2023-10-31-accounts

Charity registration number 502433

HEATHERSLAW MILL TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

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	Handelsbanken
	Austin House
	Sanderson Arcade
	Morpeth
	NE61 1NS
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 2023

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 2023

The trustees present their annual report and financial statements for the year ended 31 October 2023.

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 2023 was again difficult for the Mill, with low water levels and restricted milling.

New sets of mill stones were successfully installed during February and March 2023.

Admission numbers were overall disappointing, although April 2023 was exceptional when free admission was offered and water levels were high, resulting in good milling conditions. After April, normal charges resumed which coincided with low water levels and poor milling conditions, thus lower visitor numbers.

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 19, 20 and 21 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 2023

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: 22 January 2024

• 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 2023.

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: 22 January 2024

• 4 -

HEATHERSLAW MILL TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 OCTOBER 2023

Current financial year Unrestricted Designated Designated funds funds funds general property reserve general 2023 2023 2023 Notes £ £ £ Income and endowments from: Donations and legacies 3 13,025 3,000 - Income from charitable activities 4 65,979 - - Investments 5 2,808 - - Other income 6 - - - Total income 81,812 3,000 - Expenditure on: Raising funds 7 14,584 - - Charitable activities 8 67,877 - - Total resources expended 82,461 - - Net gains/(losses) on investments 10 (1,203) - - Net movement in funds (1,852) 3,000 - Fund balances at 1 November 2022 313,898 15,000 7,250 Fund balances at 31 October 2023 312,046 18,000 7,250	Total 2023 £ 16,025 65,979 2,808 - 84,812 14,584 67,877 82,461 (1,203) 1,148 336,148 337,296	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

The statement of financial activities includes all gains and losses recognised in the year.

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 2023

Prior 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 10 (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

• 6 -

HEATHERSLAW MILL TRUST

BALANCE SHEET

AS AT 31 OCTOBER 2023

Notes Fixed assets Tangible assets 13 Investments 14 Current assets Stocks 15 Debtors 16 Cash at bank and in hand Creditors: amounts falling due within one year 17 Net current assets Total assets less current liabilities Deferred income 18 Net assets Income funds Designated funds - general 19 Designated funds - property reserve 21 Unrestricted funds - general	2023 £ 7,422 11,373 7,903 26,698 (5,674)	£ 222,980 93,445 316,425 21,024 337,449 (153) 337,296 7,250 18,000 312,046 337,296	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

The accounts were approved by the Trustees on 22 January 2024

Lord Joicey Trustee

• 7 -

HEATHERSLAW MILL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

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 2023

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 2023

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 2023

3 Donations and legacies

Unrestricted Unrestricted Total funds funds 2023 general designated £ £ £ Donations and gifts 25 3,000 3,025 Grants 500 - 500 Gift aid including tax repayment 12,500 - 12,500 13,025 3,000 16,025 For the year ended 31 October 2022 13,405 3,000 4 Income from charitable activities 2023 £ Admission tickets 18,089 Sales 29,814 Rents 17,501 Events 575 65,979 5 Investments Unrestricted funds general 2023 £ Investment income and bank interest 2,808 6 Other income Total 2023 £ Rates recovered - Scottish Power compensation - -	Total 2022 £ 3,405 500 12,500
	16,405
	16,405
	2022 £ 17,223 28,071 16,433 -
	61,727
	Total 2022 £ 2,496
	Total 2022 £ 131 730
	861

• 11 -

HEATHERSLAW MILL TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023

7 Raising funds

Costs of generating funds Fundraising trading: costs of goods sold Charitable activities Staff costs Depreciation and impairment Heat and light Property repairs and maintenance Exhibition costs Flood damage sinking fund Share of governance costs (see note 9)		2023 £ 14,584 14,584 2023 £ 32,100 5,103 2,591 15,867 719 3,000 59,380 8,497 67,877	2022 £ 17,261
			17,261
			2022 £ 30,128 4,113 2,135 80,142 640 3,000
			120,158 9,029
			129,187

8 Charitable activities

9 Support costs

Legal and professional Rent Rates and insurances Postage, stationery, advertising and telephone General administration expenses Bank charges Analysed between Charitable activities	Support costs Governance costs £ £ - - - 10 - 6,934 - 754 - 736 - 63 - 8,497 - 8,497	2023 £ - 10 6,934 754 736 63 8,497 8,497	2022 £ 1,144 10 5,849 1,805 221 -
			9,029
			9,029

• 12 -

HEATHERSLAW MILL TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023

10 Net gains/(losses) on investments

	Unrestricted Unrestricted	Unrestricted Unrestricted
	funds	funds
	general	general
	2023	2022
	£	£
Revaluation of investments	(1,203)	(5,351)

11 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 (2022: £Nil).

No reimbursement of expenses has been made or is due to be made to any of the trustees in respect of the year (2022: £Nil).

12 Employees

Number of employees

The average monthly number of employees during the year was:

	2023	2022
	Number	Number
Part time	2	3
Full time	1	1
	3	4
Employment costs	2023	2022
	£	£
Wages and salaries	30,377	27,781
Social security costs	1,467	1,348
Other pension costs	256	599
Training	-	400
	32,100	30,128

There were no employees whose annual remuneration was £60,000 or more.

• 13 -

HEATHERSLAW MILL TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023

13 Tangible fixed assets Property improvements £ Cost At 1 November 2022 197,663 Disposals - At 31 October 2023 197,663 Depreciation and impairment At 1 November 2022 - Depreciation charged in the year - Eliminated in respect of disposals - At 31 October 2023 - Carrying amount At 31 October 2023 197,663 At 31 October 2022 197,663 14 Fixed asset investments	Website Equipment Fixtures and fittings £ £ £ 1,808 60,048 37,238 (1,808) (24,742) (27,983) - 35,306 9,255 1,808 30,998 35,360 - 4,289 1,322 (1,808) (24,742) (27,983) - 10,545 8,699 - 24,761 556 - 29,050 1,878	Total £ 296,757 (54,533) 242,224 68,166 5,611 (54,533) 19,244 222,980 228,591

			Listed
			investments
			£
	Cost or valuation
	At 1 November 2022		94,649
	Valuation changes		(1,204)
	At 31 October 2023		93,445
	Carrying amount
	At 31 October 2023		93,445
	At 31 October 2022		94,649
15	Stocks
		2023	2022
		£	£
	Raw materials and consumables	7,422	6,766

• 14 -

HEATHERSLAW MILL TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023

16 Debtors

Amounts falling due within one year: Trade debtors Prepayments and accrued income 17 Creditors: amounts falling due within one year Trade creditors Other creditors 18 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 2022 Released from previous periods Deferred income at 31 October 2023	2023 £ 7,545 3,828 11,373 2023 £ 5,424 250 5,674 2023 £ - 153 153 2023 £ 153 661 (508) 153	2022 £ 7,948 3,336 11,284 2022 £ 8,005 250 8,255 2022 £ 63 598 661 2022 £ 661 1,347 (686) 661

• 15 -

HEATHERSLAW MILL TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023

19 Designated funds - general

	At 1 November	At 31 October
	2022	2023
	£	£
Designated funds - general	7,250	7,250
Previous year:	At 1 November	At 31 October
	2021	2022
	£	£
Designated funds - general	7,250	7,250

The designated fund - general is an unrestricted fund that has been set aside by the trustees for particular purposes.

20 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:

	At 1	Incoming	At 31 October
	November	resources	2023
	2022
	£	£	£
Property reserve	15,000	3,000	18,000
Previous year:	At 1	Incoming	At 31 October
	November	resources	2022
	2021
	£	£	£
Property reserve	12,000	3,000	15,000

The property reserve fund is a designated fund with monies put aside to cover future repair costs.

• 16 -

HEATHERSLAW MILL TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023

21 Unrestricted funds

At 1 November 2022 Incoming resources Resources expended Gains and losses At 31 £ £ £ £ General funds 313,898 81,812 (82,461) (1,203) Previous year: At 1 November 2021 Incoming resources Resources expended Gains and losses At 31 £ £ £ £ General funds 387,208 78,489 (146,448) (5,351) Analysis of net assets between funds Unrestricted Funds Designated Fund - property reserve Designated Fund - general Total 2023 2023 2023 2023 £ £ £ £ Fund balances at 31 October 2023 are represented by: Tangible assets 222,980 - - 222,980 Investments 93,445 - - 93,445 Current assets/(liabilities) (4,226) 18,000 7,250 21,024 Provisions and deferred income (153) - - (153) 312,046 18,000 7,250 337,296

October 2023 £ 312,046 October 2022 £ 313,898 Total 2022 £ 228,591 94,649 13,569 (661) 336,148

22 Analysis of net assets between funds

23 Related party transactions

There were no disclosable related party transactions during the year (2022: None).

• 17 -

HEATHERSLAW MILL TRUST

DETAILED INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 OCTOBER 2023

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 Events 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 Heat and light Property repairs and maintenance Exhibition costs Property repairs fund Balance Carried Forward	£ 25 500 12,500 3,000 18,089 29,814 17,501 575 - - 32,100 5,103 2,591 15,867 719 3,000	2023 £ 16,025 2,808 65,979 - 84,812 (14,584) (59,380) 10,848	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)

• 18 -

HEATHERSLAW MILL TRUST

DETAILED INCOME AND EXPENDITURE ACCOUNT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023

Balance Brought Forward Support costs Professional fees Rent Rates and insurances Postage, stationery, advertising and telephone General administration Bank charges Profit/ Loss on Investments Revaluation of investments Surplus/(Deficit) for the Year	£ - 10 6,934 754 736 63	2023 £ 10,848 (8,497) (1,203) 1,148	2022 £ £ (55,930) 1,144 10 5,849 1,805 221 - (9,029) (5,351) (70,310)

• 19 -