining charities have been combined as if they were always one entity. The figures for the period 1 January 2020 to 30 August 2020 relating to the unincorporated charity, included within the comparative column, are for memorandum purposes only.
The Trustees have also decided to present the value of investment properties as a mixed motive social investment - to better reflect the heritage value of the rental properties. Similarly, it was decided to change the accounting policy for reserves and reflect the value of all fixed assets within a designated fund. These assets have a heritage value to the charity and are not freely available to spend. Comparative have been adjusted accordingly, but there is no impact to the overall net asset position, or surplus shown in the comparative year.
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