THE MILLS CHARITY ANNUAL REPORT FOR THE YEAR ENDED 31 JANUARY 2025 Charity Number: 207259 Regulator of Social Housing Registration Number.. 5122 Ensors Accountants LLP Floor 3, Connexions, 159 Princes Street Ipswich IP1 1QJ THE MILLS CHARITY FOR THE YEAR ENDED 31 JANUARY 2025 INDEX Page 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 14-24 NOTES TO THE ACCOUNTS 25 STATEMENT OF FINANCIAL ACTivrfiES- COMPARATIVE YEAR THE MILLS CHARITY FOR THE YEAR ENDED 31 JANUARY 2025 OFFICERS AND GENERAL INFORMATION TRUSTEES: Mrs J Bk) Mr J Robbins Mr T M P Donsworth Dr R Bu5haway Mr J R Tanner Mrs P Slaler Mr Christopher J East Mr Phillip Hurst REGISTERED OFFICE: The Mills Charity PO Box No 1703 Framlingham IP13 9 CHARITY NUMBER: 207259 REGULATOR OF SOCIAL HOUSING 5122 REGISTRATION NUMBER: Registered on.. 4 February 2021 BANKERS: Barclays Bank plc Leicester LE87 2BB CCLA Investrnent Managen*nt Lld Senator House 85 Queen Victoria Street London EC4R 3AB INDEPENDENT AUDITORS: Ensors Accountants LLP Floor 3. Connexions 159 Princes Street Ipswich IP1 1QJ SOUCITORS: Birketts Providence House 141- 145 Princes Street Ipswich IP1 1QJ INVESTMENT ADVISORS: Investec 30 Gresham Street London EC2V 7QN JMFinn 4 Coleman Street London EC2R 7AH Brewin Dolphin Fraser House 23 Museum Street 1p$￿ch IP1 1HN THE MILLS CHARITY FOR THE YEAR ENDED 31 JANUARY 2025 TRUSTEES ANNUAL REPORT The Trustees present their Report for the year ended 31 January 2025. The accounts have been prepared in a¢¢ordan¢e v￿h the accounting policies sel out in note 1 to the accounts and comply wth Charity's Scheme, the Chanb'es Act 2011, the Statement of Recommended Practice "Accounting and Reporting by Charities" and FRS 102. Governlng docum•nt The Charity was established lo execute the will of Thomas Mills who died in 1703 and a formal scheme wa5 registered with the Charty Commission dated 16 November 1915. Various amendments have tsken place over the years, from 9 January 1981 to the latest dated 11 December 2020. The Mills Charity is an unincorporated association. The Charity Registration number is 207259 and its registered address is PO Box No 1703, Framlingham, Woodbndge, SLfflolk, IP13 9￿. The Chanty registered as a Social Landlord with Homes England on 0410212021. Trustees The Trustees during the year and their appointing body were as follJw5'. - Mr Martin J Kelleway Co-¢)plalive Trustee stood down 1517r24 Rev M Vipond Co-oplalive Trustee retired 1113124 Mrs Jane Bk)re c￿0P1alIve Trustee Mr James Robbins C￿optaI1ve Trustee Mr Timothy M P Don$worth Co-optalive Trustee Mr James R Tanner Framlingham Town Council Or Ruth Bushaway Co-oplalive Twslee Mr$ P Slaler c￿0p1aliVe Trustee Mr Philip Hurst Covoptative Trustee from 919124 Mr Chris East ccroptsb.ve Trustee from 9112124 C￿Optab.ve Trustees are appointed by the Board of Trustees with Nominative Trustees appointed by tho respective bodies. The Nominative Trustees are appointed for a four-year period and the Cowoptative Trustees for a flve-year period. The Annual General Meeting is nomally held in April. May or June. The Charity's advisory are sel out on poge 3. v￿en a vacancy occurs for a ￿0pted Trustee, the remaining Trustees seek to appoint an individual with skills and experience which they feel will be of benefit to Ihe Charity. On appointment. new Trustees are given copies of the original Trust Deed, the latest Annual report and accounts. Trustees are encouraged to read the Charity Commission Essential Trustee guide, to attend Almshouse Way course and seminars to update themselves when they feel il necessary. Alm$ and Organlsallon The Charity's area ol benefit is Framlingham and the surrounding area. Ythere il is able lo provide assistance for those in need, hardship, or distres5. proV￿e and maintain the Almshouses and more recently the Trustees may assist with other projects %thi¢h are for the general benefil of the inhats'lants ol Framlingham and the surrounding area. The Trustee5 are confident that the Charity's objectives descrited above are in accordance wth the Charity Commission's general guidance on public benefit. Reviow of Progress, Achiev•m8nts. Investment Policy and Grnnt making policy During the financial year lo 2025, The Mills Charity helped in a variety of ways, the people and organisalions in Framlingham and some of the conb"guous parishes. This as5istsnce included financial help lo a number of people in need who had applied to the Charty for assistance, amounting during the year to £1,063 12024.. £2,0531. Several organisations applied for assistance., generally. for improvements or repairs to existing facilities, for vthich grants for the year amounted to £12,276 12024.. £12,500). Trustees considered each application on its merits according lo the terms of its Scheme and the Charibes Commi55ion guidance on public benefrt. so not all ￿qUeStS We￿ agree(l. THE MILLS CHARITY FOR THE YEAR ENDED 31 JANUARY 2025 TRUSTEES ANNUAL REPORT {Continued) The risks involved with the Almshouses and tenanted properties are mTtigated by the Trustees having adequate insurance, undergoing regular property reviews and a programme of Tepair work, alarm systems are installed for elderly residents at the Almshouses. There are no restrictions on the Charity's p0￿r lo invest. Trustees consider the risk profile and the investment manager'5 view of the market prospects, wth a view lo ensuring caprtal appreckgbon of the fund ex¢eeds inflation. Our strategy is reviewed with our investrnenl managers annually. Welcome to the Chairman's report for the financial year. The past twelve months conb'nued to Challenge the Charity due lo the llood damage caused lo several properties in central Framlingham from October 2023. The flood damage delayed relurbishmenl programme of Tomb House with the work5 now completed to a high standard. Tomb House is extremely significant lo the charty's history as it was once the home of Thomas Mills and is the sf(e ol his re$ling place. The improvements included stnjctural repairs to Ihe roof. extemal walls, and the Tomb itself. The works have improved the fabric and facilities of the property and preserved rt for future generations lo enjoy. The unexpected refurbishment work has placed an addrfj'onal bLtrden on the management stsff. and I would like to thank our Manager, Karren Piper, and her assistant, Gemma Yeats, ￿0 have continued to work tirelessly to run the office day to day. From our interactions wlh residents. it is clear that the coSt￿-11vIng squeeze affects everyone differently. Although the running cost of the Almshouse$, including repair and maintenance, has also ri$en, the charity has sought to keep occupancy charges below the threshold limit of the Local Housin9 Authority benefit cap. We continue lo interact with residents arn1 have introduced resident meth.ngs which have been very helpful lo understand the residents concems. what we a￿ doing well and how we could improve. Through the Mills Educational Foundation, the Charity has Continued lo support our local slate schools by providing gran15 lor families struggling lo send the¥ children on paid educational trips andlor aclivilies. The charity has also been able to provide Specific financial assistance for other l¢xal residents, in need, hardship or distress, in line wth our grantlaward criteria. 2024125 saw the Charty grant £13,339 10 lttal causes and to individuals in need in our community. Rev Mike Vipond reb'red from the board on 1113r24 after 16 years. service and Martin Kelleway stood down trom the charity board after 21 years, serV￿e, thank both for their contribution to the charity. This left an opening for new members, we welcomed new Trustees Philip Hurst and Chris East, both bringing fresh enthusiasm and knowledge. The Mills Charty is very much a team effort, and I w)ukJ like to take this opportunity to thank my fellow Trustees for their support and help throughout the year. Mr James R Tanner (Chairman) THE MILLS CHARITY FOR THE YEAR ENDED 31 JANUARY 2025 TRUSTEES ANNUAL REPORT {Continued) Financial review The Charity holds investments and short-lerni deposrts a value of £6,940.211 12024.. £6,514,831). During the year the investments produced an income of £147.43712024". £138.5491. The Mills Charity made Contributions totaling £13.339 12024." £14.5531 lo the local Community in the form of donations to individuals and community groups. Unrestricted Funds The unreslricled fund had a value of £1.336.463 as at 31 January 2025. divided as follows.. Designated Fund is the Cyclical Maintenance fund established for the regular maintenance and repair of the Almshouses and other property belonging to the Charity. The amount held within this reserve al the balance sheet dale is £110,778. Unrestricted Funds are held by the Trustees for the purposes of the Charity's aims and organi5ation as discussed above. The lund value has a value of £1.225.685 as al the balance sheet dale. R•strlctsd Funds The restricted fund had a value of £342.643 as at 31 January 2025. divided as follows.. Extraordinary Rèpair Fund, established to provide for the extraordinary repair, improvement or rebuilding of the Almshouses and other property belonging to the Chanty. The amount held within this reserve at the balance sheet date was £342,643. H M Turn•r Trust is a fund est8￿1$hed by a bequest from the late Mr H M Turner, a fomer Chairman of the Tru51ees. the income from which is to be distributed amongst the resKlents ol the Almshouses at Christmas each year. A T She•n Trust is a fvnd estsblished by the late Mr A T Sheen, the income from whKh is to be distributed amongst the residents of the Almshouses at Easter each year. The amount held within this re$eNe and the H M Turner Tru51 al the balance Sheet dale is £nil. Endowm&nt lunds This fund was established by original deed as a permanent endowment of which income is available for general charity purposes. The capital may not be spent wthout pemiission from the Charity Commission. The Trustees have committed to the refurbishment of the Almshouses in Framlingham from the annual surplus from general income. The amount held within this reserve at the balance sheet dale is £8.932,626 Resorvès policy and going conc•m Our balance sheet remains strong with net assets of £10,611,732 and the ownership of the Almshouses in Station Road and other vanous properties. The Trustees have reviewed the circum5tsnces of the Mills Charity and consider that adequate resources continue to be available to fvn¢J the activth'es for the loreseeable fvture. The Trustees are of the view that the charrty is a going concem. Due to the Charity's funding status the Trustees do not ￿nsider il necessary lo have a formal policy on holding reserves. **THE MILLS CHARITY FOR THE YEAR ENDED 31 JANUARY 2025** ## **TRUSTEES ANNUAL REPORT (Continued)** ## **Fundraising activities** **The Charity did not undertake fundraising activities during the year.** ## **Statement of Trustees' Responsibilities** **The Trustees are responsible for preparing the accounts in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.** **Law applicable to charities in England and Wales requires the Trustees to prepare Financial Statements for ,� ,,v-,,.ec\G�Jip�cial year which give a true and fair view of the Charity's financial activities during the year and of its U \' • fu'ia�cial' position at the year-end being 31 January 2025.** **In preparing those Financial Statements the Trustees are required to:** **a) select suitable accounting policies and then apply them consistently;** - **b) observe the methods and principles in the Charities SORP** - **c) make judgements and estimates that are reasonable and prudent;** - **d) state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the accounts; and e) prepare the accounts on the going concern basis unless it is inappropriate to assume that the Charity will continue in operation.** **The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy the financial position of the Charity and which enable them to ensure that the Financial Statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations and provisions of the Charity's Scheme. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.** **In so far as the Trustees are aware:** - **there is no relevant audit information of which the Charity's auditors are unaware, and** - **the Trustees have taken all steps they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.** ## **Auditors** **A resolution will be proposed at the Annual General Meeting that Ensors Accountants LLP be re-appointed as auditors to the charity for the ensuing year.** **Mr James R Tanner , (Chairman) (On Behalf of the Trustees)** 23/07/2025 **Dated ............................. .** **7** THE MILLS CHARITY FOR THE YEAR ENDED 31 JANUARY 2025 INDEPENDENT AUDITORS REPORT TO THE TRUSTEES OF THE MILLS CHARITY Opinion We have audited the financial statements of the Mills Charity for the year ended 31 January 2025 which comprise the Balance Sheet, the Statement of Financial Activities, the Statement of Cash Flows and the notes to the financial statements, including a summary of significant accounting policies. The finanaal reporting framework that h8s been applied in their preparation 15 applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Slandard appliable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the stsle of the Charity's affairs as al 31 January 2025 and of its incomin9 resources and application of resources, including its income and expenditure, for the year then ended., have been properly prepared in accordance vnlh Uniled ￿'ngdoM Generally Accepted Acwunting Practice". and have been prepared in accordance the requ1￿mentS of the Charities Act 2011. Ba$1$ for opinlon We conducted our audit in accordance wlh Internats'onal Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilrties under those stsndards are further described in the Auditor's responsibilities for the audit of the financial slalemenls section of our ￿pOrt. We are independent of the Charity in accordance wth the ethical requirements that are relevant lo our au¢Jil of the financial statements in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilrties in accordance with these requirements. We believe that the audrt evidence have obtained 1$ sufficient and appropriate to provide a ba515 for our opinion. Con¢lu$lon# relatlng to golng ¢on¢•m In auditing the financial statements, we have concluded that the trustees. use of the going concern basis of accounting in the preparats'on of the financial Stslements 1$ appropnale. Based on the work we have perfom)ed, we have not identffied any material uncertainties relating lo events or conditions that, individually or collectivety, may cast significant doubt on the charity's ability to continue as a going Concern lor a period of al le4$1 twelve months from when the financial $talemenls are aulhorised for issue. Our re8ponsibilrties and the responsibiliti'es of the trustees wth respect lo going concem are described in the relevant sects'ons of this report. Other inforniation The tslher information comprises the infomiation included in the annual ￿pOrt. other than the financial statements and our auditor's report thereon. The Trustees are ￿sponsible for the other infomialion. Our opinion on the financial statements does not cover the other infonnation and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial ststements, our responsibility is to read the other infomiab'on and, in doing so, consider whether the other infomiation is materially inconsistent wth the financial statements or our knowledge oblained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material mis5talements. we are required to determine whether there 15 a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed. we conclude that there is a material misstatement of this other infomiation, we are required to report that fact. We have nothing to report in thi5 regard. THE MILLS CHARITY FOR THE YEAR ENDED 31 JANUARY 2025 INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE MILLS CHARITY {Continued) Matters on which we are required to report by exception We have nothing to report in respect of the followng matters in ￿latiOn lo bthich the Charities IAccounls and Reports) Regulations 2008 require us to report to you if, in our opinion.. the information given in the financial statements is inconsistent in any material respect wth the Trustees, Report". or suffi¢ienl a¢¢ounling records have not been kept". or the financial statements are not in agreement wth the accounting records., or we have not received all the infomiation and explanations we require for our audit. Rèsponsibilities of Trusts•s As explained more fulty In the Statement of Trustees, Re5ponsibilrties, the Trustees are responsible for the preparation of the ffinan¢ial stslemenls and for being saknsfied that they give a true and tsir view. and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstalemenl, whether due to fraud or error. In preparing the financial ststements, the Trustees are responsible for assessing the Charity's ability to continue as a going concern, disc105ing. as applicable, matters related to goin9 concern and using the going concern basis of accounting unless the Trustees erther intend lo liquidate the charity or lo cease operations, or have no realisUc allernalive bul lo do so. Auditors. rgspon$ibiliti88 for th• audSt ol th• finan¢lal $talom•nts Our objectives are to obtain reasonable assurance about whether the financial statement5 as a whole are free from material misstslemenl, vh)elher due to Iraud or error. and lo issue an auditor's report that includes our opinion. Reasonable a$suran¢e is a high level of assuran¢e but is not a guarantee that an audit condu¢led in accordance with ISAS IUKI wll a￿vaYS detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material il. individualty or in the aggregate. they could reasonably be expected lo influence the economic deusions of users taken on the basis of these financial Stslemenls. Irregularities, including fraud, are instances of nonwcompliance wth laws and regulats'ons. We design procedure$ in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which OUT procedures ore capable of detects.ng irregularities, including fraud, is detsiled below. Our audit was designed lo include tests of detail together an as$essmenl of the ¢onlrol environment lo enable us lo obtain reasonable assurance about whether the financial statements as a whole are free trom material m15Stalemenl due to fraud. Th15 Included work on areas ¥there we consider there Is a higher risk of fraud including revenue recognib'on. management override of systems and control, transacb.ons wth related parties, accounting eslimales. Commitments and contingencies. We a150 obtained an understanding of the legal and regulatory framework that the charity operates in, through discussions with the Trustees and other management. and from our own knovdleilge and experience of the sector. In identifying and assessing risks of material misslatement in respect of irregularities, including fraud, the audit engagement team.. obtained an understanding of the nalure of the iThlustry and sector. i￿luding the legal and regulatory framework that the charity operates in and how the charity are complying Wrth the legal and regulatory framework both at the planning stage and reminded to remain alert throughout the audit,. inquired of management, and those charged wth govemance, about their own identification and assessment of the risks of irregularib"es, including any known actual. suspected or alleged instances of fraud., audited the risk of management override of controls. including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of signhficant transactions outside the normal course of business., THE MILLS CHARITY FOR THE YEAR ENDED 31 JANUARY 2025 discussed matters about non-¢omplian¢e wth laws and ￿gulationS and how fraud might 0￿ur including assessment of how and there the financial statements may be susceptible to fraud.. robustly challenged accounting estimates to ensure no indication of management bias. review of meeting minutes of Trustees. However. it 1$ the primary responsibility of management. with the oversight of those charged wf(h govemance. lo ensure that the entity's operats'ons are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud. A further description of our responsibilrties is available on the Financial Reporting Council's website al.. htt s.Ilwww.fr¢.or -uklaudilorsres onsibilibes. This descriptson forms part of our auditor's report. Use of our r•port This report is made solely to the Charity's Tnjstees, as a body, in accordance wth Part 4 of the Charities IAccounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the trustees those matters we are required lo stale lo them in an auditors, report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility lo anyone other than the Charity and ils Trustees as a body, for our audit work, f¢y this report, or for the opiniws we have fomied. Ensor5 Accountants LLP Chartered Accountants & Slalulory Audrtors Ipswich Dated.. 2410712025 10 THE MILLS CHARITY FOR THE YEAR ENDED 31 JANUARY 2025 BALANCE SHEET Nots Totsl Funds 2025 Totsl Funds 2024 Fix8d Assèts Tangible assets Freehold land & buildings Plant & equipment Investments 3,776,263 237 6,868,160 3,621,094 6,389,761 10.644.660 10,010.855 Current A$s•ts Oeblors Cash In bank and in hand 8ank accounts 38,636 26,109 72,051 125,070 110,687 151,179 Curr•nt LlabllStl•¥ 10 143,615 101,216 N•t Currnnt A880ts 132,9281 49.963 Total A88ets less Current Uabllltles 10.611.732 10,060.818 The Funds oftho Charlty Endowment fund$ Restricted funds Unrestricted fijnds 13 14 16 8,932,626 342,643 1,336,463 8,487,631 311,744 1,261,443 10.611,732 10,060,818 The notes on pages 14 10 23 form part of these acrKJunls. Approved by the Trustees on 2310712025 . and signed on their behaw by.. J3mes Robbin5 lJul 17, 2025 11:48 GMT+ll Mr James Robbins Mr James R Tanner (Chairman) 11 THE MILLS CHARITY FOR THE YEAR ENDED 31 JANUARY 2025 STATEMENT OF FINANCIAL ACTIVITIES Nots Unrestri¢ted Restri¢ted Endo￿Tnertt Fund$ Funds Fund$ Totsl Funds 2025 Totsl Funds 2024 Income and endowments from Investments Charitsble activitie$ Rents & wayleaves Gran15 Insurance claims 18 146,808 629 147,437 138.549 242.759 242,759 232,957 476 20.594 11,000 11,000 Total Incomo 400,567 629 401,196 392,576 Ex￿ndIture on Raising funds Inve51menl management Charitable activities Almshouses Let property expenses Grants . relief in need Grants - general benefit 39,098 39,098 36,182 19 19 21 173.478 121,366 5,887 17,100 629 174.107 121.366 5,887 17,100 145,007 40,479 6,707 17,153 Total •xpondlturg 317,831 629 39,098 357,558 245,528 Operatlng surplu8 82.736 {39,0981 43.638 147,048 Net gains & Ilo$se$l on investment$'. Realised Unrealised Losses on revaluation of assets 21,705 569,672 {115.0001 21.705 600.571 1115.0001 11,6781 40,876 30,899 Nét Incomè 82,736 30,899 437,279 550,914 166,246 Transfers be￿een fvnds 17,7161 7.716 Net mov•m•nt in funds 75,020 30,899 444,995 550,914 186.246 Reconciliation of funds: Total fund5 brought forward 1,261.443 311,744 8,487,631 10,060,818 9.874,572 Totsl funds carried foTh4ard 17 1,336,463 342,643 8,932,626 10,611,732 10,060,818 The notes on page 14 to 23 fom part of these accounts. Approved by the Trustees on 2310712025 . and signed on their behall by.. Mr James R Tanner (Chairman) Mr James Robbins 12 THE MILLS CHARITY FOR THE YEAR ENDED 31 JANUARY 2025 STATEMENT OF CASHFLOWS 2025 2024 Note Cash flov*B from operating activities 23 173.90SI 61,814 Cash flow from investing a¢tivltles Investment income Fixed asset additions Purchases and sale of investments Movement befvleen inve51ment5 and cash and cash equivalents 147.437 1155,428} 28,877 138.549 172,7971 28,836 1150,0001 20,886 155,4121 Dgcroasg In ¢ash and ¢a$h equivalgnts 153,0191 6,402 Cash and cash equivalents al beginning of the year 125,070 118,868 Cash and cash •qulval•nts at end of th8 year 72.051 125,070 13 THE MILLS CHARITY FOR THE YEAR ENDED 31 JANUARY 2025 NOTES TO THE ACCOUNTS ACCOUNTING POLICIES The principal accounts'ng policies are summarised below. The accounting p)licies have been applied consistendy throughout the year and in the preceding year. The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Slandard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20151- (Charities SORP IFRS 10211 and the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021. The Mills Charity meets the definition of a public benefit entity under FRS 102. al Basls of proparatjon and •ss•s$m•nt of golng conc•m These financial 5talemenls have been prepared under the historical cost convention except thil investment assets are carried at market value. The currency of the account5 15 the pound and the figures shown have been rounded lo the nearest pound. The Charty has prepared its financial statements in accordance with Accounting and Reporting by Charities.. Statement of Recommended Pracbce applicable lo charities preparing their financial slalements in accordance wth FRS 102. in preference to the Accounting and Reportin9 by Charities.. Statement of Recommended Practice issued on l April 2005 which is refer￿d to in the extant regulations b(rt has since been wthdrawn. The financial slalements have been prepared lo give a true and fairf view and have departed from the Charities (Accounts and Reports) Regulations 2008 onty to the extent required lo proV￿e a Irue and fair view, as described above. The Trustees consider that there are no rnaterial uncertainties about the charity's ability to continue as going concern. bl Fund ac¢ountlng Unrestricted fvnds are available for use at the discrelion of the Trustees in the furtherance of the general obie¢lives ol the Charity. Designated funds are unrestn"¢ted funds earmarked for particular purposes. Reslncted funds are subject lo reStr￿tionS on their expenditure Imp05ed by the donor or through the terms of an appeal. Endowment fvnd was established by original deed as a pemianent endowment of thich income is available for general charity purposes. Any capital gains or losses arising on the investments form part of the fvnd. Investment management charges and thice relating lo the fund are charged against the fund. cl Incomo All incorning resources are include(l in the statement of financial activrties when receipt is probable and the amount ¢an be quanbfied wrth reasonable accuracy. The following specific policies are applied lo parbcular categories of income.. Voluntary income receNed by way of donatsons, grants and gifts is included in fvll in the Statement of Financial Activities when receivable at fair value, except insofar as they are incapable of financial measurement., Investment income is included when receiv8ble,' and Incoming resources from charitable activiiies are a¢counled forwhen eamed. 14 THE MILLS CHARITY FOR THE YEAR ENDED 31 JANUARY 2025 NOTES TO THE ACCOUNTS CONTINUED ACCOUNTING POLICIES CONTINUED..-. dl Resourc8s oxpondod Liabilities and expendf(ure are included on an accruals basi5 and are Tecognised when there 15 a legal or constru¢b've obli9ation to pay. Grants expended in the year are charged in the same manner, grants offered at the balance sheet date are noted as commitments where there is no obligation to pay. Liabilities and expenditure include VAT the Charity is unable to recover, and is reported as part of the expenditure to which It relates. Most costs are diredy attributed to the relevant category of resources expended In the Stslemenl of Finanual Acb"vilies. Charitable aclivib.es costs include costs of preparation and audit of stalulory a¢¢ount$. the costs of Trustee meetings an¢J ￿$t of any legal advice to Trustees on governance or constitutional matters. èl Dèbtors Trade and other debtors are recognised at the sethement amount due after any trade discount offered. Prepayments are valued al the amount prepaid net of any trade di5count5 due. Credltorn Creditors and provisions are reco9nised vthere the charity ha5 a present obligation resultin9 from a past event that will probably result in the transfer of fijnds to a third paty and the amount due lo settle the obligation ean be measured or estsmated reliably. Credrtors and provisions are recognised at their settlement amount after allowng any trade discounls. gl Flx•d assots. Inv•8tm•nt pro￿rtIeS and Inv8stm•nts Freehold Land and Buildings are let out lo furthef the Charity's own purposes by providing aC￿mmOda￿.on lo the Charty's beneficiaries and are classtfied as fixed a$sels a¢cordingly. They are inilialty measured at cost and Subsequendy al ￿$1 less impairment. The Charity undertakes an ongoing programme of renovation such Ihat depreciats.on is not consKlered to be material. Assets costs'ng more than £500 are capitslised. Plant & equipment comprises of computer equipment and is depreciated at a rate of 113rd per annum on a gtraighl-line basis. Investment Propety held as fixed assets is staled at markel value at the balance sheet date with any gain or loss taken to ihe statement of ffinancial activities in the underfying fvnd. Investment property will be re valued on a rolling five-year basis. Investments held as fixed assets are revalued at mid.markel value al the balance sheet dale and the gain or loss taken to the stslemenl of financial actsvilies In the underlying fund. Investments are classified as fixed asset investments ￿en the Charity does not expect to realise them within 12 months ofthe balance sheet date. The Charity holds investments with stockbrokers vthich are initialty recognised at transaction value and subsequenuy measured at the year end at value. h) Financial Instruments The Charty has ele¢ted to apply the provisions of Seciion 11 '8asi¢ Financial Instruments, and Seth'on 12 'Olher Financial Instruments Issues, of FRS 102 to all of its finanaal instruments. Finan¢ial instruments a￿ re¢ognised in the balance sheet when the charity becomes party lo the ¢ontra¢lual provisions of the inslrumenl. 15 THE MILLS CHARITY FOR THE YEAR ENDED 31 JANUARY 2025 ACCOUNTING POLICIES CONTINUED.... Financial assets and liabilities are offset, with the net amounts presented in the financial slalemenls, when there is a legally enforceable right to sel off the wognised amounts and there is an intention lo settle on a net basis or lo realise the asset and settle the liabilty simumaneousty. Basic Financial Assets Basic financial assets, which include debtors arKI cash and bank balances, are initially measured al transaction price including transaction costs and are subsequently carried at aM0￿.sed cost using the effective interest method, unless the a￿angement constitutes a financing transaction, where the transaction is measured al the present value of the future receipts discounted at a market rate of interest. Financial assets classrfied as receivable vthin one year are not amortssed. Classification of Financial Liabilities Financial liabilities and equity instrument5 are dassified according lo the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charty after deducting all of its liabilities. Basic Financial Liabilities Basic financial liabilities. including creditors. bank loans, loans from lellow group undertakings and preference shares that are classified as debt, are initially recorded at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rale of Interest. Financial liabilities classified as Payab￿ wthin one year are not amortised. Debt instruments are subsequenlty carried * amortised cost, using the effective inl8resl rate method. Trade ¢red((ors are obligations to Pay for goods or seN¢es that have been acquired in the ordlnary course of business from SUppl￿r$. Amounts payable are dassffie¢J as current liabilities if payment is due within one year or less. If not. they are presented as non of property investments. 2025 2024 al Movem•nt In fix•d ass•t Inv•slm•nt¥ Market value al 1 February 2024 ILossl I Profil on disposal of investments Change in year-end market value Fees Money invested Transferred 5,409.761 21.705 600.571 139,098 10,221 5,249,398 11.6781 40,876 136,1821 7,347 150,000 Market value as at 31 January 2025 6,003,160 5,409,761 bl Investments at Market value comprised: Equities Fixed interest se¢unties Cash 4,970.850 908,927 123,383 4,650,204 694,728 84,829 Markot valuo a$ at 31 January 2025 6,003,160 5,409,761 The Charty, as al the balance sheet dale. has no dewsits which are due lo Matu￿ wthin the next 12 monlhs12024." Nill. 17 THE MILLS CHARITY FOR THE YEAR ENDED 31 JANUARY 2025 cl Stock •xchang8 invostrn•nts compris8 202S 2024 Holding of more than 5°A of total investments= COIF Charities Investment Fund 342,644 311,743 UK Europe North Arnerica Other Intemalional Other altemative assets 1,416.440 302,312 1.161,189 833.080 570,422 1,360,279 316,123 1,010,015 742,266 540,513 4.626.087 4,280,939 dl Property investments Market value brought forwar(J Revaluabon of transferred land and buildings- Loss 980,000 1115.0001 980,000 Market value carried forward 865,000 980,000 The investment properties brought forward consist of 3 properties. These properties were valued in July 2025 by Clarke & Simpson on an open market basis and have been adjusted in line with the revaluation policy. On an historical cost basis these would have been included at an original cost of £175,536. Tanglbl• Flxed Assets Land & Plant & Bulldlngs Equlpm•nt Total Cost Al 1 February 2024 Additions Disposals 3.621,094 155.169 2,641 3,623,735 259 155,428 At 31 January 2025 3 776 263 2 900 3779 163 0gpre¢latlon At 1 February 2024 Charge for the year Depreciation on disposal 2,641 22 2,641 22 At 31 January 2025 2663 Ngt book values At 31 January 2024 3.621,094 3,621,094 At 31 January 2025 3.776,263 237 3,776,500 18 THE MILLS CHARITY FOR THE YEAR ENDED 31 JANUARY 2025 Debtors 2025 2024 Investment income Prepayments Loan- MEF 31.534 7,102 17,444 7,080 1,585 38,636 26,109 10. Creditors Creditors and accruals Rental deposits PAYE and NIC Loan- MEF Deferred income 113,492 10,635 1,094 18,394 32,526 9,712 822 58,156 143,615 101,216 11. P•n8lon8 Employees are automatically enrolled into a mulli-employer, defined contribution occupational pension scheme with NEST, unless they exercise their right lo opt-oul of the scheme membership. The Mills Charity makes a 5% contribution lo the pension scheme. The employer's contribution is charged lo the Statement of Financial Activities in the period in which the salary lo which the pension relates is due. 12. Commltmont¥ At the Balance Sheet dale. the Charty ¢Jid not have any grant commitments which were not provitjed for within the ac¢ounts.12024". £nil commitment). 19 THE MILLS CHARITY FOR THE YEAR ENDED 31 JANUARY 2025 13. Endowinent Funds The Mills Charty Endowment Fund was estsblished in 1703 as a Permanent Endowment for the benefit of the local ¢ommunty. The H M Tumer and A T Sheen funds are expendable endowments which were received later, and the Trustees have resolved that the income from these funds should follow the donor's wishes to support the residents of the Almshouses. The funds are represented by tangible fixed assets and investments. Mills Charity H M Tumor A T Shgen 2025 2024 Balance al 1 February 2024 8.469.631 17.750 250 B.487,631 8,487,631 Income Management fees 138.941} 1157) {39,0981 136,1821 Reinvested income 7.716 7.716 6,079 Gains & investments -Realised 21,705 21.705 11,6781 Loss on revaluation of assets {115,0001 1115,0001 -change in year end market value 568,305 1,367 569,672 18,372 Balance al 31 January 2025 8,913,416 18,960 250 8,932,626 8,487,631 14. Rest￿cled funds- Income funds Tumerl Sheen Inc¢mo Extraordlnary Repalr Fund 2025 2024 Balance al 1 February 2024 311,744 311,744 287,240 Income 629 629 588 Additions in the year Expenditure {6291 16291 15881 Change in market value 30,899 30,899 24,504 Disposals Balance at 31 January 2025 342,643 342,643 311,744 The Extraordinary Repair Funds are requireil under the Charty's &heme and transfers must be made each year from the income resources of the Charity- The funds are maintained at a relatively high level in case major repairs are required. 20 THE MILLS CHARITY FOR THE YEAR ENDED 31 JANUARY 2025 15. Designated Funds- Income funds 2025 2024 Cy¢ll¢al malnt•nan¢o fund Balance at 1 February 2024 108.463 105.758 Funds introduced 960 960 Interest allo¢alion from unrestn.cled lunds 1.355 1,745 Balance al 31 January 2025 110,778 108,463 The Cyclical Maintenance Funds ￿MpriSe funds sel a$￿e for ¢ydi￿1 repairs al the Almshouses and other properties owned by the Charty. 16. Unr•$trl¢tsd funds D￿Ignated Fund Unrestrictod Total Funds Funds 2025 Total Funds 2024 Balance 811 February 2024 108,463 1.152.980 1.281,443 1.084,292 Income 400,567 400,567 391,988 Allocation in year 2,31 S 12.31S1 Fund Iransfef {7,7161 {7,716} 16,0791 Expenditure {317,8311 {317,831} 1208,7581 Balanee 8131 January 202S 110,778 1,225,885 1,336,463 1,261,443 17. Analy818 of net asuts between fvnds Deslgnated Unrestrlcted Restrictod Endovmient Funds Fundy Fund$ Funds Total Fund$ 202S Total Funds 2024 Freehold land and buiklings Plant and equipment Investment asse15 Current assets CUr￿nt liabilities 862,264 2.913,999 3,776,263 3,621,094 507.127 191) (143,615) 342,643 6.018,627 6,868,397 110,687 1143,6151 6,389,761 151,179 1101,2161 110.778 110.778 1.225.685 342.643 8.932,626 10,611,732 10.060,818 21 THE MILLS CHARITY FOR THE YEAR ENDED 31 JANUARY 2025 18. Investment income 202S 2024 Dividends UK Equrties Interest UK Fixed Interest Securib'es Interest UK Unit Trusts Overseas Se¢urilies- Dividends Overseas Securities- Interest Overseas Securities- Unit Tw$t$ Interest on Deposits Dividends UK Unrt Trusts Dividends Real Eslale Investment Trust Accrued Interest 65.731 8.312 21,403 25.265 2.412 671 6,213 14,502 1.264 1,664 64,986 3,491 20,768 26,681 2,812 512 2,371 15,689 1,239 147,437 138,549 19. Resourcos expended 2025 2024 Payments re Almshouses. Rates, eleclricily, gas & water Gardener Insurance Repairs & maintenance & alams Equipment hire Donations- Turnerl Sheen distribub'on Professional fees Governance and sUPPOrt costs {note 211 25.329 8,513 5,700 53,978 360 799 731 78,697 19,577 8,234 3,232 38,435 757 867 75,905 174,107 145,007 Let Property.. In$uran¢e General maintenance and propety costs Rates and electric Professional fee5 Gardener Rent Equipment hire Govemance and support costs {note 211 3,800 64,671 9,005 12,566 6,324 14,000 2,860 8,140 2,155 3,083 2,475 1,119 22,775 1,020 7,852 121,366 40,479 THE MILLS CHARITY FOR THE YEAR ENDED 31 JANUARY 2025 20. Grants - General 8enefrt 2025 2024 Framlingham Area Youth Action Plan The Granary Nursey Citizens Advice Bureaux Badingham Play S¢h¢)ol FTFC Youth Se¢b'on TMHS FAYAP The Shelley Centre J Cadman The Nest Farms Govemance and support costs {note 211 12,500 522 1,000 1,380 2,500 2,000 2,000 224 400 2,250 4.824 4,653 17,100 17,153 21. Grants - rollof In n¢•d 2025 2024 Grants- relief in need Governanee and support costs Inole 211 1,063 4.824 2,053 4,654 5,887 6,707 22. Managem8nt and admlnlstratlon- Support and governance costs 202S Total 2024 Total Alm$ Let Rellef In hou￿9 propoty n•od G•n&ral bonefil Office costs Stsff costs Travelling Audit and Accountancy Fees Bookkeeping, payroll fee and other Bank charge5 Insurance Professional fees Sundry expenses Depreciation of equipment Advertising Profivllossl on disposal 9,172 42.886 949 4.436 562 2.630 11,245 52,581 10,731 45,715 126 26,500 5,280 148 743 740 2,477 434 167 2.629 21,272 1,317 93 246 2.201 136 10 25 1.304 81 1,303 81 26,080 1,615 114 301 15 15 3.193 18 497 330 196 195 3,914 22 609 51 31 30 78,697 8,140 4,824 4,824 96,485 93,061 No. Ofpropert￿S 32 32 The basis of allocation ofthe above govemance and support costs were 90.￿ allocated to alms houses and let property based on the number of dwellings and 5% to each of the grants for relief in need and general benefit. 23 THE MILLS CHARITY FOR THE YEAR ENDED 31 JANUARY 2025 23. Cash flow from operating a¢tivltl•s 2025 2024 Nel movements in fvnds Depreciation IProfitll loss on disposal Market value movements Income from investments Loss on ievalued assets 550,914 22 {21,7051 1600,571} 1147,437} 115,000 186,245 434 1,878 140,8761 1138,5491 1103,777} 8,932 Increase in debtors Increasel Idecreasel in creditors 112,5271 42,399 174 52,708 Nel generated used in operating acts'vibes 173,905 61.814 24 THE MILLS CHARITY FOR THE YEAR ENDED 31 JANUARY 2025 STATEMENT OF FINANCIAL ACTIVITIES (PRIOR YEAR) UnYgstrlct•d R8stsICt￿ Endov4Ynènt Funds Funds Funds Total Funds 2024 Totsl Funds 2023 Incom• and •ndovmi•nts from Investments Charitable activities Rents & wayleaves Grants Insurance claims 137,961 588 138,549 138,909 232.957 476 20,594 232.957 476 20,594 223.437 Totsl Incomo 391.988 588 392,576 362.346 Expendltur8 on Raising funds Investment management Charitable a¢tivities Almshouses Let property expenses Grants - relief in need Grants - general benefit 36,182 36,182 34.829 144,419 40,479 6.707 17,153 588 145,007 40.479 6,707 17,153 119,187 17,253 5.769 25,335 Totsl •xp•ndltur• 208,758 $88 36,182 245.528 202,173 Operatlng surplus 183,230 {36,1fj21 147,048 160,173 Nel gain8 &1108sesl on inveslmenls.. Realised Unrealised Gains on revaluation of assets 11.6781 16,372 11,6781 148,6461 40,876 110,3611 24,504 Net In¢ome 183,230 24.504 121.488) 186,246 101.166 Transfers be￿een funds 16,0791 6,079 Net movem•nt In funds 177.151 24.504 115.4091 186,246 101.166 Reconciliation of fund$- Totsl funds brought fo￿ard 1.084.292 287,240 8.503,040 9,874,572 9,773,406 Totsl fund5 carried forward 1,261.443 311,744 8,487,631 10,060,818 9,874,572 25