THE MILLS CHARITY ANNUAL REPORT FOR THE YEAR ENDED 31 JANUARY 2021 CHARITY NUMBER 207259 Ensors Accountants LLP Cardinal House 46 St Nicholas Street Ipswich IP1 1
THE MILLS CHARITY FOR THE YEAR ENDED 31 JANUARY 2021 INDEX Page No. OFFICERS AND GENERAL INFORIIATION TRUSTEES, ANNUAL REPORT INDEPENDENT AUDITORS REPORT BALANCE SHEET 10 STATEMENT OF FINANCIAL ACTIVITIES 11 STATEMENT OF CASH FLOWS 12-21 NOTES TO THE ACCOUNTS STATEMENT OF FINANCIAL ACTIVITIES - COMPARATIVE YEAR
THE MILLS CHARITY FOR THE YEAR ENDED 31 JANUARY 2021 TRUSTEES: Mr N Corke Mr M J Kelleway Rev M Vipond Dr C Wrighl Mrs N Wamer Mrs J Blore Mr J Robbins Mr T M P Donsworth REGISTERED OFFICE: The Mills Charty PO Box No 1703 Framlingham Suffolk IP13 9VI CHARITY NUMBER: 207259 BANKERS: Barclays Bank p Leicester LE87 2BB CCLA Investment Managern&nt Ltd Senator House 85 Queen to[la Street London EC4V 4ET INDEPENDENT AUDITORS: Ensors Accountants LLP Cardinal House 46 St Nichotas Street Ipsw¢h Suffolk IP11 SOLICITORS: Birketts ProvKlence House 141- 145 Princes Street Ipswth Suffdk IP1 1QJ INVESTMENT ADVISORS: Investec 30 Gresham Street London EC2V 7QN JMFinn 4 Coleman Street London EC2R STA
THE MILLS CHARITY
TRUSTEES ANNUAL REPORT
The Trustees present their Report for the year ended 31 January 2021.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with Charity’s Scheme, the Charities Act 2011 and the Statement of Recommended Practice ‘’Accounting and Reporting by Charities’’, and have adopted FRS 102 (effective 1 January 2015, as updated 2 February 2016).
Governing document
The Charity was established to execute the will of Thomas Mills who died in 1703 and a formal scheme was registered with the Charity Commission dated 16 November 1915. Various amendments have taken place over the years, from 9 January 1981 to the latest dated 11 December 2020. The Mills Charity is an unincorporated association. The Charity Registration number is 207259 and its registered address is PO Box No 1703, Framlingham, Woodbridge, Suffolk, IP13 9WW.
Trustees
| Trustees | Trustees |
|---|---|
| The Trustees during the year and their appointing body were as follows: - | |
| Mr Nick Corke (Chairman 14/01/2019) | Framlingham Town Council |
| Mr Martin J Kelleway | Co-optative Trustee |
| Rev Mike Vipond | Co-optative Trustee |
| Dr Charles Wright | Co-optative Trustee |
| Mrs Nicola Warner | Co-optative Trustee |
| Mrs Jane Blore | Co-optative Trustee |
| Mr James Robbins | Co-optative Trustee |
| Mr Timothy M P Donsworth | Co-optative Trustee |
Co-optative Trustees are appointed by the Board of Trustees with Nominative Trustees appointed by the respective bodies. The Nominative Trustees are appointed for a four-year period and the Co-optative Trustees for a five-year period. The Annual General Meeting is normally held in April, May or June. The Charity's advisors are set out on page 1.
When a vacancy occurs for a co-opted Trustee, the remaining Trustees seek to appoint an individual with skills and experience which they feel will be of benefit to the Charity. On appointment, new Trustees are given copies of the original Trust Deed and the latest Annual report and accounts. There is no formal induction and training programme, but individual Trustees may attend seminars to update themselves when they feel it necessary.
Aims and Organisation
The Charity’s area of benefit is Framlingham and the surrounding area, where it is able to provide assistance for those in need, hardship, or distress, provide and maintain the Almshouses and more recently the Trustees may assist with other projects which are for the general benefit of the inhabitants of Framlingham and the surrounding area.
The Trustees are confident that the Charity’s objectives described above are in accordance with the Charity Commission’s general guidance on public benefit.
Review of Progress, Achievements, Investment Policy and Grant making policy
During the financial year to 2021, The Mills Charity helped in a variety of ways, the people and organisations in Framlingham and some of the contiguous parishes. This assistance included financial help to a number of people in need who had applied to the Charity for assistance, amounting during the year to £250 (2020: £2,195). Several organisations applied for assistance; generally for improvements or repairs to existing facilities, for which grants for the year amounted to £50,000 (2020: £30,720). Trustees considered each application on its merits according to the terms of its Scheme and the Charities Commission guidance on public benefit, so not all requests were agreed.
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THE MILLS CHARITY TRUSTEES ANNUAL REPORT Icontinuod) The risks involved with the Amsh¢)uses and tenanted properbes are mitigaled by the Trustees having adequate insurance, undergoing regular proFerty reviews and a programme of repair work, as well as having a personal alami system at the Almshouses. There are no restrictions on the Charity's power to invest Trustees consider the risk profile and the investment manager's view of the market prospects. with a view lo ensunng capital aPpreCOn of the fund exceeds inflation. Our strategy is revwed with our investrnenl managers annualty. There were no changes to the Trustees goveming the chanty this year. although the June 2021 AGM will be ry last Trustee meeting and see myself complete 12 yrs. se to the charity as the Framlingham Town Councll repres8ntats'va. 2020121 has been an interesting year with the pandem Waying a largè part in what has happened. Throughout the number of Govemmenl Lockdowns, the cre and myself have kept a close eye on the wellbeing of our licensees, and other tenants, liaisin9 With or9anisalions within the town. to make sure they did not go hungry or without prescriptions whilst making sure that there was aayS someone thal they could talkjlum lo. 2020121 saw the Charity donate £50,250 to local causes and to Indivuals in need in our Community. In light of the pandemic, School Trips were cancelled lo the disappointrnent of many children and school staff. 2020121 saw good progress being made on the construction of OUT six new Almshouse's, Mills Piece, in Badingham Road and fortunately we onty bst approximalety one Month of site work due to Ikdown. The Clerk worked extreff*ly hard on our applKatson lo be a Regislefed Housing ProvKler and at the end of the year we h& virtually completed this abng With becoming a mwnber of the Housing Ombudsman. This year we have movèd to a new office in the heart of Framlingham and within easy walking distance of our properties which is more economical but also eas for the licensees to speak to the clerk rf they have a need to. We also secured planning to renovate, and extend. No.6 Station Road and this project will be started in April 2021 wrth completion due in June 2021. I would like to take this opportunity to thank my fdlow Trustaes for their support and adVe throughout the year and a special thank you to our Clèrk Karren Piper for all her support and help this year. She has overseen complete overhaul of all our poli¢Es and practsces and has helped lake the charity lo a new level. All in all, a very challenging year but a very satisfying one. Mr Nick Corke, {Chaimian)
THE MILLS CHARITY TRUSTEES ANNUAL REPORT {Continued) Flnancial rnvlew The Charity holds investrnents and short tern deposits wlth a value of approximatety £5.39m {2020'. £5.97m). During the year the investsnents pr&Juced an income of approximately £96k1202G." £119kl. The Mills Charity made contn'buts'ons tolaling £50,250 12020.. £32.915) to the local community in form of donats'ons to individuals and ¢ommunty groups. Unr8Strlcted Fund• The unrestrted fund had a value of £892,928 as at 31 January 2021, dNided as follows.. Cycll¢al Malnt•nanc• Fund is a fvnd established lor the wular maintenance and repair of the Almshouses and other propety belonging to the Chanty. The held wilhin this reserve at the balance sheet date is £102.955. Unrgstricted Funds are held by the Trustees for the purF¥)ses of the Charities aims and organisation as discussed above. The fund value has a value of £789.973 as at the balance sheet dale. ROStrkt Fund8 The restricted fund had a value of £268.469 as at 31 January 2021. divided as follows.. Extraordlnary Rep•lr Fund, established to provide for the extraordinary repair, improvement or rebuilding of the Almshouses and other property belonging to the Chanty. The anUnt held within th reserve at the balance sheet date was £255,299. H M Turn•r Trust is a fund established by a bequest from the18te Mr H M Tumer, a former Chairman of the Trustees, the income from whKh is lo be distributed amongst the residents of the Almshouses at Christmas each year. A T She•n Tru•t is a fvnd established by the late Mr A T Steen, the income from which is to be distributed amongst the residents of the Amshouses at Easler each year. The amunt held wrthin this reserve and the H M Turner Trust at the balance sheet date is £235. Framllngham Communlty Centre is a fvnd held by the Charity for use by any future plan lo build a community centre after a failed project back in prior years. The amount held within this reserve al the balance sheet date is £12,935. Endowment fund• This fund was estsblishe¢J by original deed as a permanent endowment of which income is available for general charity purposes. The capital may not be spent without permission from the Charity Commission. The Trustees have commrtted to the refurbishment of the Almshouses in Framlingham from the annual Surplus from general income. The amount held wrthin this reserve at the bakince sheet date is £7,418,121. Golng eonc•rn Our balance sheet remans strong with net assets of £8,579,518 and the V4vnership of the Almshouses in Station Road and other various properties. The Twslees have reviewed the cir¢umstsnces of the Mills Charity and consider that adequate resources continue lo te available to lund the a¢tivib'es for the foreseeable future. The Trustees a of the view that the charity is a going con¢em. Due lo the Charity's funding ststus the Trustees do not cOnser rt necessary to have a foThnal pcAicy on trdIng reserves
THE MILLS CHARITY TRUSTEES ANNUAL REPORT (Continued) Statement of Trustaes. Re8ponslblllll6• The Trustees are responsible for preparing the accounts in accordance wtth applKable and United lth'ngdom Generally Accepted Accounting Practs"ce. Law applicable to char.eS in England arKI IAÈles requires the Trustees lo prepare Financial Statements for each financial year which give a true and frair view of the Charity's financial activities dunng the year and of its financial position at the year-end being 31 January 2021. In preparing those Financial Ststements the Trustees a required lo.. a) select surtab18 accounts'ng polieS and then ap them consistenty,. b) observe the methods and Pfincip* in the applicable Charib'es SORP c) make judgements and esb'mates that are reasonable and prudent.. d) stale whether applicable accounting slandards and statements of recomThnded practirA have been followed, subject to any departures disclosed and explained in the accounts., and e) prepare the accounts on the going concem baw's unless rt is inappropnate lo assume that the Charity will continue in operatK•n. The Trustees are resp)nsible for keeping proper accounts'ng reo)rds thal disclose with r8asonable accuracy the financial poSitn of the Chanty and which enable them to ensure that the Financial Statements comply with the Charities Act 2011, the applicable Charities {A¢¢ounts and Reports) RegulalK•ns and provisions of the Charity's Scheme. They are also responsible for safeguarding the assets of the Charity and hence for taking Tea80nable steps for the prevention and detection ol fraud arKI other irregularity'es. In so far as the Truslees are aware.. there is no relevant audit infofmalion of which the Charity's auditors are unaware of, and the Trustees have taken all steps they oughl to have laken to make themselves aware of any relevant audit infomatson and to establish that the audrtors are aware of that information. Audltors A resolution will be proposed at the Annual General Meeting that Ensors Acojuntants LLP be re4ppointed as auditors to the charity for the ensuing year. Mr Nick Cofke, jchaimianj Ion Behalf of the Trustees)
THE MILLS CHARITY INDEPENDENT AUDITORS REPORT TO THE TRUSTEES OF THE MILLS CHARITY Independent Audito5 Report to the trust of The Mills Charity Oplnlon We have aLtdited the financial staterrEnts of the Mills Charity for Ihe year ended 31 January 2021 which comprise the 8alance Sheet, the Statement of Financkgl Ackn"vitS. the Statement of Cash Flows and the notes to the financial stalemenls, including a summary of signifunt accounting policies. The financial reporting framework that has been applied in their preparation is appluble law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 Th8 Financial Reporting Standard applicable in th6 UK and Republic of Ireland (Unrted Kingdom Generally Attepied Ainting Pract8). In our opinion the financial slatemenis" give a true and fair view of the stste of the Chanty's affairs as at 31 January 2021 and of its incoming resources and appliCatn of resour$, including its income and expenditure. for the year then ended,. have been property prepared in accordance with Unrted lQ'ngdom Generally Accepted Accounting Practic6', and hav& been prepared in accordance with the requirern8nts of the Charitw Act 2011. Buls lor oplnlon We conducted our audit in accordance with Internatnal Standards on Audibng IUKI IISAS IUKII and applicabla law. Our responsibilitS under those standards are further described in the Auditorfs ffjsponsibilits for the audit of the financial statements sects'on of our report. We are independenl of the Chanty in accordance with the ethKal requirements that are relevant to cur audrt of the financial stalerrnts in the UK, including the FRC'S Ethical Stsndard, and we have fuffilled our other ethical responsibilits.es in accoTdanc8 With these requirements. We believe that Ihe audit evKlence we have obtained is sufficient and appropnate to provKle a basis for our opinion. Concluslons r•latlng to golng conc•rn In auditing the financial statements, we have ¢on¢luded that the directors, use of the going concern basis of a¢UntIng in the preparabon of the financial stslemenls is appropnate. Based on the work we have performed, we have not idenlthed ary material uncertainties relating to events or conditions that, individually or collectsvety, may cast signfficanl doubl on the company's ability to continue as a goiry concem for a period of at least trwefve months from vthen the financial statements are authorised for Is5U?. Our responsibilities and the responsilylrties of the directors with respecl to going concem are described in the Televanl sectnS of this report. Other Infomiatlon The other informalK>n comprises the infomwtion included in the annual report, other than the financial statements and cur 8uditorfs report thereon. The Trustees are resWnb1e for the other information. Our opinion on the financral stalernnts does not cover the other informakn'on and we do not express any form of assurance conClusn thereon. In connection with our audit of the financkil statements. our responsibility is to read the other information and, in doing so. consider whether the other infofmation is maten'alty inconsistenl with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we entify such material inconsistencies or appant material misstatements. we a required lo determine whether there is a material misstatement in the financial statements or a matenal misstatement of the other information. If, based on the work we have perfornd. we condude that the is a material misstatement of this other infom)alion, we are required to rep)rt that fact. We have nothing to report in this regard.
THE MILLS CHARITY INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE MILLS CHARITY (Continued) Mattors on which we are iBquired to report by exception We have nothing to report in respect of the following matters in rekb'on to whth the Charities (Accounts and Reports} Regulations 2008 require us to reF4)rt to you rf. in our 0.nIon.. the inf0mtIOn given in the finala1 statemenis is inconsistent in any matenal respect with the Trustees, Report. or sufficient accounb'ng records have not been kepl or the finanaal ststements are not in agreent with the accountsng records. or we have not received all the infomHtr"on and eXplanatn$ we uIre for our audit. Ro8ponslbllitiM of Trustees As explained more fully in the Statement of Truste8s' ResFonsibilrties. the Trustees, are responsible for the preparation of the financial statements and for being satssfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enabb the preparats'on of financ1 statements Ihat are free trom material misststement, whether due to traud or error. In prepanng the financial statements, the Trustees are responsi1e for assessing tha Charitss ability to Continue as a going concem. disclosing, as applicable. matters related lo going concem and using the going ncern basis of accounting unless the Trustees ether intend to IUal8 the charitable Company or to cease operats'ons, or have nc realistic alternative but to do so. Audltorn r•spon•lblllllH lor th• audlt of th• flnanclal •tat•m•nl• Our objectives are lo obtain reasOnale assurance about whether the financial statements as a whole are free from malenal misstatement. whether due to fraud or error, and lo issue an audilorfs report that includes our opinion. Reasonable assurance is a high level of assurance bul Is not a guarantee that an audit conducted in accordance with ISAS {UKI will aayS detect a material misstatement when it exists. Misstslements can arisa from fraud or error and are considered material rf. individually or in the aggregate. they could reasonably be expectsd to influence the econom dectshms of users taken ¢)n the basis of these financbal statements. Irregularities, including fraud, are instances of non-coMplnCe with laws and regulations. We design procedures in line with our responsibilitses. (Mrtlined ab)ve. lo detect malerial misstatements in resFect of irregularities, including fraud. The extent lo which our procedures are capable of detecting irregularities, including fraud, is detailed below. In idenlfying and assessing risks of malenal misstatement in respect of irregutanties, including fraud, the audit engagement team.. obtained an understanding of the nature of the industy and sector, including the legal and regulatory framewoik that the company operates in ano htrw the company are complying with the legal and regulatory framework,. enquired of management, and those charged wth govemance. aut their own identification and assessment of the risks of irregulantbes. including any known. actual. susFecled or alleged instances of fraud, discussed matters about non-compliance with laws or regulations and how fraud might occur including assessment of how and where the flnanchgl stsiements may be susceptible lo fraud. However, il is the primary responsibility of management. with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud. A fvrther description of our responsibilities is availabk on the Financial Reports'ng Council's website at. s..I1M.frc.0r .uklaudrtorsres n5ibiliti"es. This descripb'on forn part of our audrtorfs report.
U80 of our report This report is made solety to the Charity's Tfustees, as a ldY. in accordance wrth Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's memters those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest extent permttted by law. we do not a(Lepl or assume responsibility to anyone other than the Charity and ifs Trustees as a body. for our audit work. for thks report, or for the opinions we have formed. Ensors Accountants LLP Chartered Accountants & Statutory ALKlilor Cardinal House 46 Sl Nicholas Street Ipswich IP1 1
THE MILLS CHARITY BALANCE SHEET AS AT 31 JANUARY 2021 Total Funds 2021 Total Fund8 2020 FIX As3•ts Tangible assets Freehold land & buildings Plant & equipment Investments 3.295,628 319 4,959,942 2.532.342 1.272 5.120.363 8,255,889 7,653,977 Current A••ots Debtors Cash in bank and in hand Short term deposits 8ank accounts 19,931 16,607 546,364 332,101 431.767 451,698 895,072 Cuff•ftt Llablllll•• 128,C9 16,120 Net Current Ass•l• 323,629 878,952 Total A88•ts l•M Curr•nt Llablllll•s 8,579,618 8,532,929 The Fund• ot tho Charlty Endowment funds Restricted funds Unrestncted fvnds 11 12 14 7,418.121 268.469 892,928 7.414,113 251,199 867.617 8,579,518 8.532,929 The notes on pages 12 to 22 fomi part of these accounts. Approved by the Trustees on ..2.S.lo41.io*. l and soned on their behalf by.. Mr Nick Corke {Chaiimanj Mr Martin J Kelle
THE MILLS CHARITY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JANUARY 2021 Note unrestrIct Restrlctsd Endowment Funds Funds Funds Total Funds 2021 Total Funds 2020 Income and endowments from Investments Other Rents & wayleaves Donations and legacies 16 95.604 356 95.960 119,232 161.169 161.169 156.355 Total In¢om• 256.773 356 257.129 275.587 Expendrtur• on Raising funds Investment management Chantable aclivits.es Almshouses Let property expenses Grants - relief in need Grants- general benefit 29,416 29,416 30,470 17 17 20 18 66,555 87,533 12,734 62.485 400 66,955 87,533 12,734 62,485 114,376 228,23S 13,257 41,781 Tol•l •xp•ndltur• 229.307 400 29.416 259.123 428,119 Nel galns & Ilossesl on investhEnts: Realised Unrealised (80,4541 180.4541 111.749 129.037 {1,3071 367,335 17.288 Net Incorn• 27,466 17.244 1,879 46,589 213,496 Transfers beeen funds {2,1551 2,129 Net movement In fund8 25,311 17,270 4,1)08 46,589 213,496 Reconciliatlon of funds: Total fvnds brought fotward 867.617 251.199 7.414.113 8,532,929 8.319,433 Total fund• carriod forwa 16 892,928 268,469 7.418,121 8.579,518 8,532,929 The notes on page 12 to 22 fo part of these acc(wnts. Approved by t usl8eson...... and $Jn&d on their behalf by". Mr Nick Corke IChaim)anj Mr attin J Kellew 10-
THE MILLS CHARtrY STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 JANUARY 2021 2021 2020 Not• Cash flo In operatlng athltle• 21 17,319 1286,9001 Cash ftow from Investlng acllvltlo8 Investment income Fixed asset additions Purchases and sale of investffents Movement befvleen investments and $h and cash equNal8nts 95,960 1763,2861 21,652 181,657 119,232 164,0991 29,771 63,143 1464,0171 148,047 Decroa$• In cash and cash equlvalfrnts 1446,698) 1138,8531 Cash and cash equivalents at beginning of the year 878.465 1.017,318 Cash and cuh equfvahnts at •nd of th• y•ar 431,767 878,466 11
THE MILLS CHARITY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JANUARY 2021 ACCOUNTING POLICIES The principal accounts'ng Folicies are summarised below. The lUntr.9 poliaes have teen applied consistently throughout the year and in the preceding year. a) Ba818 of preparation and assemment of going conc•rn These financial ststements have been prepared under the hi8torrcal cost convention except that investment assets are carried at market value. The currency of tre accounts is the Found and the figures shown have been rounded to the nearest pound. The Charity has prepared ts financial statements in accordance wth Accodnting and Reporting by Chanlies.. Slalemenl of Recommended Practsce applicable lo charities preparing their financial statements with the SORP FRS 102 Iissued on 16 Juty 2014, as updated 2 February 20161, the SORP FRS 102 is in preference to the Accounbng and RtForb"ng by Charities.. Stsiement of Recommended Practice issued on 1 Apn'l 2005 whbch is referred to in U)e extant regulatsons but has since been wilhdiawn. The financial statements have been prepared lo grrfe a 'true and faif view and have departed from the Charities IA¢counts and Reports) Regulations 2008 onty to the extent required to provide a 'true and fair view, as descnbed above. The Tnjstees consider that there are no material uncertaintss about the Trusfs ability lo continue as a going coflcem. b) Fund accountlng Unrestricted fijnds are available ftK use at the discrethM of the Trustees in the furthèrarce of the general objectives of the Chanty. Designated funds are unrestricted fvnds eannarked for particular purposes las detsiled in note 141. Reslricled funds are subjected lo restrth.ons on their expenditure imposed by the donor or through the tems of an appeal las detailed in note 121. Endowment fund was established by original deed as a pennanenl endowment of which income is available for general charity purposes. Any caprtal gains or k)sses arising on the inveslrnenls form part of the fund. Investwnt management charges and advice relating to the fund are charged against the fkn'nd. c) Income All incoming resources are included in the statement of financial activits'&s when probable entitlement exists. The Trustees are virtualty certain they will receive the resources and the amount can be quantified with reasonable accuracy. The following specthc p)licies are applied to particular calegones of income.. Voluntary income received by way of (Jonab"ons and gifts is included in full in the Statement of Financial Activit$ when receivable at fair value, except insofrar 8$ they are incapable of financial measurement., Investment in¢tyne is induded when receNable' and Incoming resources from charilable trading aclivty are accounted for when earned. d) R•8ourcos expended Liabilities and expenditure are included on an accruals basis and are recognised when there is a legal or constructive obligation to pay. Grants exFended in the year are charged in the same manner, grants offered al the balance sheet dale are noted as commitrnents where there is no obligation lo pay. Liabilities and expenditure includes VAT which the Charity is unable to recover, and is reported as part of the expenditure to which it reLates. Most costs are direcuy attributed to the relevant category of resources expended in the Statement of Financial A.V.es. Charitable activibes costs include costs of preparation and audit of statutory accounts, the ¢0sts of Trustee fftings and ct)st of any legal advice to Trustees on govemance or constitutional matters. 12-
THE MILLS CHARITY NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 JANUARY 2021 ACCOUNTING POLICIES cop¥nNUED.... el Debtor4 Trade and other debtors are recognised at the settknnt affM)unt duè after any trade discount offered. Prepayments are valued at the artnt prepa net of any trade discounts due. Cr•ditorn Credrtors and provisKJns are recognised Whe the charity has a present obligation resulting from a past event that will probably result in the transfer of fvnds to a third pa and the amoL*nl due lo settle the obligation ¢an be measured or estimated reliabty. Credrtors and provisions a recognised at their settlement amount after allowing any trade discounts. gl Flx•d •••gts and Inv•8lmenl• propertl Fixed assets of Freehold Land and Buildings are b8t out to fvrther the Charty's own purposes by providing accommodation lo the Chanty's beneficiaries and are classified as fixed assets accordingly. They are inilialty rneasu al cost and subsequenlty at cost less impairffent. The Charity undertakes an ongoing programme of renovaty.on such that depreuation is not considered lo material. Assets costs'ng more than £500 are capitalised. Plant & equipment comprises of computer equipnxnt and is depreciated at a rate of 113rd per annum on 8 straight4ine basis. Investment Propety held as ffixed assets are stated at market value at the balance sheel dale with any gain or loss taken to the Statent of financial ath"vits"es in the undedying fund. Investment propety will be re-valued on a rolling five year basis. Investments held as fixed assets a revalued al mid-markel value at thè balance sheet date and the gain or bss laken to the statement of financial activities in the underlying fund. Investments are ClaSsrfd as fixed asset investrnents when the Chanty does not expect to realise them within 12 months of the balance sheet date. h) Flnanclal Instruments The Charity holds investments with stockbrokers whth are inrtialty recrynised al transaction value and subsequently measured at the end of the accounts year at market value. TnA8to• r•mun0ratlon & r•lal•d party transa¢tlon• No Twstee or other Ferson lated to the Chanty had any personal interest in any contract or transaction entered into by the Charity during the year12020- Nil). In the per £nil12020'. £10.0001 was donated to The Mills Educational Foundatson. This Charity has the same Trustees as The Mills Charity. Taxation As a Chanty, The Mills Chanty is exempl from lax on inco and gains falling within section 505 of the Taxes kl 1988 or s256 of the TaXaln of Chargeable Gains Act 1992 to the extent that these are applied to its ¢haritsble objects. No tax charges have ansen in the Chanty. 13-
THE MILLS CHARITY NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 JANUARY 2021 Fees for audll of tho accounts 2021 2020 Auditors fee for reporting on the CoUnts arKI provision of servKes 10.800 10.080 Paid employees Dunng the current year the Chanty paid one full tsmè Clerk for the Chanty. the gross salaries for this amounted lo £27,833 12020: £25,755) and Empkjyers National Insurance Contributions amounted to £nil 12020.. £4211 with employer pension Contributn$ of £835 {2020'. £7221. FIX a88•t InvMtm•nts Total fixed asset investrnents comprise £4.604,94212020. £4,765,363) of financial assets and £355.000 12020.. £355.0001 of propety investrnents. 2021 2020 •) Movement In flx•d as•el InvHtmonts Market value at 1 February 2020 {Lossl I Profit on disposal of investments Change in year end markel value Fee$ Money invested Transferred 4,765,363 180.4S41 129,037 (29,4171 2,070 1181,6571 4.517,249 11,3081 342,335 130,470} 700 {63,1431 M•rk•l valu• a8 at 31 January 2021 4.604.942 4,765.363 b) InvMlm•nts at mark•t valu• comprl••d: Equits'es Fixed intet securyties Cash 3,626,364 879,978 98,600 3,686.293 677.223 401.847 Market valu• as at 31 J•nuary 2021 4.604,942 4,765.363 The Charity, as at the balance sheet date. has no deposts which are due to rnatu within the next 12 months {2019.' Nil}. The deposts on call fvnds are Endowment funds available for withdrawal without notice. D•po•lt on call COIF 181,657 181,657 14-
THE MILLS CHARITY NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 JANUARY 2021 Flx•d as8•t Invo8tm•nts conllnued stock •xchang• investm•nts compris• 2021 2020 cl Holding of rrL)re than 5% of total investrnents.. COIF Charities Invests7)enl Fund 255,299 238,011 UK North America Other intemational Other altemative assels 1.357,475 530,021 563,371 366.432 1,675,090 610,242 409,919 277,317 3,072,598 3,210,579 d) Property Invo•tmonts Market value brought loward Revaluabon - Gainl Ilmpaimwnt loss) Transfer to Freehold Land and buildings 355,000 502,500 25,000 1172,5001 Market value carried fmward 355,000 355,000 The investment properties brought forward consists of 2 prowies These properties were valued January 2020 by Clarke & Simpson on an open market basis. In the opinion of the trustees the value of these properties has not ohanged significanuy this year. On an historical cost l)asis these would have been included al an original cost of£175,536. -1&
THE MILLS CHARITY NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 JANUARY 2021 Tanglble Flxed Assets Land & Plant & Bulldlngs Equlpment Totsl Cost At 1 February 2020 Additions Disposals 2.532.342 763,288 2,294 2,534,636 763,286 {9541 {9541 At 31 January 2021 3.295.628 1340 3,296,968 Deproclatlon At 1 February 2020 Charge for the year Depreciation on disposal 1,022 318 1319) 1,022 318 13191 At 31 January 2021 Not book valu•8 Al 31 January 2020 2.532,342 1272 2 533614 Al 31 January 2021 3.295,628 319 3,295 947 Dobtor8 2021 2020 Investment incor Prepayments Other 13,129 8,802 15.7070 360 540 19,931 16.607 Crfjdttorn Creditors and accruals Rentsl deposits PAYE and NIC 123,763 3,587 719 11.981 3.587 552 128,CE9 16.120 10. Commllm•nts Al the Balance Sheet date the Chartty did not have any granl commitmenis which were not prOVed for within the accounts. 16_
THE MILLS CHARtrY NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 JANUARY 2021 11. Endowment Funds The Mills Charity Endowment Fund was estsblished in 1703 as a Permanent Endowment for the benefit of the local community. The H M Tumer and A T Sheen fijnds are expendable endowments which were ceived later and the Trustees have resolved that the inwme from these funds should follow the donor's wishes to suppjrt the residents of the Almshouses. The funds a represented by tangible fixed assets and investrnents. Mllls Charlty H M Tumer A T Shaen Total Balanca at 1 Febnjary 2020 7.396.661 17.202 250 7,414,113 managenI fees (29,2951 1121) 129,4161 Reinvested income 2,129 2.129 Gains & investments -Realised & disposals (80.4541 (80,454) -change in year end market valu8 111.815 (66) 111,749 Balance at 31 January 2021 7.400.856 17.015 250 7,418,121 12. RMtrlct•d funds- Incom• fund• Framllngham Communlty C•ntr• Tum•rlShMn Extrnordlnary R•palr Fund Totsl Balance at 1 February 2020 12.909 279 238.011 251,199 Incoff 26 382 Additions in the year ExFenditure {400} 1400) Change in year end market value 17,288 17,288 Balance at 31 January 2021 12.935 235 255,299 268,469 The Extraordinary Repair Funds a required under the Charity's Scheme and transfers musl te made each year from the income resour of the Charity. The funds are maintsined at a relatively high level in case major repairs a required. 17-
THE MILLS CHARITY NOTES TO THE ACCOUNTS coKfiNUED FOR THE YEAR ENDED 31 JANUARY 2021 13. D88lgnated Fund8 - In¢ome lund8 Cycllcal malntonanco fund Balance at 1 Febwary 2020 101,791 Funds introduced Interest allocation from unrestricted funds 204 Balance at 31 January 2021 102,955 Tha Cyclical Maintenance Funds comprise funds sel aside for cyclKal repairs at the Almshouses and other properties owned by the Charity. 14. Unrestrlctod lund8 Do•lgnatsd funds Unrestricted funds Total lund8 Balance al 1 February 2020 101.791 765,826 867,617 Income 2,773 256,773 AlbcatK)n in year 1.164 {1,164) Fund transfer {2,155) 12,1551 Expendrture on {229.3071 1229,307) Balance at 31 January 2021 102.955 789.973 892,928 15. Analy•i8 of net ass•ts betw•en funds DHlgnat•d nd• Unv••trlclod funds Restrlctod funds Endowment funds Total nd• Freehold land and buildings Plant and equipment Investment assets Current assets Current liabilrties $81,629 319 520 335,574 {128.C691 2,713,999 3,295,628 319 4,959,942 451,698 1128,0691 255.3C 13.169 4.704.122 102.955 102,955 789,973 268.469 7.418,121 8,579,518 18-
THE MILLS CHARITY NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 JANUARY 2021 16. Investment Income 2021 2020 DIVendS UK Equities Interest UK Fixed Interest Securit5 Interest UK Unit Trusts Overseas SecUrits - DNidends Overseas Secunties- Interest Overseas SeCuntS- Unil Trusis Interest on Deposits Dividends UK Unit Trusts Dividends Real Estate Investrnent Trust Excess income funds 53,079 9,746 5,654 9,190 5.460 707 2.218 8.426 803 677 66,957 8,652 6,930 10,859 5,476 189 6,369 11,395 1,705 700 95,960 119,232 17. R••ources expended Payments re Almshouses.. Attendants salary Rates, electricity, gas & water Gardener Insurance Repairs & maintenance & a&nr Subscriptions Christmas dinner and sundnes t)onalions - Turnerl Sheen distributs'on Telephone Professional fees Govemance and supp)rt costs {note 19) 15,908 9,249 9,010 3,720 51,292 341 423 400 86 1,818 22,129 6.145 1.448 3.505 30,094 355 38 400 24,970 66.955 114,376 Other Propety.. Insuran General maintenance and property costs Rale$ and elect ProfesSnal fees Gardener Govemance arKI support costs In¢)te 191 2,292 51,276 1,915 5,142 1,938 24,970 3,966 196,961 3,188 1.704 287 22,129 87,533 228,235 19-
THE MILLS CHARITY NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 JANUARY 2021 18. Grants - General Bonofft 2021 2020 Framlingham Area Youth Acn Plan FabLab Appeal Framlingham Hour Communty Project st Framlingham Church Saxtead Church The Mills Educational Foundation Govemance and support costs (nole 19) 10,000 30.000 10.000 5,000 720 10,000 5,000 10,000 11,061 12,485 62,485 41,781 19. Manag•m•nt and admlnlstr•tlon- Support and gov•rnanc• ¢o•ts 2021 Total 2020 Tot•1 Alm• L•t Rdl•fln G•noral hou•M property n••d b•n•flt Office costs Staff costs Travelling Auditors. fee Bookkeeping, payroll fee and other Bank charges Insurance Professional fees Sundry expenses Depreciation of equiPnI Profitllloss} on disposal 2.071 9,674 2.071 9.674 1.035 4.837 1,035 4,837 6,212 29,022 5,302 26,898 999 10,080 5,566 3,600 2.285 80 191 6.795 274 1.800 1.142 1.800 1.142 40 97 3,398 136 53 {531 10,800 6,854 240 575 20,386 820 318 (3181 2.285 80 191 6.795 274 1,234 13,166 2,202 638 3.398 136 1106} 11L131 (53) 24.970 24,970 12,484 12,485 74,909 66,381 The basis of allocation of the above govemance and supp)rt costs were 11311 to each of the Almshouses and let property vrith 116th being alk)cated to each of the grants for relief in need and general benefil. 20. Grant8- rnllef in n••d 2021 2020 Grants- relief in need Govemance and support costs {note 19) 250 12.484 2,195 11,062 12.734 13.257 -20-
THE MILLS CHARITY NOTES TO THE ACCOUNTS CONTINUEO FOR THE YEAR ENDED 31 JANUARY 2021 21. Cash flow from operallng a¢llvltles 2021 2020 Nel movements in funds Depreciats'on (Profilll loss on disposal Market value movements Investrwit incon 46,589 318 13191 {48,5831 {95,*01 213,496 638 1366,0281 (119,2321 197,9551 1271.1261 Increase in debtors Increasel Idecreasel in creditors 3,325 111,949 4.269 {20,0431 Net generated used in operatsng xtNities 17.319 1286,9001 21
THE MILLS CHARITY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JANUARY 2020 Note Unrn8tri¢ted Funds Rastrlcted Endowment Funds Fund$ Total Funds 2020 Total Funds 2019 Income and ondowments from Inveslm8nts Other Rents & wayleaves Donalions and legacies 16 118.740 492 119,232 125,162 156.355 156.355 104,607 T¢)tal Income 275,095 492 275,587 229,769 Expendlturo on Raising funds Investment management Charitable a¢tivib&s Almshouses Let property expenses Grants - relief in need Grants - general benefit 30.470 30.470 30,364 17 17 20 18 113,976 228,235 13,257 41,781 400 114.376 228,235 13,257 41.781 67,496 56,603 12,370 38,924 Total •xp•ndltur• 397,249 400 30.470 428,119 205,757 Net gains & Ilossesl on invesltrents.. Realised Unrealised (1.3071 11,307) 329,197 367,335 15,1(k8 1444,4091 38,138 Not In¢om•l1oXPondlturnl {122,1541 38,230 297,420 213,496 (405,2911 Transfers been funds 11,6021 1.576 Not movement In funds 1123.7581 38,256 298,996 213,496 1405.291} Reconciliation of lunds: Total funds brought forward 991,373 212.943 7.115.117 8,319,433 8,724,724 Total fund• ¢arrlod forward 15 867.617 251,199 7,414,113 8,532,929 8,319,433