WILLIAM JOHN MILLS coAGEs TRUST FINANCIAL STATEMEwrs YEAR ENDED 5 APRtL 2023 Conienis Reference and admini8traiion detai18 Tru81ee8 report Independettl examiner's report Staiement of financial aCiivitie8 Balance 8heei Note8 io the financial 8tatemeni8 7-10
wtLLIAM JOHN MILLS coAGEs TRUST REFERENCE AND ADMINISTRATION DETAILS Registered tharity number 275488 Charity's principal address The Communily Room Mill% St St Day Redruih TR165LL Trustees Mr8 E Wilson - Chair Mr P Barker- Trea%urer Mrs S Burley- Vice Chair Mr S Edw d% (Resigned June 2022) Mr K Gold8WOrthy Mr C Wil%on Mrs D Birrell (Appointed June 20221 Clerks to the trustees M8 C Freeman IRe%igned Ociober 2022) Mrs K Aiherton IRe%igned December 2022) Mrs J Whybrow M% L William% (Appoinied November 20221 Independent examiner Mrs M Huiching8 Apsleys LLP Chartered Accounianis 21 Bampton Street Tiverton Devon EX16 6AA Bankers CAF Bank Lid King% Mill We%t MIL Iling Keni ME19 4TA Barclay8 Bank plc Tn]ro Cornwall Virgin Money Jubilee House Gosforth Newca%tle upon Tyne NE3 4XS United Trn%t Bank 80 HLlymarkei London SWIY 4TE Hampshire Tru81 Bank 55 Bi%hop%gaie London EC2N 3AS Solicitors Stephens Scown LLP 3 Cros% Lane St Ausiell Cornwall PL25 4AX
WILLIAM JOHN MILLS coAGEs TRUST REPORT OF THE TRUSTEES The Tru8tee% pre8ent their report nd Ihe finL2ncial 81aiemen18 of the charity for the year ended 5 April 2Q23. The iru8iee% have adopted the provi%ions ofihe Siaiemeni ot. Reeommended PrÉ2Cliee ISORPI"Accouniing and Reponing by Charities" IFRS 1021 in preparing the annual report and financia] 8tatement8 of the chariiy. (IBJECTIVES AND ACTIVITILg mmary of the objects of the tharity set out in its governing ment To proi'ide accommodlL tion t.or OCLUPation by de%erving poor peOn8 being re8ident8 of, or former re8idents of, the fomer Di81rici of Kerrier in Ihe County of Cornwall. Summary of the main actisryties in relation to these objectives Provided 42 uni18 of accommodation throughout the year. The tn]8tees have had regard to the Charity Commi8sion guidance on public benefit and believe this 18 achieved via the charily 8 objective8 and activities. ACHIEVEMENTS AND PERFORMANCE Summary of the main achievements of the charity during the year The origin8 ot'ihe Tnisl go baek io the 19308 when it% foiinder boughi a street ot'28 fomer mining coitages lo hou8e 'ihe poor and needy, ot. Sl Day. Buili during the eopper and lin mining boom in the mid-19th century, they are hisiorieal buildings and were li%ied Grade 2 in Ihe 198Qs. Thi% context ]% imporiani a% ii %et8 the many challenge% in ierm% of mLlintenance. but in many other way8 100. Although built at the same time, each is unique wilh no Iwo properiie8 8haring ideniical internal layout8, de8pite having unitorn) exieriors. In pariicular, careful con%ideration needs to be iaken when allocaiing new re%ideni%, while the li%ting% %iaiu8 po%es ceriain re%iriciions on what can be achieved 10 make the living %pace% relevani to the 21si ceniury. It requires a certain mouni of juggling. The Trn8t is fortunate in having buili bungalow8 {20 years ago) for the le8s mobile resideni8. 80 are able io offer th08e becoming frail an opportunily to move Llcro%% from the mining cotiage%. Two hou%ehold% made such a move, allowing u8 10 refre%h Iheir hou%e% for new resident% who can more ea%ily navigaie Ihe 8ieep, awkward 8ttiitt. It a]so freed up one of the coitages with a down%tLliTh bathroom for anoiher long-tem) re%ideni. A% well Ihe re%ulting Ihree %mall-%ClL le refurbi%hment%, another two coitLlge% have had a makeover following fom)er re%ideni% moving to alternaiive accommodLltion. Additionally, we began a major remodelling of one property IhlL t wa% home to very privaie genileman who%e wishes we ob%erved in delaying much-needed siructural work. It 18 a major undertaking, requiring listed bllilding conseni blli will re8llli in a home for the future wilh a more practica] layollt. Externally, we embarked on a 4-year programme of repairing yearn of damage 10 the front% of the cotiage% cau%ed by cemeni render and poiniing1IL widespreLld praciice Llfier WW21 with the help of a %killed arii%an who 18 re%toring Ihe facade% u%ing lime, the IrlL diiional maierial u%ed during the original con%iruction. Around 25fc of the %treei wa% tLlckled during the l&si year and represents the Trusi's single biggest item ot'expendilure. After the confinement8 and re8iriciions impo8ed by Covid, we feli thai all of our re8idenis could benefit from a fre8h 8tart and I new impeiu% courte%y of IL reviiali%ed Community Room. A8 well &$ being given a new roof, the main hall h&$ been Ven completely new look by eliminating the false ceiling 2É nd exw8ing the ratler%- nobody '0i7[d know il u8ed to be a %ILlughierhou%el Ii i% being oflicially unveiled during St Day FelL %[ celebraiion% (when WJ Mill% benefaciion is commemorated) nd a re8ident committee 18 bu8ily preparing a programme of 8ocial activities. Problems due to 8ub8idence relaied to old mine working8 18 continuing 10 cau8e u8 problems, largely due io an inefficieni and proincied in%unnce proce%8 which continue% to deny re%ideni% of Iwo cotiages Ihe u%e of Iheir garden%. Thi8 wa8 reported lasi lime and we %taied thai il wa% a maiter 10 be addres%ed with some urgency. bui we %adly no t"uriher forward.
WILLIAM JOHN MILLS coAGEs TRUST REPORT OF THE TRUSTEES CONTINUED Finally, and this is unfortunaiely another negaiive note, the Tru81 commi88ioned a report on the di%trict healing system, part of which wa% to deiemiine our move away from fos%il fuels feeding our boilers. The only viable Oplion would be to in%tall new model% capable of u%ing HVO (Hydrotreaied Vegeiable Oil) but Ihis is currently prohibiiively expensive. A% an a%ide, we have l%0 identified 80me thermal efficiency improvement% 10 our properiies bui lisied buildings regulaiion% al80 MCe Ihe%e cosi- prohibitive. As an organi8aiion, we have ambition8 io reduce our carbon footprint, bui loo many ob8tacles are pui in our way. FINANCIAL REVIEW Net expenditure for the year (before revaluaiion) £25,965 a% cOMpLed to neiexpendiiure of £6,298 for Ihe previou% year. Although there hlL % been an increLl%e in mainienance contribuiions and decrea%e in property repair% and Improvement%, Ihe overall increa8e in net expenditure refleci8 Ihe imptiiment of the intercompany loan. Brief summary of the ehhrity's polle> on reserves £500 held to cover unfore8een reptiitt. Balance held 10 provide more suitable property for our le8s able re8ident8 and io increLl%e hou%ing %tock. STRUCTURE, C.OVERNANCE AND MANAGEMENT Type of governing document How the charity is con%tiiuted Tru81ee 8election method Tn]st Deed Tn]st Appoinied by exisiing Tru8iees Trustees, consider9tion of risks The tn]%tees have examined the major sirategic business and operationa] ri8ks which the tru81 face8 and confim Ihat 8y8tem8 have been e%tLlbli%hed to le%sen Iho%e ri%ks. Relationship between charity and related parties The tru%tee.g ol thi% trusi are Ll1%0 the %ame Ll% Iho%e for W J Mill8 Grant Fund (charity number 1120627). TRU.gTEES RESPONSIBILITIES The tru%tee.g are re%wn.gible for preparing the Tru8iee8' Annual Repon and the financial statement8 in accordance with pplicable law and United Kingdom Accounting Standard8 (Uniied Kingdom Generally Accepied Accounting Practice). Law applicable to chariiieq in England & Wale% require8 the Iru8iee8 to prepare financi2L l 8tL2tement8 for each finL2ncial year which give a tme Llnd t.air view of the %taie of affair% of Ihe charily and of the incoming re%ource% and applicLltion of re%ource8 of Ihe charity for that period. In preparing ihe8e financia] 8tatement8, the Irusiee8 are required 10.. * 8eleci suitable accounting policie8 and then apply them consi81ently- • ob%erve the meihods Llnd principle% of the ChLlritie% SORP 2Q15 IFRS 1021- • make judgemenis IL nd esiimaie% thai are re&sonable and prudent., • 8tate wheiher applicable accounting %iandard% have been followed, subjeci io any materiLI1 dep lure% di%closed and expllL ined in Ihe financial %iaiemeni8; prepare the financilL l %tLltement% on the going concern basis unle88 It is inappropriate to pre%ume IhlL t Ihe ChLlY will continue in opention. The tn]8tee8 are re8wn8ible for keeping accounting record8 thai di8clo8e with re&8onable accuracy at any lime Ihe finlL ncial PO%llion of Ihe chariiy and enlL ble Ihem 10 ensure IhlL t Ihe tinancial %iaiemenis comply with the Charitie% Aci 2011. The Charity (Accounis Report%} Regulations 2Q08 and the provision% ot" Ihe trusi deed. They are also re%ponsible for safeguarding Ihe a%set% of Ihe charily and hence for iaking rea%onable slep% for the prevention and deiection of traud and oiher irregularities. This report was approved by the board ott........................... and signed on their behalf by.. Mrs E A Wilson Chair
tNDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WILLIAM JOHN MILLS COTtAGES TRUST I report io Ihe charity trn8tees on my examinaiion of Ihe accounts of the charity for the year ended 5 April 2023 which are 8ei out on page8 5 to 10. ResnSIbIlItieS and basis of rewbrt A8 the eharily'% tnislees you are responsible tor the preparation of the accounts in accordance with the requiremenis ot. the Charities Act 2011 I'lhe Aci'l. I report in re%peel ot'my examinaiion ofihe chÉ2rity's accounts e2É rried out under %eclion 145 ot. the Act and in carrying out my examinaiion I have followed all Ihe applicable Directions given by Ihe Charily Commis%ion llnder section 145(51(bl ot" the Aet. Independent examiner's st2tement Since the charity'8 gros8 income exceeded £250,000 your ex2É miner mu8t be a member of a body lisied in section 145 of the 2Q I l Aci. I confim) that I am qualified 10 llndert(e Ihe examinaiion becau%e I am a member ot" Ihe In%titute of chered Accountani8 in England and Wales IICAEWI. I have compleied my examination. I eonfjrn) that no materiiL I maiter8 have come to my atieniion in conneciion with the examinaiion giving me CLlu%e to believe that in any maierial re%peci'. accounting record% were not kepi in re%pect of the charity as required by 8ection 130 of the Aci., or the account% do not Llccord with tho%e records., or the account% do not comply with the applicable requiremeni8 concerning the fomi and conieni of accoun18 set oui in the Chariiie% IAecount% and Reports) Regulaiion% 2008 other Ihan any requirement that the accounts give a 'tn]e and fair view, which is not a mailer con%idered a8 pan ot'an Independeni examinaiion. I have no concems and have come acros% no other mlL tieTh in conneciion wilh Ihe exlL minaiion 10 which aiteniion should be drawn in thi% report in order 10 enable a proper undersianding of Ihe IL ccounis 10 be reached. Mrs M Hlltchings Apsleys LLP 21 Bampton Street Til'erton Devon EX16 6AA Date..
WILLIAM JOHN MILLS coAGEs TRUST STATEMENf OF FtNANCIAL ACTIVITIES YEAR ENDED 5 APRIL 2023 Unre81ricied Endowment fund Notes Toial 2023 Total 2022 Income Charitable activities Reni8 receivable 260,563 260,563 250,781 Inve%tment income Bank inieresi 1,325 837 1,325 837 929 Oiher income 33 Total income 262,725 262,725 251,743 Expendiiure Chariiable activities 199,45Q 89,24Q 288,69Q 199,450 89,240 288,690 214,829 43,212 258,041 Oiher Total expendiiure Net incomellexpendiiurel for the year Revaluaiion of iangible tixed &s%eis Net movemeni in fund% 125,965) 199,467 173,502 2,266,465 2,439,967 125,9651 674,Q23 648,Q58 7.396,767 8.044,825 16,298) 212,234 205,936 7,190,831 7,396,767 474,556 474,556 5,13Q.3Q2 5,604.858 BLIIIL nce broughi fonvard Balance carried forward
WILLIAM JOHN MILLS coAGEs TRUST BALANCE SHEET 5 APRIL 2023 2023 2022 Note Inve%tment% W J Mill% (Property) |Ltd Fixed TIL ngible fixed a8sets 7,960,704 7,286,681 Cu]reni a%8eis Debior8 C&8h ai bank and in hand 26,317 217,893 244,210 63,678 225,172 288,850 Crediior8 '. Amoun18 due within one year 41,438 38,785 Net curreni a8sets 2Q2,772 8,163,478 25Q,065 7,536,748 Crediior8 '. Amoun18 due afier one year Net a8set8 118,653 8,044.825 139,981 7,396,767 Capital funds Endowments Income t.und Unre%tricted fund8 5,604,858 5,130,302 2,439,967 8,044.825 2,266,465 7,396,767 The financial siaiements were approved and authorised for i8sue by the ttu81ee8 on............................. nd 8igned on Iheir behalf by-. Mrs E A Wilson- Chair Mrs.g Burley - Vice-chair The notes on pagÈs 7 to 10 form part of thÈse financial staiemÈnis
WILLIAM JOHN MILLS coAGEs TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2023 l. Summary ofsignificant accounting polities (Al Cieneral information and b2sis ofpreparation WilliLim John Mill8 Coitages Tn]8t is a charitable 1rn8t. The Trusi i8 a registered chariiy in England within Ihe United Kingdom. The charity con8titute8 public benefit eniiiy defined by FRS 102. The financial 8iatemeni8 have been prepared in accordlL nce with Accounting Llnd Rewrting by Charilies.. Siaiemeni of Recommended Praciice applicable 10 chariiie8 preparing their account% in accordance with the Financial Rewrting StLlttdLd applicable in the UK and Republic of Ireland IFRS 1021 i%%ued on 16 July 2Q14 la% updaied through Update Bulletin I published on 2 February 2Ql 61, Ihe Charilie8 Aci 2Ql l and UK Generally Accepted Accounting Practice. The financial staiements are prepared on a going concern ba8i8 under the hi8torical co81 conveniion, modified 10 include certain iiem% at fair VlL lue. The financial 81aiemenis are presented in 8terling which is Ihe funciional cu]rency of Ihe charity and rounded 10 Ihe neare%1 £. The %ignificani accounting policie8 applied in the preparition of the8e finL2ncial 81aiemenis are 8ei out below. These policie% hLlve been con%i%ienily applied 10 all Yea pre%enied unles% oiherwi%e ted. Ibl Income re¢ognition All incoming resources are included in the Siaiemeni of FinancilL l Activiiies ISOFAI when the charity is legLllly eniitled 10 the Income afier any perfomiance conditiort% have been met, Ihe amollnt can be mea%llred reliably and li 1% probable thai the income will be received. No amount is included in the financia] 8tatement8 for volunteer time in line with the SORP IFRS 102). Icl Expenditure recognition All expenditure 18 accounted for on an accrual8 basi8 and has been clas8ified under heading8 thai aggregate all costs relaied to the category. Expendiiure 18 recogni%ed where there i% legal or con%tn]ctive obliglL tion to MCe PlL yment% to third partie%, il i% probable Ihai Ihe %eitlement will be required and Ihe amouni of Ihe obligation can be mea8llred reliably. It is caiegori%ed under Ihe following heading%". Expenditure on chariiable aCiiViiie8,' and Other expenditure Irrecoverable VAT is charged an expense agtiin8t the activiiy for which expenditure arose. Granis payable to third partie8 are within the charitable objeciive8. Where unconditional grant8 are offered, thi8 is accn]ed as a% the recipieni i% notified of Ihe grant4 Ihis give% ri%e 10 a reLl%onable expectaiion IhlL t Ihe recipient will receive the gnni%. Where granis are conditionlL I relaiing to performance Ihen the grani i% only accrued when any llnt"ulfilled condilion% are out%ide of Ihe conirol of Ihe ChllY. Idl Tangible fixed assets Freehold land and buildings are 8iated at fair va]ue. Oiher sundry fixed as8eis are included in the SOFA in the year of purchase.
WILLIAM JOHN MILLS coAGEs TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2023 (el Investments Inve8tment8 in subsidiarie8 are mea8ured at co8t le88 impairment. Ir) Debtors and creditors receivable I payable within one year Debior8 and creditors with no siaied interest rate and receivable or payable within one year are recorded ai tran8action price. Any 108ses tirising from impaimient are recognised in expendiiure. Igl Cash C&8h and ca%h equivalenis are ba%ie financial as8e18 and include cash in hand, dep08lt% held at call with banks, other 8hori- tem) liquid invesimenis with original maiuriiie8 of Ihree month8 or les8, and bank overdrafi8. Ihl Funds Unre%tricted fund% are Llvai1lL ble for u%e at the discreiion ot" Ihe trusiee8 in furtherance of the general objectives of the charily and which have noi been de%ignLlted for other purpo%es. Endowment funds repre%eni Iho%e a%set% which mu%t be held permanently by the ehariiy, principally freehold property in Si DIL y. Income ari%ing on the endowment funds can be u%ed In accordance with the objec[% of Ihe charity and i% included unresiricied income. Any capiial gains or lo%se% ari%ing on the inve%tment8 form part of the fund. Inve8tment management charge% and legal advice relating 10 Ihe fund are charged agairt%t the fund. lil Cjoing concern Followiiig ilie global impact of 'COVID-19'. al the lime ot approving the tinancial slatemeiils. the m]£lee£ have a re&£onable expectaiion that the chariiy ha£ adequate resources to coniinue iii olEIDnl existence tor the tore£eeable fuluTe. Thus the Iruslees coiiiiiiue io adopi the going concern ot-accounling in prep]llE the financial qtatemeiiis. 2. Investments in Sllbsidiary l(K)% holding of W J Mill8 (Property) Lid which was incorporated on 25 November 2019. It8 Company number is 12331192. 3. Tangible fixed assets Freehold nd nd biiildin VIL luation Ai 6 April 2022 Increa%e in VLlluation Ai 5 April 2023 7,286,681 674,Q23 7,960,704 Depreciation Ai 6 April 2022 Charge for the year Ai 5 April 2023 Net book value Ai 5 April 2023 Ai 6 April 2022 7.960,704 7,286,681 In Ihe ab%ence of an exiernal valuaiion, for which co%t% have to be Incurred, Ihe be%1 available inforn)ation i% represented by rein%tLltement value% adopied for in%llrance purpose% ioialling £7,960,70412022 £7.286,6811 in respeci of Ihe freehold propertie% excluding IIL nd values. If freehold nd and building8 had not been revalued in previous yeatt, li would have been included on the hisiorical cost ba%]% of £1,567,457.
THE WILLIAM JOHN MILLS coAGEs TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2023 4. Debtors 2023 2022 Trade debtors Amoun1% owed by a8sociaied undertakings Prepaymeni8 4,563 20,Q(K) 1,754 26,317 2,978 59,074 1,626 63,678 5. Creditors: Amounts falling due within one year 2Q23 2022 Reni in advance Loan Aecrual8 Social 8ecurily Oiher crediior8 19,981 19,987 1,420 48 18,818 18,645 1,320 41,438 38,785 6. Creditors: Amounts falling due after one year 2023 2022 Loan 118,653 139,981 The ioial amount of Ihe loan from The Charity Bank Ltd outstanding at 5 April 2023 i8 £138,64012022.. £158,626). Thi8 amouni does noi include intere8t which is due on the ou181anding ba]ance. 7. Analysis of net assets between funds Unre%iricied Endowmeni flind% Total fund8 Fund balances IL t 5 April 2023 are repre%ented by Inve%tment TIL ngible fixed a8sets Curreni a%sets Liabiliiie8 2,355,846 244,210 116Q.0911 2,439.967 5,6(14,858 7,96Q,704 244,2 la 1160,0911 8,Q44,825 5.6Q4,858
io THE WILLIAM JOHN MILLS coAGEs TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2023 ¥. Expenditure- llnrestricted funds Pro ert Grants runnin maintenance donaiion% cosis Other Toial 2Q23 Total 2Q22 Gift% and donations 10 residen18 Clerks WlL ges Tru%iee% IrlL vel expenses AdminisirlL tive eosis Bookkeeping Accountancy Independeni examination Oiher profe%%ional fee% Tru%iee% indemniiy in8urance Property Insurance Heal, light. WlL ter and rates Caretaker IL nd gardening Property repairs and improvement8 Bank charges Loan commitment fee Loan inieresi PlL id Iniercompany loan impairn)eni 1,484 1,484 26,825 2,618 2,612 1,531 21,135 1,583 2,659 26,825 2,618 2,612 570 970 4,626 381 57Q 97Q 4,626 381 5,124 43,194 6,919 142,729 72 909 9,695 39,962 288,690 51Q 869 1,713 381 4,76Q 37,756 7,477 163,305 97 3,228 11,037 5,124 43,194 6,919 142,729 72 9Q9 9.695 39.962 89.240 1,484 197,966 258,041 Y. Wages and salaries 2023 2Q22 25,241 1,584 26,825 20,188 947 21,135 Social Security Co8is Average number of 8iaff There were no employees with emolument8 in exces8 of £60(K)O. IU. Trustees remllneration and expenses 2023 2Q22 Tru%iee% remuneraiion Trusiee% expen%es NIL 2,618 NIL 1,583 TNsiee8 expen8e8 mainly relate to travel cosis and were claimed by 2 ttusiee812022.. 2). 11. Related party transactions A% ai 5 April 2023 W J Mill% {Properiyl Ltd owed the Trusi £2Q,OOQ12022.. £59.Q741 following Ihe implL irnient of the loan due to the projeci not going ahead and the VlL lue of Ihe land not %ufficient 10 cover totlL I value ot" Ihe loan. Tru%tee% Mr K Gold8worthy and Mr S Edwards IRe8igned Sepiember 2Q221 are also directors of W J Mill% {Properiyl Ltd.