THE MILLS CHARITY
ANNUAL REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
Charity Number.. 207259
Regulator of Social Housing Registration Number: 5122
En$orn Atteountant$ LLP
Floor 3, Connexlons, 159 Prin¢•s Street
Ipswich
IP11QJ

THE MILLS CHARir
FOR THEYEAR ENDED 31 JANUARY 2024
INDEX
Pagè
No.
OFFICERS AND GENERAL INFORMATION
TRUSTEES, ANNUAL REPORT
8-10
INDEPENDENT AUDITORS REPORT
11
BALANCE SHEET
12
STATEMENT OF FINANCIAL ACTIVITIES
13
STATEMENT OF CASH FLOWS
14-23
NOTES TO THE ACCOUNTS
24
STATEMENT OF FINANCIAL ACTivrriES- COMPARATIVE YEAR

THE MILLS CHARITY
FOR THE YEAR ENDED 31 JANUARY 2024
OFFICERS AND GENERAL INFORMATION
TRUSTEES:
Mr M J Kelleway
Mrs J Blore
Mr J Robbins
Mi T M P Donsworlh
Dr R Bushaway
Mi J R Tanner
Mrs P Slater
REGISTERED OFFICE:
The Mills Charity
PO Box No 1703
Framlingham
IP139
CHARITY NUMBER..
207259
REGULATOR OF SOCIAL HOUSNG 5122
REGISTRATION NUMBER:
Registered on". 4 February 2￿21
BANKERS:
Barclay8 Bank plc
Leicester
LE87 268
CCLA Investment Management Ltd
S¢natot House
85 Queen Victoria Street
London
EC4R 3AB
INDEPENDENT AUDITORS:
Ensor8 Ac¢ounlanls LLP
Floor 3. Connexions
159 Prin￿$ Street
Ipswich
IP1 1QJ
SOLICITORS:
Birketts
Providèneè House
141- 145 Princes Street
Ipswich
IP1 1QJ
INVESTMENT ADVISORS..
Investe¢
30 Gresham Street
London
EC2V7QN
JMFinn
4 Coleman Street
London
EC2R 7AH
Brewin Dolphin
Fi8sef Hous•
23 Mus8urn Street
Ipswich
IP1 1HN

THE MILLS CHARITY
FOR THE YEAR ENOED 31 JANUARY 2024
TRUSTEES ANNUAL REPORT
The Trustees present their Report for the y?ar ¢n<fed 31 JaNary 2024.
The accounts have b9¢n pr¢pared in accoidance vAth the accounting polieièÈ sèt out in note 1 to the accounts
and comply with Charity's Scherne, the Charities Act 2011, the Statement of RecommendÈd Practice
Accounting and Reporb'ng by Charities" and FRS 102.
Governlng docunwnt
The Charty was established to execute the will tsf Thomas Mills who died in 1703 and a fcffflal s¢heme was
registered with the Charity Commi55ion dated 16 November 1915. Various amèndments have taken place over
the years, from 9 January 1981 to the latest dated 11 December 2020. The Mills Charity is an unincorporaled
association. The Chaiity Registration number Is 207259 and its registèrèd addiess is PO 8ox No 1703,
Framlingharn, Woodbridge. Suffolk. IP13 9VWV, The Charty registered as a SoThal Landloid with Homes
England on 0410212021.
Trustees
The Trustees during the year an¢ their appDinb"ng body were as follows'.-
Mr Martin J Kelleway
Cfyoptative Trustee
Rev Mike Vipond Iceased 11 March 20241
CTroptative Trustéè
MT5 Nicola Warner (Ceased 7 August 20231
C¢-¢Ptative Trustee
Mrs Jane Blore
Co-optative Trustee
Mr James Robbins
C&optative Trustee
Mr Timothy M P Donsworth
Ctroptativé Trustee
Mr James R Tanner
Fiarnlingham Town Counul
Dr Ruth Bushaway
CTroptativÈ Trustè¢
Mrs P Slater IAppointed 9 October 20231
c(￿oPtaI1Ye Trustee
Ccwptalive Tru51ees ar¢ appointed by the Board of Trustees with Nominativè Trusteès appointed by the
respective bodies. The Nominative Trustee5 are appointed lor a four-year period and the Co-oplative Trustees
lor a fi've.yeai period. The Annual General Meeting is nomislly hèld in April, May or June. The Charity's
Isors are set oul on page 3.
When a vacancy occurs for a co-opted Trustee, the rernaining TFUStees seek to appoint an individual with skills
and experience whith they feel will be of benefit to the Charity. On apptsintsrent, new Twstees are given copies
of the original Trust Deed and th? latest Annual report and accounts. There is no formal induction and training
ogramme. but indimdual TrLJStees may attend seminars to upd8ts themsslves when they feel it necessary.
Asm$ and Organlsation
The Charity's area of benefit Is Framlin9ham and the surrounding area. whete il is able lo piuvide assistancs
for those in need, hardship, or distress, provide and maintain thè Almshouses and mc(e recently the Trustees
may assist wlh other proje¢ts vthich are lor the general benefit of the inhabitants of Framlingham and the
Surrounding area.
The Trustees are confident that thè Charity's objectives described above are in aC￿rdanCe with the Charity
Gommlsgon's general gLtldance on p￿1¢¢ benefit
Review of Progre8¥, A¢hlevements, Investment Pollcy and Grant making poll¢y
Durin9 tht financial year to 2024, The Mills Charity helped in a variety of ways, the people and organisations in
Fiamlingham and some of contiguous parishes. This assistance included financial help to a nutnber of
peopl¢ in need who had applied to the Charity lor assistance, amounting during the year to £2.053 12023..
£1,608). Several or9anisations applied for assistance.. generally. for improvements or ￿paIrS to existing
ts¢ilities, for which graT)ts for the yeAr amountéd to £12,5CNJ 12023.. £21.1781. Trustees ¢i)nsid¢red each
application on ils m6rits according to the terms of ils Scheme and the Charities Commission guidance on
public benefil, so nol 811 Tequè5ts wèrè agre8d.

THE MILLS CHARITY
FOR THEYEAR ENDED 31 JANUARY 2024
TRUSTEES ANNUAL REPORT (Continued)
Thè risks Involvèd with the Almshouses and tenanled properties are mitigated by the Trustees having
adequate insurance, undergoiwvJ iegular propEtty review5 and a programme of repaii work. as well as having a
per$on81 alarm sy£lem at the Almshouses.
There are no restrictitsrns on ihe Charty's powér to invest. Trustees uJnsi(Jer the risk profile and the investment
manageffs view ol the market prospects, with a view to ensuring caprtal appreaab'on ol the lund exceeds
inflation. Our stratègy Is rÈviewed ￿rith our investment managers annualPy.
Wekome tts my first Chairman's report sin¢¢ laklng over role from Jane Blore.
The past ￿e1ve month$ have led to signifi¢ant ¢hallenges for the Charity due to the flood darnage caused tts
several properties in ￿ntral Framlingham.
This ha5 led to rep8ir and reinslatement works on four properties owned by the charty damaged by water
e￿esS during Slomi Babel. These piopertie5 are l¢t as non-almshouse residences and comprise ol.. -
4 Stalion Road
6 Slalion Road
Tomb H￿se
Brook Farm House (adjoining Tomb House)
The flo(Id damage ha5 also d¢lay¢d the ongoing major refurbishment of Tomb House. Tomb Housè 1$
extremely significant to the charity's history as rt was once the horne of Thomas Mills arKI is ts 8ite of his
resting place.
irnprovements include structural repairs to the roof. external walls, and the Tomb itself. The works will
greatly irnpfove the fabric and lacilibes ol the property and preserve it lor future oènèratitsns to énjoy_
The unexpected iefurbishmenl work has Pla￿ an additional burden on the management staff, and I would like
to thank our Manager, Karren Pipar, and her assistant. Gèmma Ye8ts, who h8ve wntinu8d lo work tirelessly to
run the office day to day.
From our interactions with residents, it is clear that thè cost-ol-living squ6azÈ a￿et$ &vèryon8 diff8rently.
Atthough the running c051 of the Almshouses, induth'ng repair ar¥J maintenance, has also risèn. thè charity ha6
sought to keep occupancy ohaiges below the threshold limit ol the Local Housing Authority benefrt cap.
Wè continue to Int•ract with residents and aré looking rwer the next 12 months to ty and engage more dir¢¢lty
to leam what we are doing well Iso we can do More of illl and where there is room for improvement.
Through the Mills Educational Foundation. the ch8nty has Cont￿Ued to 5UPPOrt our local slate schools by
providing grants for tsmilies strugglir)g lo send their children on paid educational trips atwjlor activities.
Th6 charity has 81so been able to provide specifK financial assIstsn￿ for other tocal residents, in need,
hardship or dist￿$$. in line with our granVawar(I criteria.
2023124 sgwlhe Charity grant £14,553 to local causes and to individuals in need in our ￿mMunIty.
In August 2023. Nlcola Warner stood d(Iwn trom the Trustee board and we welcome¢Y new Trustee P8ula
Slater, who has rapidly become a value¢J membèr of the board.
The Mills Charty is very mud7 a team effort. and I would like lo take this opportunity to thank my fellow
Trustses lor their support 8nd hèlp throughout the year
Mr James R Tanner (Chaimanl

THE MILLS CHARITY
FOR THE YEAR ENDED 31 JANUARY 2024
TRUSTEES ANNUAL REPORT {Contlnued)
Flnan¢lal review
The Charity holds investments and short-t￿M deposits Wbth a v8luè of £6.514,&31 12023.. £8,348,066). During
the y$ar the investments produce¢J an income of £138.54912023.' £138,9091.
The Mills Charrty made contributions lotsling £14,55312023.' £22.7841 to thè local ￿1￿mUnity in the form of
d¢n*'ons to indiwduals and communrty gioups.
Unrestrlcted Funds
Thè unrestricted fund had a value of £1,261,443 as at 31 January 2024, divided as follows..
Dèsignated Fund is the Cydical Maintenance furvj e$lablished lor the regular maintenance and repair of
the Almshouses and other propety belonging to the Charity. The afflount held wlhin this reserve at the
balance sheet date is £108,843.
Unrestrlci•d Funds are hèld by the Trustees lor the purposes of the Charity's aims and crganisation as
discussed above. The fund value has a value of £1,152.8QO as at the balance she&t datè.
Restricted Funds
The restricted fund had a valuè of £311,744 as al 31 January 2024, divided as follow5..
Extraordlnary Rèpair Fund. estsblished to provide for the extraordinary repair, improvement or rebuilding
of the Almshouses and other prop¢rty belonging lo the Charity. The amount hekl within this reserve at the
balanc¢ sheet dale w8s £311.744.
H M Turnèr Tru$1 is 8 lund estsblished by a bequest from the late Mi H M Turner, a fomier Chairman ol tht
Trustèès, the inmme from which Is to be distributed amongst th¢ residents ol the Ajmshouses at Christrnas
each year.
A T Sheen T￿$t is a fund established by the late Mr A T Sheen, the inctsme trorn which is lo be distributed
8mon9St the residents of the Almshouses at Easter ¢ach year. The amount held within this res•rvÉ and the
M Tumer Trust at the balance sheet date is £nil.
End¢)winent funds
This fund w85 e818blished by oTrJinal deed as a permanent endovment of which income is availab￿ fgr
general charity purposes. The capital may not ba spent without permission from the Charity Commis810n.
The Trustees have committed to the refurbishrnenl ol the Almshouses in Framh"ngham from the annual
surplus frorn general irwme. The amount held within this reserve at thè balan￿ sheet dale is £8,487.631.
Reseryes pollcy and golng concern
Our balance sheet remains stron9 With net assets of £10,LXO,818 and the ownership ol the Almshouses in
ststion Rtsad and other vartous properties. The Trustees havtr revSew¢d the rircumstances of the Mills Charity
and consider that adequate resources conQ'nue to be availablè te fijnd the actwities for the foreseeablg future.
The Tru6tees are ol the viewthat the charrty is a going ¢oncern.
Due to the Charity'$ funding status the Trustees do not consider rf( nÈc8ss8ry lo have a lom7al polry on holding
reS￿e$.

THE MILLS CHARITY
FOR THE YEAR ENDED 31 JANUARY 2024
TRUSTEES ANNUAL REPORT {Contlnueil
Fundr8l$ln9 2elhrttle8
The Charfty did not undertako fundralslro adivits8s during the year.
Stgtèrnent of Trustees. Ra8pon$**llltlès
The Tru51e8s a￿ responsble for preparing th8 awounts In aC￿rdance with ap￿trab￿ law and United
Kingdom Generally A¢¢&pted Accounting PractiGe.
Law applicable to clHTttles ln England and Wales requlres the TNst&o$ to prepare Flnancial Statements for
88th fin3n(sal year whlch a Irue and law view of lh8 ChariW6 ffinan￿ acllvithes during the year and of Its
financial posltiry) al the year-8nd being 31 January 2024.
In preparing those Flnancial Statem8n18 th8 Trustees are fequlred to."
#).*lect Suitable accoun￿￿ wliues and tIMn 8pplyth8rn corslstenuy,
b) observe th8 metho¢s and prinupfes in the Chaities SORP
cl ffl8ke judgements And estrnates that are reasonabk and prudentr.
¢J) ststo whether applicable accounting Standards and statements ot rOCL¥7imanded pr8cice havg
LEen ￿loWed. suLiect to any departures ¢Ytsdos•d and explain￿ in ￿￿&£cl￿N￿5.. and
el ￿p8re the accourrts on the going o)ncarn basis unless r( is n*ppioprraLe Io 0S5urne that
thè Charty continue In operathon.
Th8 Trustees are respons￿8 foT keeping proper accountsry records Ihat di5d05e reasonablè 8rLur
th8 financi?1 position ofthe Charty and whth enabl8 tham to ¢nsure Ihat tho Finantsal Statemgnts comptywith
the Chèriii¢s Act 2011. the applicab￿ Charilies (Acctrjnts and R8FM)rtsl ReguJatw)t15 and provisions ol the
Chaftty's Sch8The. They are aL5o f¢sFonsfole safeguarding the assets of the Charity and hen￿ for taknng
r88¥on8bl8 Stws for tha prevention and dets¢t￿ offraud and othu irragularibes.
In so far as the Tru9taè$ ar8 aware:
there Is no relevant 8LNJt¢ informatlon of which the Ch8riV$ auditUT5 are unawBre. and
the Trustees have tsken all steps they ought to have tak¢Tr to rnakg themselves oware of Bny relevant
audit information to eststAi5h Ihal the auditors a￿ awwe of that irformatknn.
AUd￿trI5
A rEsdution be proposed at thè Annual G8nèrnl M8eting that Ensors Accountants LLP bB r8-8ppoint8d as
auditors to the cxarfty for the en$ulng y88r.
James R Tan
Behalf of ttr
, jChaiTffl8nl
ruste￿)

THE MILLS CHARITY
FOR THE YEAR ENDED 31 JANUARY 2024
INDEPENDENT AuD￿ORs REPORT TO THE TRUSTEES OF THE MILLS CHARITY
Oplnlon
We have 8udited the financial statements of the Mills Charity for the year ended 31 January 2024 which comprise
the Balance Sheet, Ihe Statement of Finanaal Actwities. Statèment of Cash Flow5 and the notes to the
nan￿81 statements, including a summary of $ignific4nl accounting p￿lueS. Thè financial rewling framework
that has been applied in their preparation is applicable law and United Kingdom Accounting StarKl3rds, if￿lUding
Fin8nci31 Rèporting Standard 102 The FinanGi81 Reporting Stènd&rd applicable in the UK 8nd R￿UbliC oflrèl6nd
Iunited Kingdom Generally Accepted Accounting Pracbcel.
In our opinion the financial statements".
"ve a true and lair view of the state of the Charity's affairs as at 31 January 2024 and ol ils In¢oming
resources and applicats.on ol resources, including its income and expendfture, flx the year then ended..
have been properly prepwed in accordance wth United Kingdom Generally A¢￿pted A¢counting
Practice; and
have been prepared in 8ccord8nc£ with thè r•quirements of the Charities A¢t 2011.
Basls foi oplnlon
We conducted OLJr audit in accordance with Intemational Standards on Auditing IUIQ IISAS IUKII and applicable
law. Our responsibilities under those starbd8rds are fijrther described in the Auditorf5 iesponsibilities for the audit
of the financial statements section ol ow report. Vve are independent of the Charity in accordance with the ethical
requirements that ar8 ielevant to our audit ol the financial 51alements in Ihe UK, including the FRC'S Ethical
Stsndard. and we have lulfilled our other ethical responsibilities In accordance with these iequiroments. We
beI￿ve that the audit evidence wè have obtained is SLrfficienl and appropriate to provide a basis for our opinion.
Conclu$lon$ relating to going eone•m
In audiling the financial statements, we have concluded that the trustees, of the going contsrn basi6 of
acwunling in the preparation of the financial ststèments is appropriate.
Based on the work we have performed. wè havÈ not Idèntified any material Un￿rtaIntieS relating to events or
conditions that. individually or collectively, may cast signifieant doubt on the charity's ability lo continue as a going
concem lor a period of at least iwelv6 months from when Ihe financial statetnents are authorised lor issue.
Our responsibilities and the resF<Jn$ibililles of the trJJstees with respect to going co￿￿rn are described in the
relevant seclior15 of this report
other Information
The other information wmpri5e5 the informalion included in thè annual report, other than the financial statements
and our auditors report thereon. The Trusteès are responsible for the CTrther inform8b"on.
Our opinion on the financial slatem¥nl$ d¢es not cover Ihe olher infomialiorh and we do not express any form of
assurarKe conclusion thereon.
In connection with our audit of the finartcial st8tem&nts, our reSpC￿sibllty is lo read the other information and. in
doing so. consider whether the Dther information 1$ m*erialty inctsnsistent with the financial slaletnents or OUT
knovdedge obtained in the audrt or Otherwise appears to be materialty misstated. If WÈ identify such material
Inconsistenc4es or appatent mateiial misstatements, we arè rèquirad tts determine whether there is a matertal
misstatement in the financial ststernents or a rnaterial misstatement of the othér inlom)ation. If, based on the
work we have perfcwmed, we condude that there 1$ a materral misstatement of this othèr informats"on, ws arè
réquirèd to report Ihal facL
We have nothing to report in this r4ard.

THE MILLS CHARITY
FOR THE YEAR ENDED 31 JANUARY 2024
INDEPENDENT AUDrroRS' REPORT TO THE TRUSTEES OF THE MILLS CHARITY (Continued)
Matters on whlch we are required to report by ex¢eptlon
We have nothing to report in iespect of the following matter8 in relation to which the Charitses (Accounts and
Reports) Regulations 2008 require lo report to yOLr il. in our opinion."
the information given in the finan¢ial statements is inconsistent in any matèrial rÈsped wth tha Trustéès,
Repor(01
surricienl accounting reroTds have not been kept-, or
the finanaal stslements are not In agreemant ￿ the accounting records., oi
we have not received all th¢ inlotrnation and explanab'ons we require for our audit.
Regponsibllrtles of Trustees
As explained more fully irb the Slale¥nent ol Trustees, Responsibilrties. thè Trustees are responsiblè for the
preparattron ol the financial sialernents and fr)r being satisfied that they give a true and fair viw, and for such
internal control as Éhe Trustees determine is ne￿ssary to ènabl* the weparation ol linanaal stalements that are
free from material rnisstalernenl. whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the Charity'6 ability to continue
as a going concern, disclosing, as applicable, matters related lo going EonTrrn and using the going concem basis
of acetsunting unless the Twstees either intend lo liquid8te the charity or to cease operations. or have no ￿aIrst1¢
allernalive but lo do so_
Auditors, rèsponslbllltie$ forthe audit of thg flnanclal Statements
Our objectives are lo obtain reasonable assuiance aboui whether the financial statements as a whole are free
from material rnis5tatement, whether due to Iraud or èrror, and to issue an auditor's report that includes our
opinion. Reasonable 8ssvranG¢ is a high level ol assurance bul is not a guarantee that an audit conductèd in
accOrdar￿e with ISAS (UK) will a￿ayS detect a material misstatement when it exists. Misstatements can arise
from fraud or error and are considered tnaterial If, Individually or in thè a99regate, they could reasonably be
expected to inflL¢ence the econornic detysions of us¥$ taken on the basis of these fi'nanclal ststèmenls.
Iriegularities, inclufJing fraud, are irnstsnces of nofy¢ompliance with laws and regulations. We dèsign procedur88
in line with our responsibilittes, othlined above, lo detect material misstatements in respect of irregu13rities,
induding fraud. The extent to which our pr¢¢￿Ur¢S are capable ol deleding Ir[eg￿a￿lti.è8. ineluding fraud, is
deladed beltsw.
Ouf audtk was designed to indude tests ot detail togèther with an assessment ol the control enviiontn8nl to
enable us to obtsin reasonable assurance about whelheT the financial statèments as a ￿ole are free from
rnaterial misstatement due to fraud. This Incl￿ded work on areas where we con8ider there 15 8 higher iisk of traud
induding revenue re￿n￿liOn. rnanagernent override ol systems and control. transactions wth related parties,
accounting estimates. commrtments and ¢Onts"nge￿ie$.
Vve also obtained 8n undsrstsndin9 01 the legal and regulalory frarn8work that thè charty operates in, through
discussi￿5 Wrth the Trustees and other managernenl and Irom our own knowledge and experienGe ofthe
sector.
In idenbfying and assessing risks of material misstatemènt in rèspect of irregularities, including frayd, the audit
engagement team".
obtained an understanding gf the natu￿ of the industry and seclor, Including the legal and regulatory
framework that the charity operates in and how the charity are complying wth the legal and regulatory
frarrewotk both at the planning stage and reminded 10 rèmain alert throughout the audit..
inquired of management, and those chaiged wrth governan￿, about their own identifiGation aThJ
assessment of the risks ol irregularitie5. including any known adual, suspeded or alleged in5tance5 of
fraud.,
audrted the risk ol management override of ctsntrols, including through testing journal entries and other
8djustm¢nls lor appropriateness, and evaluati￿ the business rationale of significant transactions outside
Ihe normal murse of bu51nÈSS',

THE MILLS CHARITY
FOR THE YEAR ENDED 31 JANUARY 2024
dlswssed rnatttsrs aboul non-c0rnpha￿ wth laws #nd regulations and howfraud might occw including
8ssessrnÈnl ofhow and where financial statements may be suswtible to fraud.,
b￿tlY Chall￿ged accounting estimat¢S to eAsure no inth'¢*"on DI manag¢m&nl bias.
rewew olm&e*n9 mlrrtrtes ofTruslees.
However, il 15 the primary re5pon$ibilty of managem•nL wlth the oversight of those tharged wlth go¥errance, tts
ensure that the entity's operaiions are eoTrJuct•(l in ¥ccnrd8nce wth the provi¥ron8 of laws and regulations atxl
for the prev*ntion and detection of fraud.
Afurther dtsscription of ¢ur re$ponsibilrtie8 is 8vallable rjn the Reporting CounrAI's website at.
klauditorsres:.onsibil
es. Th￿ da$tyiption IoTms part of our auditovs ro￿rt.
Usè ol our report
This r•port is made solety to the Charity's Trvstses, a$ a bpdy. In 3ccord2nce wlh Part 4 of the Charities
(Aceounts and Report$l Regulations 2008. Our audit work ho8 been undertaken so that ￿ nmght 51ote to the
tnxstees IhLi8e matteTS we ar& required lo stst& to them in an audllor¥ feport 8n4J for no other purpose. To the
ful￿St •tent permitted by law, we do not OT as$ume TesponsTbility to ?nyone other than the Charity and its
Tw8tees as a body. for OUT audlt work. foT thbs rewrt or for thè opinitsnswp have fornwd.
Ens¢)rs Accountsnts LLP
ChkrteredAccwntsnts & Ststutory AuditOfS
Ipswch
10

THE MILLS CHARITY
FOR THE YEAR ENDED 31 JANUARY 2024
BALANCE SHEET
Totsl
Funds
2024
Tot•1
Funds
2023
Flxed Ass•ts
Tanglble a85els
Freehts￿ land & bulldings
Flant & equipment
Invesbnths
3.621.094
3,548.297
434
622gJ98
6.389.761
11010.855
,778.129
urrèntAssets
Debtcrfs
Cash In bank aftd in hand
Bank accounts
26.109
28.283
125,070
118.668
151.179
144.951
Current Liabllltl•s
10
101216
48.508
Net Current Assets
49.963
96.4143
TolBI Astsets less Current Liablll¢l88
10,060,818
9￿74￿7?
Thg Fund¥ of the Charfty
Endowment funds
Restricled funds
Unfvstricted fvnd
13
14
16
8.487.631
311.744
1,2e1,443
8,503,040
287.240
1,084.292
10,1]60.81B
9,874.572
The not¢& on pog¢$ 14 to 23 fonn part of thes8 8ccounts.
Approved bylhe TTiisl88s on ..
121.:,12dLf
. slgned on thdr behaK by..
T James R Tan
r 1chalrm￿l
Mrm
rtin J K￿￿WBY

THE MILLS CHARITY
FOR THE YEAR ENDED 31 JANUARY 2024
STATEMENT OF FINANCIAL ACTivrriES
Not8 UnreBtrlct8d Restrl¢t¢d Endowment
Funds
Funds
Funds
Tvtsl
Fund$
2024
Total
Funds
2023
Incom• and •nd+)wmènt8 frorn
Investrnenls
cha￿able activltie5
Rents & wayleave5
Grants
Insurance claims
18
137.961
588
13&549
138.909
232.957
476
20594
232.957
476
20,594
223.437
Total Incomo
391.988
588
392.576
362.346
Expendliuro on
Raising furth.
Investsnent managemwtt
Chari18ble actNrt
Almshouses
Let propety exppnse6
Grants_ rdief in need
Grants- general benefil
36.182
36.162
34.529
19
19
22
20
144,419
40,479
6,707
17,153
588
145,007
40.479
6.707
17.153
119,187
17,253
5.769
25.335
Total expendl¢urq
208,756
588
36.182
245,528
202,173
Opèratirtg surpfus
183.230
136.182}
147.1)48
160,173
Net ￿1n9 &11(Issesl on investrn8nts.'
Realised
Unrvalt5Ed
Galns on revaluatk)ft of a&set$
11,6781
16.372
11.6781 148,646)
40,876
(10.3ei)
24,504
N•t In¢tsmo
183,230
24,504
121,4881
186.246
101.166
Transf¢rs bett¥een fun¢
(6.0791
6.079
Net rnovement In lunds
177.151
24,504
115.4091
18fj.246
101.166
Recon¢lll•tlon of fund$.'
Total funds brought forward
1,084,292
287240
8,503.040
9.874,572 9,773,406
Total fvnd5 carrled forward
17
1.261,443
311.744
8.467.e31
10,060.818 9.874.572
The notes Dn page 14 10 23 fomi part oflheso acwjnts.
dty
Trustè6s on .
. and signed on their behalf ty..
ame$ R Ta
ier jchairmanl
12

THE MILLS CHARITY
FOR THE YEAR ENDED 31 JANUARY 2024
STATEMENT OF CASHFLOWS
2024
2023
Note
Cash flows from operatln9 actlvlties
23
61,814
33,975
Cash flow from Investlng activtties
Investment incorne
Fixed asset addili¢)wis
Purchases and sale ol investments
Movemenl between investments and cash and cash equivalents
138.549
172,7971
28.836
1150,0001
138.909
125,0161
22.021
1350,0001
155,4121
1214,0861
D*¢r•as• In cash and cash equlvalènts
6.402
1180.1111
Cash and ¢a$h ¢qU￿alentS at beginning of the y8ar
118,668
298,779
Cash and cash equivalents at •nd of the year
125.070
118,668
13

THE MILLS CHARITY
FOR THE YEAR ENDED 31 JANUARY 2024
NOTESTO THEACCOUNTS
ACCOUNTING POLICIES
The principal accounting policiés are sumrnari5ed below. The accounting polieiès have been applied
nsistÈntly throughout the year and in the preceding year.
The financial statements have been prepared In accordance with knounting and Reporting by Charities.
Statement of Re¢ommèndÈd Practice applicable lo chaiities preparing their accounts in accordance with the
Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffectivè 1 January
20151- (Charities SORP IFRS 10211 and the Financial Reporting Standard appli¢able in the UK and Republic
of Ireland IFRS 1021.
Thè Mills Charrty meets the defi'nition of a public benefrt entity under FRS 102.
a} Basls of preparation and a¥sessment of golng con¢*m
ThÉs• finanaal statements have been prepared under the hlslorical cosl cwvention èxcept that
investrnent asgèts Are carried at market valu¢. The curret)cy of the accttunts is the pound and the figures
sh¢)wn have been rounded to the nearest pound.
The Charity has prepared its hnancial statements in a¢cordance wilh AcwuntirTrg and Reporbng by
Charibès" Statement ol Recornfflended PracbTr applicablè to charities preparing their financiol
statements in accordance wth FRS 102. in prefer¢nff to the AccounliThJ and Reporting by Charities..
Statement tsf Recommended Pradi¢x issued on 1 April 2005 which Is t¢f8rred to in the extsnl regulats'ons
bul has Sin￿ been wthdrawn.
The financial statements have been prgpared to give a 'true and fxirf view and have departed from the
Charities (Accounts and Rewjrtsl Regulab"ons 2008 to the exlent required to providè 8 ttrue and f8ir
view, as described above.
Thé Trustees consider that there aiE no material uncert8inties about Ihe charity's ability to continue 8$ 8
going concern.
bl Fund a¢countlng
Unreslri¢ted funds are available fot Use at the d1suetr￿ of the Tru5t¢es IN the furtherance ol the
general objectives ol thè Charity.
De5ign8ted funds are unrestricted funds earmarked lor partiE￿1#r purpDSOS.
Restricted funds ale subjèct to restrictions on their expenditure imposed by the ¢J¢nor or through the
krms of an appeal.
Endowment lund wa5 established by original dééd as a pemianent endowment ol %thich incorne is
available for general charity purposes. Any capital gains or losses ¥ising on the investments form
part of the funLI. Investment managèrnent tharges and advice relating tts the fijnd are charged
Against the fvnd.
cl Ineome
All incorning resources are induded in IhÈ Statement ol financial activities whEn receipt is probable and
the arnount can be quantified with reasonable accuracy. The followng specific policies applied lo
particular Gategones of income..
Voluntary income received by way of donations. grants and gifts is induded in full in th8 Statement
of Financial Activitses when receivable at fair value, ÈxcÈpt insofar as they are incapable ol financial
measuretnenl".
Invgslrnent income is induded whèn r•ceivable', and
Incoming iesDurces from charitable a¢tivitiè$ are accounted for when eam8d.
14

THE MILLS CHARITY
FOR THE YEAR ENDED 31 JANUARY 2024
NOTES TO THE ACCOUNTS coKfiNUED
ACCOU14TING POLICIES CONTINUED....
d) Resourees expended
Liabilities and expenditure are included on an accruals basis and are rewgni5ed when there is a legal or
nslFUCtive obligation to pay. Grants expended in the year are charged in the sam8 manner, grants
offered at the bAlanc• sheet date are noted as ctrmmitments where Iheig 15 riL¥ obligation to pay.
Liabililtes and expenditure indude VAT ￿1¢h the Charity is unable to recover, and is rèported as part ol
the expenditure to which it rdates. Most costs are directly atlriL7Uted to the rolevant category of resources
expEnded in the Statement of Finanaal ActiV￿eS. Gharitsble aclivities cosls includ? costs ol preparation
and al￿11 of slatvtory accounts, the costs of Trustee meetitvJs and cost of any legal adviTr to Trustees on
goveinance or con51itulional matters.
*} Debtors
Trade and othèr debtors are reo)gnisod at the sewement amount duè after any trade discount offered.
Prepayments are valued at the amount prepaid nel ¢fany trade thscount$ du8.
Crndltors
Creditors and prowi510ns are recognised where the charity has a present obligation resulting from a past
event that wll wobably result in the transfer of funds to a third paty and the amount due lo settle the
obligation can tE vneasured or estirnated relizbly. Creditors and provisions are recognised at their
sÈtUèm•nt amount after allowng any trBde discounts.
gl Flxed ass•ts. Investment propert*s hnd Investments
Freehold L8nd and Buildings are let out to fvrther the Charity's own purpDSaS by providing
accommodation to the Charity's beneficTaties and ere classthed as fixed assets accordingly. They are
irub.alty measwed at cost Ènd subsequently al cost less impairment. The Charity undertakes an ongoing
prograrnmè of r8ntsvaticn such that d¢preciation is not wn%dèrÈd to be material.
Assets costing more than £500 &e capitalised.
Plant & e¢wipmenl Gomprises of computer equipment and is depreciated * a rate of 113rd per annum on
0 Straight-line basis.
Investment Property held Ss fixer£ assets is stated at matk8t value at the balall￿ sheet date wth any gain
or loss lakon to the stalemenl of financial activities in the underfying lunij. Inveslmenl property wll bè rè-
valued on a rolling five-year basis. Investments held as frxed assets are revalued at miikrnarket value at
Ihe balance sheet dale and the gsin or loss taken lo the $t*ement of financial activilte$ in the underlying
fund.
Investments are ¢lassified as fixed asset imiéstrnents when the Charity doe5 not expect to realise them
within 12 months of the balance sheet dale.
The Charrty holds 1nvestments wth slockbTokers which are initialty re¢ognlsed at transaction value and
subsequenly measured at the year 8nd at bid value.
h) Flnanclal Instruments
The charity has eleded to apply the provisions of SectiDrh 11 'Basic Financi81 Instrumerbls, and Section 12
'other FinancAal Instrurnenls Issues, of FRS 102 to all of ils fillancial instruments.
FlnancAal instruments are recogntsed in the balance Sheet when the charty becomes party to the
contr8Ctual provisions ol the instrument.
15

THE MILLS CHARITY
FOR THE YEAR ENDED 31 JANUARY 2024
ACCOUNTING PIXICIES CONTINUED....
Financial assets and liabilities are offset, with the net amounts pr•sented the financi81 statements. when
there is a leg81ty enforceable right to set off the r¢cognised amounts and therè is an intention lo setue on a
nÈt basis orto realise the asset and sellle the liabilty sirnultxnèousty.
8aslc ￿nanCIalASsets
Basic financial assets, whith Include debtor5 and eash and bank balan￿$, are initially m•asured at
transaction price including tran$8dign costs and are subsequently rArried at amortised cost Using the
effective interest fflethod, unless the arrangemènt constituies a finanring tiansadion, where the
transaction is measured al the present value ol the ILrture rec£ipts discounted at a market rale of inlerest
Finanu81 assets classrfied as recewable within one year are not amorbsed.
Cla$slflr?tlon of Financlal Llatslitie$
Finanri81 li8bilth.es and equity instrurnents are dassified according lo thÉ substance of the contractual
arrangements entered into. An equily Instrument 15 any ¢ontra¢t that evidences a residual interest in thè
assets of the charily after deductiny all ol it5 liabilities.
Bas1¢ Financial LlablMtI•s
Basic financial liabilities. including ¢￿dItOrS, bank loans. loans trom fellow group undertakings 8n(f
preference shares that are cjassified as debt. are initialty recorded at transaction price Un￿$$ the
arrangement constitute5 a financing transaction. where the debt instrument is measured at the present
value of the future payments discountecl al a tnarkEt late of Inte￿$t Financi81 liabilities cjassified as
payable within one year ale not amortised.
Debt instruments are subsequently carrEd at arnortised ¢ost, using the effeth've intsrest ratè method.
Trade credilors oNigations to pay for goods or services that have been acquired in the ordinary cours•
of businèss from suppliers. Amounts poyable are classified as current liÈbilits"es il payment is due within
one year or less. 11 not. they are presented 85 non-cuirenl IiabilitE5. Trade creditors alé initially recognised
at Iransaclion price and subsequently measured at amorb5ed cost using the effective interest method.
Cash atbank andin hand
Cash at bank and in hand ale basic financi31 asse15 and indu*Je ¢ash in hand, depo5￿t5 held at eall wth
bank5, Other short-term liquid inveslm¢nts with tsriginal maturitie5 of thrÈe months or less.
Judgements and key sources of È8tlmatlon uncertainty
In the application of the Gh¥rity's accounting poiicies, thÈ Trustees are required to rn8ke judgewnenl8.
estirnates and aSsLJmpt￿￿È about the carrying amount of assets and liabilities that are not re3dily appar?nl
from othei $OUr￿S. The estimates and asso￿at&d aSs￿MptIOnS are based on histontsl experience and
other factors that are con$id¢red to be relevant. Actual iesulls may dsffer from these estirnates.
The estimates and underlying assumptions are rewewed on Sn ongOitvJ basi5. Rewisions lo accounting
stitnates are recognised in thè period in which the estimate is revised where the revision alFects only that
period. or in the p¢riod of the revision and future pÉwiods there Ihe revision affects both Cur￿llt and future
p¢iiod5.
Valuatlon of Investments
We are placing r$lian¢¥ on the expert for the esbmstes and judgements in the valuation ol quoted
inve5tsnenls value5 providèd by investment managers at market value and also for valuation of Investment
properties by Charte￿d Surveyors.
1S

THE MILLS CHARITY
FOR THE YEAR ENDED 31 JANUARY 2024
Trustee remunerallon & rélated paty transactlons
No Trustee or olh¢i person related tCTr the Charity had any personal interest in any contract or transaction
entered irrto by the Chwity during thè yèar12023- £nAI. In the period £nil12023.' £nill wa5 donated to
The Mills Educational Foundation. This Charity has Ihè sam• Trustees as The Mills Chaiity.
Taxatlon
As a Gharity. The Mills Charity is exempt from tax on income and gains falling wthin section 505 of the
T6xes Act 1988 or 5256 01 the TaXat￿n ol Chargeable Gains Act 1992 to the exlenl th¥t these are
apph'ed lo it5 charitable objects. No tax chargès hav• arisen in the Charity.
Fe•s lor audlt of the a¢coLmts
2024
2023
Auditiys lae lor reporting on the accounts and prowsitsn of services
11,450
10,800
Accountancy fee lor preparation of year end aceounts
11,450
10,800
Employees
During the current year the Charity paid one full time Clerk12023'. 11, one part time Clerk for thè Charty and
no ad hoc employees 12023.. 11. the gross salaiies for this amountèd to £44,383 12023.. £38,647) and
Employers National Insurance Contrl)utions arnounted to £nil 12023.. £nill with èmployer pensitsn
cx)ntributions of £1,33212023.' £1,1161.
Fixad ass•t investments
Total fixed asset investrnents Gompri5e £S,409,761 {2023.. £5.249,3981 of financial assets and £980.000
12023." £980,OLX)l of propety inveslmenls,
2024
2023
al Movement in flx8d asset inveslments
Marf(et valu¢ at 1 February 2023
(Lossl I Profit on disposal of investments
Change in year end mad(et value
Fees
Money invèsted
Transferred
5,249,398
11,6781
40.876
136,1821
7.347
150,000
4,980,426
148,s461
{10,3611
134,6291
12.608
350,000
Market value a$ at 31 January 2024
5,409.761
5,249.398
bl Investmènis at market value Comprlsgd:
Equitiès
Fixed interèst securities
Cash
4,650,204
694.728
e4.829
4,480,005
684.297
85,og8
Market Val￿ as at 31 January 2024
5.409,761
5,249,398
The Ch8rty, as at the balance Sheet dale, has ￿ deposits which arè duè to mature v￿thin the next 12
month612023.. Nill.
17

THE MILLS CHARITY
FOR THE YEAR ENDED 31 JANUARY 2024
t) Stock ?￿han9È inv•stments comprf¥e
2024
2023
Holding of morè than 5°/0 of total investrnents".
COIF Chaiities Investment Fund
311,743
287,240
UK
Europe
North America
Other international
other altemativ• assets
1,360,279
316,123
1,010,015
742,266
540,513
1,417,327
277,225
861,679
708,306
559,897
4,280,939
4.111,674
dl Pr¢peity Investments
Morket value brought fO￿ard
980.000
980,OOCI
Market value carried forward
980.000
980.000
Thè investment properties bigught forward consist of 3 properties. These properties were valued in Juty 2022 by
Clarke & Simpson an open market basis and have been adjusted in line with th¢ revaluation policy. On an
historical cost basis the5¢ would have been indudtd at an original cost of £175,538.
Tanglble Flxed Assets
Land &
Plant &
Buildings Equipmènt
T¢)tsl
Cost
At 1 FÈbruary 2023
Additions
Disposals
3,548,297
72,797
2.641 3.550.938
72,797
Al 31 January 2024
3 621094
2,641 3.623.735
Depre¢lation
At 1 February 2023
Charge for the year
Dapreciation on disposal
2,207
434
2.207
434
At 31 January 2024
2.641
Net book values
Al 31 January 2023
3.548,297
At 31 January 2024
3.621,094
3.621.094
18

THE MILLS CHARITY
FOR THE YEAR ENDED 31 JANUARY 2024
Debtors
2024
2023
Investment income
Prepayments
Loan- MEF
17,444
7,080
1,$8S
16.136
10,147
26.109
26,283
10.
Credltors
Creditors and 8c¢wal$
Rentsl deposits
PAYE NIC
Loan-MEF
Deferred in¢orne
32.526
9,712
822
36.465
9,312
690
41
58,156
101.216
48,508
11.
Penslons
Employees ale automztically enrolled into a mutti*mployer, defined contribution occupational pension
3cheme with NEST, unles5 they exercise their right to opt-out of thè scheme membership. The Mills
Charity makes a 5.kn wntribution to the pension scheme. The employer's contribution is charged to Ihe
st*ement ol Financial Activitie& in the period in which the s818ry to which the pension relates is due.
12.
Commllm•nts
At the Balance Sheet dalg, the Charity diLI not have any grant commitments which wers not providsd for
WTtrhin thè 8ecounts.12023'. £ni5 cornmitrnontl.
19

THE MILLS CHARITY
FOR THEYEAR ENDED 31 JANUARY 2024
13,
Endowment Fund$
The Mi115 Charity Enthwment Fund was estsblish&Y in 1703 as a Permanent Endowment for the beneffil
of the local community. The H M Turn¢r A T Sheen funds are expendable endowmenls which were
recewed18ter, and the Tiustees have resolvecl that the income from these funds should lollow the donor's
vAshes to support the residents of the Alrnshou&es. Tho funds ale represented by tangible fixed assets
8nd investments.
Mllls
Charlty
H M Turner A T Sheen
2024
2023
Balan￿ at 1 February 2023
8,485.192
17.598
250
8,503,040
8.$83.644
Income
M8nagernenl lees
136,0451
11371
136,182}
134,620
Reinvested income
6,079
6,079
9,861
Gains & investments
-Realised
11,6781
11.6781
148.6461
Gains on revaluation of assets
-change in year end
market value
16,083
289
18,372
17,1901
Balance * 31 January 2024
8,469,631
17,750
250
8.487.631
8,503,040
14.
Restricted funds- In¢om• lunds
Turnerl
Shèen
Income
Extraordln8ry
Repalr Fund
2024
2023
Balan￿ at 1 February 2023
287,240
287.240
303.574
Ir￿￿&
588
$88
291
Addition5 in the year
Expenditwe
IS881
15881
14931
Ch8ng¢ in maiket v81
24,504
24,$04
13,1711
Grant- 2023 The Brick Fund
112,8311
Disposals
11301
B818n¢e * 31 January 2024
311.744
311,744
287,240
The Exiraordinary Repair Funds required U￿er Ihe Charity's Scheme and transfets must be made each
year from the inryome resources ol the Charity. The funds are maintained at a relab'vely high lèvel in case
major repairs are required.
20

THE MILLS CHARI
FOR THE YEAR ENDED 31 JANUARY 2024
15.
Deslgnated Fund$- Incom8 funds
2024
2023
Cyellcal malntenance fund
B818nce at 1 February 2023
105.758
1D4.121
Funds introduced
960
Interest allo¢ali¢n from unrestrlcted furKIs
1,745
677
Balarrk at 31 January 2024
108,463
105,758
The Cydical Maintenance Funds comprise funds sèt aside fr>r cydical repairs at the Amshouses and
other prtspertieÉ owned by the Charity.
16.
Unr•strScted funds
Deslgnaled
Fund
Unrostricted Total Funds
Fund$
2024
Total Funds
2023
Balance at 1 February 2023
105.758
976,534
1,084,292
886.188
Income
391,988
391,988
362,055
Ajlocation in year
2,705
12.7051
Fund transfer
16.0791
16,0791
{9.8611
Expenditure
1208,7581
1208,7581
1154.09tr1
Balance at 31 January 2024
108,463
1,152.980
1.261.443
1.084.292
17. Analysis of net As$*ts batwan l￿d$
Designated UnrestrlGted R95trlcted Endovdnent
Funds
Funds
Funds
Fund$
Total
Fund5
2024
Totsl
Funds
2023
Freehold land and building$
Plant and equipment
Investment assets
CuThent assets
Gutrenl Ilablllties
707,095
2,913,999
3,621,094
3,548,297
434
6,229,398
144,951
148,5081
504,385
42,716
1101,2161
311,744
5,573,632
6,389,761
151,179
1101.2161
108,463
108,463
1,152,980
311,744 e,487,631
10,(￿0.818
9.874,572
21

THE MILLS CHARITY
FOR THEYEAR ENDED 31 JANUARY 2024
18. InveBtment Incom9
2024
2023
Dividends UK Equities
Interest UK Fixed lrtteiest Securities
Interest UK Unit Trusts
Overseas Securth'es- Dividends
Overseas Securrties- Interest
Overseas Securrties- UTht Trusts
Interest on Deposits
Dividends UK Unit Trusts
Diwdends Real Estate Investmont Trust
64,986
3.491
20,768
26.681
2,812
512
2,371
15,689
1,239
64,917
6,030
13,277
35,982
3,244
304
757
13,162
1,236
138,549
138,909
19. Resources expended
2024
2023
Payments re Almshouse3'.
Rates, eleciricity. gas & water
Gardener
Insurance
Repairs & Maintenance & alarms
Donations- Turnerl Sheen dislributs.on
Professional fees
Govemance and 5UPPOrt costs Inolo 211
19.S77
6,234
3.232
38,435
757
16.411
7.$99
3.007
22.706
1,200
75,905
67,864
145,007
119.187
Let Pioperty".
Insurance
General maintenance and property costs
R8le$ and
Professional fees
Gardener
Rent
Equiprnent hire
Govèrnan¢e and support c¢sts (note 211
2,155
3.083
2,475
2,004
7,388
245
594
1,119
22.775
1,020
7,852
7.022
40.479
17,253
22

THE MILLS CHARITY
FOR THE YEAR ENDED 31 JANUARY 2024
20. Grants- General Benent
2024
2023
FTFC Youth Séction
Foamex Board
TMC Vehicle
The Scouts Association
Frsmlingham Area Yolrth Action Plan
Disposal ol the Framlingttam community centre fund
Casile community Roorns- The Brick Fund
Govemance and support costs (note 211
2,640
77
5.000
500
12,500
130
12.831
4,157
4,853
17,153
25,335
21. Management and admintstrdtton- Support and governane• costs
2024
Total
2023
Total
Alm5
hou$9$ property
Relièf in
need
General
bQ￿rbt
Off￿e Gosts
Staff costs
Ti8velling
Audit and Accountancy Fees
Bookkeeping, payroll fee and other
Bank ch8rses
Insurance
Professional fees
Sundry expenses
Depiecialipn of equipment
Advertising
Profivllgss) on disposal
8.752
37,288
102
21,814
4,307
121
606
604
2,023
354
136
90S
3.857
537
2,286
537
2.286
10,731
45,715
126
26,500
5,280
148
743
740
2,480
434
167
9,148
39.763
2,236
1,325
1,325
263
19,320
4,712
138
632
2.473
1,836
434
4.750
12
63
62
37
37
124
22
37
37
124
21
37
14
75,905
7.852
4,654
4,653
93.064
83.206
No. ofpropethes
29
32
32
The ba$1$ tst allo¢ation of the above goverrtaru and support costs were 90°1• alloc4ted to alms houses and
t propety based on thè number of dwellings and 5°h lo each of the grants lor relief in need and general
t¢n¢fit.
22. Grants- mllèf In need
2024
2023
Gr8nls- relief in need
Governan￿ atKI support costs Inote 211
2,053
4.654
1.606
4,163
6.707
5,769
23

THE MILLS CHARITY
FOR THE YEAR ENDED 31 JANUARY 2024
23. Cash flowfrom operating a¢tlvltl•s
2Q24
2023
Net rnovements in funds
DEpreciats"on
IProfitll1055 on di$posal
Market volue movements
Income from investment$
186,245
434
1,678
{40,8761
1138,5491
101,166
434
48.646
10,361
1138,9091
8.932
21,698
Incfease in debtor5
Increasel Idecreasel in creditors
174
52,708
15,9811
18.258
Nel generated usèd in operating aclivrties
61,814
33,975
24

THE MILLS CHARITY
FOR THE YEAR ENDED 31 JANUARY 2024
STATEMENT OF FINANCIAL ACTIVITIES {PRIOR YEAR>
Unre5trieted
Funds
R•strlettsd Endovmient
Funds
Funds
Total
Funds
2023
Total
Fund
2022
Income and endowments fmm
Investments
Other
Rents & wayleaves
GTanls
138,618
291
138.909
104.083
223,437
223,437
201.735
30D,01)O
Total Income
362.055
291
362.34S
fA)5.818
Expendhure on
Raising funds
Investmènt management
Charitable actiwties
Almshousès
Let propety expensès
Grants- relief in need
Grants- general benèfrt
34,629
24.629
31,OD2
118.694
17.253
5,769
12,374
493
119,187
17,253
5,769
25,335
106,295
191,055
4,014
9,492
12,981
Total expendlture
154,090
13,454
34,629
202,173
341,858
Net gains & Ilo$s¢sl on investments..
Realised
Unrealised
Gains on revaluation of assets
148,6461 {48,PA61
17,1901 110,3811
66.401
238,527
625,00tr
13.1711
Net IncomE
207,￿5
116.3341
{90,4651
101,166
1,193.888
Transfefs be￿een fvnds
19,8811
9.861
Net movem*nt In lunds
198.11J4
116.3341
180.6041
101,168
1,193,888
Reconciliation of lunds:
Total funds brought forward
886,188
3Q3.574
8,583,e44 9.773.406
8.579,518
Total funds carrled forward
1,084,292
287.240
8.503,040 9,874,572
9.773.408
25

THE MILLS CHARITY
ANNUAL REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
Charity Number.. 207259
Regulator of Social Housing Registration Number: 5122
En$orn Atteountant$ LLP
Floor 3, Connexlons, 159 Prin¢•s Street
Ipswich
IP11QJ

THE MILLS CHARir
FOR THEYEAR ENDED 31 JANUARY 2024
INDEX
Pagè
No.
OFFICERS AND GENERAL INFORMATION
TRUSTEES, ANNUAL REPORT
8-10
INDEPENDENT AUDITORS REPORT
11
BALANCE SHEET
12
STATEMENT OF FINANCIAL ACTIVITIES
13
STATEMENT OF CASH FLOWS
14-23
NOTES TO THE ACCOUNTS
24
STATEMENT OF FINANCIAL ACTivrriES- COMPARATIVE YEAR

THE MILLS CHARITY
FOR THE YEAR ENDED 31 JANUARY 2024
OFFICERS AND GENERAL INFORMATION
TRUSTEES:
Mr M J Kelleway
Mrs J Blore
Mr J Robbins
Mi T M P Donsworlh
Dr R Bushaway
Mi J R Tanner
Mrs P Slater
REGISTERED OFFICE:
The Mills Charity
PO Box No 1703
Framlingham
IP139
CHARITY NUMBER..
207259
REGULATOR OF SOCIAL HOUSNG 5122
REGISTRATION NUMBER:
Registered on". 4 February 2￿21
BANKERS:
Barclay8 Bank plc
Leicester
LE87 268
CCLA Investment Management Ltd
S¢natot House
85 Queen Victoria Street
London
EC4R 3AB
INDEPENDENT AUDITORS:
Ensor8 Ac¢ounlanls LLP
Floor 3. Connexions
159 Prin￿$ Street
Ipswich
IP1 1QJ
SOLICITORS:
Birketts
Providèneè House
141- 145 Princes Street
Ipswich
IP1 1QJ
INVESTMENT ADVISORS..
Investe¢
30 Gresham Street
London
EC2V7QN
JMFinn
4 Coleman Street
London
EC2R 7AH
Brewin Dolphin
Fi8sef Hous•
23 Mus8urn Street
Ipswich
IP1 1HN

THE MILLS CHARITY
FOR THE YEAR ENOED 31 JANUARY 2024
TRUSTEES ANNUAL REPORT
The Trustees present their Report for the y?ar ¢n<fed 31 JaNary 2024.
The accounts have b9¢n pr¢pared in accoidance vAth the accounting polieièÈ sèt out in note 1 to the accounts
and comply with Charity's Scherne, the Charities Act 2011, the Statement of RecommendÈd Practice
Accounting and Reporb'ng by Charities" and FRS 102.
Governlng docunwnt
The Charty was established to execute the will tsf Thomas Mills who died in 1703 and a fcffflal s¢heme was
registered with the Charity Commi55ion dated 16 November 1915. Various amèndments have taken place over
the years, from 9 January 1981 to the latest dated 11 December 2020. The Mills Charity is an unincorporaled
association. The Chaiity Registration number Is 207259 and its registèrèd addiess is PO 8ox No 1703,
Framlingharn, Woodbridge. Suffolk. IP13 9VWV, The Charty registered as a SoThal Landloid with Homes
England on 0410212021.
Trustees
The Trustees during the year an¢ their appDinb"ng body were as follows'.-
Mr Martin J Kelleway
Cfyoptative Trustee
Rev Mike Vipond Iceased 11 March 20241
CTroptative Trustéè
MT5 Nicola Warner (Ceased 7 August 20231
C¢-¢Ptative Trustee
Mrs Jane Blore
Co-optative Trustee
Mr James Robbins
C&optative Trustee
Mr Timothy M P Donsworth
Ctroptativé Trustee
Mr James R Tanner
Fiarnlingham Town Counul
Dr Ruth Bushaway
CTroptativÈ Trustè¢
Mrs P Slater IAppointed 9 October 20231
c(￿oPtaI1Ye Trustee
Ccwptalive Tru51ees ar¢ appointed by the Board of Trustees with Nominativè Trusteès appointed by the
respective bodies. The Nominative Trustee5 are appointed lor a four-year period and the Co-oplative Trustees
lor a fi've.yeai period. The Annual General Meeting is nomislly hèld in April, May or June. The Charity's
Isors are set oul on page 3.
When a vacancy occurs for a co-opted Trustee, the rernaining TFUStees seek to appoint an individual with skills
and experience whith they feel will be of benefit to the Charity. On apptsintsrent, new Twstees are given copies
of the original Trust Deed and th? latest Annual report and accounts. There is no formal induction and training
ogramme. but indimdual TrLJStees may attend seminars to upd8ts themsslves when they feel it necessary.
Asm$ and Organlsation
The Charity's area of benefit Is Framlin9ham and the surrounding area. whete il is able lo piuvide assistancs
for those in need, hardship, or distress, provide and maintain thè Almshouses and mc(e recently the Trustees
may assist wlh other proje¢ts vthich are lor the general benefit of the inhabitants of Framlingham and the
Surrounding area.
The Trustees are confident that thè Charity's objectives described above are in aC￿rdanCe with the Charity
Gommlsgon's general gLtldance on p￿1¢¢ benefit
Review of Progre8¥, A¢hlevements, Investment Pollcy and Grant making poll¢y
Durin9 tht financial year to 2024, The Mills Charity helped in a variety of ways, the people and organisations in
Fiamlingham and some of contiguous parishes. This assistance included financial help to a nutnber of
peopl¢ in need who had applied to the Charity lor assistance, amounting during the year to £2.053 12023..
£1,608). Several or9anisations applied for assistance.. generally. for improvements or ￿paIrS to existing
ts¢ilities, for which graT)ts for the yeAr amountéd to £12,5CNJ 12023.. £21.1781. Trustees ¢i)nsid¢red each
application on ils m6rits according to the terms of ils Scheme and the Charities Commission guidance on
public benefil, so nol 811 Tequè5ts wèrè agre8d.

THE MILLS CHARITY
FOR THEYEAR ENDED 31 JANUARY 2024
TRUSTEES ANNUAL REPORT (Continued)
Thè risks Involvèd with the Almshouses and tenanled properties are mitigated by the Trustees having
adequate insurance, undergoiwvJ iegular propEtty review5 and a programme of repaii work. as well as having a
per$on81 alarm sy£lem at the Almshouses.
There are no restrictitsrns on ihe Charty's powér to invest. Trustees uJnsi(Jer the risk profile and the investment
manageffs view ol the market prospects, with a view to ensuring caprtal appreaab'on ol the lund exceeds
inflation. Our stratègy Is rÈviewed ￿rith our investment managers annualPy.
Wekome tts my first Chairman's report sin¢¢ laklng over role from Jane Blore.
The past ￿e1ve month$ have led to signifi¢ant ¢hallenges for the Charity due to the flood darnage caused tts
several properties in ￿ntral Framlingham.
This ha5 led to rep8ir and reinslatement works on four properties owned by the charty damaged by water
e￿esS during Slomi Babel. These piopertie5 are l¢t as non-almshouse residences and comprise ol.. -
4 Stalion Road
6 Slalion Road
Tomb H￿se
Brook Farm House (adjoining Tomb House)
The flo(Id damage ha5 also d¢lay¢d the ongoing major refurbishment of Tomb House. Tomb Housè 1$
extremely significant to the charity's history as rt was once the horne of Thomas Mills arKI is ts 8ite of his
resting place.
irnprovements include structural repairs to the roof. external walls, and the Tomb itself. The works will
greatly irnpfove the fabric and lacilibes ol the property and preserve it lor future oènèratitsns to énjoy_
The unexpected iefurbishmenl work has Pla￿ an additional burden on the management staff, and I would like
to thank our Manager, Karren Pipar, and her assistant. Gèmma Ye8ts, who h8ve wntinu8d lo work tirelessly to
run the office day to day.
From our interactions with residents, it is clear that thè cost-ol-living squ6azÈ a￿et$ &vèryon8 diff8rently.
Atthough the running c051 of the Almshouses, induth'ng repair ar¥J maintenance, has also risèn. thè charity ha6
sought to keep occupancy ohaiges below the threshold limit ol the Local Housing Authority benefrt cap.
Wè continue to Int•ract with residents and aré looking rwer the next 12 months to ty and engage more dir¢¢lty
to leam what we are doing well Iso we can do More of illl and where there is room for improvement.
Through the Mills Educational Foundation. the ch8nty has Cont￿Ued to 5UPPOrt our local slate schools by
providing grants for tsmilies strugglir)g lo send their children on paid educational trips atwjlor activities.
Th6 charity has 81so been able to provide specifK financial assIstsn￿ for other tocal residents, in need,
hardship or dist￿$$. in line with our granVawar(I criteria.
2023124 sgwlhe Charity grant £14,553 to local causes and to individuals in need in our ￿mMunIty.
In August 2023. Nlcola Warner stood d(Iwn trom the Trustee board and we welcome¢Y new Trustee P8ula
Slater, who has rapidly become a value¢J membèr of the board.
The Mills Charty is very mud7 a team effort. and I would like lo take this opportunity to thank my fellow
Trustses lor their support 8nd hèlp throughout the year
Mr James R Tanner (Chaimanl

THE MILLS CHARITY
FOR THE YEAR ENDED 31 JANUARY 2024
TRUSTEES ANNUAL REPORT {Contlnued)
Flnan¢lal review
The Charity holds investments and short-t￿M deposits Wbth a v8luè of £6.514,&31 12023.. £8,348,066). During
the y$ar the investments produce¢J an income of £138.54912023.' £138,9091.
The Mills Charrty made contributions lotsling £14,55312023.' £22.7841 to thè local ￿1￿mUnity in the form of
d¢n*'ons to indiwduals and communrty gioups.
Unrestrlcted Funds
Thè unrestricted fund had a value of £1,261,443 as at 31 January 2024, divided as follows..
Dèsignated Fund is the Cydical Maintenance furvj e$lablished lor the regular maintenance and repair of
the Almshouses and other propety belonging to the Charity. The afflount held wlhin this reserve at the
balance sheet date is £108,843.
Unrestrlci•d Funds are hèld by the Trustees lor the purposes of the Charity's aims and crganisation as
discussed above. The fund value has a value of £1,152.8QO as at the balance she&t datè.
Restricted Funds
The restricted fund had a valuè of £311,744 as al 31 January 2024, divided as follow5..
Extraordlnary Rèpair Fund. estsblished to provide for the extraordinary repair, improvement or rebuilding
of the Almshouses and other prop¢rty belonging lo the Charity. The amount hekl within this reserve at the
balanc¢ sheet dale w8s £311.744.
H M Turnèr Tru$1 is 8 lund estsblished by a bequest from the late Mi H M Turner, a fomier Chairman ol tht
Trustèès, the inmme from which Is to be distributed amongst th¢ residents ol the Ajmshouses at Christrnas
each year.
A T Sheen T￿$t is a fund established by the late Mr A T Sheen, the inctsme trorn which is lo be distributed
8mon9St the residents of the Almshouses at Easter ¢ach year. The amount held within this res•rvÉ and the
M Tumer Trust at the balance sheet date is £nil.
End¢)winent funds
This fund w85 e818blished by oTrJinal deed as a permanent endovment of which income is availab￿ fgr
general charity purposes. The capital may not ba spent without permission from the Charity Commis810n.
The Trustees have committed to the refurbishrnenl ol the Almshouses in Framh"ngham from the annual
surplus frorn general irwme. The amount held within this reserve at thè balan￿ sheet dale is £8,487.631.
Reseryes pollcy and golng concern
Our balance sheet remains stron9 With net assets of £10,LXO,818 and the ownership ol the Almshouses in
ststion Rtsad and other vartous properties. The Trustees havtr revSew¢d the rircumstances of the Mills Charity
and consider that adequate resources conQ'nue to be availablè te fijnd the actwities for the foreseeablg future.
The Tru6tees are ol the viewthat the charrty is a going ¢oncern.
Due to the Charity'$ funding status the Trustees do not consider rf( nÈc8ss8ry lo have a lom7al polry on holding
reS￿e$.

THE MILLS CHARITY
FOR THE YEAR ENDED 31 JANUARY 2024
TRUSTEES ANNUAL REPORT {Contlnueil
Fundr8l$ln9 2elhrttle8
The Charfty did not undertako fundralslro adivits8s during the year.
Stgtèrnent of Trustees. Ra8pon$**llltlès
The Tru51e8s a￿ responsble for preparing th8 awounts In aC￿rdance with ap￿trab￿ law and United
Kingdom Generally A¢¢&pted Accounting PractiGe.
Law applicable to clHTttles ln England and Wales requlres the TNst&o$ to prepare Flnancial Statements for
88th fin3n(sal year whlch a Irue and law view of lh8 ChariW6 ffinan￿ acllvithes during the year and of Its
financial posltiry) al the year-8nd being 31 January 2024.
In preparing those Flnancial Statem8n18 th8 Trustees are fequlred to."
#).*lect Suitable accoun￿￿ wliues and tIMn 8pplyth8rn corslstenuy,
b) observe th8 metho¢s and prinupfes in the Chaities SORP
cl ffl8ke judgements And estrnates that are reasonabk and prudentr.
¢J) ststo whether applicable accounting Standards and statements ot rOCL¥7imanded pr8cice havg
LEen ￿loWed. suLiect to any departures ¢Ytsdos•d and explain￿ in ￿￿&£cl￿N￿5.. and
el ￿p8re the accourrts on the going o)ncarn basis unless r( is n*ppioprraLe Io 0S5urne that
thè Charty continue In operathon.
Th8 Trustees are respons￿8 foT keeping proper accountsry records Ihat di5d05e reasonablè 8rLur
th8 financi?1 position ofthe Charty and whth enabl8 tham to ¢nsure Ihat tho Finantsal Statemgnts comptywith
the Chèriii¢s Act 2011. the applicab￿ Charilies (Acctrjnts and R8FM)rtsl ReguJatw)t15 and provisions ol the
Chaftty's Sch8The. They are aL5o f¢sFonsfole safeguarding the assets of the Charity and hen￿ for taknng
r88¥on8bl8 Stws for tha prevention and dets¢t￿ offraud and othu irragularibes.
In so far as the Tru9taè$ ar8 aware:
there Is no relevant 8LNJt¢ informatlon of which the Ch8riV$ auditUT5 are unawBre. and
the Trustees have tsken all steps they ought to have tak¢Tr to rnakg themselves oware of Bny relevant
audit information to eststAi5h Ihal the auditors a￿ awwe of that irformatknn.
AUd￿trI5
A rEsdution be proposed at thè Annual G8nèrnl M8eting that Ensors Accountants LLP bB r8-8ppoint8d as
auditors to the cxarfty for the en$ulng y88r.
James R Tan
Behalf of ttr
, jChaiTffl8nl
ruste￿)

THE MILLS CHARITY
FOR THE YEAR ENDED 31 JANUARY 2024
INDEPENDENT AuD￿ORs REPORT TO THE TRUSTEES OF THE MILLS CHARITY
Oplnlon
We have 8udited the financial statements of the Mills Charity for the year ended 31 January 2024 which comprise
the Balance Sheet, Ihe Statement of Finanaal Actwities. Statèment of Cash Flow5 and the notes to the
nan￿81 statements, including a summary of $ignific4nl accounting p￿lueS. Thè financial rewling framework
that has been applied in their preparation is applicable law and United Kingdom Accounting StarKl3rds, if￿lUding
Fin8nci31 Rèporting Standard 102 The FinanGi81 Reporting Stènd&rd applicable in the UK 8nd R￿UbliC oflrèl6nd
Iunited Kingdom Generally Accepted Accounting Pracbcel.
In our opinion the financial statements".
"ve a true and lair view of the state of the Charity's affairs as at 31 January 2024 and ol ils In¢oming
resources and applicats.on ol resources, including its income and expendfture, flx the year then ended..
have been properly prepwed in accordance wth United Kingdom Generally A¢￿pted A¢counting
Practice; and
have been prepared in 8ccord8nc£ with thè r•quirements of the Charities A¢t 2011.
Basls foi oplnlon
We conducted OLJr audit in accordance with Intemational Standards on Auditing IUIQ IISAS IUKII and applicable
law. Our responsibilities under those starbd8rds are fijrther described in the Auditorf5 iesponsibilities for the audit
of the financial statements section ol ow report. Vve are independent of the Charity in accordance with the ethical
requirements that ar8 ielevant to our audit ol the financial 51alements in Ihe UK, including the FRC'S Ethical
Stsndard. and we have lulfilled our other ethical responsibilities In accordance with these iequiroments. We
beI￿ve that the audit evidence wè have obtained is SLrfficienl and appropriate to provide a basis for our opinion.
Conclu$lon$ relating to going eone•m
In audiling the financial statements, we have concluded that the trustees, of the going contsrn basi6 of
acwunling in the preparation of the financial ststèments is appropriate.
Based on the work we have performed. wè havÈ not Idèntified any material Un￿rtaIntieS relating to events or
conditions that. individually or collectively, may cast signifieant doubt on the charity's ability lo continue as a going
concem lor a period of at least iwelv6 months from when Ihe financial statetnents are authorised lor issue.
Our responsibilities and the resF<Jn$ibililles of the trJJstees with respect to going co￿￿rn are described in the
relevant seclior15 of this report
other Information
The other information wmpri5e5 the informalion included in thè annual report, other than the financial statements
and our auditors report thereon. The Trusteès are responsible for the CTrther inform8b"on.
Our opinion on the financial slatem¥nl$ d¢es not cover Ihe olher infomialiorh and we do not express any form of
assurarKe conclusion thereon.
In connection with our audit of the finartcial st8tem&nts, our reSpC￿sibllty is lo read the other information and. in
doing so. consider whether the Dther information 1$ m*erialty inctsnsistent with the financial slaletnents or OUT
knovdedge obtained in the audrt or Otherwise appears to be materialty misstated. If WÈ identify such material
Inconsistenc4es or appatent mateiial misstatements, we arè rèquirad tts determine whether there is a matertal
misstatement in the financial ststernents or a rnaterial misstatement of the othér inlom)ation. If, based on the
work we have perfcwmed, we condude that there 1$ a materral misstatement of this othèr informats"on, ws arè
réquirèd to report Ihal facL
We have nothing to report in this r4ard.

THE MILLS CHARITY
FOR THE YEAR ENDED 31 JANUARY 2024
INDEPENDENT AUDrroRS' REPORT TO THE TRUSTEES OF THE MILLS CHARITY (Continued)
Matters on whlch we are required to report by ex¢eptlon
We have nothing to report in iespect of the following matter8 in relation to which the Charitses (Accounts and
Reports) Regulations 2008 require lo report to yOLr il. in our opinion."
the information given in the finan¢ial statements is inconsistent in any matèrial rÈsped wth tha Trustéès,
Repor(01
surricienl accounting reroTds have not been kept-, or
the finanaal stslements are not In agreemant ￿ the accounting records., oi
we have not received all th¢ inlotrnation and explanab'ons we require for our audit.
Regponsibllrtles of Trustees
As explained more fully irb the Slale¥nent ol Trustees, Responsibilrties. thè Trustees are responsiblè for the
preparattron ol the financial sialernents and fr)r being satisfied that they give a true and fair viw, and for such
internal control as Éhe Trustees determine is ne￿ssary to ènabl* the weparation ol linanaal stalements that are
free from material rnisstalernenl. whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the Charity'6 ability to continue
as a going concern, disclosing, as applicable, matters related lo going EonTrrn and using the going concem basis
of acetsunting unless the Twstees either intend lo liquid8te the charity or to cease operations. or have no ￿aIrst1¢
allernalive but lo do so_
Auditors, rèsponslbllltie$ forthe audit of thg flnanclal Statements
Our objectives are lo obtain reasonable assuiance aboui whether the financial statements as a whole are free
from material rnis5tatement, whether due to Iraud or èrror, and to issue an auditor's report that includes our
opinion. Reasonable 8ssvranG¢ is a high level ol assurance bul is not a guarantee that an audit conductèd in
accOrdar￿e with ISAS (UK) will a￿ayS detect a material misstatement when it exists. Misstatements can arise
from fraud or error and are considered tnaterial If, Individually or in thè a99regate, they could reasonably be
expected to inflL¢ence the econornic detysions of us¥$ taken on the basis of these fi'nanclal ststèmenls.
Iriegularities, inclufJing fraud, are irnstsnces of nofy¢ompliance with laws and regulations. We dèsign procedur88
in line with our responsibilittes, othlined above, lo detect material misstatements in respect of irregu13rities,
induding fraud. The extent to which our pr¢¢￿Ur¢S are capable ol deleding Ir[eg￿a￿lti.è8. ineluding fraud, is
deladed beltsw.
Ouf audtk was designed to indude tests ot detail togèther with an assessment ol the control enviiontn8nl to
enable us to obtsin reasonable assurance about whelheT the financial statèments as a ￿ole are free from
rnaterial misstatement due to fraud. This Incl￿ded work on areas where we con8ider there 15 8 higher iisk of traud
induding revenue re￿n￿liOn. rnanagernent override ol systems and control. transactions wth related parties,
accounting estimates. commrtments and ¢Onts"nge￿ie$.
Vve also obtained 8n undsrstsndin9 01 the legal and regulalory frarn8work that thè charty operates in, through
discussi￿5 Wrth the Trustees and other managernenl and Irom our own knowledge and experienGe ofthe
sector.
In idenbfying and assessing risks of material misstatemènt in rèspect of irregularities, including frayd, the audit
engagement team".
obtained an understanding gf the natu￿ of the industry and seclor, Including the legal and regulatory
framework that the charity operates in and how the charity are complying wth the legal and regulatory
frarrewotk both at the planning stage and reminded 10 rèmain alert throughout the audit..
inquired of management, and those chaiged wrth governan￿, about their own identifiGation aThJ
assessment of the risks ol irregularitie5. including any known adual, suspeded or alleged in5tance5 of
fraud.,
audrted the risk ol management override of ctsntrols, including through testing journal entries and other
8djustm¢nls lor appropriateness, and evaluati￿ the business rationale of significant transactions outside
Ihe normal murse of bu51nÈSS',

THE MILLS CHARITY
FOR THE YEAR ENDED 31 JANUARY 2024
dlswssed rnatttsrs aboul non-c0rnpha￿ wth laws #nd regulations and howfraud might occw including
8ssessrnÈnl ofhow and where financial statements may be suswtible to fraud.,
b￿tlY Chall￿ged accounting estimat¢S to eAsure no inth'¢*"on DI manag¢m&nl bias.
rewew olm&e*n9 mlrrtrtes ofTruslees.
However, il 15 the primary re5pon$ibilty of managem•nL wlth the oversight of those tharged wlth go¥errance, tts
ensure that the entity's operaiions are eoTrJuct•(l in ¥ccnrd8nce wth the provi¥ron8 of laws and regulations atxl
for the prev*ntion and detection of fraud.
Afurther dtsscription of ¢ur re$ponsibilrtie8 is 8vallable rjn the Reporting CounrAI's website at.
klauditorsres:.onsibil
es. Th￿ da$tyiption IoTms part of our auditovs ro￿rt.
Usè ol our report
This r•port is made solety to the Charity's Trvstses, a$ a bpdy. In 3ccord2nce wlh Part 4 of the Charities
(Aceounts and Report$l Regulations 2008. Our audit work ho8 been undertaken so that ￿ nmght 51ote to the
tnxstees IhLi8e matteTS we ar& required lo stst& to them in an audllor¥ feport 8n4J for no other purpose. To the
ful￿St •tent permitted by law, we do not OT as$ume TesponsTbility to ?nyone other than the Charity and its
Tw8tees as a body. for OUT audlt work. foT thbs rewrt or for thè opinitsnswp have fornwd.
Ens¢)rs Accountsnts LLP
ChkrteredAccwntsnts & Ststutory AuditOfS
Ipswch
10

THE MILLS CHARITY
FOR THE YEAR ENDED 31 JANUARY 2024
BALANCE SHEET
Totsl
Funds
2024
Tot•1
Funds
2023
Flxed Ass•ts
Tanglble a85els
Freehts￿ land & bulldings
Flant & equipment
Invesbnths
3.621.094
3,548.297
434
622gJ98
6.389.761
11010.855
,778.129
urrèntAssets
Debtcrfs
Cash In bank aftd in hand
Bank accounts
26.109
28.283
125,070
118.668
151.179
144.951
Current Liabllltl•s
10
101216
48.508
Net Current Assets
49.963
96.4143
TolBI Astsets less Current Liablll¢l88
10,060,818
9￿74￿7?
Thg Fund¥ of the Charfty
Endowment funds
Restricled funds
Unfvstricted fvnd
13
14
16
8.487.631
311.744
1,2e1,443
8,503,040
287.240
1,084.292
10,1]60.81B
9,874.572
The not¢& on pog¢$ 14 to 23 fonn part of thes8 8ccounts.
Approved bylhe TTiisl88s on ..
121.:,12dLf
. slgned on thdr behaK by..
T James R Tan
r 1chalrm￿l
Mrm
rtin J K￿￿WBY

THE MILLS CHARITY
FOR THE YEAR ENDED 31 JANUARY 2024
STATEMENT OF FINANCIAL ACTivrriES
Not8 UnreBtrlct8d Restrl¢t¢d Endowment
Funds
Funds
Funds
Tvtsl
Fund$
2024
Total
Funds
2023
Incom• and •nd+)wmènt8 frorn
Investrnenls
cha￿able activltie5
Rents & wayleave5
Grants
Insurance claims
18
137.961
588
13&549
138.909
232.957
476
20594
232.957
476
20,594
223.437
Total Incomo
391.988
588
392.576
362.346
Expendliuro on
Raising furth.
Investsnent managemwtt
Chari18ble actNrt
Almshouses
Let propety exppnse6
Grants_ rdief in need
Grants- general benefil
36.182
36.162
34.529
19
19
22
20
144,419
40,479
6,707
17,153
588
145,007
40.479
6.707
17.153
119,187
17,253
5.769
25.335
Total expendl¢urq
208,756
588
36.182
245,528
202,173
Opèratirtg surpfus
183.230
136.182}
147.1)48
160,173
Net ￿1n9 &11(Issesl on investrn8nts.'
Realised
Unrvalt5Ed
Galns on revaluatk)ft of a&set$
11,6781
16.372
11.6781 148,646)
40,876
(10.3ei)
24,504
N•t In¢tsmo
183,230
24,504
121,4881
186.246
101.166
Transf¢rs bett¥een fun¢
(6.0791
6.079
Net rnovement In lunds
177.151
24,504
115.4091
18fj.246
101.166
Recon¢lll•tlon of fund$.'
Total funds brought forward
1,084,292
287240
8,503.040
9.874,572 9,773,406
Total fvnd5 carrled forward
17
1.261,443
311.744
8.467.e31
10,060.818 9.874.572
The notes Dn page 14 10 23 fomi part oflheso acwjnts.
dty
Trustè6s on .
. and signed on their behalf ty..
ame$ R Ta
ier jchairmanl
12

THE MILLS CHARITY
FOR THE YEAR ENDED 31 JANUARY 2024
STATEMENT OF CASHFLOWS
2024
2023
Note
Cash flows from operatln9 actlvlties
23
61,814
33,975
Cash flow from Investlng activtties
Investment incorne
Fixed asset addili¢)wis
Purchases and sale ol investments
Movemenl between investments and cash and cash equivalents
138.549
172,7971
28.836
1150,0001
138.909
125,0161
22.021
1350,0001
155,4121
1214,0861
D*¢r•as• In cash and cash equlvalènts
6.402
1180.1111
Cash and ¢a$h ¢qU￿alentS at beginning of the y8ar
118,668
298,779
Cash and cash equivalents at •nd of the year
125.070
118,668
13

THE MILLS CHARITY
FOR THE YEAR ENDED 31 JANUARY 2024
NOTESTO THEACCOUNTS
ACCOUNTING POLICIES
The principal accounting policiés are sumrnari5ed below. The accounting polieiès have been applied
nsistÈntly throughout the year and in the preceding year.
The financial statements have been prepared In accordance with knounting and Reporting by Charities.
Statement of Re¢ommèndÈd Practice applicable lo chaiities preparing their accounts in accordance with the
Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffectivè 1 January
20151- (Charities SORP IFRS 10211 and the Financial Reporting Standard appli¢able in the UK and Republic
of Ireland IFRS 1021.
Thè Mills Charrty meets the defi'nition of a public benefrt entity under FRS 102.
a} Basls of preparation and a¥sessment of golng con¢*m
ThÉs• finanaal statements have been prepared under the hlslorical cosl cwvention èxcept that
investrnent asgèts Are carried at market valu¢. The curret)cy of the accttunts is the pound and the figures
sh¢)wn have been rounded to the nearest pound.
The Charity has prepared its hnancial statements in a¢cordance wilh AcwuntirTrg and Reporbng by
Charibès" Statement ol Recornfflended PracbTr applicablè to charities preparing their financiol
statements in accordance wth FRS 102. in prefer¢nff to the AccounliThJ and Reporting by Charities..
Statement tsf Recommended Pradi¢x issued on 1 April 2005 which Is t¢f8rred to in the extsnl regulats'ons
bul has Sin￿ been wthdrawn.
The financial statements have been prgpared to give a 'true and fxirf view and have departed from the
Charities (Accounts and Rewjrtsl Regulab"ons 2008 to the exlent required to providè 8 ttrue and f8ir
view, as described above.
Thé Trustees consider that there aiE no material uncert8inties about Ihe charity's ability to continue 8$ 8
going concern.
bl Fund a¢countlng
Unreslri¢ted funds are available fot Use at the d1suetr￿ of the Tru5t¢es IN the furtherance ol the
general objectives ol thè Charity.
De5ign8ted funds are unrestricted funds earmarked lor partiE￿1#r purpDSOS.
Restricted funds ale subjèct to restrictions on their expenditure imposed by the ¢J¢nor or through the
krms of an appeal.
Endowment lund wa5 established by original dééd as a pemianent endowment ol %thich incorne is
available for general charity purposes. Any capital gains or losses ¥ising on the investments form
part of the funLI. Investment managèrnent tharges and advice relating tts the fijnd are charged
Against the fvnd.
cl Ineome
All incorning resources are induded in IhÈ Statement ol financial activities whEn receipt is probable and
the arnount can be quantified with reasonable accuracy. The followng specific policies applied lo
particular Gategones of income..
Voluntary income received by way of donations. grants and gifts is induded in full in th8 Statement
of Financial Activitses when receivable at fair value, ÈxcÈpt insofar as they are incapable ol financial
measuretnenl".
Invgslrnent income is induded whèn r•ceivable', and
Incoming iesDurces from charitable a¢tivitiè$ are accounted for when eam8d.
14

THE MILLS CHARITY
FOR THE YEAR ENDED 31 JANUARY 2024
NOTES TO THE ACCOUNTS coKfiNUED
ACCOU14TING POLICIES CONTINUED....
d) Resourees expended
Liabilities and expenditure are included on an accruals basis and are rewgni5ed when there is a legal or
nslFUCtive obligation to pay. Grants expended in the year are charged in the sam8 manner, grants
offered at the bAlanc• sheet date are noted as ctrmmitments where Iheig 15 riL¥ obligation to pay.
Liabililtes and expenditure indude VAT ￿1¢h the Charity is unable to recover, and is rèported as part ol
the expenditure to which it rdates. Most costs are directly atlriL7Uted to the rolevant category of resources
expEnded in the Statement of Finanaal ActiV￿eS. Gharitsble aclivities cosls includ? costs ol preparation
and al￿11 of slatvtory accounts, the costs of Trustee meetitvJs and cost of any legal adviTr to Trustees on
goveinance or con51itulional matters.
*} Debtors
Trade and othèr debtors are reo)gnisod at the sewement amount duè after any trade discount offered.
Prepayments are valued at the amount prepaid nel ¢fany trade thscount$ du8.
Crndltors
Creditors and prowi510ns are recognised where the charity has a present obligation resulting from a past
event that wll wobably result in the transfer of funds to a third paty and the amount due lo settle the
obligation can tE vneasured or estirnated relizbly. Creditors and provisions are recognised at their
sÈtUèm•nt amount after allowng any trBde discounts.
gl Flxed ass•ts. Investment propert*s hnd Investments
Freehold L8nd and Buildings are let out to fvrther the Charity's own purpDSaS by providing
accommodation to the Charity's beneficTaties and ere classthed as fixed assets accordingly. They are
irub.alty measwed at cost Ènd subsequently al cost less impairment. The Charity undertakes an ongoing
prograrnmè of r8ntsvaticn such that d¢preciation is not wn%dèrÈd to be material.
Assets costing more than £500 &e capitalised.
Plant & e¢wipmenl Gomprises of computer equipment and is depreciated * a rate of 113rd per annum on
0 Straight-line basis.
Investment Property held Ss fixer£ assets is stated at matk8t value at the balall￿ sheet date wth any gain
or loss lakon to the stalemenl of financial activities in the underfying lunij. Inveslmenl property wll bè rè-
valued on a rolling five-year basis. Investments held as frxed assets are revalued at miikrnarket value at
Ihe balance sheet dale and the gsin or loss taken lo the $t*ement of financial activilte$ in the underlying
fund.
Investments are ¢lassified as fixed asset imiéstrnents when the Charity doe5 not expect to realise them
within 12 months of the balance sheet dale.
The Charrty holds 1nvestments wth slockbTokers which are initialty re¢ognlsed at transaction value and
subsequenly measured at the year 8nd at bid value.
h) Flnanclal Instruments
The charity has eleded to apply the provisions of SectiDrh 11 'Basic Financi81 Instrumerbls, and Section 12
'other FinancAal Instrurnenls Issues, of FRS 102 to all of ils fillancial instruments.
FlnancAal instruments are recogntsed in the balance Sheet when the charty becomes party to the
contr8Ctual provisions ol the instrument.
15

THE MILLS CHARITY
FOR THE YEAR ENDED 31 JANUARY 2024
ACCOUNTING PIXICIES CONTINUED....
Financial assets and liabilities are offset, with the net amounts pr•sented the financi81 statements. when
there is a leg81ty enforceable right to set off the r¢cognised amounts and therè is an intention lo setue on a
nÈt basis orto realise the asset and sellle the liabilty sirnultxnèousty.
8aslc ￿nanCIalASsets
Basic financial assets, whith Include debtor5 and eash and bank balan￿$, are initially m•asured at
transaction price including tran$8dign costs and are subsequently rArried at amortised cost Using the
effective interest fflethod, unless the arrangemènt constituies a finanring tiansadion, where the
transaction is measured al the present value ol the ILrture rec£ipts discounted at a market rale of inlerest
Finanu81 assets classrfied as recewable within one year are not amorbsed.
Cla$slflr?tlon of Financlal Llatslitie$
Finanri81 li8bilth.es and equity instrurnents are dassified according lo thÉ substance of the contractual
arrangements entered into. An equily Instrument 15 any ¢ontra¢t that evidences a residual interest in thè
assets of the charily after deductiny all ol it5 liabilities.
Bas1¢ Financial LlablMtI•s
Basic financial liabilities. including ¢￿dItOrS, bank loans. loans trom fellow group undertakings 8n(f
preference shares that are cjassified as debt. are initialty recorded at transaction price Un￿$$ the
arrangement constitute5 a financing transaction. where the debt instrument is measured at the present
value of the future payments discountecl al a tnarkEt late of Inte￿$t Financi81 liabilities cjassified as
payable within one year ale not amortised.
Debt instruments are subsequently carrEd at arnortised ¢ost, using the effeth've intsrest ratè method.
Trade credilors oNigations to pay for goods or services that have been acquired in the ordinary cours•
of businèss from suppliers. Amounts poyable are classified as current liÈbilits"es il payment is due within
one year or less. 11 not. they are presented 85 non-cuirenl IiabilitE5. Trade creditors alé initially recognised
at Iransaclion price and subsequently measured at amorb5ed cost using the effective interest method.
Cash atbank andin hand
Cash at bank and in hand ale basic financi31 asse15 and indu*Je ¢ash in hand, depo5￿t5 held at eall wth
bank5, Other short-term liquid inveslm¢nts with tsriginal maturitie5 of thrÈe months or less.
Judgements and key sources of È8tlmatlon uncertainty
In the application of the Gh¥rity's accounting poiicies, thÈ Trustees are required to rn8ke judgewnenl8.
estirnates and aSsLJmpt￿￿È about the carrying amount of assets and liabilities that are not re3dily appar?nl
from othei $OUr￿S. The estimates and asso￿at&d aSs￿MptIOnS are based on histontsl experience and
other factors that are con$id¢red to be relevant. Actual iesulls may dsffer from these estirnates.
The estimates and underlying assumptions are rewewed on Sn ongOitvJ basi5. Rewisions lo accounting
stitnates are recognised in thè period in which the estimate is revised where the revision alFects only that
period. or in the p¢riod of the revision and future pÉwiods there Ihe revision affects both Cur￿llt and future
p¢iiod5.
Valuatlon of Investments
We are placing r$lian¢¥ on the expert for the esbmstes and judgements in the valuation ol quoted
inve5tsnenls value5 providèd by investment managers at market value and also for valuation of Investment
properties by Charte￿d Surveyors.
1S

THE MILLS CHARITY
FOR THE YEAR ENDED 31 JANUARY 2024
Trustee remunerallon & rélated paty transactlons
No Trustee or olh¢i person related tCTr the Charity had any personal interest in any contract or transaction
entered irrto by the Chwity during thè yèar12023- £nAI. In the period £nil12023.' £nill wa5 donated to
The Mills Educational Foundation. This Charity has Ihè sam• Trustees as The Mills Chaiity.
Taxatlon
As a Gharity. The Mills Charity is exempt from tax on income and gains falling wthin section 505 of the
T6xes Act 1988 or 5256 01 the TaXat￿n ol Chargeable Gains Act 1992 to the exlenl th¥t these are
apph'ed lo it5 charitable objects. No tax chargès hav• arisen in the Charity.
Fe•s lor audlt of the a¢coLmts
2024
2023
Auditiys lae lor reporting on the accounts and prowsitsn of services
11,450
10,800
Accountancy fee lor preparation of year end aceounts
11,450
10,800
Employees
During the current year the Charity paid one full time Clerk12023'. 11, one part time Clerk for thè Charty and
no ad hoc employees 12023.. 11. the gross salaiies for this amountèd to £44,383 12023.. £38,647) and
Employers National Insurance Contrl)utions arnounted to £nil 12023.. £nill with èmployer pensitsn
cx)ntributions of £1,33212023.' £1,1161.
Fixad ass•t investments
Total fixed asset investrnents Gompri5e £S,409,761 {2023.. £5.249,3981 of financial assets and £980.000
12023." £980,OLX)l of propety inveslmenls,
2024
2023
al Movement in flx8d asset inveslments
Marf(et valu¢ at 1 February 2023
(Lossl I Profit on disposal of investments
Change in year end mad(et value
Fees
Money invèsted
Transferred
5,249,398
11,6781
40.876
136,1821
7.347
150,000
4,980,426
148,s461
{10,3611
134,6291
12.608
350,000
Market value a$ at 31 January 2024
5,409.761
5,249.398
bl Investmènis at market value Comprlsgd:
Equitiès
Fixed interèst securities
Cash
4,650,204
694.728
e4.829
4,480,005
684.297
85,og8
Market Val￿ as at 31 January 2024
5.409,761
5,249,398
The Ch8rty, as at the balance Sheet dale, has ￿ deposits which arè duè to mature v￿thin the next 12
month612023.. Nill.
17

THE MILLS CHARITY
FOR THE YEAR ENDED 31 JANUARY 2024
t) Stock ?￿han9È inv•stments comprf¥e
2024
2023
Holding of morè than 5°/0 of total investrnents".
COIF Chaiities Investment Fund
311,743
287,240
UK
Europe
North America
Other international
other altemativ• assets
1,360,279
316,123
1,010,015
742,266
540,513
1,417,327
277,225
861,679
708,306
559,897
4,280,939
4.111,674
dl Pr¢peity Investments
Morket value brought fO￿ard
980.000
980,OOCI
Market value carried forward
980.000
980.000
Thè investment properties bigught forward consist of 3 properties. These properties were valued in Juty 2022 by
Clarke & Simpson an open market basis and have been adjusted in line with th¢ revaluation policy. On an
historical cost basis the5¢ would have been indudtd at an original cost of £175,538.
Tanglble Flxed Assets
Land &
Plant &
Buildings Equipmènt
T¢)tsl
Cost
At 1 FÈbruary 2023
Additions
Disposals
3,548,297
72,797
2.641 3.550.938
72,797
Al 31 January 2024
3 621094
2,641 3.623.735
Depre¢lation
At 1 February 2023
Charge for the year
Dapreciation on disposal
2,207
434
2.207
434
At 31 January 2024
2.641
Net book values
Al 31 January 2023
3.548,297
At 31 January 2024
3.621,094
3.621.094
18

THE MILLS CHARITY
FOR THE YEAR ENDED 31 JANUARY 2024
Debtors
2024
2023
Investment income
Prepayments
Loan- MEF
17,444
7,080
1,$8S
16.136
10,147
26.109
26,283
10.
Credltors
Creditors and 8c¢wal$
Rentsl deposits
PAYE NIC
Loan-MEF
Deferred in¢orne
32.526
9,712
822
36.465
9,312
690
41
58,156
101.216
48,508
11.
Penslons
Employees ale automztically enrolled into a mutti*mployer, defined contribution occupational pension
3cheme with NEST, unles5 they exercise their right to opt-out of thè scheme membership. The Mills
Charity makes a 5.kn wntribution to the pension scheme. The employer's contribution is charged to Ihe
st*ement ol Financial Activitie& in the period in which the s818ry to which the pension relates is due.
12.
Commllm•nts
At the Balance Sheet dalg, the Charity diLI not have any grant commitments which wers not providsd for
WTtrhin thè 8ecounts.12023'. £ni5 cornmitrnontl.
19

THE MILLS CHARITY
FOR THEYEAR ENDED 31 JANUARY 2024
13,
Endowment Fund$
The Mi115 Charity Enthwment Fund was estsblish&Y in 1703 as a Permanent Endowment for the beneffil
of the local community. The H M Turn¢r A T Sheen funds are expendable endowmenls which were
recewed18ter, and the Tiustees have resolvecl that the income from these funds should lollow the donor's
vAshes to support the residents of the Alrnshou&es. Tho funds ale represented by tangible fixed assets
8nd investments.
Mllls
Charlty
H M Turner A T Sheen
2024
2023
Balan￿ at 1 February 2023
8,485.192
17.598
250
8,503,040
8.$83.644
Income
M8nagernenl lees
136,0451
11371
136,182}
134,620
Reinvested income
6,079
6,079
9,861
Gains & investments
-Realised
11,6781
11.6781
148.6461
Gains on revaluation of assets
-change in year end
market value
16,083
289
18,372
17,1901
Balance * 31 January 2024
8,469,631
17,750
250
8.487.631
8,503,040
14.
Restricted funds- In¢om• lunds
Turnerl
Shèen
Income
Extraordln8ry
Repalr Fund
2024
2023
Balan￿ at 1 February 2023
287,240
287.240
303.574
Ir￿￿&
588
$88
291
Addition5 in the year
Expenditwe
IS881
15881
14931
Ch8ng¢ in maiket v81
24,504
24,$04
13,1711
Grant- 2023 The Brick Fund
112,8311
Disposals
11301
B818n¢e * 31 January 2024
311.744
311,744
287,240
The Exiraordinary Repair Funds required U￿er Ihe Charity's Scheme and transfets must be made each
year from the inryome resources ol the Charity. The funds are maintained at a relab'vely high lèvel in case
major repairs are required.
20

THE MILLS CHARI
FOR THE YEAR ENDED 31 JANUARY 2024
15.
Deslgnated Fund$- Incom8 funds
2024
2023
Cyellcal malntenance fund
B818nce at 1 February 2023
105.758
1D4.121
Funds introduced
960
Interest allo¢ali¢n from unrestrlcted furKIs
1,745
677
Balarrk at 31 January 2024
108,463
105,758
The Cydical Maintenance Funds comprise funds sèt aside fr>r cydical repairs at the Amshouses and
other prtspertieÉ owned by the Charity.
16.
Unr•strScted funds
Deslgnaled
Fund
Unrostricted Total Funds
Fund$
2024
Total Funds
2023
Balance at 1 February 2023
105.758
976,534
1,084,292
886.188
Income
391,988
391,988
362,055
Ajlocation in year
2,705
12.7051
Fund transfer
16.0791
16,0791
{9.8611
Expenditure
1208,7581
1208,7581
1154.09tr1
Balance at 31 January 2024
108,463
1,152.980
1.261.443
1.084.292
17. Analysis of net As$*ts batwan l￿d$
Designated UnrestrlGted R95trlcted Endovdnent
Funds
Funds
Funds
Fund$
Total
Fund5
2024
Totsl
Funds
2023
Freehold land and building$
Plant and equipment
Investment assets
CuThent assets
Gutrenl Ilablllties
707,095
2,913,999
3,621,094
3,548,297
434
6,229,398
144,951
148,5081
504,385
42,716
1101,2161
311,744
5,573,632
6,389,761
151,179
1101.2161
108,463
108,463
1,152,980
311,744 e,487,631
10,(￿0.818
9.874,572
21

THE MILLS CHARITY
FOR THEYEAR ENDED 31 JANUARY 2024
18. InveBtment Incom9
2024
2023
Dividends UK Equities
Interest UK Fixed lrtteiest Securities
Interest UK Unit Trusts
Overseas Securth'es- Dividends
Overseas Securrties- Interest
Overseas Securrties- UTht Trusts
Interest on Deposits
Dividends UK Unit Trusts
Diwdends Real Estate Investmont Trust
64,986
3.491
20,768
26.681
2,812
512
2,371
15,689
1,239
64,917
6,030
13,277
35,982
3,244
304
757
13,162
1,236
138,549
138,909
19. Resources expended
2024
2023
Payments re Almshouse3'.
Rates, eleciricity. gas & water
Gardener
Insurance
Repairs & Maintenance & alarms
Donations- Turnerl Sheen dislributs.on
Professional fees
Govemance and 5UPPOrt costs Inolo 211
19.S77
6,234
3.232
38,435
757
16.411
7.$99
3.007
22.706
1,200
75,905
67,864
145,007
119.187
Let Pioperty".
Insurance
General maintenance and property costs
R8le$ and
Professional fees
Gardener
Rent
Equiprnent hire
Govèrnan¢e and support c¢sts (note 211
2,155
3.083
2,475
2,004
7,388
245
594
1,119
22.775
1,020
7,852
7.022
40.479
17,253
22

THE MILLS CHARITY
FOR THE YEAR ENDED 31 JANUARY 2024
20. Grants- General Benent
2024
2023
FTFC Youth Séction
Foamex Board
TMC Vehicle
The Scouts Association
Frsmlingham Area Yolrth Action Plan
Disposal ol the Framlingttam community centre fund
Casile community Roorns- The Brick Fund
Govemance and support costs (note 211
2,640
77
5.000
500
12,500
130
12.831
4,157
4,853
17,153
25,335
21. Management and admintstrdtton- Support and governane• costs
2024
Total
2023
Total
Alm5
hou$9$ property
Relièf in
need
General
bQ￿rbt
Off￿e Gosts
Staff costs
Ti8velling
Audit and Accountancy Fees
Bookkeeping, payroll fee and other
Bank ch8rses
Insurance
Professional fees
Sundry expenses
Depiecialipn of equipment
Advertising
Profivllgss) on disposal
8.752
37,288
102
21,814
4,307
121
606
604
2,023
354
136
90S
3.857
537
2,286
537
2.286
10,731
45,715
126
26,500
5,280
148
743
740
2,480
434
167
9,148
39.763
2,236
1,325
1,325
263
19,320
4,712
138
632
2.473
1,836
434
4.750
12
63
62
37
37
124
22
37
37
124
21
37
14
75,905
7.852
4,654
4,653
93.064
83.206
No. ofpropethes
29
32
32
The ba$1$ tst allo¢ation of the above goverrtaru and support costs were 90°1• alloc4ted to alms houses and
t propety based on thè number of dwellings and 5°h lo each of the grants lor relief in need and general
t¢n¢fit.
22. Grants- mllèf In need
2024
2023
Gr8nls- relief in need
Governan￿ atKI support costs Inote 211
2,053
4.654
1.606
4,163
6.707
5,769
23

THE MILLS CHARITY
FOR THE YEAR ENDED 31 JANUARY 2024
23. Cash flowfrom operating a¢tlvltl•s
2Q24
2023
Net rnovements in funds
DEpreciats"on
IProfitll1055 on di$posal
Market volue movements
Income from investment$
186,245
434
1,678
{40,8761
1138,5491
101,166
434
48.646
10,361
1138,9091
8.932
21,698
Incfease in debtor5
Increasel Idecreasel in creditors
174
52,708
15,9811
18.258
Nel generated usèd in operating aclivrties
61,814
33,975
24

THE MILLS CHARITY
FOR THE YEAR ENDED 31 JANUARY 2024
STATEMENT OF FINANCIAL ACTIVITIES {PRIOR YEAR>
Unre5trieted
Funds
R•strlettsd Endovmient
Funds
Funds
Total
Funds
2023
Total
Fund
2022
Income and endowments fmm
Investments
Other
Rents & wayleaves
GTanls
138,618
291
138.909
104.083
223,437
223,437
201.735
30D,01)O
Total Income
362.055
291
362.34S
fA)5.818
Expendhure on
Raising funds
Investmènt management
Charitable actiwties
Almshousès
Let propety expensès
Grants- relief in need
Grants- general benèfrt
34,629
24.629
31,OD2
118.694
17.253
5,769
12,374
493
119,187
17,253
5,769
25,335
106,295
191,055
4,014
9,492
12,981
Total expendlture
154,090
13,454
34,629
202,173
341,858
Net gains & Ilo$s¢sl on investments..
Realised
Unrealised
Gains on revaluation of assets
148,6461 {48,PA61
17,1901 110,3811
66.401
238,527
625,00tr
13.1711
Net IncomE
207,￿5
116.3341
{90,4651
101,166
1,193.888
Transfefs be￿een fvnds
19,8811
9.861
Net movem*nt In lunds
198.11J4
116.3341
180.6041
101,168
1,193,888
Reconciliation of lunds:
Total funds brought forward
886,188
3Q3.574
8,583,e44 9.773.406
8.579,518
Total funds carrled forward
1,084,292
287.240
8.503,040 9,874,572
9.773.408
25

## **4. Current year observations** 

As stated in our introduction, in section 1, our observations are based on the issues identified during our audit work and should not be considered a full list of potential system weaknesses. We have included these along with our recommendations for improvements. We will also discuss these with you during our audit completion meeting and then update the below for your comments. 


**----- Start of picture text -----**<br>
Observation Implication Recommendation Management comment<br>**----- End of picture text -----**<br>


No additional observations identified in the current year of audit. See next slide for prior year observations. 




## **5. Prior year observations** 

||**Observation**|**Implication**|**Recommendation**|**Management comment**|
|---|---|---|---|---|
||**Year end accruals**<br>There was an insufficient adjustment<br>made for 2023 year end accruals within<br>the accounts.|There is expenditure that should have been<br>included within the 2023 accounts, that has<br>not been processed until the 2024 accounts<br>year, meaning a potentially lower than<br>accurate expenses figure that has been<br>declared.<br>The amount was immaterial to the audit and<br>has been included in unadjusted errors.|We<br>recommend<br>that<br>all<br>invoices<br>for<br>expenditure<br>around<br>the<br>year<br>and<br>the<br>following<br>month<br>are<br>sent<br>to<br>the<br>bookkeeping team in the timeliest manner<br>possible.|In the year ended 2024 there was still expenditure<br>that should have been included in the 2024 year<br>but has not been processed until the 2025<br>accounts year.<br>This amount was trivial and therefore not<br>necessary to include on the unadjusted errors this<br>year.|
||**Property Valuations**<br>The investment properties were valued<br>midway through the year being 31 July<br>2022.|This meant the valuations had to be bridged to<br>the financial year end through other external<br>audit evidence.|We recommend that property valuations are<br>taken place at the year end to reduce the<br>need to bridge the valuations.|We acknowledge the flood incident that occurred<br>in October 2023 and therefore are aware that<br>valuation should be done after repairs to the<br>properties affected.|