2025-10-31-accounts

Charity registration number 502433 (England and Wales)

HEATHERSLAW MILL TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

HEATHERSLAW MILL TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees	Lord Joicey
	R.E. Greenwood
	M. Cuddigan
	The Hon W Joicey	(Appointed 1 September 2025)
Charity number	502433
Principal address	The Estate Office
	Ford Village
	Berwick-upon-Tweed
	Northumberland
	TD15 2QA
Independent examiner	Roseanne Bennett 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 2025

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 principal 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 museum 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 2025

The trustees present their annual report and financial statements for the year ended 31 October 2025.

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, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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)".

Objectives and activities

The Heatherslaw Mill Trust (HMT) 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 HMT, 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 recruitment of a new, full time, Head Miller has provided the Mill with greater capacity going forward and Sue Turnbull stepped down as a part time Assistant Miller.

Admissions were down on 2023/24 from 5,603 to 3,690, which is unfortunately the continuation of a downward trend.

In the interim period between Head Millers some significant repairs were undertaken to the Mill Wheel. This work in the wheel pit also provided a safe access platform, which is an important H&S device for those working on the wheel. This was partly funded (£8K) by Ford & Etal Estates, which was a help to HMT. The Mill was also painted internally in 2024/25 (HMT cost), and the flour packing area was also upgraded for food hygiene reasons. These repairs have ‘stressed’ the accounts but were deemed necessary at the time and will provide enduring benefits for HMT.

Ford & Etal Estates also made the decision not to recharge the usual contribution towards public toilet maintenance, saving HMT £4,500.

The year’s droughty conditions meant that HMT was unable to mill using water power for most of the year.

Matthew Rawlins offered his time to dress the mill stones with the Head Miller.

Sheila Connell (Assistant Miller) and her partner Brian offered their time to service the flour sifter, which has enabled HMT to start producing white flour again. This new product line has garnered lots of interest from customers.

Reserves policy

The trustees have reviewed the reserves of the HMT and have considered the nature of the income and expenditure streams. They consider that the reserves held are sufficient and necessary to allow the HMT to fulfil its objectives. The level of reserves held is shown in notes 18, 19 and 20 to these accounts.

Financial review

The attached financial statements show the current state of finances which the trustees consider to be adequate to allow the HMT to continue to fulfil its objectives.

Risk assessment

The trustees have assessed the major risks to which the HMT is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

• 2 -

HEATHERSLAW MILL TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025

Structure, governance and management

The HMT 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 The Hon W Joicey (Appointed 1 September 2025)

New Charitable Incorporated Organisation (CIO) structure

As stated above, the HMT is presently governed by a charitable Trust Deed created in 1973. However, since then, changes in law, regulations and governance standards has made the operation of the HMT, having unlimited liability, potentially more onerous for trustees.

Therefore, on 1 September 2025 the Heatherslaw Mill Trust CIO (the CIO) was registered by the Charity Commission with the number 1214747 with the intention of providing greater security to the trustees of the charity.

Consequently, the trustees have agreed and resolved to close the current unincorporated charity of the Heatherslaw Mill Trust (registered number 502433) and to transfer all of the Trust's assets into the new CIO (registered number 1214747) at a date to be agreed once accounts are complete, all pre-conditions have been met and all enquiries from the Charity Commission are agreed and settled. In all other respects the governance and activities of the new CIO will remain unchanged.

Statement of trustees' responsibilities

The trustees are responsible for preparing the Trustees' Report and the accounts 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 accounts 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 accounts, 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 accounts; and

• prepare the accounts 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 accounts 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: 19 January 2026

• 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 2025.

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.

Roseanne Bennett FCA

17 Walkergate Berwick-upon-Tweed Northumberland TD15 1DJ

Dated: 19 January 2026

• 4 -

HEATHERSLAW MILL TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 OCTOBER 2025

Current financial year Unrestricted Designated Designated funds funds funds general property reserve general 2025 2025 2025 Notes £ £ £ Income from: Donations and legacies 3 18,625 3,000 - Income from charitable activities 4 52,725 - - Investments 5 2,898 - - Total income 74,248 3,000 - Expenditure on: Raising funds 6 18,196 - - Charitable activities 7 72,648 - - Total resources expended 90,844 - - Net gains/(losses) on investments 10 (1,628) - - Net (outgoing)/incoming resources before transfers (18,224) 3,000 - Gross transfers between funds 7,250 - (7,250) Net movement in funds (10,974) 3,000 (7,250) Fund balances at 1 November 2024 309,564 21,000 7,250 Fund balances at 31 October 2025 298,590 24,000 -	Total 2025 £ 21,625 52,725 2,898 77,248 18,196 72,648 90,844 (1,628) (15,224) - (15,224) 337,814 322,590	Total 2024 £ 15,750 58,561 2,830
		77,141
		15,321
		71,615
		86,936
		10,313
		518 -
		518 337,296
		337,814

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 2025

Prior financial year

Unrestricted Designated Designated funds funds funds general property reserve general 2024 2024 2024 Notes £ £ £ Income from: Donations and legacies 3 12,750 3,000 - Income from charitable activities 4 58,561 - - Investments 5 2,830 - - Total income 74,141 3,000 - Expenditure on: Raising funds 6 15,321 - - Charitable activities 7 71,615 - - Total resources expended 86,936 - - Net gains/(losses) on investments 10 10,313 - - Net (outgoing)/incoming resources before transfers (2,482) 3,000 - Net movement in funds (2,482) 3,000 - Fund balances at 1 November 2023 312,046 18,000 7,250 Fund balances at 31 October 2024 309,564 21,000 7,250	Total 2024 £ 15,750 58,561 2,830
	77,141
	15,321
	71,615
	86,936
	10,313
	518
	518 337,296
	337,814

• 6 -

HEATHERSLAW MILL TRUST

BALANCE SHEET

AS AT 31 OCTOBER 2025

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 Income funds Designated funds - general 18 Designated funds - property reserve 19 Unrestricted funds - general	2025 £ 4,513 8,564 2,149 15,226 (10,769)	£ 216,003 102,130 318,133 4,457 322,590 - 24,000 298,590 322,590	2024 £ 5,561 5,573 11,459 22,593 (7,839)	£ 219,302 103,758
				323,060 14,754
				337,814
				7,250 21,000 309,564
				337,814

The accounts were approved by the Trustees on 19 January 2026

Lord Joicey Trustee

• 7 -

HEATHERSLAW MILL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

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" 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)". 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 2025

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 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 2025

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 2025

3 Donations and legacies

Unrestricted Unrestricted funds funds general designated £ £ Donations and gifts - 3,000 Grants 500 - Gift aid including tax repayment 18,125 - 18,625 3,000 For the year ended 31 October 2024 12,750 3,000	Total 2025 £ 3,000 500 18,125 21,625	Total 2024 £ 3,250 - 12,500
		15,750
		15,750

4 Income from charitable activities

Admission tickets Sales Rents Events	2025 £ 12,383 25,541 14,059 742 52,725	2024 £ 17,968 25,943 14,050 600
		58,561

5 Investments

	Unrestricted	Total
	funds
	general
	2025	2024
	£	£
Investment income and bank interest	2,898	2,830

• 11 -

HEATHERSLAW MILL TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025

6 Raising funds

Costs of generating funds Fundraising trading: costs of goods sold	2025 £ 18,196 18,196	2024 £ 15,321
		15,321

7 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 8)	2025 £ 34,817 3,300 3,467 15,235 195 3,000 60,014 12,634 72,648	2024 £ 32,370 4,195 4,644 19,236 240 3,000
		63,685 7,930
		71,615

8 Support costs

Support costs Governance costs £ £ Legal and professional - 5,968 Rent - 10 Rates and insurances - 5,570 Postage, stationery, advertising and telephone - 456 General administration expenses - 501 Bank charges - 129 - 12,634 Analysed between Charitable activities - 12,634	2025 £ 5,968 10 5,570 456 501 129 12,634 12,634	2024 £ - 10 6,574 576 646 124
		7,930
		7,930

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HEATHERSLAW MILL TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025

9 Employees

Number of employees

The average monthly number of employees during the year was:

	2025	2024
	Number	Number
Part time	1	2
Full time	1	-
	2	2
Employment costs	2025	2024
	£	£
Wages and salaries	33,731	30,514
Social security costs	19	1,566
Other pension costs	1,067	290
	34,817	32,370

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

10 Net gains/(losses) on investments

	Unrestricted Unrestricted	Unrestricted Unrestricted
	funds	funds
	general	general
	2025	2024
	£	£
Revaluation of investments	(1,628)	10,313

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 (2024: £Nil).

No reimbursement of expenses has been made or is due to be made to any of the trustees in respect of the year (2024: £Nil).

12 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

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HEATHERSLAW MILL TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 OCTOBER 2025

13	Tangible fixed assets
		Property	Equipment	Fixtures and	Total
		improvements		fittings
		£	£	£	£
	Cost
	At 1 November 2024	197,663	35,976	9,255	242,894
	At 31 October 2025	197,663	35,976	9,255	242,894
	Depreciation and impairment
	At 1 November 2024	-	14,600	8,992	23,592
	Depreciation charged in the year	-	3,093	206	3,299
	At 31 October 2025	-	17,693	9,198	26,891
	Carrying amount
	At 31 October 2025	197,663	18,283	57	216,003
	At 31 October 2024	197,663	21,376	263	219,302
14	Fixed asset investments
					Listed
					investments
					£
	Cost or valuation
	At 1 November 2024				103,758
	Valuation changes				(1,628)
	At 31 October 2025				102,130
	Carrying amount
	At 31 October 2025				102,130
	At 31 October 2024				103,758
15	Stocks
				2025	2024
				£	£
	Raw materials and consumables			4,513	5,561

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HEATHERSLAW MILL TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025

16 Debtors Amounts falling due within one year: Trade debtors Prepayments and accrued income 17 Creditors: amounts falling due within one year Trade creditors	2025 £ 5,135 3,429 8,564 2025 £ 10,769	2024 £ 2,691 2,882
		5,573
		2024 £ 7,839

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HEATHERSLAW MILL TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025

18 Designated funds - general

	At 1 November	Transfers At 31 October	Transfers At 31 October
	2024		2025
	£	£	£
Designated funds - general	7,250	(7,250)	-
Previous year:	At 1 November	Transfers At 31 October
	2023		2024
	£	£	£
Designated funds - general	7,250	-	7,250

The Designated fund - general is an unrestricted fund that has was previously set aside by the trustees for particular purposes.

However, in preparation for moving to a new Charitable Incorporated Organisation (CIO) structure the trustees decided to simplify the number of funds being held by the charity. Therefore, a transfer of £7,500 from the Designated fund - general to Unrestricted general funds was carried during the year.

19 Designated funds - property reserve

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	2025
	2024
	£	£	£
Property reserve	21,000	3,000	24,000
Previous year:	At 1	Incoming	At 31 October
	November	resources	2024
	2023
	£	£	£
Property reserve	18,000	3,000	21,000

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

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HEATHERSLAW MILL TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025

20 Unrestricted funds

At 1 November 2024 Incoming resources Resources expended Transfers Gains and losses At 31 £ £ £ £ £ General funds 309,564 74,248 (90,844) 7,250 (1,628) Previous year: At 1 November 2023 Incoming resources Resources expended Transfers Gains and losses At 31 £ £ £ £ £ General funds 312,046 74,141 (86,936) - 10,313	October 2025 £ 298,590
	October 2024 £ 309,564

21 Analysis of net assets between funds

Unrestricted Funds Designated Fund - property reserve Designated Fund - general 2025 2025 2025 £ £ £ Fund balances at 31 October 2025 are represented by: Tangible assets 216,003 - - Investments 102,130 - - Current assets/(liabilities) (19,543) 24,000 - 298,590 24,000 -	Total 2025 £ 216,003 102,130 4,457 322,590	Total 2024 £ 219,302 103,758 14,754
		337,814

22 Related party transactions

There were no disclosable related party transactions during the year (2024: None).

23 Post balance sheet events

Following discussions amongst the trustees, it was clear that the present charity structure of the Heatherslaw Mill Trust would be better suited as a new Charitable Incorporated Organisation (CIO).

Therefore, on 1 September 2025 the trustees registered a new CIO with the Charity Commission under the name Heatherslaw Mill Trust CIO, with the charity number 1214747.

As a result of creating this new CIO, all of the assets and liabilities of the unincorporated Heatherslaw Mill Trust will be transferred and passed to the new Heatherslaw Mill Trust CIO at a date to be agreed once accounts are complete, all pre-conditions have been met and all enquiries from the Charity Commission have been agreed and settled. The transfer will take place under the merger accounting regime. Therefore, this set of accounts will be the last produced for the unincorporated Heatherslaw Mill Trust numbered 502433.

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HEATHERSLAW MILL TRUST

DETAILED INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 OCTOBER 2025

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 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	2025 £ £ - 500 18,125 3,000 21,625 2,898 12,383 25,541 14,059 742 52,725 77,248 (18,196) 34,817 3,300 3,467 15,235 195 3,000 (60,014) (962)	2024 £ £ 250 - 12,500 3,000 15,750 2,830 17,968 25,943 14,050 600 58,561 77,141 (15,321) 32,370 4,195 4,644 19,236 240 3,000 (63,685) (1,865)

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HEATHERSLAW MILL TRUST

DETAILED INCOME AND EXPENDITURE ACCOUNT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025

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 (Deficit)/Surplus for the Year	2025 £ £ (962) 5,968 10 5,570 456 501 129 (12,634) (1,628) (15,224)	£ - 10 6,574 576 646 124	2024 £ (1,865) (7,930) 10,313 518

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