wILLm JOHN MILLS cOAGEs TR FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2022 Contents Relerenc¢ and admitti8tsatioD d¢tsih Truktee8 report Indep¢n(knt ¢xamin¢r'$ Stst¢rn¢nt of fin8n¢ial a¢¢ivil? Balance sh¢¢t Not¢s to th¢ fitw]ciaJ 5tatcments 7-10
JOHN Mtus COThAGFS TRUST TION DET Reglstertd chxrlty nwttber 275488 Ch•rity'l prlm¢lpal addr¢ Mjlb St Si Day Rthth IRI6 5LL Tru5trt• Mrs E WilsoD . aAtr MT5 S Burley- Vi¢¢ Chair Mr S Edwards Mr K Goldswolthy Mr C Wilson Mrs D Birr¢ll (Atp)iti¢e4J 6 2022) cler to the Ms C Ftt¢man Mrs K AthertoD Ind¢pendent ¢YAmlther Mrs M Hut¢hin8S Aspth Waite South West 21 Bampkn Streei Tiv¢rttyi Devon EX16 6AA BAnkeri CAF Bank L Kings Mill We51 MA]Im K¢DI ME19 4TA Barclays BaDk pl¢ Tnuo Cornw1 Virwn MoD¢y Jubilce Hous¢ C[Orth Newcwde upon T NEI 4XS United Tn¥t Battk 80 Haymarkel SWIY 4TE Hampshire Tru# Bank 55 Bishopsgate tmdon EC2N 3AS Solleitors 3 L4n¢ S¢ Atell Cornwall P125 4AX
Ib¢ Tr8tee$ pffsent th¢jrre1rt 8Dd the financial stateurts of the ¢lwity forthe )rJr 5 April 2022. The teeS have adopted the provt$ions of the S¢8tanent of Recommcnded PrnctiLY {SORP)"Accounting and Rewkrtsng byChanttes- (FRS 1021 in preporing th¢ atthual rert and of th¢ charity. owEcrivLs AND ACTIVITIFS Swllmary of the objects of the charlty vt in its governing doeuDnt To PTVVtdc aeeommodation for ttrU[tI0tt by deSing rthr wns bein8 r¢sideDts of. or forllr reBidents of, thc forn District of Kerrier LD the County of Comw4]1. Summary of the maln etlvhlu In rekndon to th¢•e objet Providcd 42 uni$ ofaccomTrthion throughoth thc)ur. The ttwtees have had te8aTd to the ajarity c(rtllmis gui¢ on publi¢ benefit aDd b¢li¢ve this is &thieved via the charitys objtttivN and aGtiviti&8. ACHIEVEMEwfs AND PERFORMANCE Summary of the maln ehlevements of the eharlty durln% the ye4r Thc work of th¢ Tn to keep its propcrty estate ]1-maIntainl as well as takitt8 oppoJThmities to impTOVC and upgrade fAciliti¢8 where and when opportunitie¥ arise continues UDaba41 In particulaT. tht havc bern a llumbcr of major projects thai were undertakett. During i survey of the ventilation system servin8 the tttW8aiows of Mill$ Gardw it was di$veJ that fiaws in th¢ origitt desi8n was Ic8diTrg to widespr¢ad failur¢ acro the 8ra¢e4rL kn a ¢YKwUe. a mlliorpiett of work w?8 n¢8$]ted to brin8 li up to & fully fvn¢tionin8 starHlaTd. Of a similar 08ftw< the Trll8t di$¢overed thit post.WW2 buildthg FactICe8 iovolviti8 thc use of cem¢nt for render and pointing had beett cau5in8 Stgnifi¢ani detenlvatton of the facades ofthe two granitr-built rows of fonxer miThin8 COtt&ges. To addre5$ this issue. listed planniTrg consthlt Was 80u8bt to reple the ¢emrDt with a linx-b&se4 mNtCTial whtch is much more Syll2pathetic io th¢ 8rN¢tures but Si1ficanttyltsrC ¢y. H•vi08 I¢'¢yed the n¢¥¢gS4ry ¢4)D5eni a kyeBrprOC of Works h&8 be¢n scheduled. A third sigtiifieant project i#volvcd the re-mofin8 of thT¢e proput]L which $h8tt41 the same roof linc. This rcquircd ppropriat¢ li81cd planning consent aTh4 involvd thc removal ofold asbesLOS tilcs 4nd theirrep1cment with nabjral slat¢. In addition, Ihe projccl saw the rebuilding of a si8nificani pmion of the roof Stnth luKdn8 a hotch-potsh of minoT WOTkB that had been undertak¢n ID decades 8one by. AS is the case ¢v¢ry year, acr¢ the Trusts bousitig sto¢i thue WLYe prop¢rts'¢s tha¢ rcquired rcfurbi$bJYttL some modc81 and others nK)re sub8thtttsaL r¢lo¢4d either to other proputiL% ortts a highcr place. In tofai, seven housc5 wcre furbished during the course of the year and an eighth benefitt£d from rdncw kitchcn. Thes¢ wcrc, ofcourse. in adth.tion to ongoing maintenanc¢ thnwgh¢)ut ail 42 t Towards the end of the yeat, a probkm caused by sU]da)ce relat&1 to old miTK WOTknn85 msnif¢sted itsdfwithin the boundari¢s of hvo propertEes. The movement W&8 motsitorcd. prOf10n8] ¢xplorntory exm104 und&tskth ond an insuran¢e ¢laim Submitted to 8tt•Ki tti thc matlcr &$ a matterof sonJ¢ urgcncy. AS Catt be s¢¢n, the last 12 months hLS Se & sub5tsDtial volume of a¢tiVity. SOTrKthing which h&$ beu irtcrcasing stradily overrecent years. To meet this dcmaD& a thjrd clerk w&8 on [d5 thc cnd of the talemdar Jrar. FINANCIAL REVIEW Net expenditwe for the yEar frKfore revatvation) £6298 &s CornrAr to tn¢on of £25.278 for the previous ycw. Although thcrc h&$ been att incr¢8SC PTVFtrty rcpaiTS and improvettnts, th¢ ovffall TrKrew reneLts th¢ in¢rn5¢ in rcnts Tcceivable following the rewsion of the weeklymainiet)ance tontributinTr Brlef of the chfirity'¥ policy on reserves £50000 held to covcr UDforeseen repaits. Balallce bcid toprovith rnote sutsble for ourle55 able resIdts 8nd to increasc hou5in8 Stock.
OHN MtLLS COTTAGES TRUST THE Tru STRUCTURQ GOVERNANCE AND MANAGEMENT Type of governing docwnetti How the chan.ly is COTthitutul stee S¢]tIon Tnetl Tntst App)inted byexistits8 Tn15 Trllstees. consldergtKll of tisk5 The Inistee5 have exwnitted th¢ major 5tratw business and op¢rationAI rL6ks wkn"¢h the tri aDd ¢4)nfirm that tern8 have been e8tsblisbed to le&w thos¢ ri5kJ. Reltlonshlp between ehiiity nd reltrd prtk¥ The trustees of this tru51 ar¢ also th¢ sam¢ Is those foT W J Mills GrantFu1 IclMritynumb¢r l 120627). TRUSTEES RESPONSIBILITIES The trustCCS 8r¢ responsiblc for prepariti8 the Truste¢s' Ann Rqrt and th¢ finan¢i818tsm¢nts ID COrdCe with applicabl¢ law aod United Kingdom Acrounling stand8 (iJnit¢d Kingth)m Ger1]lY Accwl Atcounting Pr8Cti¢¢l. Law applicable to cbariii¢s in & WaJ¢8 requilts the ¢nwtccs to preparc fmknci81 ststements for cach fiDanci8J year which give a and fair view of the of L(fair8 of the cbawity and of the iD¢oming resourG ld applicNtion or80url¢8 of thc chwity for that period. Yn prcpry th¢sc finCial 5tstem¢nis, the tnjstets u¢ r¢y4uifftI to: • s¢IKI suit&bl¢ accounting p)lici&8 then 8pply th¢m ¢0rygiqtendy, observe the rndhods and trtipleS of th¢ CharJ"iie5 SORP 2015 (FRS 102): ' tll8ke jud8emvni$ aThl csiimatss thBt are re&wnthle and prudenl stato whether applicabl¢ aecourtiin8 Standards h8ve been follow&i wbjecl to azby m8teri d¢partur¢s discl(bs¢d and uplained ID the siieiiieDts; pr¢part th¢ fin8nci•l Sts¢emcnts on the go1tt8c0nc buil unlem li ii in&wrrynate TO prnsume that the cb8n.ty will ¢ontitiU¢ ID op¢ratioAI. The tr¢$ are responsible f¢x keeping gccountin8 fE¢ord8 th81 di5elose wrlh Teason•ble ac¢wxy ai any lime the finuncial position ofthe charity and cn8ble thm to ensurc that the financi#l stelnts comply with the Charitits 2011. Thc Charity (Accounts RepoTLS) Regulauott5 21KIII ind the PviSIonS of th¢ tru51 d¢ed. Th¢y ar¢ dso ttsponsibl¢ for swfe8uardin8 th¢ S5¢ts of th¢ charity and heTK4 for taking r¢&8onabl¢ step5 for the pmcntion and d¢twtion of ftaud other irreuularitiC8. £6/.•A].%ts4. and Si8D•J on theirbelwlf by. This rtport WAS wov¢d by the board on.. A Wllgon Cbalr
TO THE TR STEES OP WILLIAM JOHN MILLS CO'I"IAG&S ThUST I report to the ¢harity tnLStX5 ¢)n rnyexami of th¢ ¥touDts of tbc cFATityfor the Itar ¢j&1 5 April 2022 which are Bet out oll pages 5 to 10. R¢spon$ibilities and bask Of reptsrt A8 the ChIty'S tnJ8tee8 you are reSbI¢ fOrth¢pffpthti of the in with th¢ rrquircmcnts of the Charities A¢t 2011 I'thc Act.). I report in respect of my examItiOn of the charity's accounts carried undcrsection 145 of th¢ A¢t in canying out my examination I havc followed all the applicable Directions wvcn by the Charity Commission under section 145(5Xb) of th¢ Ad. IndepeDdtDt ¢ximln¢Vi ttemeDt I have completsd my exwDination. I confirn that Do mfrterisl mattys hav¢ c4)WC to my atlcntion in connection with th¢ examillation giving me caus¢ to t¢li¢v¢ that ill atty trIal respecL accountin8 r¢¢ords were not kcpt in resp( of thechaTity ss Ttquir•J by S¢aiott 130 of the ACL or thc accounts do not accord with those r. or I have no eonceJn$ and b4v¢ ¢ome no other mattu& in c0llDeLti with th¢ eXoD)I.0ll to which lIott should be drawn irt this ryrt in ordcr to en8bl¢ 8 ptw ndll8 ofthe xcounts to be rexhcd. Mr$ M Hut¢hln81 Aspen Walte South West 21 Strn¢t Tlverton Devnn EX16 6AA Date:
wttLIAM JOHN MILLS coAGEs TRUST F FINANCIAL A YEAR ENDED S APRIL 2022 Unr&%tricted E No oral 202 Income Cban'table activitics R¢nts receivable Inv¢stm¢nt income Bank initrest Oth¢r income Tot81 in¢om¢ 250.781 250.781 220296 929 29 2,110 33 33 251.743 251.743 222.409 Expenditutt Chantable activits Other Total expendiDJre 214,829 214,829 159,567 37.564 197.13 1 258,041 258.041 Net incumel{expcndi¢ure) for th¢ I Rcvaluation of w)8Lble fixed a35cts Nct movemeni in fiu)ds Balance brought foThMrd Balanc¢ carried forward (6.298) 62,807 149.427 56.509 149,427 09 956 4.980.875 2.266,465 5.130J02 16.2981 212 205,936 7,190.831 7 396.767 2S,278 152 289 177,567 7.013.264 7 190.831
WILLIAM JOFTrI MItis c(YrrAGES TRUST BAtANCE SHEE[ S APRIL2022 2022 202 JnvestmentS W J Mi115 (Propcty) Wtd Fixed assets T¥ngible fixeAI ass¢ts 7286,681 7,074.447 Current sets DebtOTS Cath bank knd in hand 63.678 225,172 288.850 48.011 250.442 298,453 Creditors.. Arllots withtn otte year 22.316 N¢t ¢urr¢nt assrts 250.065 7.536,748 276.137 7.350.586 Creditor5 .' Amounts due after one Net 2ssets 139.981 7.396,767 159,755 7.190,831 Capitsl fvnds ndowments Income fLLnds Uoregtricttd fiwds S,130J02 4,980,875 2 266 465 7 396 767 2 209,956 7.190831 Tho financi sthtemthts were appToveA and Buthwisa foT issue by the on.. and Sign* on theirb¢half ty. Mrs L A WilyoD- CbAlr Mn S Burley- Vkeihair Th8 mleson pages 7 to 10 form wl ol
JOHN MILIS COThAGES TRUST NO REND S APIUL 2022 l. smMary of sffignl(kDt #ceoutttlni polkl¢s () Genernl 1ttforn¢6DTh d ba¥is Of prep•YAtlon williajObll Mills cotta Th]st 15 J d11¢ Tbe TnLQ is a TepSt ¢harity iti EWDd within the Ut)ited Kingth)m. Th¢ charity COTthIleS a public berit entity as defined by FRS 102. The fllwKial statrments hav¢ been pry8red in aCCi)rdce with A¢¢outttsng Retio8 by Charities.. Sts1¢nt of RecomTnAdal Practic¢ applicable to charities prepanng tbeir a¢COUTLts in accoTdan¢e with th¢ FiTwKial Rwting sIdrd applicable in the UK aDd Republic of IrelaDd (FRS 102) is8u on 16 July 2014 (as updated thmgh Urth Bulletin I published on 2 Fthiwy 2016). the Charitie$ Act 2011 and UK GeTher811y Aepj Accountin8 Prncts"ce. The fJn8n¢i81 statements ate prepar on th 8oin8 ¢on¢ern basi8 unthr the c4)St convention. Adifie to iDclude c¢rt8in itemy ai fair vah. The financial Statrmts a¥¢ pSeIe4 iti steTliDg which 1$ th¢ ffitsnctiOJ41 CUTren¢y of the ¢heTity alld TOU1j to the Deozr¥t £ The Bignifjcant aC¢OUDting Tx>licies applied in the pryaratiots of these fjnancial $tatemcnts we Set out below. These policics hav¢ treTh Gotisiswjtly applied to all ye415 presentcd uttlw othertvisc stad. (b) Inurnt rrtognltlo All incoming re8OUTce8 aY¢ included in thc StstemEni of Finan¢ial Activities (SOFA) when the Lharity is Icgally entitlcd to thc incom¢ after fyny pcrfornwv ¢LdItiOnS Iwve bLW m¢{ th #lluDI Ln be rdiably and it 1% PTobibl¢ that the incom¢ wjll be ¢1Ve(L No amount 1$ irtcluded in the fiDaneid ststemmts frff volunteer time in li with the SORP (FRS 102). {t) re¢fjKDlflon All ¢xpeDditur¢ Is accoiinted for aD aLn ba aThl b•$ b¢en ela$8ifioJ 48regak costs related to the ¢gte80ry. ExFenditur¢ 13 reeognised whete there is a Iwl orconstrve obligatioD to ke pyments to third portie5, it is probablc that the $¢tticrn¢nt will be rwuirnj •TrJ the amouDt of the obli8•tsOD b¢ measured reliably. It 1$ categoristyj under thc following headin.. EX)diture on cbaritsble activities; and Otherex5Knditure rc¢ovcrnble VAT is ¢barg an expe4w again th¢ adiviry foT whi¢h ¢xpeoditiwe (3rants payable to third partits are wtthin the th8ritsble objeclivw. Whcre unconditional ryits arc off¢re& this is accrned as Soon as the rec%pietht is notified of the 8ran( &9 this gives risc to a rcawTrJblc expca&tion the Tecipienl will receivc the wts. Whet¢ allts 8re conditiODaJ reknttDgto perforttADce then the Brant is only a¢¢tued wheD sny unfvlfilled conditions are ¢iutside of th¢ CODtrol of thc ¢b"ty. (d) T•n8lble flyed &ets Freehold ]4lld and buildings arc at fair tAlue. Other sundry fixed asg¢LS 8Te ]lU&d in the SOFA in the)wrof pw¢h&.
OTES TO THE FIN {e) Investments InvulDJellts subsidiaries ar¢ Meas at t4) le&5 (O Debtors and creditors rrtdvable I payable witlthi one ymr DebtOTS and creth.tors with no ititrre5t and receivable or within onc >rar arc re¢orded at transa¢tion (gl Caih Cash and ¢8sh ¢quivalents ate basic fiDan¢wl 8ss¢t$ and iTKI cash in harf deposits held at call with W oth¢r8hort- tern) liquid invcslments with ori81 Mati1¢% ofthrec moDitrks oz l¢s& and bADk ovudratls. Ih) Funds Unrestricted fimdg art available for use at the dtudiott of the thtstees in of th¢ Bw)ernE objective8 of the Charity Al which have Dot been designatcd for other purrrtTrse& Endowm¢nt funth repres¢nt th08e 8$9¢ts which must be held rnnntIYbY the ¢lthTity, PTincipAlly freehold Propetty in Si l)ay. Income arising on thc cndowTrent funds can b¢ used in •ttOTdantx with the objccts of th¢ ¢h8rity and is included os unrcstritted incotnc. Anyc4pital 88ins or losses arisingon th¢ inv¢stm¢nts forni of the fun& Invc5tmeDI man8g¢menl charges 8tMt l¢gal advsce relatin8 to th¢ fwhd jre thc fund. 111 Golh¢ ¢4#¢ern Following theBiobal impact of'C.OVID-19', * the lime of •pll¥ the finaDcuJ •wn¢nt4 the trusteu bavc a reLwnthle •xprKtytion that the chan'ty h8$ nSOUT¢O towMinu¢ in existt¢eforthe fiw¢<•bk Thus thttDJSte&4 2. Inveitmenti In Sub$ldlry lo holding of W J Mills (Propeny) which itieorpoT8ted on 25 Novemb¢r 2019. Its Componynumber is 12331192. The comp8rtgs fiT51 accounts will cover the period entsj 5 April 2022. 3. T*nglble nxed gsKts Freeh Id I d buildi Valuation At 6 April 2021 7.074.447 212.234 7286.681 IThcrcC in valuation Ai 3 April 2022 Depreciation At 6 April 2021 Lhar8e for the yur At 5 April 2022 Nct book value At 5 April 2022 At 6 April 2021 7 286 681 7.074.447 In thc abscncc of an cxÈem8J valuatio]K forvthich cost5 have to br ITlIr(L th¢ bcst available infornalion is represent by rcÉnststcment values adoptd for wp05¢5 1118 £7286.68] (21Y21 £7.074.447) in rwect of the freehold prop¢rtie5 ¢xGluding land valucs. If freehold land and buildisS W ttoi btert rrv•iwJ in pmious yr4T4 Tt would bavc bccn on thc histori1 Cost basis of £1,567,457.
IHE WttLIAM JOHN MILLS COTfAGES TRUST YEAR ENDED S APRIL 2022 4. Debtors 2022 2021 Trade d¢btoY¥ 2.978 59.074 1,626 63.678 46.430 48,011 5. Credltors: faMsuE due wlthlD omt yer 2022 Rent in Advow¢ Othertreditors 18,818 l J22 18,645 4,799 17,517 6. Cred5ton: AmouDts fllln8 ft¢r one y¢•r 2022 2021 iKJ 139981 159755 The total amouftt of tbe loatt Tr CIthTity Bank outsthnding at 5 April 2022 li £15&626 (2021.. £177.272). Th1$ amount doc5 Dot include inter&8t which 18 due on the 0uLth8 balle. 7. AnlyilJ of net •Mtts betw¢¢n f¥Ads Fwid balwcu 5 April 2022 are rq)Tesented by Investments T8n8ibl¢ fkxgj assets Current a&8ets Liabitlties 2,156J79 288.850 5.130.302 7.286,681 288.850 178,766 7.396.767 2,266.465 5 130.302
10 1NE WTLUAMJOHN MTLtS COThAGES TRugr OTRg T IHE FINANCIAL STAIEMEKES ENDED 5 APRIL2022 8. Expenditsre. Dnr¢gtricted Totsl 2 202 lJ31 a¢t$ wa8 Twtee$ trav¢1 expeD AdmÈDistrth've costs Bookk¢¢pin8 A¢¢ountancy 1.331 21.135 1.583 1659 1.623 15,765 826 2.094 21.135 1583 L659 510 869 1.713 381 510 869 1.713 381 4,760 37,756 7.477 163,305 97 488 831 2.460 381 4,695 26.869 .82J 124.557 Oth¢r professiotwl fees Trustces iAdcmDity Propety insur8nc¢ He81. light, wer and r•& Caretoker8lld 8ard¢nin¥ 4,760 37,756 7.477 163J05 Bgnk charges LoAn ¢ornmitment fee Loan iBt¢restpaid 1497 3228 3,228 12,153 197 131 1531 213 298 9. W8tt Mlarl Social Stturiiy Costs 19,191 14,818 947 13,765 21.135 There wer¢ no en4>101tts with enK+lwRents iti exeew of £(iXIJO. 10.Trustees reM•trItIOn #nd expem NIL 826 1.583 Trustees exp¢nsc5 nloEyjatc to tr4vEI costs wue ckninxd by2 (21Y21: 21 I l.Related rtytr$*t1lo As at 5 April 2022 W J Mills (PD)Fty) Ijd owc4J the Tntst £59.074 (2021.. £46.430). MrK Goldsworthyw Mr S FAlwaT& are a150 of W J Mills (Prow) L.