REGisfERED COMPAI¥Y NUMBER: 01928896 {Engl&nd #nd Wales) REGISTERED CHARrrY NUMBER: 292336 PORTOFTHE T TEES AND NAUDITED FIN AL STATEMEN FOR THE YEAR ENDED JO 2023 FOR USE MILL TR ST LTD Raffinger5 LLP Chartered Cenified Accountants 19-20 Bourne Court Souih¢nd Road WLY)dford Green Essex IG8 8HD NTSOF THE Fif+4ANCIAL TA ar ended 30 June 2023 MEiYTS Pgge Report of the Trustees Independent Ex&miner'$ Report 10 Ststement of Financial Activities B21an¢e Sheet 12 to 13 Notes to the FinanciAI Statements 14 to 19 TERED N MBE REPORT OF THE TR for the ear ended 30 June 2023 During ihe reporting period ihe Chairman, Johll Haggerty, h&8 spent extensive periods of time in hospital and h&s not been able to play a full parr in ihe management of the House Mill Trust IHMTI. Whilst all trustees increased their activity Beverley Charters and John Walters filled the greater vacuum and enabled HMT to function.we ivould like at the beginning of this Report also to thank all the Hollse Mill volunteer5 who have stepped up and ortce again ensure that the buildings have opened and delivered a wide rdnge of activities. The trustee5. who are also directors of the charity for the pU￿OSe$ of the Companie5 Act 2006, present their report with the financial statements of the charity for the year ended 30 june 2023. The trustees have adopted the provision5 of Accounting and Reportinu by Charities.. Staiemeni of Recornmendcd Practtce appltcable to ¢haritie5 preparing their accounts in accordance with the Financial Reponing Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeciive l January 20151. HMT remains committed to its plans towards the major restorntion projecL within its ovenll future strategy but al80 as an education and intelligence sharing resour¢e, with a Thinge of other heritage projects. Fundraising h&5 begun again, but at this stage in conjunction with planning for an events-bas¢d progtamme. rather than for the main resioraiion project. OWEcfivES AND AcfiviTIES Publi¢ benefjt The public benefits of the project have been Teviewed and whilsi the pllmary benefit remains the preservation of the Grade I lisied House Mill and Its Te5toration to a worktng mill, Ihe peripheTal benefits have been redefined. Sin¢e our last report the Trust has continued developing its objectives wjd planning future activitics in line with the Charity Cominission's gllidanee on publÉc benefjts. House Mill bookings have startcd again and we are slowly working back tow&rds re-opening in every sense, although new business optx)rtunities will need to b¢ identified, in view of the continued working from hotne strategy resulting In le55 rneeting r(x)m hire. A full programme of Activities, Exhibitions and Meeting5 is slowly developing beyond the financial year end with Newham Heritsge Month, Open House and Open Heritage back on the schedule.These are busy events for House Mill bui usually imwrtani for rdising both buildings, ptofile and an income stream for the cafe. Page I HOUSE MILL TR TERED N 1928896 REPORT OF THE TR for the ear ended 30 June 2023 ACHIEVEMENT AND PERFORMANCE Progress The Trust had continued to undertake some small¢r works that were previously part of the Original scheme which will tnean s1i8ht variattons on any whole-restoration project resubmission. but they do detnonstrate the Trust's ability to deliver. The speciali51 volunteer work ot) replacemellt of ￿me floorixiards within the ground floor of House Mill with approptiately sourced reclaimed timber has continued, in addition to the instaIlation of bespoke metal grilles a]lowing more efficient ¢gTess of the tidal water. Listed building consent was obtained for these works. Archive digitization has also progre55ed a little, and other works around improvin¥ the archive fllrther have Tecorntnenced. Works to the Archive itself continue with both volunteer and trustee research ongoin8. 'I'his loo had been curtailed &s t]ie main source of our Current research is Hackney Atrhive. which also had to close throughout the pandemic. It is planned that sonie of the previously sourced mateTial will be used towards the creation of shon films. to cnliance the visitor offer and the digit21 pre5¢nce, goiiig forward. A new archive room has been established for public access. A new publication "Gin Crazy" was writtcn and published by the Trust during lockdown. and this is proving a best seller with our vi51tors, ￿ it is a collection of historical f8cts, anecdotes and even cocktail recipes. An important addition lo th¢ Trust's more academic range of publications. A5 described in last yeaT'S Report. a detatled survey of refiirbishmenl works to the exlerior of the building5 had been prepajyd And talks held with Historic England. An exciting initiative, and the main focus during the year wa5 the commencement tsf those works Y￿d the lelling of a Contract, after due diligthce and fomial iendering. to refurbish the souih elevations of the House Mill and Millerfs House. This was financed by a section 106 award, the work undertaken by Fullers Builders, an experienced. listed buklding, coniracior and the works were supervised by Trustees themselves.This is a major step forward for the Trust. In conjunction with the UCL team. we are gaining better knowledge of the condition of the ground floor of House Mill, and we have more detailed measurements and photographic evidence of the ongoing damage ¢au5¢d by the rising tide levels. This appcars to be as a resuli of ¢hang¢s to the configurdlions lo the tidal River Lea. Thi5, we understand, is furthtr added to by some of the local developrnents, where pertnission5 have been given, In i501ation, to extend into parts of what was the riverbed. UCL are now monitoring the tidal range as part of a Tnuch wider scheme. In addition to the annual inspection and reports, Iwo bes￿￿k¢ Sensors have been illstalled, iniernally and externally by the UCL E&st London campug a5 part of a wider tide tnonitoring scheme. Trust is grateful for thi5 collaborniion. Educatio Education &t the 51te 15 delivered by partner organisalions. such as Chain Reaction. University College London, The Line art trdil. and various local schools. We are building a closer ff lationsliip with the Harris Science Academy (previously E￿t London Science Sch¢)oll, located in Clock Mill, and increasing use ofthe building5 15 planned in the year ahead, across a range of subjects. The Twsi has offered various local charitable organizations complimentary use of the classroom for a varidy of training and educational activities. These have included environmeiital projects, local r¢5ident5 and other comtnunity and education groups.ln particular, we were pleased to host weekly sessions for a Dementia Group, led by The Line, and the cltenls usd iK)th the classriK)m and the sensory parts of the garden lo ¢rea* comfortable places and sorne intcresling and atrdctive artwork. Art workshop5 10 intOTporatr are&s of the House Mill itself ￿50 t(K)k place; in line with on site risk assessTnents to ensure ix)th building and student safety. General We are delighted thai House Mill Trust has been able to re-open following the pandemic and resultsnt loss of vi5itor5. in¢om¢ and volunieets 9￿d we are aware that many other small indus¢rial h¢Tita8e 51tes have no¢ been so fortunate, having either to close or lo be 'moiliballed" House Mill is working on reinslaling the full progratllme of Tours, Events. Exhibitions and Special openings. However, with the three lengthy lockdowns durin¥ the pandetnic, like other venues, we have had to sthrt once again from ihe bottotn up, and this is proving to be slower than had been hoped. Clearly the major ev¢nts need to have long lead In times and there ar¢ some exciting exhibitions and tours in the planning 51ages, However, in addition to the weekly public guided tollrs, li been possible to deliver a selection of events, to includc a wide range of private group lollrs, gin t￿till8S, a wedding, several exhibitions in the gallery, and we delighted with their success. Furthemore, MilleT'5 House hosts a weekly coffee morning for a well￿l￿g Walk. a Friday youth club. and is the independent venue for Sunday 5erviees for Christ¢hurch at Thrtt Mills. Page 2 HOUSE MILL TR ST LTD REGISTERED R: 019288 REPORT OF THE TR srEES for the ear ended 30 June 2023 The Millerfs House is the sile for iwo major artworks on The Line art trail. and we have just given pern)ission to extend these for a further three years. Madge Gill "Uniiiled" print on the redr of first floor, overlooking the garden and th¢ walkway up to Three Mills GTeen. and the "Juniper. weathervane on the third floor balcony, overlooking Three Mills Larte. These are important additions, and enjoyed by walker5 and visiiors to the buildillgs. Inside the Millerfs House, cafe area there 15 currently an exhibit of works by Madge Gill, provtded by LB Newham heritage. This is the largest of the LBN exhibitions within the knrough, and links nicely with the other Madge Gill works currenily showing along the route of The Line. House Mill was featured in The Wharfpublicatitsn in March 2023, wjd thi5 did rdise interest in the buildings from the Canary Wharf mmunity, with resultan¢ visitor inCre￿e when we opened forthe Season in April. A "big lunch" and community Street party w&s held for the Coronation in 2023, and this wa5 a hiige su¢¢ess ftir local residents and communities, and was attended by the MayoT of Newham. The one ar¢a where we have not been able lo return to pre-pand¢mi¢ number5 is the hire and catering for the meeting rooms. which was a rnajor source of income. With the working frorn hotne. and meetings beinB held by ZLK)m and ieams for kn5tance. it is unlikely that the previous hire levels will once again be achieved. Visitor numbers are the following.. Art Gallery C1&85r(K>m Meeting RooMS￿ventS Cafe Guided Tours, special openings only Community groups Total Visltors numbers {exellldiog digital visltors, and cafe takeaway clients) 517 570 645 6.789 837 2,695 12.053 Page 3 HOUSE MILL TRUST LTD ED f+4UMB 28896 REPORT FTHETRUSTE for the ear ended 30 June 2023 FINANCIAL REVIEW Finan¢i#l position The fJnallcia] Jysults for the year to 30 Jwie 2023 are shown in the attached financial statem¢nt5 {pa8¢s 10 to 12). Total income in¢reased frotn £36.036 to £43,692 and total expenditure decreased from £52,182 to £39,869 in comparison with the previous period. This is largely b#ause of the pandemic, artd resultant Closu￿ of activitie5. These expenses included additional maintenanc¢ i¢ems pilot replacement window. continuing flLX)rboard replacement. fire alami upgrade and digitalisation of the Trust's archave. There was a net incr￿Se in fiinds of £3.823 {2022 net decrease £16.1561 with total unrestricted funds (excluding the designated furtds) carried folward of £(6,132)12022- £{9,955). Reserves And Invest￿ent Policy and Risk Review It is ihe pc>licy of the charity lo maintain unreslrtcted funds at a level which equates to at least three mot)Ihs unrestricted expenditu￿. As at 30 June 2023 the reqiiired level ivas £9.970. This provide5 sufficient funds to cover adtninistration and SUPPK)rt costs on an ongoing basis. Unrestricted funds were maintained aLK)ve this level throughou¢ the year. At the year tnd the ¢haTity had negative reserves of £{6.132112022 £19.9551. In e4l¢ulaiing the reserves, the (wstees have excluded from itstal fund5. the value of fixed &85ets les5 relaied loatt oblL8ations. The triisiees have always reviewed the major risks to whi¢h the charity is exposed, in particular those related to the &55et5 including OP¢Tations and finan¢es of the cliarity, the pandemic was an obvious one and the eoniinued and increased problem of flooding 15 another. However, during the reporting period unexpe¢ied risk5 were exros¢d whi¢h impacted on ollr finan¢es. The House Mill and Th¢ MilleT'S House have been valued for insurance purpose5 at £12.193,842 and £2,009,499 respectively. These are rebuilding valuation5. Bu$ine55 Plan The Tmsl's Business Plan contains full det*uls of ihe restoration pn)je¢t, the Trust'5 operatton, and in¢om¢ and expenditu projection5 for fjve yvdrs tx)51 reslor&lion. The Plan is robust and a living document.The business case prorK)ses ihat with the employment of key stafT, supported by the volunteer team, the House Mill itself will be open for at le￿1 5 day5 a week. with some S￿0[￿1 variations. The cafe will be open up to 7 days a week {dtpending upon me￿ured footfall) and also with seasonal varj2tions. It includes a full range of Events, corpornte hire. meeting r(N)m hire. gill tastings and weddings. Succe5sfvI pilots have been held of all planned new activities. The Plan indicates that the Trust will be financially sustainable. with income from education, entrance fees, event5, corporate hire, weddings, enhanced café and shop and hydro-eleciricity. There is fufther income from tenants and potential for income from an eveninglweekend bar, but these have not been included into the Plan. at this stage. Disappointingly. a5 part of their financial cutbacks to the south of the park, the annual grdllt of £3,000 fJDm Lee Valley Regional Park Authority has been withdrawn. The Trust had planned to extend its activities. to challenge both the Activity Plan and th¢ Business Plan, and to continue financial sustainability in advance of the restoration projea. However. this has noi been tX755ible in the Iighi of the n¢8ative outcomes of the pa￿demic, as staled elsewhere above.HoweveT. the Trust is W0￿1ng to establish new busine55 tnodels and previous iD¢ome streams in some are&% are unlikely to return to pre-pandemi¢ levels. HMT 15 licensed by the LB Newham as a an approved Pretnises for Marriages in Pursuance of Se¢iion 2611) of The Marriage Act 1949 and as a Venue for Civil PartneTship5 in Pursuance of Section 6(3a)IA) ofThe Civil Partnership Act 2004. Otlly one wedding was ]x7ssible during this year, as ill the majority of weddings a long lead in tin)e 15 required. Page 4 HOUSE MILL RUST LTD 28896 REPORT F THE TRUSTE for the ear ended 30 June 2023 The third-flwr T￿M continues to be rented to another ¢haTltable organisation, Cliain Reaeiion Theatre Company. They are a s￿all chaTity. which has been working for rn0￿ than 25 years- d¢livering education and inspiring young people to make positive choices about issue5 that atTecl their day to day lives. Chain Reaction also uses other parts of the buildiiig for educatton 2nd it5 own IM)ard meeting5. Prospects Three Mills Island remains in a period of regeneration. with several local major regeneTation projects undeti¥ay or prowsed. The House Mill is on the cusp of all of iheTn but not directly included in any, although the Tnjsi is in discussion with the main developers and the planning authorities, and in particular, the LLDC there is, as yet, nothing posltive lo repL>rt. The developments. in the main, a mixture of residential and business use, give the Trust the ￿ssibility of Sec 106 benefits. These developments are constantly monitored by orte of our advisors who is in regular contaci with the rclevant Planning Authorities and developers. LLDC rs curntly the designated planning authority for the Three Mills are4 and in June 2013 it began a public consultation Process for plans to regenerdle the BroTnley by Bow area. This is of enomiou5 importance to ihe House Mill restordtion project. We have previously quoted on the LLDC literature re8arding the regenerdlion of Bromley by Bow and th¢ new conservation area. The core of ihe Legacy Co￿oratIOn,$ role, as defincd by the Mayor of London. is "to promote and deliver physical, social, economic and environmental regeneration in the Olympic Park and SUTrounding area" The Southem Olympic Fringe comprises Pudding Mill Lane, Sugar House Lane, Three Mills, and Bro¥nley by Bow. The ￿ed w&s incorrM)rated within the LLDC'S boundary for inter alia the folloiving rea90n5'. li has a huge regeneration PDtentÈal given i¢s stfdtegic location, extensive areas of unused Or underused industrial land and unique waterway and heritage setting. - The prospects of successful Tegenerdtion aJY as51St¢d by the Legacy Corporation as a single regenerdtion organisation. Secllring the delivery of the regen¢Tation of Bromley by Bow, in particular the connectivity improvements, is key to unlocking the rx)tential of the Three Mills site. As previously rerM)rted, the Trust is always encouraged and motivated by these kinds of Statements. The Trust contributed to the LDDC consultation docutnenl regarding the Bromley by Bow SPD MasieTplan and Public Realtn Strategy in November 2016. More recently the Trnst ha5 wntribuled to th¢ Consultation on the new LLDC Three Mills Conservation Area. Within this we are seeking to retain our existing section 106 parking facility and obtaining further section IQ6 gains. The Trust contlTiue5 Its r¢l*ionship with Histori¢ England and pre-lo¢kdown was in talks around the planned refurbishment WOTks to the buildings. exteriors. We undetsland that House Mill is one of their priority PTojects for restoration. The Trust also acknowledges the encourdgement and SUp￿)rt of numeTOU5 bodies, and it will continue to build on those relationships in the interests of the Mill and lis environ5. Our risk assessment process continues to be reviewed and maintained. We are working towards further iTllpToving our website, and our other social medta, ￿ be¢ome our main infomiation points. This will enable House Mill to become more visible even when the building 15 physically closed. and to ensurr that both the heritage of the bllildin& and the ongoing and future activities. are widely publicized. We remain convinced that the TTUSt has a unique a￿d magnificent project in the House Mill. We believe the Trust can go forward with confidence, moving towards successful fundraising in the fu￿re enabling the restoration to take place and saving ihe largest remaining tidal mill in the world for generdiions to corlle. This report h&s been prepwrd in accordan¢e with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. Page S HO TLTD TERED N BER: 01928896 REP for the HETR 30 June 20 egr en STRucfuRE, GOVERNANCE AND MANAGEMENT Governing document The charity is Controlled by its goveming document, a deed of trust, and constitutes a limited company, limited by guardntee, as defjned by the Companies Aa 2006. The Trustees have approved Articles of Association that represent the Tnjsts Current objects, and which have been filed with Compani¢s House and the Charity Commission. The Code of Governance prepared as part of the development and rfstructuring of the management of the r¢5toration project and the Trust Continues to be signifi¢ani, well tnanaged and undergJo¢s regular review. Additionally. the recent pleihora of Codes of Pra¢tice. Guidelines, GDPR and changes in legislation place further pressures on trustees and volunteeT5 alike. The irusi L5 conscious of the need to comply, lo these Frf)licies, and will endtavour ro do so. Governance covers a bToad spectrnm of requirements. The Governance Working Group is drawiiig up new guidance. in line with the NCVO guidance lor micro charities, but with particular relevance io House Mill Trust, and these will ensure that The Trust has correct procedures in place covering all &specis of our activities. Recruitment 4nd appointment ofnew trn5tee5 The Article5 of Association slipulate that there musl be a niinimum of ihree trustees and there is no Tnaximum number of trustees. Additional trustees may be aprK)inled by tli¢ existing trnslee5 at aiiy lime, either tts fill a casual vacancy or as an addition 10 the existing trustees. Any twstees 50 appointed ivill hold offjce only llniil Ihe next Annllal Genetal Meeting and ivill then be eligible for re-election. Potential trusiees arc invited to infomially attend t￿slee meetings prior to appointment and a Comp￿ hen5ive induction programme is available. Additionally) individual trllstees may undertake external training in a particular area of their role on tlJe Goveming Body. Induetion and Trgining of new trustees The charitable entity strives lo ensu￿ equal optK>rtunities and diverstty in the eTnployment of staff and trustee apw)inimenis. Selection criteria and procedures ar¢ regularly revielved to ensure that individuals are s¢l¢¢ied, protnoted and treated on the basi5 of their relevant meriis and abilities. Organis8tion#l Structure The company was once again managed and run during the year by volunteers. Strategic, financial, and te¢hnical managemen¢ is exer¢is¢d by the appropriate directors. Op¢rational managem¢nt is mostly iindertaken by three of the directors, who have involvement with volunteers, operaiions and events. The need for operational staff 15 identified and it is hoped that ontt the pandemic h&s p&8sed that funding will become available towards this. The Trust remains conscious of the need to maintain 215 Irustee nllmbers and expertis< going forward. Working Croup$ Each group is chaired by a Trustee with each ivorking group deciding its own agend4 tneeting re8ularly, and reporting actions directly to the board. The members consist of Trustees, Advisors and key partners, Teporting back to the main ixwd. For much of this year the working groups have either mel largely by zoom or been put on hold. All directors of the company are also trustees of the charity and there are no other tnjstees. At each Annual General Meeting, one-third of the directo￿ {the longest setvingl are obliged to retire fiDm office. Each director 50 retiring is eligible for re,307 TOTAL FUNDS 2.729.770 2,725,947 The charitsbl¢ Company is entitled to exemption from audit under Section 477 of the Companies A¢t 2006 for the year ¢nded 30 June 2023. The fflembers have noi required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of ihe Companics Act 2006. The tru5ttes acknowledge their r¢spollsibiliti¢s for lal ensuring that the charitable company kceps accounting reeord5 that comply with Sections 386 and 387 of the Companies Act 2006 and preparing financial statement$ which give a true and fair view of the stale of affai]5 of the chanlable company &8 at the end of eacli financial yeaT and of its surplus or deficit for each finan¢ial year in accordance with the requirem¢n¢s of Se¢tiOn5 394 and 395 and which othen¥ise comply with the requirements of the Companies Act 2006 relating to financial statements, far as applicable io the charitable ¢ompany. (b) The notes fom) part of these financial ststements Page 12 continlled... E MILL TR TERE BER: 0192889 BALANCE SHEET- 30 June 2023 These financial statemenis have been prepared in accordanc¢ with the provisions applicable to charitable companies subjeci to the Small companies regime. The financial statements were approved by the Board of Tru51ees and authorised for issue on 23 September 2024 and were signed on its behalf by.. Mr J Haggeity (Chaimian}- Twstee The notes fom pan of these financial statements Page 13 HOU ILL TRUST L OTES TO THE FINANCIAL gfATEMENTS for the egr ended 30 June 2023 ACCOUNfiNG POLICIES Basis of prtp#ring the finantiAI $tatements The fjnancial 51atemenis of the charitable cotnpany, which is A public bcnefit entlty under FRS 102. hav¢ been prepared i accordance with the Charities SORP IFRS 1021 'A¢counling and Reporting by Chariiies.. Statement of RecoTnrnended Practice applicable to ¢haTltie5 preparing their accounts in a¢¢ordanc¢ with the Financial Reporting Standard applicable in the UK and Republic of I￿land {FRS 1021 leffe¢tive l January 20191.. Financial ReJx)rting Standard 102 'The financial Re￿rtIng Standard applicable in the UK and Republic of I￿land, and the Companie5 Act 2006. The financial statements have been prepared tjnderthe hisiorical eost convention. Exemption from prep*ring a cash flow ststtment Excinption has been taken fmm p￿pallng a flow stateTnent on the grounds that the charitable company qllalifie5 a5 a small ¢haTilable company. Ineome All income 15 recognised in the Statement of Financial Activities once the charity has entitlement to the funds. it 15 probable Ihat the income will be received and the amount can be measured reliably. Expenditur¢ Liabilities are recognised as expenditllre As soon as there is a legal or cOnSt￿cttve obligation committing the charity to that expenditure, It is probable thai a transfer of e¢onomic benefits will be required in settleTnent and the amount of the obligation can be measured reliably. Expenditure is accounted for on an a¢cruals basis and has been cl%LssifJed under headings thai aggregate a]1 cost related to the caie¥ory. WTrere costs cannot be directly attributed to particular headin8S they have ￿en allocated to actlVLtie5 on a basis con515tent with the use of resources. Tangible fixed assets Depreciation is provided at the following annual rates in order io write off each asset over it5 estimated useful life. Fllmitllre & equipment 15/* on reducing balance Debtors Debtors are Tecognised at their 5ettlemettt amounL less any provision for non-recoverability. Prepayments are valued at the amount prcpaid. They have been discounted to be present value of the future c&sh weipt where such discounting 15 material. Taxation The charity is exempt from ¢or]x)ration t&x on lis charitable activities. Fund accounting Unrestricted fvnds can be used in accordance with the Charitsble objectives at the discr¢tion of the trustees. Rcstricted fvnds can only be used for partieular T¢5tricled pllrposes within the objects of the charity. Res¢ri¢tiOll5 arise when specified by the donor or when furtds are rdised for particular restricted purwjses. Further explanation of the nature and PUryK>5e of each fund is included in the rKpte5 to the financial statetnents. Cash at bank and in hAnd Cash at bank and in hand represents su¢h accounts and instNments that are available on demand OT have a maturity of les5 than three months fonn the date of acquisition. Deposits for more ihan three months but le55 than one year have been disclosed as short tern) deFK)SitS Page 14 continued... EMILL T LTD NOTES T THE FINAN for the t*r ended 3 ATEMENT une 2023 ontinued ACCOUNTING POLICIES- continued Creditors and provi$lon CTeditors and provision are recognised when there is obligation at the balance sheet date &s a resuli of a past ev¢n¢ it 15 probable that a transfer of economic benefit will be reqUI￿d in 5ettlemertl. and the amoun¢ of the settlement can be estitnated reliably. Crcditors and provision are re¢ognised at the moment the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the ￿t￿re cash payments where Such discounting i5 material. Service provided by volunteers For the putpose of these account5. no monetary value has Ixen placed on volunteer setvices as it cannot be quantified reliably. OTHER TRADINC AcfiviTIES 2023 2022 Caft sales 4,587 4,350 INVESTMENT INCOME 2023 2022 Rent and hire of facilities 38,387 27,850 NET INCOMEI(EXPENDITURE) Net ineomellexpenditurel is stated afier chargtngl{¢reditingl'. 2023 2022 Depreciation- owned assets 448 526 TRUSTEES, REMUNERATIOIY AND BENEFITS There wer¢ no tru5tecs' remun¢Tation or other benefit5 for the year ended 30 June 2023 nor for the year ended 30 June 2022. Tru5tee5' exptnse$ There were no trustees, expenses paid for the year ended 30 Jun¢ 2023 nor for the year ended 30 June 2022. P8ge 15 continued... HO MILL TRUST LTD TE TH for the IALSTATE TS- continued d 30 June 2023 INDEPENDENT EXAMINERS FEES Th¢ Independent Examiners fees forthe period were £3,2(K). TANGIBLE FIXED ASSETS Freehold property Furnitllr¢ & equiprnetlt Totals COST At l July 2022 Additions 2,509.030 14.061 50,208 2,559.238 114,061 At 30 June 2023 2,623,091 50.208 2,673.299 DEPRECIATION Ai l July 2022 Charge for ye¥J 47.223 448 47,223 448 At 30 June 2023 47,671 47.671 NET BOOK VALUE At 30 June 2023 2,623,091 2.537 2,625.628 At 30 June 2022 2,509,030 2,985 2,512.015 No dcpreciation has been provided against the cost of the freehold property on the basis that the residual value will be higher than the cost slated in the financi￿ statements. STOCKS 2023 2022 Stocks 1,000 1,000 DEBTORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 VAT 12.320 1,898 Page 16 continued... HOUSE MI TLTD NOTES T THE FINAN IAL STATEM for the ear ended 30 June 2023 - contin io. CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Bank loans and overdrdfts (see n￿e I l) A¢¢Tua15 and deferred income 177,154 3,200 197.315 3.QOO 180,354 200.315 LOANS An analy5j5 of the maturity of loan5 is given below= 2023 2022 Amounts falling due within one yearon de[na￿d.. Bank overdrafts 177,154 197,315 12. MOVEMENT IN FUNDS Net tnovement in fund5 At 30.6.23 At 1.7.22 Unrestricted funds General fund Restoration of House Mill {9,955} 235,595 3.823 (6,132) 235,595 225.640 3,823 229.463 Restricted funds Grant aided building restoration works (pre 20031 Refurbishment of cafe 2.497.597 2,710 2,497,597 2,710 2,500,307 2,500J07 TOTAL FUNDS 2,725,947 3.823 2,729,770 Net movement in ￿ndS included in the above are a5 follows.. Incoming resources Resources expended Movement in funds Unrestricted funds General fund 43.692 139.8691 3,823 TOTAL FUNDS 43.692 {39.869) 3,823 Page 17 continued... HOUSE MILL TRUST L TE THE FINA rthe CIALSTATEMENTS- ed 30 June 2023 tinued MOVEMENT IN FUNDS- continued Comparatives for movement in funds Net movement in funds At 30.6.22 At 1.7.21 Unre5tritt¢d funds General fund Restoration of House Mill 6.201 235.595 116,156) {9,9551 235.595 241.796 Restricted fund$ Grant aided building restoration works Ip 20031 RefiJrbishmetLt of cafe {16.1561 225,640 2,497,597 2.710 2,497.597 2,710 2.51K>.307 2,500,307 TOTAL FUNDS 1742,103 {16,1561 2,725,947 Comparniive net movement in funds, included in the above are a5 follows.. Incoming resource5 Resourc¢s ¢xpeRded Movement in funds UNre5trirt¢d fund5 Generdl fijnd 36,026 152,182) 116,156) TOTAL FUNDS 36.026 (52.182) Narne of fund Grant aided building restoration works {ptt 2003) To restore thc hcritage Grade I listed House Mill itself, and built the adjoining Millels House. Restoring House Mill Projects To enable us to employ a range of consultants to work up the eventual Jnajor restoration proj¢¢t. Refurbishment of café To r¢furbishm¢nt of the cafe. Bag for help To restore ￿mmUNity garden De5igngted thnd The trJstee5 have decided to designate the funds re¢eiv¢d from the sale of the invesrmertt property towards the restorntion project of the House Mill. Page 18 continued... MILL TR LTD NOTES TO TH FINANCIAL TEMENT for the ar ended 30 Jun¢ 2023 ntinued RELATED PARTY DISCLOSURES There wer¢ no related party transactions fortheyear ended 30 Jun¢ 2023 nor 30 Jwie 2022. Pag¢ 19