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. 

- 2 – 



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 aPpreC￿￿On 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 a￿ayS someone thal they could talkjlum lo.
2020121 saw the Charity donate £50,250 to local causes and to Indiv￿uals 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 I￿kdown. 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 adV￿e 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 unrestr￿ted 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 an￿Unt 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 cOns￿er rt necessary to have a foThnal pcAicy on tr￿dIng 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 poli￿eS 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 poSit￿n 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 Audito￿5 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"vit￿S. 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 A￿inting Pract￿8).
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 appliCat￿n 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 Internat￿nal Standards on Audibng IUKI IISAS IUKII and applicabla
law. Our responsibilit￿S under those standards are further described in the Auditorfs ffjsponsibilit￿s 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 stalerr*nts 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 sect￿nS 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 resWn￿b1e 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 conClus￿n 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 appa￿nt 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 perforn*d. 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 inf0m￿tIOn given in the fina￿la1 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 agree￿nt with the accountsng records. or
we have not received all the infomHtr"on and eXplanat￿n$ 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 financ￿1 statements Ihat are
free trom material misststement, whether due to traud or error.
In prepanng the financial statements, the Trustees are responsi1￿e 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 I￿U￿al8 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 reasOnal￿e 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 a￿ayS 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-coMpl￿nCe 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. a￿ut 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..I1￿M.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 l￿dY. 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,C￿9
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 be￿een 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 tr*e 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 furthèrar*ce 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. Investw￿nt 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 ff￿tings 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 settkn*nt affM)unt duè after any trade discount offered.
Prepayments are valued at the art￿nt 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 State￿nt 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 ClaSsrf￿d 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 TaXal￿n 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 Contribut￿n$ 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 inte￿t 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 prOV￿ed 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
manage￿nI 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
DIV￿endS UK Equities
Interest UK Fixed Interest Securit￿5
Interest UK Unit Trusts
Overseas SecUrit￿s - DNidends
Overseas Secunties- Interest
Overseas SeCunt￿S- 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
ProfesS￿nal 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 Ac￿n 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 equiP￿￿nI
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 be￿en 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