Company No: 00326093 Charity No: 219215 Mountlands Trust Limited (Company Limited by Guarantee) Trustees, Report and Accounts For The Year Ended 28 February 2021 Qmha MOORE & SMALLEY MOUNTLANDS TRUST LIMITED (COMPANY LIMITED BY GUARANTEE) CONTENTS Pagè Company informats'on Trustees, annual report Independent examiner's report Statement of financial activities Balance sheet Statement of cash flows Notes lo the accounts 12 MOUNTLANDS TRUST LIMITED (COMPANY LIMITED BY GUARANTEE) COMPANY INFORMATION Trustees Mr F R Drake {deceased 16 May 2021) MTS H M J Bishop Mrs G C Wood5-Jack Mr5 H Davies Ms A J Hughes (Chair} Ms R S Kennedy {Deputy Chair} Company S8crgtsry Mr S N Breadey Christian Sci8nc• Nursing Manag8r Mrs J A Brearley Admlni$trator Mr S N Brearfey Rogl$tor•d offlce Lime Tree House 264 wash￿aY Road Sale Cheshire M33 4RZ Company nUM￿r 00326093 Charlty nUM￿r 219215 Indop8nd•nt •xamlnor Christine Wilson FCA DChA MHA Moore and Smalley Chartered Accountants & Statutory Auditor Richard House Winckley Squa PTeston PR1 3HP Investment manager James Brearfey & Sons Limited Walpole House Unit 2. Burton Road Blackwol FY4 4NW MOUNTLANDS TRUST LIMITED (COMPANY LIMITED BY GUARANTEE) TRUSTEES. ANNUAL REPORT (INCLUDING DIRECTORS, REPORTI FOR THE YEAR ENDED 28 FEBRUARY 2021 The trustees, who are also directors the purposes of the Companies Act. have pleasure in presenting their report (incorporating the directors, report) and the financial statements of the charity for the year ended 28 February 2021. The trustees have adopted the Prowsions of the Statement of Recommended Practice ISORPI Accounting and Reporting by Charrtie3" IFRS 1021 in preparing the annual report and financial statements of the charity. The financial statements have been prepared in accordance wth the accounts'ng policies set out in notes lo the accounts and comply with the charity's goveming document. the Charities Act 2011 and Accounting and Reporting by Charities." Stslement of Recommended PractKe applicable lo charities preparing their accounts In accordance with the Financial Reporting Stsndard applicable in the UK and Repubtic of Ireland published in October 2019. Structure and governance Mounllands Trust Limited is a Company I'lhe eompany'l incorporated under the Companies Act on 31 March 1937, limited by guarantee and not hawng a share capital. The company is governed by rts Memorandum of Association and Articles of Association dated 15 January 1937. New Arbcles using the Charity Commission's standard model were adopted in January 2018. These consolidaled a change introduced in the 1980's that the directors are the only company members. The articles provide for a minimum of 3 directors and a maximum of 6 directors. The company acts as a chanty an¢J does not participale in public fvndraising events. 11 derives its income from pats'enl contributions towards their Care. patsenl benevolent grants from -The Aid Fund for Chri$lian Scienlisl$ in Need of Nursing Care" and other similar trusts, donations from churches and individuals. as well as income from investments and legacies. The Iruslees who have served during the year are listed on the infomalion page. Trustees are recruited by invitats'on based on the skills needed andlor to keep a balanced representation from different areas within the North West of England which is the main area served by the charity. Appointmenl is made by majorrty vote at a General Meeting of the charrty. The Charity has policies and procedures in place lor trustee induction and training along with a Iruslee indu¢tion pack whi¢h are regvlarty reviewed. Unless olherwse determined by the charity in general meeting, trustees serve lor a lemi of three yeafs and shall be eligible for re-appointment for three further terms of three years. A Iruslee who has served for four ￿n$￿U￿'Ve lemis of three years shall not be eligible for re- appointment. The Trustees are responsible for the overall management of the charity. for Strategic development and for agreeing policies and usually meets monthly. They keep up lo dale with current legislation and govemance. Daily management of the care home is delegated to the Christian Science Nursing Manager and the Administrator. The pay and remuneration of these key management personnel are reviewed and set bi.annually by the trustees in relation to a fvll staff pay review done al the same lime and Is gOVerr￿ by what the charity can afford. ObJectlve$, A¢tlvltle$ and hl$tory of Ihg Charlty The main activity of the charity is the operation of Lime Tree House, a Christian Science nursing facility based on Christian Science pnnciple5. Lime Tree House wa5 opened to patients in September 2003 wth four Christian Science nursing rotsms. The small size and use of a converted bungalow was to make the nursing care as homelike as possible. Each nursing room 1$ ￿rfIe￿nt in shape. size and colour scheme. In 2013 the charity completed a major extension and refurbishment project, named the Meadows Project. This increased the Christian Science nursing rooms to 6, added a lounge and conservatory overtooking a ne%￿Y landscaped rear garden and added a laundry room and much needed storage and office space. In 2017 the charity completed another major project, named the Attic project, to make use of all the roof space to enhance the charity's operational efficiency. Lime Tree House was registered with the Commission for Social Care Inspection ICSCII as a 'care home not providing medicines or medical treatmenf. On 1 October 2010 the CSCI was replaced by the Care Quality Commission ICQCI under the Health & Social Care Act 2008. Lime Tree House is now registered with the CQC under the registered activity of -A¢¢ommodation for persons who require nursing or personal care.. Lime Tree House is a member of the wod(kwde 'Association of Organizations of Christian Science Nursing Inc" MOUNTLANDS TRUST LIMITED (COMPANY LIMITED BY GUARANTEE) TRUSTEES. ANNUAL REPORT (INCLUDING DIRECTORS, REPORTI (Continued) FOR THE YEAR ENDED 28 FEBRUARY 2021 Lime Tree House is accredited as a Christian Science Nursrng facilrty by Yhe Commission for Accredrtalion of Christian Science Nursing OrganisatsonslFacilities Inc" based in the USA. ¥thich reviews each OrganisationlFacility every three years. It has been accredited since opening in 2003. This accredrtation also allows patients using Lime Tree House lo access benevolence from The Aid Fund for Christian Scientists in Need of Nursing Care" The aim of the charity is lo provide high qualrty Christian Science nursing Ca￿ lo support patients who are relying on Christs'an Science for healing. The charity does not use volunteers. Success is measured by the letters of gratitude from patients and their relatives and by recognition of our high standards from the various bodies that inspect the thanty. Achiovamènts and pgrformanc• Thi5 year is the sevenleenlh full year of operation for Lime Tree House. The Commi$$lon for A¢¢rgditalion of Christian S¢l¥n¢¥ Nursing OrganisationslFa¢ilitio$ Inc.. In February 2020 this body reviewed Lime Tree House and granled a fvrther 3 years accreditation from May 2020. CQC Inspoctions: These are all 'un4nnounced" Al COC Inspection Report5 are available on the CQC web511e, or via the CQC link on our website. The last Inspethon was on 3 August 2017 ¥there ￿"me Tree House maintained the following ratings given by the CQC at their previous inspection on 7 May 2015.. Overall rating lor this service.. Good. Is the service safe? Good. Is the service effective? Good. Is the service caring? Outstanding. Is the service responsive? Good. Is the seNice well-led? Good. Our next inspection was due by August 2020 bvl due to the global pandemic the cac suspended inspections. In July 2021 the CQC stsrted fjirect monitoring of Care Homes and have since then emailed the following each month.. 'We have not found evidence that need to tarry out an inspectK)n or ￿aSSeSS our rating al this stsge. This could change al any lime if we receive new infomialion. We ￿11 continue lo monitor data about this service. Please note. this does not amount to an a$sessmenl of the ratsng for this seryice under $e¢lion 46 of the Health and Social Care Act 2008.. Christian S¢ion¢o nurning car•.. The aims for the financial year ending 26 February 2021 were.. lo eonlinue to find ways of improving our service; to continue the training of our two Christian Science sludenl nurses. Christian Scionco Nurslng Occupancy: Our seventh full year of operating with 6 rooms was lower than the previous year due to the effects of the global pandemic. It was 68.1% compared with 82.6%12020185.3%120191, 87.5%120181, 710A120171. 71 %120161 and 83%120151. Stafflng.. During the year the team remained unchanged and continued to work very well together. This consistency enables a high siandard of care to be given to palients. Staff suggestions are encouraged and have resulted In some of the improvements listed in the Maintenan￿ seth"on. Vlsiting Chrlstian Sclenco Nursing Sèrvico IVCSNSI: The aim lor the financi31 year ending 28 FebrLJary 2021 was to recruit a manager pursuant to re-opening the semce. This was not done due to the effects of the pandemic. Patient Income including Aid Fund C.S. nursing grnnts (see note 3 on page 161" This was £288,930 for 2021 and lower than the previous year due lo the global pandemic ￿ducIng oc¢upancy. Previous years were £310,915 120201, £305.295 120191. £325.980 120181. 214.093 120171. £247.813 120161 and £268.823 120151. Additional grants of £40.664 were received to help mrtigate the costs of working ¥￿thin the pandemic regulations. MOUNTLANDS TRUST LIMITED (COMPANY LIMITED BY GUARANTEE) TRUSTEES. ANNUAL REPORT (INCLUDING DIRECTORS, REPORTI (Continued) FOR THE YEAR ENDED 28 FEBRUARY 2021 Support from thè Christian S¢ièn¢• ¢ommunlty Isee note 2 on page 161: Donatr'ons and legacies for 2021 were £276.750, £27,312 of this was a donation restricted to Christian Science nurses working under the Covid-19 regulations and £3,600 was restricted for employee PPE also required by the Covid-19 regulations. Comparative amounts from past years were £169,737 12020) the lowest figure to date, £535,206 120191 the highest figure to date, £354,975120181, £426,371 120171, £213,92912016} and £256,60312015k. Open Meetings.. Due lo the global pandemic the 2020 Open Day was livestreamed on November 15th and 19th with the inspirational talk given by Philippa Chatterley CS. Malntenan¢• & Improv•m•nt$: The Solar Panels continue to ￿d￿Ce the amount of ele¢tricrf(y purchased by 30% each year. The inslallalion ol a Ceiling track hoist system in a further 3 patient rooms. as planned. has greatly benefited both patients and Christian Science nurses. The install*ion ol two more air conditioning units in pab'ent rooms has enhanced the patient experience. The addibonal rooms in the roof space provided by the Attic Project continue lo be an a5sel in providing Storage, a meelingltraining room and staff accommodation. The pandemic regulations ne¢essrtaled the poslponemenl of the kitchen refurbishment lo a future year. A second Foster freezer and a third bed turnin9 System were purchased tx)th as planned. The stsff suggesb'ons of three cycle shelters and a rear door rain canopy planned f¢y this finan¢ial year were postponed and done in the next finan¢ial year when the pandemi¢ restrictions had eased. Plans for futurg perlod$ Christian Scionc8 nursing car8: The aims for the financial year ending 28 February 2022 are.. lo continue to find ways of improving our service and further develop our training for Christian Science student nurses. VS•ltlng Chrlstlan S¢l•nc• Nurslng S•r41c• IVCSNS): The aim for the financial year ending 28 February 2022 18 to monitor the effects of the pandemic and govemmenl legislation and rewew the plans for reinstating this service. Malntenance & Improvements: The krtchen refurbishment and new heating Source for the building will be reviewed in early 2022. Govgmance: Trustees and employees to maintain "C¢)nlinuing Professional Development. and keep up lo dale with changing legislation and work pra¢ti¢e$ and $kil$. Open Mèèting$.' Due lo the global pandemic the 2021 Open Day was livestreamed on November 23rd and 26th with the inspirational talk given by Madelon Maupin. Publlc Bon8flt'. Throughout planning the company's past and future activrties, the trustees kept in mind the Charity Commission's guidance on the public benefit. The completed Meadows extension project and the Ath'c project are examples of this. Flnan¢lal rgvlew At 28 February 2021 the charity had reserves of £1,564,637. £71,104 of this was restricted with £45,605 from one donor for our dormant Visiting Christsan Suence Nursing Service. Overall reserves have decreased In the year from 28 February 2020 when the charity had reserves of £1.682,608. £47.499 of this was reslricled wrth £46,445 from one donor for our dormant Ifisibng Chrisban Science Nursing Service. The principal funding sources are listed under Risk Management and how they support the charty's key objectives 15 detailed under'Results- below. R•sarvas polScy: Our aim is to hold free reserves amounting to at least six months running expenses laround £330,000) but hold more than this in order to have the abilrty to cope wth fluctuating voluntary income or occupancy. The Trustees monitor this and have a strategy place to increase the level of reserves if necessary. MOUNTLANDS TRUST LIMITED (COMPANY LIMITED BY GUARANTEE) TRUSTEES. ANNUAL REPORT (INCLUDING DIRECTORS, REPORTI (Continued) FOR THE YEAR ENDED 28 FEBRUARY 2021 Rosults.. The details of the Charity's income and expenditure for the year and its net assets al 28 February 2021 are on pages 8 and 9 of the accounts. The charity generated a net loss of £135.406 for the year (before investment adjustrnentsl compared to a loss of £168,98512020}, surpluses of £211,159 {20191, £119,132 120181 and £12,827120171, a loss of £169,53912016) and a surplus of £29,825120151. The unrestricted funds of £403.333 (see note 15 on page 221 held al 28 February 2021 represent free reserves amounting to 16.5 months running expenses at average income levels, or 7.3 months running expenses with no income. This is a decrease of £134,026 on the fund held at 29 February 2020.The company has in place, as for previous years, detailed operational budgets for the coming year, %thich will be constantly reviewed in conjunction with our reserves policy. Income from donations and 18gacio8 (see note 2 on page 16).. The trust generally requires donats'ons and legacies of approximately £340,000 in a year to balance income and expenditure. Of the £276,750 received £27,312 was a donation reslncted lo Chri5tsan Science nurses working under the Covid-19 regulation5 and £3,600 was restricted for employee PPE also required by the Covid-19 regulations so the nel income figure lo Compare with the required £340.000 is £245,838. The drfference between these two fi9ures accounts for £94.162 of the loss in the year. Income Irom Charltsbl• Actlvltl•$ (see note 3 on page 16}". A drop of 14.4% occupancy due lo the pandemic reslriclions indicates a loss of lee inc(yne of £47.000. This added to the fact that donation income did not exceed £340.000 accounts for the overall loss of £135.41% in the year lo 28 February 2021. Expfrndlturo on Charftablo Actlvltl•s (see note 5 on page 171.. Expenditure increased by £102,857 mainly due to the effects of the pandemic and mainly in employee costs. 11 As previously noted a restncted donation 01 £27.312 was paid to Christian Science nurges working under the Covid-19 regulations so this accounts fof £27.312 of the increase. 21 Additional employee payroll Costs incurred due to the pandemic amounted to £72,403 Covering self- isolation, lurfough,. situations not covered by lurlovgh. speualised roster working and gratitude payments for employees working in these unpre¢edenled ￿ndItiOnS. 31 As previously noted grants of £40.664 were received lo help miligale the addrtional employee and PPE COg1s due lo the effects of the pandemic and have completely fulfilled that purpose. In addition donations of £3,600 were received for the same purpose. CJRS grants and SSP rebates of £6,224 were claimed in the period. Invostments: The charity's investment objectives are to generate more relum on the capital than il would generate in COIF or a high interest bank account whilst protecbng the capital. The income generated is reinvested. The portfolio has been managed in line with our broker's High Yield collects.ves model which Is low nsk. bul in May 2019 this was changed to their Defensive lower risk model to wotect the capital. The trustees meet quarterfy with the broker. The portfolio continues to meet ts objectives. Risk management The Iruslees rewew the major operational risks vA)ich the charrty faces and confim that systems are in place lo mitigate these risks. Professional advisers are empowered to act on their behaw. The principal risks and uncertainties have been Teferred lo in other seth.ons of this Teport and are beyond the direct control of the charity. They are income and stsffing. In￿me falls into th￿e areas al donations and legacies, bl directly paid patient fees, cl benevolent grants to patients for their fees. The latter two depend on the variability of the level of patient demand. the level of their care needs and vknat they can reasonably afford to pay towards their care. The charity's Reserves Policy is designed to mits'gate these risks as it has done in the year to 29 February 2020 which saw one of the lowest figures for (Jonalion5 and lega¢ie5 received, yet the reserve remains over the £330,000 mark. MOUNTLANDS TRUST LIMITED (COMPANY LIMITED BY GUARANTEE) TRUSTEES. ANNUAL REPORT (INCLUDING DIRECTORS, REPORTI (Continued) FOR THE YEAR ENDED 28 FEBRUARY 2021 The global pandemic has been referred to in other se¢lion$ of this report and 1$ a further principal risk and uncertainly that is also beyond the direct control of the charity. This was an unforeseen risk. Its effect has been reduced income and increased staff and PPE costs. The charity is grateful for specrfic donations and grants that lo help mitigate these cos15. The charity is also grateful for specific grants to help wth the extra staff c051s. These costs are being monitored. Income is again likely to be ￿dUCed by £45,000 10 £60.000 due lo two patient rooms having to be used for staff to meet the social distsncing and PPE requirements for care homes. The charty actively promotes the recruitment and training of Christian Science nurses. 11 has policies and procedure in place lo ensure a hoh stsndard of care and high complon¢e regulations. Small company provisions This report has been prepared in accordance wth the special provisions for small Companies under Part 15 of the Companies Act 2006. 2911112021 Approved by the Iruslees on Signed by order of the trustees Allson J Hughes: Chalr of the Trustsos Registered office.. Lime Tree Htsuse 284 Washway Road Sale Cheshire M33 4RZ MOUNTLANDS TRUST LIMITED (COMPANY LIMITED BY GUARANTEE) INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MOUNTLANDS TRUST LIMITED FOR THE YEAR ENDED 28 FEBRUARY 2021 I report to the charity trustees on my examinatson of the accounls of the company for the year ended 28 February 2021 which are sel out on pages 8 to 23. Rg$pon$lbllltlo5 and ba$ls of roport As the charity trustees of the company (and also its directors for the purposes of cornpany lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 I'lhe 2006 A¢t'i. Having satisfied mysew that the accounts of the company are not required lo be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company's accounts as carried out under section 145 of the Charities Act 2011 I'lhe 2011 Acl'l. In carrying out my examination I have followed the Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Indepondont oxamin•rfs statemont Since the company's gross income exceeded £250.000 your examiner must be a member of a body listed in section 145 of the 2011 Act. l Confirm that l am qualffied lo undertake the examination be¢au$e l am a member of the Inslrtule of Charted Accountants in England and Wales, vthi¢h is one of Ihe listed bodies. I have completed my examination. I confimi that no matters have come to my attention in connection the examination giving me Cause to believe that In any material fespecl.. accounting records were not kept in respecl of the Company as required by $e¢lion 386 of the 2006 Act., or the accounts do not accord ￿￿th those records,. or the accounts do not comply wlh the accounting ￿qUIrementS of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view, ￿lch is not a matter considered as part of an independent examinatson., or the accounts have not been prepared in accordance the methods and principles of the Statement of Recommended Prath'ce for accounling and reporting by charities lapplicable to charities preparing their a¢¢ounls in ac¢ordan¢e wrth the Financial Reporting Stsndard appli¢able in the UK and Republi¢ of Ireland IFRS 10211. I have no concems and have come across no other matters in connection wrth the examination to which attention should be drawn in this report in order lo enable a proper understanding of the accounts lo be reached. Christine Wi150n FCA DChA MHA Moore and Smalley Chartered Accountants Preston 2911112021 MOUNTLANDS TRUST LIMITED (COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES IINCLUDING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 28 FEBRUARY 2021 Unrnstrictgd funds Rastricted Totsl funds Total funds funds 2021 2020 Nots Incom8: Donations and legacies Charitable activities Investment income Other Income- CJRS grants 245,838 288.930 6.121 6.224 30.912 80,788 278,750 369,718 6,121 6,224 169,737 341,415 10,225 Total income 547.113 111.700 658,813 521.377 Exponditurg: Expenditure on charitsble activities 719,266 74,953 794,219 691,362 Total •xp•ndltur• 719.266 74,953 794,219 691,362 Not Incomlnglloutgoingl re8ourcos b•forn othor galn$ and Iosso$ 1172,1531 36.747 1135,4061 1169,9851 Unrealised gain Ilossesl on investments Realised gainslllossesl on investments 17.741 13061 17,741 13061 15,0971 3.890 N9t Incomgllexpendlturg) 1154,7181 36.747 1117,9711 1171,1921 Transfers betsveen funds 13,142 13,1421 Net mov•mont In funds 1141,5761 23,605 1117,9711 1171,1921 Rèconciliation of funds: Funds balance brought forward 1.635.109 47.499 1,682,608 1,853.800 Funds balanc• carrl•d forward 1,493,533 71.104 1.564,637 1,682.608 The charity has no recognised gains or losses other than the results for the year as set out above. All of the ath'vities of the Charity are ¢lassed as ¢onlinuing. MOUNTLANDS TRUST LIMITED (COMPANY LIMITED BY GUARANTEE) BALANCE SHEET AS AT 28 FEBRUARY 2021 Unrestricted funds Restricted Totsl funds Total funds lunds 2021 2020 Nots Fixed assets Tangible assets Investments 1.133.208 271.333 691 1,133,899 271.333 1,139,568 254,176 1.404,541 691 1,405,232 1,393,744 Currnnt assets Oebtors Cash at bank 10 55.539 95,569 55,539 165.982 33,816 320,760 70,413 151,108 70,413 221.521 354,576 Credltors: amount falllng du• wbthin one ygar 11 162.1161 162,1161 165,7121 Net ¢urr•nt a$8•ts 88.992 70,413 159.405 288,864 Total a$*ets l•$$ curr•nt Ilabllltl•• 1.493.533 71,104 1,564.637 1,682,608 Credltor8: amounts falllng due after moro than one year Net a880ts 1,493,533 71,104 1,564,637 1,682,608 Funds Restricted Unreslricleil Oesignated 14 15 15 71,104 71.104 403.333 1.090.200 47,499 537.359 1,097,750 403.333 1.090.200 Total funds 16 1,493,533 71,104 1,564,637 1,682,608 MOUNTLANDS TRUST LIMITED (COMPANY LIMITED BY GUARANTEE) BALANCE SHEET Icontinugdl AS AT 28 Fèbruary 2021 For the year ended 28 February 2021 the company was entilled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors, responsibilrties". The members have not required the Company lo ¢)btsin an audit of its a¢¢ounls for the year in question in accordance wffh section 476,. and The directors acknowledge their responsibilities for complying with the requirements of the Act v respect lo a¢counling records and the preparab.on of accounts. These accounts have been prepared in accordance the prowisions applicable lo companies subject lo the small companies regime. These ac¢ounls were approved and authorised for issue by the trustees on signed on their behaw by". 2911112021 and are Allson J Hughes: Chalr of the Trusts•s Company Regi$lralion Number.. 00326093 -10- MOUNTLANDS TRUST LIMITED (COMPANY LIMITED BY GUARANTEE) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 28 FEBRUARY 2021 2021 2020 Cash flows from operating activities: Net cash provided byllused in) operating activitses 1141,0061 1135,2571 Cash flowa from investing activities Investment income Proceeds from the sale of tangible fixed assets Purchase ol tangible fixed assets Purchase ol fixed asset investments Proceeds from the sale of fixed asset investsnents 6.121 10,225 120,1721 193,2771 93,SS6 123,9191 1224,2241 229,743 Not cash used In Inv•stlng •ctlvbtbè¥ 113,7721 18,1751 Cash flows from flnancing activities Repayment of hire purchase agreemen15 Not cash uJ•d In flnanclng actlvltl•• Not Idecroas•lllncr•ase In Cash and Cash ¢qulvalents 1154,7781 1143,4321 Cash and cash equivalents brought forward 320,760 464,192 Cash and ¢a¥h gqulvalgnts corrled fopward 165,982 320,760 Cons18tlng of.. Cash in hand 22 68 Cash al bank 165,960 320,692 Totsl cash al bank and in hand 165,982 320,760 Nel incomellexpendilure} for the year 1117,9711 1171.1921 Investment income received Loss on disposal of tangible fixed assets L05sesllgainsl on investments Depreciation of tangible assets Ilncreaselldecrease in debtors Increaselldecreasel in Creditors 16,1211 110,2251 1,325 1,207 25,570 13,5491 21,607 117,436) 25,841 121,7231 13,5961 Nat cash provided byllused inl operating activitigs 1141,0061 1135,2571 MOUNTLANDS TRUST LIMITED (COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 28 FEBRUARY 2021 Accounting policies Ba$ls of pr•paratlon The financial ststements have been prePa￿d under the historical cost Convention, as modified by the revalualion ol investments. The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their ac¢oun15 in accordance with the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS1021 isstjed in October 2019. the Financial Reporting Standard appli¢able in the UK and Republic of Ireland IFRS1021 and the Companies Act 2006. The charity meets the definrtion of a public benefit entity under FRS102. The financial statements are prepared in sterfing vknich is the functional currency of the chanty and are rounded to the nearest £1. The particular accounting policies adopted by the tnjstees are described below. These policies have been consislenlly applied lo all years presented unles5 olherwse staled. Company $latu$ The charity is a private company limited by guaranlee incorporated in England and Wales. without share capital. The guarantor5 up lo a total of £1 are the trustees of the company. The registered office is given in the company information on page 1. Golng concfjrn The trustee5 assess whether the use of going C￿nCern is appropriate i.e. ￿ether there are any material uncertainbes related to events or conditions that may cast significant doubl on the ability of the charity lo continue as a going concem. The trustees make this assessment in respect of a period ol al least one year from the date of authorisab'on fry issue of the ffinancial stalemen¢s. In early 2020 the emergence of Covi1>19 led the World Health organi5ats.on lo declare a 9lobal pandemic on 11 March 2020. Shortly thereafter the UK government announced various reslri¢live measure$ on 23 March 2020. which has had a previously unf?￿seen impact on the charity's ability lo operate as normal. The ongoing impa¢1 of the pandemi¢ on the charity's income and expenditure is sel out in more detail in the trustees, annual report. Followng their assessment the trustees have concluded that the charity has adequate resources lo continue In operational existence for the I0￿seeable ftrtufe and there are no material uncertainties about the charity's ability to continue as a going concem, thus they conts'nue to adopt the going concem basis of accounting in preparing the financial statements. Judgem•nts and key sources of •stSmatlon uncertalnty In the application of the company's accounting policies, trustees are required to make judgements, ests'mates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other 50urce5. The eslimale5 and associated assumpts"on5 are based on historical experience and other factors that are considered to be relevant. Actual ￿$v11$ may differ from these ests'mates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accountin9 e5b"males are recognised In the period in which the ests.mate is revised where the revision affects only that period. or in the period of the revision and futu￿ periods vthere the rewsitsn affects both current and future periods. -12- MOUNTLANDS TRUST LIMITED (COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 28 FE8RUARY 2021 Accounting policies Icontinuedl Financial instruments The charity only has financial assets and liabilrties of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured as their settlement value. Investments Investment5 are initially recognised al their Iran5aclion value and subsequently measured at their fair value as al the balance sheet dale. The stslement of financial aclivib.es indudes the net gains and losses arising on ￿valUation and disposals Ihroughovl the year. All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losse5 on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquire