**Charity registration number 502433**
## **HEATHERSLAW MILL TRUST**
**ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022**
## **HEATHERSLAW MILL TRUST**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
|**Trustees**|Lord Joicey|
|---|---|
||R.E. Greenwood|
||M. Cuddigan|
|**Charity number**|502433|
|**Principal address**|The Estate Office|
||Ford Village|
||Berwick-upon-Tweed|
||Northumberland|
||TD15 2QA|
|**Independent examiner**|Alan Patterson FCA|
||17 Walkergate|
||Berwick-upon-Tweed|
||Northumberland|
||TD15 1DJ|
|**Bankers**|Barclays Bank plc|
||BFP Operations|
||8 Nelson Mandela Place|
||Glasgow|
||G2 1BT|
|**Solicitors**|Womble Bond Dickinson (UK) LLP|
||The Spark|
||Drayman's Way|
||Newcastle Helix|
||Newcastle upon Tyne|
||NE1 3DX|
## **HEATHERSLAW MILL TRUST**
## **CONTENTS**
||**Page**|
|---|---|
|Policy statement|1|
|Trustees' report|2 - 3|
|Independent examiner's report|4|
|Statement of financial activities|5 - 6|
|Balance sheet|7|
|Notes to the accounts|8 - 17|
## **HEATHERSLAW MILL TRUST**
## **POLICY STATEMENT**
## _**FOR THE YEAR ENDED 31 OCTOBER 2022**_
## **1 Background**
The Settlement is a Charitable Trust. It was created by a deed ("the Governing Deed") dated 19th April 1973. The principal objectives are the preservation and maintenance of the Heatherslaw Mill in Northumberland.
## **2 Assets**
The prinicpal assets of the Settlement ("the Trust Fund") are a lease of the site known as Heatherslaw Mill for 54 years from 12th May 2019 and certain cash deposits. The Trust Fund does not include any restricted endowment funds.
## **3 Policy**
To manage the Trust Fund in accordance with the objectives set out in the Governing Deed, general charity law and such regulations or other directions as may be laid down from time to time by the Charity Commissioners in relation to the management of Charitable Trusts of a similar nature to the Settlement.
In addition to taking note of all relevant charity law, to note and monitor the new requirements as to public benefit introduced under The Charities Act 2011 and to manage the Trust so as to ensure compliance with this aspect of the Act.
To appoint and regularly monitor such agents and professional advisors as are required for the effective management of the Trust Fund and the implementation of these policies and to periodically review the terms and conditions of the appointments.
To appoint and regularly monitor such musuem or curatorial advsiors as are required for the effective management of the museum and to periodically review the term and conditions of their appointment.
## **4 Agents**
The current agents are Savills (UK) Ltd and Womble Bond Dickinson Wealth Limited.
Savills (UK) Ltd has responsibility for the day to day management of the land leased by the trustees.
Womble Bond Dickinson Wealth Limited has responsibility for the management of cash deposits.
The agents will be required to agree to the provisions of this policy document and to the extent that discretionary management responsibilities are delegated to them to report on the exercise of such discretion at such times and on such a basis as the trustees may from time to time decide.
## **5 Trustee Delegation**
Whilst the trustees remain responsible for the creation of the policy, the trustees delegate approval and implementation of detailed policy documents and key plans within the overall policy of trustees guidelines to Lord Joicey, who will report his actions at least annually and through copy correspondence as appropriate. This delegation will be reviewed at each Annual Meeting of the Trustees.
- 1 -
## **HEATHERSLAW MILL TRUST**
## **TRUSTEES' REPORT**
## _**FOR THE YEAR ENDED 31 OCTOBER 2022**_
The trustees present their annual report and financial statements for the year ended 31 October 2022.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).
## **Objectives and activities**
The charity was established for the purpose of restoring Heatherslaw Mill to working order and thereafter of maintaining it as a museum for the benefit of the general public.
## **Public benefit**
In considering the operations, achievements and performance and finances of the charity, the trustees are satisfied that public benefit has been provided in accordance with the Charities Act 2011 and guidance issued by the Charity Commission.
## **Achievements and performance**
The summer of 2022 proved difficult for the Mill with a lack of water in the river resulting in no milling taking place for long periods.
Visitor numbers were generally poor due to the lack of milling activity which in turn affected admission receipts and produce sales.
Work on the bearing mount replacement was completed and the café refurbishment project was successfully completed prior to the summer season.
## **Reserves policy**
The trustees have reviewed the reserves of the charity and have considered the nature of the income and expenditure streams. They consider that the reserves held are sufficient and necessary to allow the charity to fulfil its objectives. The level of reserves held is shown in notes 20, 21 and 22 to these accounts.
## **Risk assessment**
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
## **Structure, governance and management**
The charity was established by a charitable trust deed on 19 April 1973.
The trustees who served during the year and up to the date of signature of the financial statements were: Lord Joicey
R.E. Greenwood M. Cuddigan
- 2 -
## **HEATHERSLAW MILL TRUST**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 OCTOBER 2022**_
## **Statement of trustees' responsibilities**
The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.
In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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.
The trustees' report was approved by the Board of Trustees.
## **Lord Joicey**
Trustee Dated: 23 January 2023
- 3 -
## **HEATHERSLAW MILL TRUST**
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF HEATHERSLAW MILL TRUST**
I report to the trustees on my examination of the accounts of the charity for the year ended 31 October 2022.
## **Responsibilities and basis of report**
As the trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Alan Patterson FCA
17 Walkergate Berwick-upon-Tweed Northumberland TD15 1DJ
Dated: 23 January 2023
- 4 -
## **HEATHERSLAW MILL TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** _**FOR THE YEAR ENDED 31 OCTOBER 2022**_
|**Current financial year**
**Unrestricted**
**Designated**
**Designated**
**funds**
**funds**
**funds**
**general**
**property**
**reserve**
**general**
**2022**
**2022**
**2022**
**Notes**
**£**
**£**
**£**
**Income and endowments from:**
Donations and legacies
**3**
13,405
3,000
-
Income from charitable activities
**4**
61,727
-
-
Investments
**5**
2,496
-
-
Other income
**6**
861
-
-
**Total income**
78,489
3,000
-
**Expenditure on:**
Raising funds
**7**
17,261
-
-
Charitable activities
**8**
129,187
-
-
**Total resources expended**
146,448
-
-
Net gains/(losses) on investments
**11**
(5,351)
-
-
**Net movement in funds**
(73,310)
3,000
-
Fund balances at 1 November 2021
387,208
12,000
7,250
**Fund balances at 31 October 2022**
313,898
15,000
7,250|**Total**
**2022**
**£**
16,405
61,727
2,496
861
81,489
17,261
129,187
146,448
(5,351)
(70,310)
406,458
336,148|**Total**
**2021**
**£**
15,540
76,913
5,500
-
97,953
25,611
75,479
101,090
-
(3,137)
409,595
406,458|
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
- 5 -
## **HEATHERSLAW MILL TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT** _**FOR THE YEAR ENDED 31 OCTOBER 2022**_
## **Prior financial year**
|**Unrestricted**
**Designated**
**Designated**
**funds**
**funds**
**funds**
**general**
**property**
**reserve**
**general**
**2021**
**2021**
**2021**
**Notes**
**£**
**£**
**£**
**Income and endowments from:**
Donations and legacies
**3**
12,540
3,000
-
Income from charitable activities
**4**
76,913
-
-
Investments
**5**
5,500
-
-
**Total income**
94,953
3,000
-
**Expenditure on:**
Raising funds
**7**
25,611
-
-
Charitable activities
**8**
75,479
-
-
**Total resources expended**
101,090
-
-
Net gains/(losses) on investments
**11**
-
-
-
**Net movement in funds**
(6,137)
3,000
-
Fund balances at 1 November 2020
393,345
9,000
7,250
**Fund balances at 31 October 2021**
387,208
12,000
7,250|**Total**
**2021**
**£**
15,540
76,913
5,500
97,953
25,611
75,479
101,090
-
(3,137)
409,595
406,458|
|---|---|
- 6 -
## **HEATHERSLAW MILL TRUST**
## **BALANCE SHEET**
## _**AS AT 31 OCTOBER 2022**_
|**Notes**
**Fixed assets**
Tangible assets
**13**
Investments
**14**
**Current assets**
Stocks
**16**
Debtors
**17**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**18**
Net current assets
**Total assets less current liabilities**
**Deferred income**
**19**
**Net assets**
**Income funds**
Designated funds - general
**20**
Designated funds - property reserve
**21**
Unrestricted funds - general|**2022**
**£**
6,766
11,284
3,774
21,824
(8,255)|**£**
228,591
94,649
323,240
13,569
336,809
(661)
336,148
7,250
15,000
313,898
336,148|**2021**
**£**
8,591
8,445
189,655
206,691
(4,556)|**£**
205,670
-
205,670
202,135
407,805
(1,347)
406,458
7,250
12,000
387,208
406,458|
|---|---|---|---|---|
The accounts were approved by the Trustees on 23 January 2023
Lord Joicey **Trustee**
- 7 -
## **HEATHERSLAW MILL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 OCTOBER 2022**_
## **1 Accounting policies**
## **Charity information**
Heatherslaw Mill Trust is an unincorporated charity governed by a Trust Deed and registered with the Charity Commission Number - 502433.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the charity's [governing document], the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
## **1.2 Going concern**
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
## **1.4 Incoming resources**
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
## **1.5 Resources expended**
Expenditure is accounted for on the accruals basis and is recognised in the period in which it is incurred, allocated to the particular activity, to which the cost relates.
- 8 -
## **HEATHERSLAW MILL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 OCTOBER 2022**_
## **1 Accounting policies**
**(Continued)**
## **1.6 Tangible fixed assets**
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Property improvements Nil Website 25% Straight Line Equipment 10% / 20% Straight Line Fixtures and fittings 10% / 15% / 20% Straight Line
It is the charity's policy to capitalise items costing more than £200.
Leasehold property improvements are not depreciated on the grounds that the lease, which was signed during the year runs to the 12 May 2073 and any depreciation charge would be immaterial over the expected useful life of the asset.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
## **1.7 Fixed asset investments**
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
## **1.8 Impairment of fixed assets**
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
## **1.9 Stocks**
Stock is valued at the lower of cost and net realisable value.
## **1.10 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## **1.11 Financial instruments**
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
- 9 -
## **HEATHERSLAW MILL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 OCTOBER 2022**_
## **1 Accounting policies**
## **(Continued)**
## _**Basic financial assets**_
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
## _**Basic financial liabilities**_
Basic financial liabilities, including creditors and bank loans are initially recognised 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 rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## _**Derecognition of financial liabilities**_
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
## **1.12 Arts Council grants**
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
## **2 Critical accounting estimates and judgements**
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
- 10 -
## **HEATHERSLAW MILL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 OCTOBER 2022**_
## **3 Donations and legacies**
|**Unrestricted Unrestricted**
**funds**
**funds**
**general**
**designated**
**£**
**£**
Donations and gifts
405
3,000
Grants
500
-
Gift aid including tax repayment
12,500
-
13,405
3,000
**For the year ended 31 October 2021**
12,540
3,000|**Total**
**2022**
**£**
3,405
500
12,500
16,405|**Total**
**2021**
**£**
3,040
-
12,500|
|---|---|---|
|||15,540|
|||15,540|
## **4 Income from charitable activities**
|Admission tickets
Sales
Rents|**2022**
**£**
17,223
28,071
16,433
61,727|**2021**
**£**
16,626
46,777
13,510|
|---|---|---|
|||76,913|
**5 Investments**
|**Unrestricted**
**funds**
**general**
**2022**
**£**
Investment income and bank interest
2,496
**6**
**Other income**
**Total**
**2022**
**£**
Rates recovered
131
Scottish Power compensation
730
861|**Total**
**2021**
**£**
5,500|
|---|---|
||**Total**
**2021**
**£**
-
-|
||-|
- 11 -
## **HEATHERSLAW MILL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 OCTOBER 2022**_
## **7 Raising funds**
|Costs of generating funds
Fundraising trading: costs of goods sold|**2022**
**£**
17,261
17,261|**2021**
**£**
25,611|
|---|---|---|
|||25,611|
## **8 Charitable activities**
|Staff costs
Depreciation and impairment
Bank charges
Heat and light
Property repairs and maintenance
Exhibition costs
Flood damage sinking fund
Share of governance costs (see note 10)|**2022**
**£**
30,128
4,113
-
2,135
80,142
640
3,000
120,158
9,029
129,187|**2021**
**£**
26,212
2,942
148
1,579
31,274
1,270
3,000|
|---|---|---|
|||66,425
9,054|
|||75,479|
## **9 Trustees**
No remuneration directly or indirectly out of the funds of the charity was paid or payable for the year to any trustee or to any person or persons known to or connected with any of them (2021: £Nil).
No reimbursement of expenses has been made or is due to be made to any of the trustees in respect of the year (2021: £Nil).
- 12 -
## **HEATHERSLAW MILL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 OCTOBER 2022**_
## **10 Support costs**
|**Support costs**||||||
|---|---|---|---|---|---|
||**Support**|
**Governance**||**2022**|**2021**|
||**costs**||**costs**|||
||**£**||**£**|**£**|**£**|
|Legal and professional|-||1,144|1,144|2,290|
|Rent|-||10|10|10|
|Rates and insurances|-||5,849|5,849|5,819|
|Postage, stationery, advertising and telephone|-||1,805|1,805|608|
|General administration expenses|-||221|221|327|
||-||9,029|9,029|9,054|
|Analysed between||||||
|Charitable activities|-||9,029|9,029|9,054|
|Governance costs includes payments to the independent|examiner|of £Nil (2021:||£Nil) for accountancy and||
|independent examination services.||||||
|**Net gains/(losses) on investments**||||||
|||||**Unrestricted**|**Total**|
|||||**funds**||
|||||**general**||
|||||**2022**|**2021**|
|||||**£**|**£**|
|Revaluation of investments||||(5,351)|-|
Governance costs includes payments to the independent examiner of £Nil (2021: £Nil) for accountancy and independent examination services.
## **11 Net gains/(losses) on investments**
- 13 -
## **HEATHERSLAW MILL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 OCTOBER 2022**_
## **12 Employees**
## **Number of employees**
The average monthly number of employees during the year was:
|Part time
Full time
**Employment costs**
Wages and salaries
Social security costs
Other pension costs
Training|**2022**
**Number**
3
1
4
**2022**
**£**
27,781
1,348
599
400
30,128|**2021**
**Number**
2
1|
|---|---|---|
|||3|
|||**2021**
**£**
24,259
1,128
825
-|
|||26,212|
There were no employees whose annual remuneration was £60,000 or more.
## **13 Tangible fixed assets**
|**Property**
**improvements**
**£**
**Cost**
At 1 November 2021
197,663
Additions
-
At 31 October 2022
197,663
**Depreciation and impairment**
At 1 November 2021
-
Depreciation charged in the year
-
At 31 October 2022
-
**Carrying amount**
At 31 October 2022
197,663
At 31 October 2021
197,663|**Website**
**Equipment**
**Fixtures and**
**fittings**
**£**
**£**
**£**
1,808
32,328
37,238
-
27,720
-
1,808
60,048
37,238
1,808
27,756
33,802
-
3,242
1,558
1,808
30,998
35,360
-
29,050
1,878
-
4,571
3,436|**Total**
**£**
269,037
27,720|
|---|---|---|
|||296,757|
|||63,366
4,800|
|||68,166|
|||228,591|
|||205,670|
- 14 -
## **HEATHERSLAW MILL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 OCTOBER 2022**_
## **14 Fixed asset investments**
|**Cost or valuation**
At 1 November 2021
Additions
Valuation changes
At 31 October 2022
**Carrying amount**
At 31 October 2022
At 31 October 2021
**15**
**Financial instruments**
**Carrying amount of financial assets**
Instruments measured at fair value through profit or loss
**16**
**Stocks**
Raw materials and consumables
**17**
**Debtors**
**Amounts falling due within one year:**
Trade debtors
Prepayments and accrued income
**18**
**Creditors: amounts falling due within one year**
Trade creditors
Other creditors|**Listed**
**investments**
**£**
-
100,000
(5,351)
94,649
94,649
-
**2022**
**2021**
**£**
**£**
94,649
-
**2022**
**2021**
**£**
**£**
6,766
8,591
**2022**
**2021**
**£**
**£**
7,948
5,800
3,336
2,645
11,284
8,445
**2022**
**2021**
**£**
**£**
8,005
4,306
250
250
8,255
4,556|
|---|---|
- 15 -
## **HEATHERSLAW MILL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 OCTOBER 2022**_
## **19 Deferred income**
|Arising from government grants
Other deferred income
Deferred income is included in the financial statements as follows:
Deferred income is included within:
Shown as deferred income on the face of the balance sheet
Movements in the year:
Deferred income at 1 November 2021
Released from previous periods
Deferred income at 31 October 2022|**2022**
**£**
63
598
661
**2022**
**£**
661
1,347
(686)
661|**2021**
**£**
304
1,043
1,347
**2021**
**£**
1,347
1,424
(77)
1,347|
|---|---|---|
## **20 Designated funds - general**
||||**Movement**||**Movement**||
|---|---|---|---|---|---|---|
||||**in funds**||**in funds**||
|||**Balance at**|**Incoming**|**Balance at**|**Incoming**|**Balance at**|
||**1**|**November**|**resources**
**1 November**||**resources**
**31 October**||
|||**2020**||**2021**||**2022**|
|||**£**|**£**|**£**|**£**|**£**|
|Designated funds - general||7,250|-|7,250|-|7,250|
The designated fund - general is an unrestricted fund that has been set aside by the trustees for particular purposes.
- 16 -
## **HEATHERSLAW MILL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 OCTOBER 2022**_
## **21 Unrestricted funds - designated**
The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:
||||**Movement**||**Movement**||
|---|---|---|---|---|---|---|
||||**in funds**||**in funds**||
|||**Balance at**|**Incoming**|**Balance at**|**Incoming**|**Balance at**|
||**1**|**November**|**resources**
**1 November**||**resources**
**31 October**||
|||**2020**||**2021**||**2022**|
|||**£**|**£**|**£**|**£**|**£**|
|Property reserve||9,000|3,000|12,000|3,000|15,000|
The property reserve fund is a designated fund with monies put aside to cover future repair costs.
## **22 Analysis of net assets between funds**
|**Unrestricted**
**Funds**
**Designated**
**Fund -**
**property**
**reserve**
**Designated**
**Fund -**
**general**
**2022**
**2022**
**2022**
**£**
**£**
**£**
Fund balances at 31 October
2022 are represented by:
Tangible assets
228,591
-
-
Investments
94,649
-
-
Current assets/(liabilities)
(8,681)
15,000
7,250
Provisions and deferred income
(661)
-
-
313,898
15,000
7,250|**Total**
**2022**
**£**
228,591
94,649
13,569
(661)
336,148|**Total**
**2021**
**£**
205,670
-
202,135
(1,347)
406,458|
|---|---|---|
## **23 Related party transactions**
There were no disclosable related party transactions during the year (2021: None).
- 17 -
## **HEATHERSLAW MILL TRUST**
## **DETAILED INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 31 OCTOBER 2022**_
|**Donations and legacies**
Donations
Grants
Gift aid including tax repayment
Donations - designated
**Investment income**
Investment income and bank interest
**Incoming resources from charitable activities**
Admission tickets
Sales
Rents
**Other incoming resources**
Rates recovered
Scottish Power compensation
**Total incoming resources**
**Resources expended**
**Costs of generating funds**
**Fundraising trading : costs of goods sold**
Cost of sales
**Direct charitable activities**
Wages
Depreciation and amortisation
Bank charges
Heat and light
Property repairs and maintenance
Exhibition costs
Property repairs fund
**Balance Carried Forward**|**2022**
**£**
**£**
405
500
12,500
3,000
16,405
2,496
17,223
28,071
16,433
61,727
131
730
861
81,489
(17,261)
30,128
4,113
-
2,135
80,142
640
3,000
(120,158)
(55,930)|**£**
40
-
12,500
3,000
16,626
46,777
13,510
-
-
26,212
2,942
148
1,579
31,274
1,270
3,000|**2021**
**£**
15,540
5,500
76,913
-
97,953
(25,611)
(66,425)
5,917|
|---|---|---|---|
- 18 -
## **HEATHERSLAW MILL TRUST**
## **DETAILED INCOME AND EXPENDITURE ACCOUNT (CONTINUED)** _**FOR THE YEAR ENDED 31 OCTOBER 2022**_
|**Balance Brought Forward**
**Support costs**
Professional fees
Rent
Rates and insurances
Postage, stationery, advertising and telephone
General administration
**Deficit for the Year**|**2022**
**£**
**£**
(55,930)
1,144
10
5,849
1,805
221
(9,029)
**(70,310)**|**£**
2,290
10
5,819
608
327|**2021**
**£**
5,917
(9,054)
**(3,137)**|
|---|---|---|---|
- 19 -