REGISTERED CHARITY NUMBER: 1190082
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 December 2022 for The Alex Moulton Charitable Trust
Monahans Chartered Accountants County Gate County Way Trowbridge Wiltshire BA14 7FJ
The Alex Moulton Charitable Trust
Contents of the Financial Statements for the Year Ended 31 December 2022
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 4 |
| Independent Examiner's Report | 5 | ||
| Statement of Financial Activities | 6 | ||
| Balance Sheet | 7 | ||
| Notes to the Financial Statements | 8 | to | 15 |
| Detailed Statement of Financial Activities | 16 |
The Alex Moulton Charitable Trust
Report of the Trustees for the Year Ended 31 December 2022
The trustees present their report with the financial statements of the charity for the year ended 31 December 2022. 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:
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To preserve, restore, maintain, and enhance, for the benefit of the public, the grounds and buildings of The Hall, Bradford on Avon
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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
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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
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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:
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To promote The Hall, Bradford on Avon as a place of historical and architectural interest and natural beauty through events and education activities
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To advance the education of the public, in particular (but not exclusively) in the subjects of engineering and design
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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.
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During 2022 The Trust continued its events programme running open grounds, outdoor Theatre, family events during the summer months; which has enabled 10,000 visitors to enjoy the grounds, appreciate the architecture and to learn about the history of The Hall and AMCT. Additionally monthly guided tours were provided, which has enabled over 1000 visitors to learn more of the engineering and the artefacts within the AMCT.
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The archived collection with Swindon & Wiltshire Records Office, continues to ensure the longevity, enabling public access (as per our charitable objectives).
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The Trust appointed a maternity cover Director in August 2022.Cataloguing of historical artifacts commenced within the main Hall for curation in readiness of further curation and future exhibition events.
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The Trustee board identified the potential for income generation through a potential holiday let operation. Commencing a viability study and phased plan to refurbish and restore rooms an, cottages and outbuildings within the estate.
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.
Page 1
The Alex Moulton Charitable Trust
Report of the Trustees for the Year Ended 31 December 2022
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 public. Educational events and tours were continued throughout 2022. Access to educational materials was enabled via the archive collection with Swindon & Wiltshire Records Office. Preservation of the building and collection of objects in the Hall commenced with a cataloguing process for artefacts. Conservation and maintenance of the grounds.
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 2022, the Trust had 5 residential tenants and 1 commercial tenant. The Trust continued events and venue hire which resulted in a regular flow of income.
The Trust ran a deficit budget in 2022 and currently does not generate enough income to meet the operational budget. The level of usable reserves £577,803 at 31 December 2022, which covers more than 12 months likely expenditure in the coming year (based on 2022 financial statements).
The trustees have identified a greater potential for an income stream via the launch of holiday rentals. Early financial viability study and planning consents have been sought to enable an income sufficient to clawback the reserves and recommence restoration of the estate in 2023.
The charity had net surplus for the year of £32,596 (2021: £96,776). Included within net income is £127,020 profit (2021: £141,000) 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 in-year deficit on general funds was £96,980 (2021: £50,272), relating to heritage asset maintenance and management costs in excess of the income raised from the charities investments and activities.
Reserves policy
The Trust manages reserves to ensure the smooth and effective running of the organisation, the financial health of the Trust and the ability to forward plan. The cash balances are held to develop and meet the charitable objectives of the charity. The trustees have implemented a new reserves policy (June 2022), which identified that reserves can be used to:
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Cover shortfalls when it is unable to generate sufficient income to cover operational costs.
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Protect the Trust from unexpected drops in income or increases in costs.
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Address significant site maintenance issues and capital works that cannot be met by the operational budget.
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Invest in capital works, staffing and resource to further develop the income-generating capacity of the charity. Any emergency situations or unpredicted occurrences that require funding, including financial loss due to
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- incidents, fraud and crime.
The Trust identified viable business models to improve income-generation to ensure the longevity of the Trust and continues this work into 2023, generating the required level of annual income to clawback and restore reserves. The Trust does not currently generate sufficient income to meet its operational needs. As such, the Trust runs a deficit budget and is using its reserves as above. The Trust currently holds sufficient reserves to operate for approximately 52 months.
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. Furthermore, the properties have significant maintenance and repair requirements reducing their income-generating capability.
FUTURE PLANS
In 2021 A 5-year plan outlining the capital projects required to support visitors and other income streams, to become financially sustainable including public events, venue hire, and fundraising was produced.
The Trust has reviewed this plan and concluded that a visitor operation model will not generate sufficient income to support the financial liabilities of the Estate. The Estate incurs significant maintenance and repair costs. The Trust has identified a holiday let plan, thereby restoring and renovating rooms and cottages on the estate. Initial expenses and a draw on reserves is expected, 2023 with launch of the first phase planned in 2023. Expected ROI and income growth forecast for 2024.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document.
Charity constitution
The Alex Moulton Charitable Trust became an incorporated charitable organisation (CIO) on 24 June 2020.
Page 2
The Alex Moulton Charitable Trust
Report of the Trustees for the Year Ended 31 December 2022
STRUCTURE, GOVERNANCE AND MANAGEMENT
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.
A new trustee was appointed in 2021.
Organisational structure
Day to day management of the charity is entrusted to S J Missen and R Tritton (trustees).
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 Holt Road Bradford on Avon Wiltshire BA15 1AJ
Trustees
H Llewellyn H M Hilliard S J Missen A M S Young R Tritton (resigned 25.3.23) C Jones (resigned 7.1.22) P W Barker C G Johns
Independent Examiner
James Gare FCA DChA Monahans Chartered Accountants County Gate County Way Trowbridge Wiltshire BA14 7FJ
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
Page 3
The Alex Moulton Charitable Trust
Report of the Trustees for the Year Ended 31 December 2022
Approved by order of the board of trustees on 13 September 2023 and signed on its behalf by:
S J Missen - Trustee
Page 4
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 2022.
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:
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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
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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
Monahans Chartered Accountants County Gate County Way Trowbridge Wiltshire BA14 7FJ
5 October 2023
Page 5
The Alex Moulton Charitable Trust
Statement of Financial Activities
for the Year Ended 31 December 2022
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Other trading activities 3 Investment income 4 Other income 5 Total EXPENDITURE ON Charitable activities 6 Running and maintenance of heritage assets Other charitable activities Total Net gains on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds £ 1,414 23,086 63,809 2 88,311 186,210 - 186,210 127,020 29,121 4,285,442 4,314,563 |
Restricted funds £ - 3,855 - - 3,855 380 - 380 - 3,475 500 3,975 |
2022 Total funds £ 1,414 26,941 63,809 2 92,166 186,590 - 186,590 127,020 32,596 4,285,942 4,318,538 |
2021 Total funds £ 9,763 19,600 64,447 - |
|---|---|---|---|---|
| 93,810 | ||||
| 138,034 - |
||||
| 138,034 | ||||
| 141,000 | ||||
| 96,776 4,189,166 |
||||
| 4,285,942 |
The notes form part of these financial statements
Page 6
The Alex Moulton Charitable Trust
| FIXED ASSETS Tangible 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 Restricted funds TOTAL FUNDS |
Balance Sheet 31 December 2022 Notes 11 12 13 14 15 17 |
2022 £ 4,539 1,919,450 1,818,020 3,742,009 - 582,349 582,349 (5,820) 576,529 4,318,538 4,318,538 372,554 3,742,009 200,000 4,314,563 3,975 4,318,538 |
2021 £ 5,548 1,919,450 1,691,000 3,615,998 2,921 672,173 675,094 (5,150) 669,944 4,285,942 4,285,942 469,444 3,615,998 200,000 4,285,442 500 4,285,942 |
|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 13 September 2023 and were signed on its behalf by:
S J Missen - Trustee
H M Hilliard - Trustee
The notes form part of these financial statements
Page 7
The Alex Moulton Charitable Trust
Notes to the Financial Statements
for the Year Ended 31 December 2022
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 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.
Tangible fixed assets
Fixed assets are stated at cost less accumulated depreciation. Depreciation is provided at rates calculated to write off the cost of each asset on a straight line basis over its expected useful life, which is six years for plant and machinery. Assets costing over £1,000 are capitalised.
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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continued...
The Alex Moulton Charitable Trust
Notes to the Financial Statements - continued
for the Year Ended 31 December 2022
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 3. OTHER TRADING ACTIVITIES Income from water turbine Tours and events Other income 4. INVESTMENT INCOME Rents received Dividends and interest receivable |
2022 £ 1,414 2022 £ 6,801 20,140 - 26,941 2022 £ 63,466 343 63,809 |
2021 £ 9,763 2021 £ 5,962 13,299 339 |
|---|---|---|
| 19,600 | ||
| 2021 £ 64,370 77 |
||
| 64,447 |
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continued...
The Alex Moulton Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 31 December 2022
5. OTHER INCOME
| 2022 £ Other income 2 6. CHARITABLE ACTIVITIES COSTS Support Direct costs (see Costs note 7) £ £ Running and maintenance of heritage assets 117,507 69,083 7. SUPPORT COSTS Governance Management costs £ £ Running and maintenance of heritage assets 63,449 5,634 Costs relating to restricted activities are allocated to the appropriate restricted fund. |
2021 £ - Totals £ 186,590 |
2021 £ - Totals £ 186,590 |
|---|---|---|
| Totals £ 69,083 |
||
8. TRUSTEES' REMUNERATION AND BENEFITS
No trustees were remunerated for their services as trustees.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2022 nor for the year ended 31 December 2021.
9. STAFF COSTS
| Wages and salaries Other pension costs The average monthly number of employees during the year was as follows: Administration Project development Housekeeping |
2022 £ 62,269 1,180 63,449 2022 1 2 1 4 |
2021 £ 48,042 612 |
|---|---|---|
| 48,654 | ||
| 2021 1 2 1 4 |
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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continued...
The Alex Moulton Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 31 December 2022
10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Donations and legacies Other trading activities Investment income Total EXPENDITURE ON Charitable activities Running and maintenance of heritage assets Other charitable activities Total Net gains on investments NET INCOME Transfers between funds Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 11. TANGIBLE FIXED ASSETS COST At 1 January 2022 and 31 December 2022 DEPRECIATION At 1 January 2022 Charge for year At 31 December 2022 NET BOOK VALUE At 31 December 2022 At 31 December 2021 |
Unrestricted funds £ 2,263 19,600 64,447 86,310 130,982 - 130,982 141,000 96,328 (52) 96,276 4,189,166 4,285,442 |
Restricted funds £ 7,500 - - 7,500 7,052 - 7,052 - 448 52 500 - 500 |
Total funds £ 9,763 19,600 64,447 |
|---|---|---|---|
| 93,810 | |||
| 138,034 - |
|||
| 138,034 | |||
| 141,000 | |||
| 96,776 - |
|||
| 96,776 4,189,166 |
|||
| 4,285,942 | |||
| Plant and machinery £ 6,052 504 1,009 1,513 4,539 5,548 |
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continued...
The Alex Moulton Charitable Trust
Notes to the Financial Statements - continued
for the Year Ended 31 December 2022
12. HERITAGE ASSETS
| HERITAGE ASSETS | |
|---|---|
| MARKET VALUE At 1 January 2022 and 31 December 2022 NET BOOK VALUE At 31 December 2022 At 31 December 2021 |
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.
13. SOCIAL INVESTMENTS
| MARKET VALUE At 1 January 2022 Revaluations At 31 December 2022 NET BOOK VALUE At 31 December 2022 At 31 December 2021 |
Mixed motive investments £ 1,691,000 127,020 1,818,020 1,818,020 1,691,000 |
|---|---|
Cost or valuation at 31 December 2022 is represented by:
| Valuation in 2022 14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2022 £ Other debtors - |
Mixed motive investments £ 1,818,020 2021 £ 2,921 |
|---|---|
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The Alex Moulton Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 31 December 2022
15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Accruals and deferred income 16. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted funds £ Fixed assets 1,923,989 Investments 1,818,020 Current assets 578,374 Current liabilities (5,820) 4,314,563 17. MOVEMENT IN FUNDS Unrestricted funds General fund Fixed asset reserve Major repairs reserve Restricted funds Centenary Club Jubilee - Bradford Town Council TOTAL FUNDS Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 88,311 Fixed asset reserve - 88,311 Restricted funds Jubilee - Bradford Town Council 3,855 TOTAL FUNDS 92,166 |
Restricted funds £ - - 3,975 - 3,975 At 1.1.22 £ 469,444 3,615,998 200,000 4,285,442 500 - 500 4,285,942 Resources expended £ (185,201) (1,009) (186,210) (380) (186,590) |
2022 £ 5,820 2022 Total funds £ 1,923,989 1,818,020 582,349 (5,820) 4,318,538 Net movement in funds £ (96,890) 126,011 - 29,121 - 3,475 3,475 32,596 Gains and losses £ - 127,020 127,020 - 127,020 |
2021 £ 5,150 2021 Total funds £ 1,924,998 1,691,000 675,094 (5,150) 4,285,942 At 31.12.22 £ 372,554 3,742,009 200,000 4,314,563 500 3,475 3,975 4,318,538 Movement in funds £ (96,890) 126,011 29,121 3,475 32,596 |
|---|---|---|---|
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continued...
The Alex Moulton Charitable Trust
Notes to the Financial Statements - continued
for the Year Ended 31 December 2022
17. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Net movement At 1.1.21 in funds £ £ Unrestricted funds General fund 519,716 (44,168) Fixed asset reserve 3,469,450 140,496 Major repairs reserve 200,000 - 4,189,166 96,328 Restricted funds Avon Rubber - (52) Centenary Club - 500 - 448 TOTAL FUNDS 4,189,166 96,776 Comparative net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 86,310 (130,478) Fixed asset reserve - (504) 86,310 (130,982) Restricted funds Avon Rubber 6,000 (6,052) HItachi 1,000 (1,000) Centenary Club 500 - 7,500 (7,052) TOTAL FUNDS 93,810 (138,034) |
Transfers between funds £ (6,104) 6,052 - (52) 52 - 52 - Gains and losses £ - 141,000 141,000 - - - - 141,000 |
At 31.12.21 £ 469,444 3,615,998 200,000 4,285,442 - 500 500 4,285,942 Movement in funds £ (44,168) 140,496 96,328 (52) - 500 448 96,776 |
|
|---|---|---|---|
The designated fixed asset reserve represents the net book value of the charity's tangible assets, 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 Centenary Club fund is to be used to install a bike display.
The Jubilee Fund is to be used to fund celebrations for the Queen's 70th anniversary.
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continued...
The Alex Moulton Charitable Trust
Notes to the Financial Statements - continued
for the Year Ended 31 December 2022
18. RELATED PARTY DISCLOSURES
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 £4,363 (2021: £nil).
19. ULTIMATE CONTROLLING PARTY
The trustees consider that the charity is jointly controlled by the trustees and that there is no ultimate controlling party.
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The Alex Moulton Charitable Trust
Detailed Statement of Financial Activities for the Year Ended 31 December 2022
| INCOME AND ENDOWMENTS Donations and legacies Donations Other trading activities Income from water turbine Tours and events Other income Investment income Rents received Dividends and interest receivable Other income Other income Total incoming resources EXPENDITURE Charitable activities Rates and water Insurance Light and heat Telephone Heritage property and grounds maintenance Professional fees Other costs Plant and machinery Support costs Management Wages Pensions Governance costs Accountancy Independent Examination Total resources expended Net expenditure |
2022 £ 1,414 6,801 20,140 - 26,941 63,466 343 63,809 2 92,166 4,626 18,977 8,033 331 68,930 5,236 10,365 1,009 117,507 62,269 1,180 63,449 4,889 745 5,634 186,590 (94,424) |
2021 £ 9,763 5,962 13,299 339 19,600 64,370 77 64,447 - 93,810 4,215 15,432 5,485 216 30,444 4,213 17,510 504 78,019 48,042 612 48,654 10,701 660 11,361 138,034 (44,224) |
|---|---|---|
This page does not form part of the statutory financial statements
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appllcatrAe lo charfU86 FxeForfng thelr ac0n in ac£c¥)kn FirwKy81 RepL¥hThJ sdard appucabk in UK and Rewbk ol Irdand IFRS 102} leffeclhE 1 2019k OBJECTIVES AND AE$ ObJect5veB and alrn8 obigcts Of Trust 9.. To pe[vO, restore. mnIS. (Athe pW the bjik15n ofThb H8U. Bradfonl Avon To vance the educa the NgWa)d FThl(hvJ or assisting In th8 pruVOsn (rfl[5 arxl kntial v•ents To advaThx Ihe Urntion of pulxfjc irnlustrwl Iisttwy and ekted gjblecis thrwgh the rraInan oran arthiwg mthi lj rnthJ wch mAtsrl815 DurirrfJ the 2013 year tre Chaiit81)bg Twst re(¥ a a Degj ofhpF(knthnt d8ted 5 Juty 2013, from Ihe Alèx Mtyjlton Deceased Wlll Trust of Th Hal al Brth AbTh. h88 aThJ personal land, prvwties. i[N6Strn¢ wrtfo> I. Eslate compth of tsthldws from 161ts bulk11 Ls The Hall sumurx18d by c. 3.5 h#Arè EÈt. Also wthn E81ate e st bk(5 aTrJ tsffices,. t9rrad cottage6,' th8 Dovecote cott¥,' three cArtskJe 6bJne lemF1. Th H&1 15 a Gr I ltstgj datiTrJ from c. 1610 ha8 as cth of mc6t k)v)rtBnt txjldiy li EWI. Thè of the Hdl ts Grade Il, listed, th8 Dovecote is Gradè 11 the E51ai8 in ts i% Grade I115J. The trle&S I$r that due to Ihe hL8tory d arChitera1 intt ofthe I(eT Milh the tknkg1 aNI OJI[1 slwifi(xrts of the 1$facts WCted wlth th8 Industrfttl 8ivJnè8rffw of Brth rm A¥. the assets Shk1 be presewj kn tho fubjro use and educaoon ofthe gwrdl wbk. Th•TN8Vs currert abng a8: To p(9 Th8 Ho11. BrJf0rd C Avon as a dhlslrAf(l 8rrw¥al Tlerest and nabjral bawty through events And To advan Ihe call)n ol the tn Ibjt Thjt ofwoIrrn9and deslgn Slgnllkant actlvthles The charity is nnlYr9 the assets a wcwrmY of ISS rwbng. risk hI8ntificat4on MaInl&nan based cffi a wkNldsalon SYS Tntst sèèks ID wn ts &818t8 as an IndeFeIent h79 8lte offen'ng events. vénuè l¥rp 8fKI e1kjca1 forvtytors of al Durfng 2022 Th8 Tntst ts)nts)d ib 8¥ants wwmme cyen grou cwtdctrf Theatre. fèmly ovgnts durkng the SE4nmer monlhs: vhxL has 10.(KYJ $OrS to 1)Ythe groJNls. apprwgtè the ahitthr0 and to learn abrJt the history ofThg Hal aNI AMCT. twrs were provlded. which h8$ enabled over 1W lt(S to lewn nKTr0ftt aThJ the arfaGts Milhn tha AMCT. Th8 archiv1 collectkn w4th & WUishg Re(x¥ds cMfK. (mbnu85 to en5ufB enabl1j fxJbli¢ access las per (xrdw1tal (WNes). 4thln the maSn for cur8tkni kn read&8 offijrlher ¢XWBIM)n arnl fvre eyht¥twJn events. The Trust80 IK)8r¢J i(lentifij the pokntiaj for iThx¥n8 gerat)n a potwd holW18t c¥>n. Comm8ndng a Vkqbllty [+$ an to rthsh Hn. (x)tra9es Outbu1[rOs Imn the &slaie. Publlc benfrfft The charity tnJsts88 CX¥Tf thal ha W rewd lo guwkn IS by ts Charfty c(NnMwi on puLI
ofth•T
ACHIEVEMENT AND PEPFORMAIKE
The tharilab r&WUr aXFYlJ irTd in maktsknlng arKJ nu¥thg Tt H811 and lh8
unds from th& d6 thè chWknb TrLtst, wlh a tr) ulbrrAt enatAing these a&sèts to
b6 LrtIIs8d for pur685 th& E[814 and tours wer8 continued
Records Offk%. Preswati(m of thg Ixjldlng cc41eckn cl the Hal 8
Alox oftheT STRUCTURE. GOVERNANCE AND A14NAGEMENT Recrultmntand •ppointmgrt of new tst88S Every tnthstee must app)Nled f¢r a teffn of thrga yèws by a resc1utP Fmsed at a woperty meebng of tr tharity trustees. In 8ekntw lTrJMduob for wirrfment (• InBtse& dlty IrLL8te88 must have rag8rd to th8 ski15, nJe aTrJ 0XFthee ne&1 for effedm jnknrat1)n olthtr CIO. A sk15 audl of e>i51tng truth•s was conthLJ to the ForfrtLdw *lb ex18 requ¥wJ WI recNttlrKJ A rw tNsts9 was appthw In 2021. Organlsatlonal structsn Day to day managemgnt oflhe cknarity Is to S J Ills ark1 R Trf (tr1. Inducljon •MI ts¥lnlw of new trtr•S Indu¢tlon and tslnlrrfJ oftwsté8s Ls Cated (wtvknerer&ffjd opwcyith. REFERENCE AND ADMINISTrATIVE DEfALS Regt8t•r•d Charfty bwmber 119X)82 Prfnrlpal addrn88 The Hall Hort Ro& Bradford onA Wltshlr BA15 1AJ Trustoeg H LI&In H M Fmliard S J Mlssen AMSYOU R Trttton Irg$ign&J 25.3.23> C Jones IresbJngJ 7.1.22) P W Bprtoer C G Johns Indgpèndont Ex8rnln•r Jgmes Gare FCA DCM Monahgn5 chartW ArAy)untths Courrty Gat8 County Way Trb[te Wltshire BA14 7FJ Sdl¢ltorn Thriros LLP Mldland Bridge Ba#) BAI 2HQ Mills & lie 1 Cty Square L8eds LS1 2ES B)nkern Uoyds B8nk plc e4 Fore Strogt BA148EU Pggo 3
rof 13.01 z3 S J Missen. Tn
Examlnerfs tothèT Indep•nd•nt oxamtn•Vs rnpLtto ofThe IAoulkn Charft4AeTnwt I rewrt to the tharity trustees c¥) my 2[rAin rA The Ax Ch11 T1 Tntstl year &Kled 31 Dn)8r %)22 R85ponslbllltl86 and l)ath ot rnport As thè charity truth of the tr thg Lrf JxMJnl8 In aco)rdaKe th& r8qulrun8nts Dfth8 Ch[10$ Ara 2011 ALel I report In ol my 8X8rnnatic of the Trusvs WTiwJ Ixrt uTrJ8T Sth 145 rfthg in caThOrvJ J1 my oxamin8ti1)n l trove folluwj a>ble DtrerJKm by th& cO¥nI55)n j&r Sothn 1495Mbl ol the Acl. I have complebj trry 9X8Mnjn. l ¢))nfym that no mth3 have to rrty 8ttenlon kn with the oxamuiation giiro me cause to tthat in ary termI rw4: lh& xcounts do not thmpty the Irnts aThJ umtent d acTLJunts 8el out In th8 chtheS (Accwnts aThJ ReKKJrt51 RwwLa)ns 2c8 other any reryThrement that Ihe aco)unts a true and far view is not a mthcon5bJwed as pwt eXnat0n. I IxJnwr&3 avJ have IX 8(¥LW (thr ttle WrThnatic to Btl8nlbn $UkI Jam88 Gar8 FCA DChA Chartered Accoiltsrts Cwnty Ggtg County Way Trovknrfd Wiltsho BA14 7FJ
Slatemont of FbcIal 2022 Totsl lunds INCOME AND EI4DOiWENTS FROM t)onation8 l&Jades 1.414 1.414 9,763 0th8rtr8dtrKJ 8¢fyvrhe8 Investment inKThe Othw ¥)(y)mo 28,941 63.809 19.6tJ) 64.447 8B.311 92.186 3.810 EXPENDtWRE ON Charttab a¢VIl8 Rullnlng mairtenalce Of1 assets Cther th8rittho thbgs 186210 186.590 138.034 1210 186,590 138.034 N&tn$ on 127,020 127.(r20 141,OCO INCOME 29.121 3.475 ,776 REc{NClUATION OF FUNDS Tolal browht ftwd 4.28&442 4285.942 4,189,166 4,314, 3,975 4.318.S3B 4.2B5.942
2021 FIXED ASSEtS Tanglbb assets Haritaga assets S4a1 Investme$ 11 12 13 1,919,450 1,691,000 1.818.020 3,742,CQ9 3.e15,998 Dèbto Cash at ba arbj In hand 14 2,921 672,173 675,( CREDITORS Amounts fallkng due wilhin cne year 15 {5.8XJ} 15,1501 CURRENT ASSErs 576.529 TOTAL ASSM LESS CURRLIABIL3 4,318. 4,285,942 NEf ASSETS 4.318.S38 4285.942 FUNDS unrestrict fur General fvnd FLxed asset reseNe Moj'or Tgkvirs reseNe 17 371554 3.742.(M)9 200.000 469,444 3,615,998 4.314.563 4.285,442 ReStr[G funds 3,975 TOTAL FUNDS 4.3186 4285,942 The finar11 apyowj by Tnjths aTrJ a¢th)riwJ for on 1888n- T Iliard-Tn
Ffnanetal AccouimNG POLICIES Basls of propaklng th• finknEl81 St¥tsn year the assets ar naJth of the ftmer rtwity Iiwiy wmLr 2731581 were tr8n8ferred Iw¢rlo Ihk CIO Irtsity rngBtri(m numbBr 11) was Set up on 24 June 2020. addr of thè Is gw) Tri ptyg 2 of tlw fin1 ststwnents. nalure ol the oFerai)ns and prncl kn are to rjree$ for th¢ wrpose of mointsinlrwJ wnning The H81 E48te The charfty nstitUteS a be a8 deffn&J ty FRS 11Yi The flnwK4d stgternnts have b6&n ISORPI atWkxtrfB to Ilwlr kn WKnrdance Ihe FlnancSal RepLrfrKJ Stsndwd applicable Sn tho UK and of Irèk2TrJ IFRS 102) Isswj OclLr %)19. thg Fln8ThJ81 R&tK)rtinu Standd 8pp1r3b In th8 Unl1 lQrgdom ol kgl•MI (FRS 11J21, Ihe h£ 2011, a1 UK G9vwal IAccounts aThJ Repcltsl ReguticS 2(W)8 Ihe exlent wovkl& a 8Th1 far Thls {parJra has Invosvad frItr4Ang th8 Aux)unthyJ ReIlrO by (Jw1. &8ternent of ReL>)mtn6nd8d Practs appli¢Ng to tsr aco)wts li aCtdance wAtt) th8 Financaaj RePTrg StsThtsard ap•ble kn the UK Reputlc of Irabl IFRS 11r21 Odober X119 rather than the A)nIN and Reportts)g ty Charid&s.' Slaiemw)t Praclce effth hThn l Ap 2005 has since Lbn c8rtain ite1T at fa¥ vthe. Th8 rn¢I 81atots we teA1 In whtch Is functthal wrgnoy clthe Charfty to Il rarest£ slJnlfkant W)TurrknJ polci8s kn the crf flrHK4al s1thS are sol bel. prthblg IhBI lh9 Ihg Ln r81ably. Expgndtu thorrty to that exp8nditur8. tt Is thal a transfw of bwfits b& r8wwed in g8tll9ml OT amnt irf the oblgakn tan be mèaswed relatty. E> Is xx>unted tr Bn wual8 and has be ¢la3511I un(kr he&kngs IM aggre al WBlaknJ trj the cat&Jory. Where costs c4Mot be of r¢sDurS. Charttabh actmllgs ¢harttyand inthde audtt f5 rL6ts lo tho (Iwliy. Tarylbl•fixod awts FrA 85$6ts are at iTht 1855 wJxJnKld ¢knpyialkn. Is at CakUlat to wilte dr the cc6t ol exh asset C a strth3ht lm baw (vler ts eywaed Nfe, whlch Is SLX yearn ftx plant $nd mathlnery. (w£1A¥X)e Horltago a8sets 8$ th8 wets he 1Thn& usdul IK9 a W reShj vAk*. ca)ntlrnvJ...
ACCOUPrnNG POLrAEs.e<xthLd S(lat Inveslmw Miy&l motN8 investm• wcwtias Ik1 lo a rBkwn ky the tharty. bjl alw lo Ihè ¥Ader h11?3 oLieetN65. ap 81abJ al bwslee¥ ¢s1 &sUmat& trf m&ot I ch8r¥Jos in in ts year. (X rea1. 8 kn Ihe gakns Brnl k)$8es on Investmant Taxath)n The tharty18 exernptfrom tsx aclfrAk Fund COttlng purF%8. FtthreWan8iKnofthe rore ofeath fu115 In M)tegts) lth fhwc*l straternw. DONATIONS AND LEGACIES 2021 Dona1kn8 1,414 9.763 2022 Income from vAtar Trr5 8v8llts oth rKome 6.1 20.140 13,299 339 26,941 19,600 INVESTMEKf INCOlhlE 64,370 DW8nds and intwt rec4fvab 343 63,809 84.447 ntinu&...
to th• Fknanctal Slat•m•nls. OTHER INCOME 2(Y21 SuPrt sts190e rth71 DireL Totals and of heritJe 117>)7 18e.590 SUPPC4T COSTS Totsls Runniw 8tKI mairrtenwTh of1asets 63.449 69,083 Thwe pre trntheg ex[ee$ yew 31 2022 the yew ended 31 De(ernber 2021. STAFF COSTS 2022 Wag88 a1 s*rfes Othor nsIc c>)sis 622 1.1 48,042 612 63,449 Admlnistraoc HousekeeFing re¢xNad by key marogemenl personneL Ptye 10 th)ued...
Not•s to thè Flna)cial 2022 10. funds fund8 INCOME AIID ENDOWMEltr8 FR(XI Don81K8 arKI18g8o8S 9,763 Oth&rbadhig Inv8Stm8nt in(x) 19.6CQ 64,447 19,8 64,447 86.310 7.500 3,8fO EXPENDMIRE ON Charttable a¢tlvlll8• RunniThJ and rn8inl8n8n(¥ d Iwl•Jo 59ts Other cPrttatle actmbes 1YJ. 138,034 Totrdl 1),982 138,034 Nel gains lnv88trnts 141.Cl)D 141.0 INCOME .328 152) 446 52 96,776 Nèt rnOnrt In lund• 276 96,T16 RECONCILIATION OF FUND8 Tolal funts trJtfOrward 4,189.ie 4,189.186 TOTAL FUNDS CARRIED FOINIARD 42&5.442 4,285,942 11. TANGIBLE FIXED APEr8 ptant Mh1ry COST At 1 January222 aThJ 31 Dthr 2W22 8.052 DEPRECIATION At l January 2022 Chwg9 for year 504 Al 31 t)knr2 1.513 NET BOOK VALUE At 91 DeLxnbgr 2022 4.539 At 31 Decwntr*r 2(r21 Py11
to th• Fknalal Stalemerts. contlnugd 11 HERrrAGE Total IAARKEfvALUE Al l Janry 20Y2 a1 31 DmL 2022 1,919. NET BOOK VALUE Al 31 2022 1.919,450 At 31 Drnb8r202l 1,919.450 Heritage assets Ix)rryise The Hal at BraJf(Yd on ts)u*holJ and s01 goods of Dr Abx Moutton. th8 fcwKl8r of lAoulic 06¥ok Thfv) d0pad the d&s•J of th8 Moulton &cyd8. The Hall is a I ksiod tKoKY fftwn o 1610. walbd gardgrB of c. 3.5 hedares. 13. molve Investrngnts WIRKEfvALUE At l J8nuary2022 Ravabjatkns 1,691.(Y)o 127.020 At 31 Dgcefnbgr2022 1,818,020 NEf BOOKVALUE At 31 DeK8rnber 2022 1,818.020 At 31 DorAnbw2021 1.691,000 1.818.(r20 DEBTORS: AclF¥rS FALUNG DUElITri•l ONE YEAR Other debb)rs 2,921 Pap 12
nu lorth8 Year Ended 31 Dx•mtsor2022 15. CREDITORS: Amouiifs FALLWG OUE (INE YEAR 2022 5.820 5,15D ANALYSIS OF NET ASSETS BEfEN FUNDS 2021 Totsl funds Ftxed assets Investlngnts Current ass8ts Currwt IiEbiThb"es 1.WZJ,989 1,e18,020 578.374 (S) 1.9ZJ,989 1018.020 582,349 (5.8201 1,Y24,998 1.691,000 875,094 15.1501 3,975 4,314.583 3.975 4.318,538 4,285.942 17. lOVEm W FUNDS Net )vernent b) fuThts At1.122 31.12.22 Unr96trictd fvnd5 Cra1 fuNt Flx&J asBel re5er¥g M8itir repatrs T&8eTh 372,554 3.742.009 200.000 3.615.998 126.011 4.285.442 29.121 4,314.563 R•strkteil Club JutMfe8. ToTt CcuKiI 500 3.475 3,475 3,475 3.975 TOTAL FLV4DS 4,285,912 32,596 4,318,538 Movam8nl in fvThJs unltrfcknd fuThl8 General timd .311 {185a111 {1.((YJl 1s8.) 126,011 127.03) 88,311 {1210) I27.} 29.121 Jtsbllee. Br&Yford Cwncl 13Ks) 3,475 TOTAL FiThJDS 166 1166,) 127.020 32,5 Page 13 c(thued...
nclal forth8 Year En 17. Transférs 1.121 31.1221 Unr•strthd funds General fuTrJ Fixed 95$9t ro8 519,716 3A69.450 (44,1681 140.496 16.1041 8,052 3.615.998 2LKJ,O 4.189.1fj6 1521 4285A42 Rostrfthd f Avon Rubber Cgntenary Club (52) 500 500 TOTAL FUND8 4.189.166 .776 4285,942 in fiJThts Unr•strlctod fvndl (neral luwl Fiwj a88et rese8 310 1130,4781 {5041 (44.166) 140,496 141.(th1 86.310 11309821 141.0(KJ Avon Rubber HI1 C8nknary Cknb {6.Cf)21 152) (7,(ffj21 448 TOTAL FUNDS 93.810 11XI)341 141.( .(K)O ID Tha Certenary Cbjb lund iy to be wed a take . P&J& f4 Contind...
theFI ala1 Statem. condn forth• Yfrar En 18. RELATED PARTY DISCLOSLMIES Y(xJn9. a Inth, L5 a dlrecbjr kn Thrly h&e s(fjK to Ihe Aex Charitab Tntst The chajw in rWa$ £4.36312021: £nll 19. ULTIMATE CONTROLLWG PARTY knjstegs om(Igr (kwly c£rflr(thd iry ts InKs that th 1$ nts ultiM8ts o)ntrc4llng Pyis
Slatemertof Flnanclal Acllvlox fortho Yr INCOME AND ENDOWMEP Donatlong and legacle¥ Donation8 IA14 9.T63 ot4tradIng actlvltlos IncxTh from vrater Tours and g¥ents {h•r n¢0 6,801 20.140 13,299 26.941 19.61Y) Investment 63,466 64.370 77 DIdeTrS and Irrterest recknt48 64.447 Other Sncomo Total Incomlng resou 4186 93.810 EXPENDrruRE Ratos and wat8r Insurawe ght and l*al TdeFthona H8ritsg8 prortY and wrtd8 rnaten Professional fees Other costs Pkgnt aThJ 4,21S 15,432 18,9TT 331 68,930 5,rJ6 10,365 216 30,444 4,213 17,510 117.Y)7 78,019 Support costs Managomont Wages Penstor 62.269 1,180 612 63.449 Accounta Independwt Examinaoc 4.869 745 10.701 11J61 186.5 138.034 Not expendltwe (94A241 144,2241 Ptye 16
REGISTERED CHARITY NUMBER: 1190082
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 December 2022 for The Alex Moulton Charitable Trust
Monahans Chartered Accountants County Gate County Way Trowbridge Wiltshire BA14 7FJ
The Alex Moulton Charitable Trust
Contents of the Financial Statements for the Year Ended 31 December 2022
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 4 |
| Independent Examiner's Report | 5 | ||
| Statement of Financial Activities | 6 | ||
| Balance Sheet | 7 | ||
| Notes to the Financial Statements | 8 | to | 15 |
| Detailed Statement of Financial Activities | 16 |
The Alex Moulton Charitable Trust
Report of the Trustees for the Year Ended 31 December 2022
The trustees present their report with the financial statements of the charity for the year ended 31 December 2022. 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
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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:
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To promote The Hall, Bradford on Avon as a place of historical and architectural interest and natural beauty through events and education activities
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To advance the education of the public, in particular (but not exclusively) in the subjects of engineering and design
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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 2022 The Trust continued its events programme running open grounds, outdoor Theatre, family events during the summer months; which has enabled 10,000 visitors to enjoy the grounds, appreciate the architecture and to learn about the history of The Hall and AMCT. Additionally monthly guided tours were provided, which has enabled over 1000 visitors to learn more of the engineering and the artefacts within the AMCT.
-
The archived collection with Swindon & Wiltshire Records Office, continues to ensure the longevity, enabling public access (as per our charitable objectives).
-
The Trust appointed a maternity cover Director in August 2022.Cataloguing of historical artifacts commenced within the main Hall for curation in readiness of further curation and future exhibition events.
-
The Trustee board identified the potential for income generation through a potential holiday let operation. Commencing a viability study and phased plan to refurbish and restore rooms an, cottages and outbuildings within the estate.
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.
Page 1
The Alex Moulton Charitable Trust
Report of the Trustees for the Year Ended 31 December 2022
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 public. Educational events and tours were continued throughout 2022. Access to educational materials was enabled via the archive collection with Swindon & Wiltshire Records Office. Preservation of the building and collection of objects in the Hall commenced with a cataloguing process for artefacts. Conservation and maintenance of the grounds.
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 2022, the Trust had 5 residential tenants and 1 commercial tenant. The Trust continued events and venue hire which resulted in a regular flow of income.
The Trust ran a deficit budget in 2022 and currently does not generate enough income to meet the operational budget. The level of usable reserves £577,803 at 31 December 2022, which covers more than 12 months likely expenditure in the coming year (based on 2022 financial statements).
The trustees have identified a greater potential for an income stream via the launch of holiday rentals. Early financial viability study and planning consents have been sought to enable an income sufficient to clawback the reserves and recommence restoration of the estate in 2023.
The charity had net surplus for the year of £32,596 (2021: £96,776). Included within net income is £127,020 profit (2021: £141,000) 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 in-year deficit on general funds was £96,980 (2021: £50,272), relating to heritage asset maintenance and management costs in excess of the income raised from the charities investments and activities.
Reserves policy
The Trust manages reserves to ensure the smooth and effective running of the organisation, the financial health of the Trust and the ability to forward plan. The cash balances are held to develop and meet the charitable objectives of the charity. The trustees have implemented a new reserves policy (June 2022), which identified that reserves can be used to:
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Cover shortfalls when it is unable to generate sufficient income to cover operational costs.
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Protect the Trust from unexpected drops in income or increases in costs.
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Address significant site maintenance issues and capital works that cannot be met by the operational budget.
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Invest in capital works, staffing and resource to further develop the income-generating capacity of the charity. Any emergency situations or unpredicted occurrences that require funding, including financial loss due to
-
- incidents, fraud and crime.
The Trust identified viable business models to improve income-generation to ensure the longevity of the Trust and continues this work into 2023, generating the required level of annual income to clawback and restore reserves. The Trust does not currently generate sufficient income to meet its operational needs. As such, the Trust runs a deficit budget and is using its reserves as above. The Trust currently holds sufficient reserves to operate for approximately 52 months.
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. Furthermore, the properties have significant maintenance and repair requirements reducing their income-generating capability.
FUTURE PLANS
In 2021 A 5-year plan outlining the capital projects required to support visitors and other income streams, to become financially sustainable including public events, venue hire, and fundraising was produced.
The Trust has reviewed this plan and concluded that a visitor operation model will not generate sufficient income to support the financial liabilities of the Estate. The Estate incurs significant maintenance and repair costs. The Trust has identified a holiday let plan, thereby restoring and renovating rooms and cottages on the estate. Initial expenses and a draw on reserves is expected, 2023 with launch of the first phase planned in 2023. Expected ROI and income growth forecast for 2024.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document.
Charity constitution
The Alex Moulton Charitable Trust became an incorporated charitable organisation (CIO) on 24 June 2020.
Page 2
The Alex Moulton Charitable Trust
Report of the Trustees for the Year Ended 31 December 2022
STRUCTURE, GOVERNANCE AND MANAGEMENT
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.
A new trustee was appointed in 2021.
Organisational structure
Day to day management of the charity is entrusted to S J Missen and R Tritton (trustees).
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 Holt Road Bradford on Avon Wiltshire BA15 1AJ
Trustees
H Llewellyn H M Hilliard S J Missen A M S Young R Tritton (resigned 25.3.23) C Jones (resigned 7.1.22) P W Barker C G Johns
Independent Examiner
James Gare FCA DChA Monahans Chartered Accountants County Gate County Way Trowbridge Wiltshire BA14 7FJ
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
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The Alex Moulton Charitable Trust
Report of the Trustees for the Year Ended 31 December 2022
Approved by order of the board of trustees on 13 September 2023 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 2022.
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 2. 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
Monahans Chartered Accountants County Gate County Way Trowbridge Wiltshire BA14 7FJ
5 October 2023
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The Alex Moulton Charitable Trust
Statement of Financial Activities
for the Year Ended 31 December 2022
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Other trading activities 3 Investment income 4 Other income 5 Total EXPENDITURE ON Charitable activities 6 Running and maintenance of heritage assets Other charitable activities Total Net gains on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds £ 1,414 23,086 63,809 2 88,311 186,210 - 186,210 127,020 29,121 4,285,442 4,314,563 |
Restricted funds £ - 3,855 - - 3,855 380 - 380 - 3,475 500 3,975 |
2022 Total funds £ 1,414 26,941 63,809 2 92,166 186,590 - 186,590 127,020 32,596 4,285,942 4,318,538 |
2021 Total funds £ 9,763 19,600 64,447 - |
|---|---|---|---|---|
| 93,810 | ||||
| 138,034 - |
||||
| 138,034 | ||||
| 141,000 | ||||
| 96,776 4,189,166 |
||||
| 4,285,942 |
The notes form part of these financial statements
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The Alex Moulton Charitable Trust
| FIXED ASSETS Tangible 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 Restricted funds TOTAL FUNDS |
Balance Sheet 31 December 2022 Notes 11 12 13 14 15 17 |
2022 £ 4,539 1,919,450 1,818,020 3,742,009 - 582,349 582,349 (5,820) 576,529 4,318,538 4,318,538 372,554 3,742,009 200,000 4,314,563 3,975 4,318,538 |
2021 £ 5,548 1,919,450 1,691,000 3,615,998 2,921 672,173 675,094 (5,150) 669,944 4,285,942 4,285,942 469,444 3,615,998 200,000 4,285,442 500 4,285,942 |
|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 13 September 2023 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 2022
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 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.
Tangible fixed assets
Fixed assets are stated at cost less accumulated depreciation. Depreciation is provided at rates calculated to write off the cost of each asset on a straight line basis over its expected useful life, which is six years for plant and machinery. Assets costing over £1,000 are capitalised.
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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continued...
The Alex Moulton Charitable Trust
Notes to the Financial Statements - continued
for the Year Ended 31 December 2022
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 3. OTHER TRADING ACTIVITIES Income from water turbine Tours and events Other income 4. INVESTMENT INCOME Rents received Dividends and interest receivable |
2022 £ 1,414 2022 £ 6,801 20,140 - 26,941 2022 £ 63,466 343 63,809 |
2021 £ 9,763 2021 £ 5,962 13,299 339 |
|---|---|---|
| 19,600 | ||
| 2021 £ 64,370 77 |
||
| 64,447 |
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continued...
The Alex Moulton Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 31 December 2022
5. OTHER INCOME
| 2022 £ Other income 2 6. CHARITABLE ACTIVITIES COSTS Support Direct costs (see Costs note 7) £ £ Running and maintenance of heritage assets 117,507 69,083 7. SUPPORT COSTS Governance Management costs £ £ Running and maintenance of heritage assets 63,449 5,634 Costs relating to restricted activities are allocated to the appropriate restricted fund. |
2021 £ - Totals £ 186,590 |
2021 £ - Totals £ 186,590 |
|---|---|---|
| Totals £ 69,083 |
||
8. TRUSTEES' REMUNERATION AND BENEFITS
No trustees were remunerated for their services as trustees.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2022 nor for the year ended 31 December 2021.
9. STAFF COSTS
| Wages and salaries Other pension costs The average monthly number of employees during the year was as follows: Administration Project development Housekeeping |
2022 £ 62,269 1,180 63,449 2022 1 2 1 4 |
2021 £ 48,042 612 |
|---|---|---|
| 48,654 | ||
| 2021 1 2 1 4 |
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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continued...
The Alex Moulton Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 31 December 2022
10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Donations and legacies Other trading activities Investment income Total EXPENDITURE ON Charitable activities Running and maintenance of heritage assets Other charitable activities Total Net gains on investments NET INCOME Transfers between funds Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 11. TANGIBLE FIXED ASSETS COST At 1 January 2022 and 31 December 2022 DEPRECIATION At 1 January 2022 Charge for year At 31 December 2022 NET BOOK VALUE At 31 December 2022 At 31 December 2021 |
Unrestricted funds £ 2,263 19,600 64,447 86,310 130,982 - 130,982 141,000 96,328 (52) 96,276 4,189,166 4,285,442 |
Restricted funds £ 7,500 - - 7,500 7,052 - 7,052 - 448 52 500 - 500 |
Total funds £ 9,763 19,600 64,447 |
|---|---|---|---|
| 93,810 | |||
| 138,034 - |
|||
| 138,034 | |||
| 141,000 | |||
| 96,776 - |
|||
| 96,776 4,189,166 |
|||
| 4,285,942 | |||
| Plant and machinery £ 6,052 504 1,009 1,513 4,539 5,548 |
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continued...
The Alex Moulton Charitable Trust
Notes to the Financial Statements - continued
for the Year Ended 31 December 2022
12. HERITAGE ASSETS
| HERITAGE ASSETS | |
|---|---|
| MARKET VALUE At 1 January 2022 and 31 December 2022 NET BOOK VALUE At 31 December 2022 At 31 December 2021 |
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.
13. SOCIAL INVESTMENTS
| MARKET VALUE At 1 January 2022 Revaluations At 31 December 2022 NET BOOK VALUE At 31 December 2022 At 31 December 2021 |
Mixed motive investments £ 1,691,000 127,020 1,818,020 1,818,020 1,691,000 |
|---|---|
Cost or valuation at 31 December 2022 is represented by:
| Valuation in 2022 14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2022 £ Other debtors - |
Mixed motive investments £ 1,818,020 2021 £ 2,921 |
|---|---|
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continued...
The Alex Moulton Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 31 December 2022
15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Accruals and deferred income 16. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted funds £ Fixed assets 1,923,989 Investments 1,818,020 Current assets 578,374 Current liabilities (5,820) 4,314,563 17. MOVEMENT IN FUNDS Unrestricted funds General fund Fixed asset reserve Major repairs reserve Restricted funds Centenary Club Jubilee - Bradford Town Council TOTAL FUNDS Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 88,311 Fixed asset reserve - 88,311 Restricted funds Jubilee - Bradford Town Council 3,855 TOTAL FUNDS 92,166 |
Restricted funds £ - - 3,975 - 3,975 At 1.1.22 £ 469,444 3,615,998 200,000 4,285,442 500 - 500 4,285,942 Resources expended £ (185,201) (1,009) (186,210) (380) (186,590) |
2022 £ 5,820 2022 Total funds £ 1,923,989 1,818,020 582,349 (5,820) 4,318,538 Net movement in funds £ (96,890) 126,011 - 29,121 - 3,475 3,475 32,596 Gains and losses £ - 127,020 127,020 - 127,020 |
2021 £ 5,150 2021 Total funds £ 1,924,998 1,691,000 675,094 (5,150) 4,285,942 At 31.12.22 £ 372,554 3,742,009 200,000 4,314,563 500 3,475 3,975 4,318,538 Movement in funds £ (96,890) 126,011 29,121 3,475 32,596 |
|---|---|---|---|
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continued...
The Alex Moulton Charitable Trust
Notes to the Financial Statements - continued
for the Year Ended 31 December 2022
17. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Net movement At 1.1.21 in funds £ £ Unrestricted funds General fund 519,716 (44,168) Fixed asset reserve 3,469,450 140,496 Major repairs reserve 200,000 - 4,189,166 96,328 Restricted funds Avon Rubber - (52) Centenary Club - 500 - 448 TOTAL FUNDS 4,189,166 96,776 Comparative net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 86,310 (130,478) Fixed asset reserve - (504) 86,310 (130,982) Restricted funds Avon Rubber 6,000 (6,052) HItachi 1,000 (1,000) Centenary Club 500 - 7,500 (7,052) TOTAL FUNDS 93,810 (138,034) |
Transfers between funds £ (6,104) 6,052 - (52) 52 - 52 - Gains and losses £ - 141,000 141,000 - - - - 141,000 |
At 31.12.21 £ 469,444 3,615,998 200,000 4,285,442 - 500 500 4,285,942 Movement in funds £ (44,168) 140,496 96,328 (52) - 500 448 96,776 |
|
|---|---|---|---|
The designated fixed asset reserve represents the net book value of the charity's tangible assets, 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 Centenary Club fund is to be used to install a bike display.
The Jubilee Fund is to be used to fund celebrations for the Queen's 70th anniversary.
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continued...
The Alex Moulton Charitable Trust
Notes to the Financial Statements - continued
for the Year Ended 31 December 2022
18. RELATED PARTY DISCLOSURES
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 £4,363 (2021: £nil).
19. ULTIMATE CONTROLLING PARTY
The trustees consider that the charity is jointly controlled by the trustees and that there is no ultimate controlling party.
Page 15
The Alex Moulton Charitable Trust
Detailed Statement of Financial Activities for the Year Ended 31 December 2022
| INCOME AND ENDOWMENTS Donations and legacies Donations Other trading activities Income from water turbine Tours and events Other income Investment income Rents received Dividends and interest receivable Other income Other income Total incoming resources EXPENDITURE Charitable activities Rates and water Insurance Light and heat Telephone Heritage property and grounds maintenance Professional fees Other costs Plant and machinery Support costs Management Wages Pensions Governance costs Accountancy Independent Examination Total resources expended Net expenditure |
2022 £ 1,414 6,801 20,140 - 26,941 63,466 343 63,809 2 92,166 4,626 18,977 8,033 331 68,930 5,236 10,365 1,009 117,507 62,269 1,180 63,449 4,889 745 5,634 186,590 (94,424) |
2021 £ 9,763 5,962 13,299 339 19,600 64,370 77 64,447 - 93,810 4,215 15,432 5,485 216 30,444 4,213 17,510 504 78,019 48,042 612 48,654 10,701 660 11,361 138,034 (44,224) |
|---|---|---|
This page does not form part of the statutory financial statements
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