WILLIAM JOHN MILLS
corrAGES TRUST
FINANCIAL STATEMENTS
YEAR ENDED 5 APRIL 2025
Apsts¥g
CHARTERED
ACCOUNTANTS

WILLIAM JOHN MILts c(yrrAGES TRUST
FINANCIAL sfATEME
YEAR ENDED 5 APRIL 2025
R¢feren¢e and thk8tratioh dthi
Ttusttts report
Indcp¢ThdcDt eXam$r￿r,lIOpOrf
St&wn¢ftt of fit1￿￿111 activities
BaJaD¢¢ she
7-10

JOHN
ANDAD
Rqtstered eh4rity n•mber
275488
Ch*rity'8 princi￿ addrt
Mills
St Day
TrJ65LL
TrusteeB
E Wii4)n . Chatr
Mrs S Burley. Vi¢e
MrK Ihl(L8wonby
Mr C Wil￿￿
Clerks to ihe tnute
Indepethdent tx*wlller
Mr5 M Hu*hin
AFoleJ
21 Btyn Street
Tivertoty
Devon EX16 6AA
BArtker*
CAF B4llk L
Kin&$ Mllll
Matlin8
Kcnt ME19 4TA
B￿rIly8 Baok pk
Trur
Cortsw*ll
Virpn Money
Jubilce Hots
Gosforth
NF3 4XS
Uttiird Tn￿1 Bank
80 H8ytrAr
London SWIY 4TE
SolltltorB
St Austell
C￿￿￿11 P125 4AX

COThAGES TRUST
TOF
The T￿￿te¢S Plts¢nt theirr¢wrt *)d the stat¢rrtnts of th¢ tharity for the )tar etlded 5 April 2025. The have
doptcd th¢ piovisions of the StateDXntof RXOm￿￿dea PractIc¢{SO￿}-Acr1)￿llltsg armj Kq￿ by C]wities" IFRS 1021 ID
pr¢paTing the annual Twrt and finan¢i8] of th¢ chaD'ty.
Summary of the objects of the Charity Srt ollt In its E•veYDl•¥ dotttmeol
To provide accomrr¥¥Jaiioft for ¢JccupwtiOti bydt4thiDg king r¢lldeDtsof, w fi)rnKrre5id¢ntsof. th¢ former District
ufK¢TTier in th¢ Couniyof Comwail.
Summary of the attlvldm In relatknn to tkue obJ¢¢dvu
Provjded 42 wilts of ￿01t1T￿da1loD throu8bout thc yc¥r.
Th¢ trustee8 h•vc h*t r¢88rd to th¢ Oarity wJidwoD public bu￿fil •rdbelieve thi5 is 4¢hieved vio the charitys
obje¢tives and •c¢iviU¢8.
ACHIEVEMENTS AND PERFORMANCE
SuwmAry of tbt mAln *¢hkveJ*¢pts of the ¢h*rfty durfttg tbt ye*r
In th¢ 18th ￿lY 19th cenbjriu St. Daywos the centre of a very pr(4p¢K￿ miDiDgrn ￿fe￿red to a8'the
ri¢hest Squa￿ mbl¢ in En8land'. Mills SM the besrt of the Trust's pryty wrtfolio. w&8 t￿]11 L8 work¢r5' ¢otta8c8 to support
that thrivin8 indu5ty. Thetr historicd 18 bi&bJtybtrdbythe Grth ll lislmg: wbik is IT￿$￿￿oll of which w¢ a
justly proud. ita150 has its d￿dVanta￿.
Constructed accorditigto 19th principks and with 19th th¢ $iRet of28 ¢Oltsgc5 i5 ¢ostly ￿ Tnaiktain and
to 81ign &8 c105¢1y ￿ possibl¢ with 21sl century thals in tLYtlls of wmfort and thern￿ eifici¢ncy. In onr oFthe bi8pt m8inMan
program￿6 in the Tru81'3 bislory. we hve just conv1c￿j a four-It4rprO￿ThUtt of rcTh)vating the building5 f￿￿￿&8. Using
tradiuotLiI lime m&t¢D￿¥ it h&$ Biv¢n the buildings a Th I￿¢Of life ts w¢U ¥ ￿￿k108 them mT¢'breathabl¢' and Nuit¥ble io
modem day living.
We Are now lookiogto iwjild w this work and investi8atin8 the be￿fits of Ptv (Posiiive Ven¢i14ti0nl syJt¢m8 which would
gcnerat¢ ¢verL rn0￿ Ihr mover￿¢ iti thc prOpUts￿ rrnking i healthy rnvironllmtboth for the fabric of thc buildiry and thc
r¢S￿ents withirb. We are •lw krtm8 Ot a8 a po*titi41 K*lution ty any around whi¢b w¢ are th1o0 g¢tivety
inve8tsgati
Ott A more gcn¢rnl note. wc had 81i8htty f¢wer prop¢rtits beitig madcvllunt duringthe yesr Fpbicb is good tyews for th¢ IoD8ewty
of ourre5id¢tLtsI Thankfully. it also tr￿s]at￿ iti 8rKMI for ourovtxstretcFd b￿l9e11. AmoD8 the v¥¢40cies one of our
acces5ibl¢ bungalows whjch pemmttrd onc of the morc fr*il Ttsidents to tran%f¥ to a tTr)T¢ witsble hon* envirotinML Ela¢wher
wt h•d two BigtLifi¢ont refwbitht)*nts to •ttend lo in Mills Stred •h¢*J of ￿kom￿8 tthv residcnts.
M￿whik, *t hasr to contittue battimg wtth the Tntst's iD5Utws kn rcsolvr damagc to two of our cottages ¢aused bymining
sub5idettce. A catsiogue of del8￿ procrnstt￿tsL￿ twtitsxk bd￿l(￿f the *58eswrs bas k¢pt the affetted
r￿IdentS from ￿ti8 th¢1rgUde￿ ￿ the are• deKtatul wwfe. Our bthie b•slrni sinceth¢ start of2022 and th0￿ no
8i8n of r￿Ch1O8& cott¢hsioD.

OF I1￿ IRusfEFS
FINANCJAL REVIEW
Net sU￿lU5 forthe ￿ (befor¢ r¢vAhAtioD) £63.755 a%coD4xred to Detexptsthtr of £35,972 foTthc pr¢vID￿ )r4r. The
poii¢yof ￿zdUallY EDcre4sll)g the main*nw¢ e•DtrÉbthioDsto refjcct Cornwall's HO￿lti8 Allowatste ]J85 s¢¢n
goes a long wayto exp]ainin8 ournet*uplu*
Brlef sujnmiry of the tbarlty's pow r¢¥ervt4
£50.000 is held i2J att Extraorditisry Reli¢f Fun¢L ￿ ￿10￿ fw'oDE off w aTwJ irtyr0Y￿ts atdalsoa fi￿¢T £70.OLM) is set
&8idc in a Cyclid Maintynancc Fund to allow for Bth￿hekl is ks pmid¢ 5uitsblc propcrty
for ow 1¢$$ abk residents to iWTfa¥¢ hou5ing5ttKk.
STRucfuRE. GOVERNANCE AND MANAGEMENT
Type of 8overnin8 docutntht
How the chon.ty Is constitiLt&J
Truiteei. consldtnthjn ofrtsks
been cstab115hed to IfJ5rn thos¢ risk¥.
R*J*tloMhlp b¢¢W￿ ¢b*rlty *nd rthted pwtk•
Thc tntste¢8 of this twst are the Sarne￿ those for WJ Mills Gr￿ Fund{Cb￿.tyDu￿ts 1120627).
Q - g _Zs ard siawl on thur behalf by.
Thi$rWw4sapprOsrdbythcbo￿0D..................
Mrs E A WIknoD
ChAlr

RT
I report to th¢ ch￿lty1n)st¢ts oll of the of the dwi.ty forth¢)rar ￿ 5 Aly￿ 2025 whicb ore8¢t out on
pages 5 to 10.
Responslbllltles and basis tsf rqbort
As the charity'$ truste￿ )ou are ￿P0￿81b1¢ for the pTA￿tion ofthcxwwty in accord￿ with the re4ll1ru￿ of thr ChaTiti&8
Act 201 I ('thc A¢t').
I report in rt8pee¢ of nryexw01na￿ of theth•ri￿8 ¢a￿le4 outmM￿SettI0ts 145 of th¢ Act in c81ry]ng out Tny
examination I h8ve followed all the applicabl¢DirtttiortÉ w bytheCh•r1tyComi￿Tr undtt sedion 145{5Xbl of the A¢t.
IDdependent t￿￿1￿tr,* st*tehiient
Since the ch8nty'$ 8TOS8 Income exGe&d £250.WO your exaTrrillu Trwst be & ￿￿7￿￿￿rOt a iK)dy listed in 145 of the 2011
Acl. I corLfirn that l *mqualified ¢0 und¢nth the ex8rnin8￿ b￿￿¢ l am 8 DwDbttof tk knstswtc of A¢4)untartts in
Ert8land and Wales IICAEW).
I have completrd my examith8tion. V confrn th8t nxter1￿ MItt￿ has* tt) fflY•tte￿iOll in ¢onn#tion with the txgmiThAtioTr
8iving tne cause ts) bclicve that in 8ny ma*rial r#pxt.'
&¢countin8 Tc¢orth W¢T¢ nol kcpi in ofthc ¢l*rity¥ by secjion 130 of th¢ Ac4 or
the accout)ts do noi ¥cord with recorth: or
the ac¢vunts do Thol co1￿1Y with th¢ &ppli¢abk T¢quirtt)xnts conc¢min8 thc forn and cotyterAt of aL%ounts 8et out in the
Charities IA¢counts and Re[￿$} Rc8ul￿70￿l 2008 other tbn any rcquirelttht the ￿￿1￿ Aod fair
vxew which Is noi a maw consid¢￿1 a5 P8rtofatL ¢xaMI￿L￿1.
in ihis rep)rt in i)rdcr ¢0 enllbk a of thE wounts to b¢ rt4¢h
Mrl M Hut¢hlJ
Apsleys
21 BAmptOD Street
Tlverton
Devon EX16 6AA

ATEMENT OF FIN
Ch8rir8bl¢ I￿]y1￿
Rents Teceivable
Investment income
Bank inleresl
Other illcom¢
Total income
31NJ515
300515
269.468
5J64
1.020
5J64
3,346
1.020
2.055
. ￿899 274,869
Expenditure
CharJ"tabk aL#iviti<8
Oth¢r
Total ¢xpendiiur¢
187.926
55
18
243.144
187.926
55218
265295
45
46
310.841
Net in¢omellexpellditurc) for the >t4T
Revaluation of tAll8ibl¢ fi¥cd a&￿LS
Nrf movem¢ni in funds
Bdance brnu8ht forW￿d
Ilalallce wried fonvard
63.755
63.755
776.188
2 622 838
(712.433) {1.846.6501 (2,559.083}
2827812
6.613.175
9.440 987
79 4.766.525
135.972)
432.134
1,396.162
8.044,825

corT
APPJL 2025
W J Mius (Propw)
Fixed 8ss¢ts
Tall8frJle fLE￿ 8wts
&770,(
9.392.838
Curr¢nt ￿5¢ts
Debtors
C&8h atbankar#l in
23.438
207537
230.￿5
22.714
165.1 17
187.831
C￿￿.¢018.. du¢ within ¢Jfj¢ yur
47.162
43.636
183,813
6,953.¥15
144.195
9,537,035
Nrf ¢urfenl ￿ets
Creditor8.. An)Junts due afterone yc•r
Net asseis
71.911
6.881,904
96,048
9 440.987
C4w'tal funds
p￿doW0￿ntr
ls)comc fimds
4.766J25
6.613,175
115J79
28271112
9,440.987
?-q-z
signvj on theirbeb8lf ty.
Mrs E A W￿00- Ch*lr
Mn S Bllrley- Vkrtb*tr
The nDtsi ￿ pw65 7 10fc¥m pwl

{*) GeJ*rAI •lld b•¥ls of prqbArAIIo
Willi￿lI0hn Mills Cottsges Trust 1$ 4 ¢lwitsbk trusL ThtTnJ&t isa ￿￿1￿￿1¢hO￿ty Ill withitt th¢ Unitcd KiDgdonL
The charItye￿ati￿ts a pubiL¢ b¢n¢fitartityas &fin&l by FRS 102. The financ￿1 statenw b&v¢ been prep8red in
ac£4)rdatsce with Aecowiting gJKi ￿e￿nI￿8 bycbaritiu.. of RtC0D￿tt￿d￿ PAdic¢ appJi£able ￿ charities pry8ritig
their accounts in a¢¢ord&tK¢ with the Financ￿] Retnrtsn8 St*wknJ awlicabl¢ ID thcUK aDd Rtpublir of IrelaDd (FRS 1021
iMu¢d OD 16 Juty 20I418s througb Upd*ic Bulletsn I ￿blAth1 0th 2 Fthuary 2016). the (%aTitieÉ A¢L2011 aDd UK
Generally Acceptsd A¢eouDting PraL#ic
itcm5 al fair v8lue. The fithwLfji41 areprcgujtsl in #erliD8 whith 15 the ffiJnCti￿t CLryof the charity aDd round¢d
io thr n¢arut L
The significantaccwnting policies applied in thepEryJftrolion ofthcsc fuwKial x*out bBknv. 1tse8e po]i¢ies
h*v¢ be¢n ¢￿siste￿I]ySpp1I￿ ￿ all )tW5 preseTrted Unl￿ otherwisc st4td.
Ib) lthcomt reuK•ld
All incomin8 in the Sts*rr¢tsiof Finth¢ial Activili￿ (SOFA) when the ¢harity is kgaJlyentstI￿ th Ih¢
income after anyP￿0￿j￿￿e CO￿litionS ￿vE been the br uKa5ured r¢liably4nd it 1$ probablr that thc income
will be r#¢iv¢d.
No an¥)unt 18 includd in the fthah¢wl for volurthertirf¢ ¢0 lin¢ with the SORP IFRS 102).
(c) ExpeDdlthre rttopld
All txpaJditUTe 18 atttrtstlttd foyon ￿ *4xunls b&¥is al￿ h¥be¢D G]assifiryJurth hainy that48Y¢ga¢¢ ￿] re]ate41 to
th¢ GNt¢gory. ExF¢nditure is reco8ni¥ed wh¢r¢ th¢r¢ is • Icgal orcotstwive obli84tion to m￿C Pay1t￿ts kn th￿d partic4 il 18
pmbable that the s¢ttl¢rwJi will bc required and the of th¢ obligation can bc nwLr&l ttli8bly. It IS ￿*Mon9td und¢r
th¢ followingheadmy..
ExpuJditUTe on ¢hllritsbh *￿I¥ll1¢S.
Otherexp¢nditur¢
Irrecoverable VAT 18 ¢hwTrJ as an exp￿ a8ainst thea¢tivity torwhich e￿endituTe0Y￿.
Grants payable to third wties aT¢ ￿thin the chuilable obieaiv¢5. uncoDdiiisJnal gr8tsts *e offw¢41 this is P￿r￿<1 As
soon a5 th¢ recipieDt 18 notified of th¢ this LO a rt&y)JJ#bl¢ cxpcctation tht Yetiprctht will receive the
gronts. Vthetr graDls arcconditiooaj rthtill8 then the￿ is onty *ccnKd when any unfvlfilI￿ coTrlitioDs are
outsid¢ of th¢ ¢Otttrol ofthe ct￿i.ty.
Id) T*xglblt ￿ed aMets
Frcehold land builditi￿ 8rr styfy¥J ￿ fair value.
Oth¢r SUDdry fixed asgets iDtlLMkd in th¢ SOFA in theJwofpw¢

FtNANC
ST
{e) IrtV¢8tJDethts
(fj Debtors *Dd tredlton rtteiv*ble I paygble wltbln one ytAr
Debtors and crditOTS with no sta*d intert# rat¢ and ￿lY￿bie or Fa>•blc withiD pr a1¢Y￿0rd￿l attr￿sa￿l0￿ priG¢.
{8) Cgih
ljquid itivesttr*nts with oriwal nxturiiia of tbr¢e baDk 0￿rd[•fiJ.
(h) Fynds
Urtrestrided funds 8r¢ av4ilabk for u8¢ jt thc disueti.on of th¢ trus*e4 in fIrth￿ ofthe gw81 obixtiV¢s of th¢ charity
nd whlth h•ve noi been dcsi8thated forother purw*s.
Ertdowment fvrtd8 repr¢sent those as8dS which Jnwt be heid penrAnrntlyby th¢ cI￿lty. pritL¢ipity freehold property in S¢ thy.
Income BTiSin8on th¢ endoWE￿nt fthid8 can be u5¢d ID aC£Ord￿ with th¢ objcKts of th¢ charity 16 included as unT¢Strici
in¢orw. Any capitsj gaiD5 or losses arisill8 on the inv¢soMits forni pNrtof th¢ ffi￿￿J. knve5tnwinMiiirnt cl￿8¢$ and l¢8al
Advice relatingto the fund arc ch￿8¢d 88ainsL the fithd.
l) Colng tootern
Ai the of atVTowns th¢ financi•l s¢at¢rnnt4 tb¢ tru5*4S have¥ rewnabk expxtstm the Ch￿]ry hlls adcquaie
r¢g)urce¥ LO c¢￿11￿￿¢ in opcrational cxiB*tice for the forweable futUTr. Thu5 the tru5W Contift￿ ￿ thpl the 80in8 conrKrn
ba51$ ofaccowitirtg in prcparingthc fiD¥DcMI sWCQKThts.
2. Inveitmtots iw Suhidi•ry
I(XYA hoidin8of W J Mills {ProFffj) IAd which w*• 25 NoverDbet 2019. its COMP￿yn￿mbgr 18 12331192.
J. T*nglble flled *s*ets
in
Valuatio
At 6 April 2024
9J92,838
2 622 838
6.770.000
D￿[￿8¥¢ in voluatiott
At 5 April 2025
D￿recia110n
At 6 April 2024
Ch8Tgc for the y
At 5 April 21n5
book val
At 5 April 2025
At 6 April 2024
6.770,0(M)
9 392 838
In psst yws, in th¢ &bgenceof aD CXtern8J valuats"on, thc bc* availabk inf¢Jmtion thev•lueB adopt￿1 for losurgt￿e
PUTW>gCS whi¢b totalled £9J92,838 in 2024. excluding IWML Thi8 pr thc frEd￿ld prowtiss were vduedby a proftssional
y￿uer &t i markrtvaluc of £6.710,IKXI.
If frcthold jand attd building5 had reva]llgJ in pevious it have inclwjed on th¢ his￿￿￿7 cosi basis
of £1.567,457.

WILLIAM JOHN MILLS COThAGES TRUST
TES TO THE PiNANCIAL STATEMEPttS
AR tNDED 5 APIUL 2￿25
4. Debtors
2025
2024
Trade debtor5
1204
20.0(M)
2234
23.438
543
20.(MM)
2.171
Prq)aymettts
S. Creditor5: AM0￿￿ts fallitig dv withiu ODeyeAr
22.704
22,716
1.740
20.718
21296
1.620
AccnMIs
so¢￿) security
Other GTryJitQf5
47.162
43,636
6. Cr*ditOTS: f¥UiDg due after one year
202
71.911
The totsl anY)uttt of the i&" frollkThe Charity BaDk Ijd outslandmg at 5 A￿]12025 is £94,62812024: £117.3M). This amount
doe51JQt itLGlud¢ int¢r¢5twhich is due on thc outslaDth8 balance.
7. Attalysil of aJJets fu•ds
funds
Totsl fi]n
Fund baiallces at 5 April 2025
]D￿stMents
T8ngibl¢ fixed 08sc
2.lJ)3.475
230975
1119.073)
2.115u79
4.766525
6.770,0(K
230.975
(119.073
6.881,904
4.766.525

io
Jo
corrAGES TRUS
IAL STAT
& Expenditure- Unr&T1￿ fullds
0ts12024
aerks wages
Trustees travel expeJL
Adtllinistrative
Accountaney
IDd¢pendetLtexamination
OthcrprofessioDal fres
Trust¢es indcmrty in5wance
Propety iDsufdnce
Heat, light, watwand
Caretsker and gardcntng
2.346
30.940
lJ83
25.767
4.123
4,478
674
1,146
1860
3,627
689
3,627
689
7J(KJ
422
422
6258
31.562
7J89
140.371
381
5,935
34.135
7.055
216,587
60
8,386
531
310,841
31562
7J89
140J71
Bank ch8rges
Loan interest￿ld
683
80 55218
185
243,144
9. Wages and skni
2ff25
30.940
Social Seturitycosts
25,767
30.940
25.767
Avtrage of stsff
10. Trllste£s rem￿lleratIon expenses
2025
2024
NIL
18fa)
NIL
4.123
TnJstec8 expellse5 ￿]n1Yrel￿eto tra￿1 costs and w¥e¢laU￿￿1 by2 knLts(2024.. 2).
Il.Relatt41 partytransacliM$
As at 5 April 2025 WJ Mills (Pror*ry) tjd owcdthcTnJ8t £20.(KM) [2￿24.. 120,(KKJ) fol]owng ￿ abortive projectand d
value ofthe ]and not bcmgsufficient to ¢over the totsl waloe of the lo￿. Mr K Goldsworthy ys also director of WJ
Mills O¥optrtyl ttht