2024-03-31-accounts - The Dunwich Community Heritage Centre

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Annual Report

and

Financial Statements

of

The Dunwich Community Heritage Centre Registered charity number 1200611

St James Street

Dunwich

Saxmundham

Suffolk IP17 3DT

For the period ended 31 March 2024 Prepared on the accruals accounting basis

THE DUNWICH COMMUNITY HERITAGE CENTRE

Registered Charity No. 1200611

Accredited Museum No. 592

Principal Address: Dunwich Museum St James Street Dunwich Saxmundham Suffolk IP17 3DT Trustees: Matthew Salusbury (Chairman) Katharine Chant (Curator) John Cary (Treasurer) Susanne Hardy Prof. David Sear Caroline Gay Way Independent Examiners: Ensors Blyth House Rendham Road Saxmundham Suffolk IP17 1WA Bankers: Co-Operative Bank 9–11 Queen Street Ipswich IP1 1SW Solicitors: Nicholsons 23 Alexandra Road Lowestoft NR32 1PP

THE DUNWICH COMMUNITY HERITAGE CENTRE

For the period ended 31 March 2024

INDEX

Trustees’ Annual Report Independent Examiner’s Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements	Page(s) 1 - 3 4 5 6 7 – 11

THE DUNWICH COMMUNITY HERITAGE CENTRE

TRUSTEES’ ANNUAL REPORT

For the period ended 31 March 2024

Chairman’s report

The background to this first report is the wish of the Trustees of the Dunwich Reading Room and Museum Charity (DRRM) to change their legal status to that of a Charitable Incorporated Organisation (CIO). Having established the new CIO charity in October of 2022 and having requested an extension to the first financial year of six months, 31[st] March 2024 becomes the end of our first accounting period. Between October 2022 and March 2024 we have been establishing new bank accounts and bedding in QuickBooks, our new accounting software ably supported by Ensors; our independent examining accountants. We have also been exploring the legal issues around transfer of property from DRRM to Dunwich Community Heritage Centre (DCHC).

We received no income during this period other than the first 50% of a grant from the National Lottery Heritage Fund to further develop plans for a new Reading Room. This project was set to run from October 2023 to December 2024 but we are exploring the possibility of an extension to March 2025. The total grant is forecast to be £83,852 and is currently set to be completed on budget.

During the 2024-25 year we will be establishing a membership scheme and continuing with the transfer of all assets from DRRM to DCHC. From 1[st] April 2024 there will be no further revenue or expenses activity through DRRM, and the DRRM Bank account and the CCLA investment management accounts will have been transferred to DCHC.

Matt Salusbury Chair of the Trustees

November 2024

THE DUNWICH COMMUNITY HERITAGE CENTRE

TRUSTEES’ ANNUAL REPORT (Continued)

For the period ended 31 March 2024

Aims and objectives

A reading room, library or lecture room for the education, recreation, entertainment or otherwise as may be found expedient for the benefit of the inhabitants of the parish of Dunwich.

Structure, governance and management

Governing document

The charity was first registered on 7 October 2022 and is controlled by its governing document, its Constitution, and constitutes a Charitable Incorporated Organisation, registered with The Charity Commission.

The charity is managed by its trustees who are appointed either from the local community with interest in preservation of the history of the surrounding area or through professional background and experience. The trustees meet regularly, usually bi-monthly, at the charity’s premises.

Trustees Matthew Salusbury (Chairman) Katharine Chant (Curator) John Cary (Treasurer) Susanne Hardy Prof. David Sear Caroline Gay Way

Principal sub-contractors

Jane Hamilton (Manager) Bethany Brookhouse (Associate Manager) Timothy Holt-Wilson (Archivist) Ann Donnachie (Accountant and Minutes Secretary)

Financial review

The total income for the first period was £41,926 and the total expenditure for the period was £16,446 this resulting in a net surplus for the period of £25,480.

The overall funds of the charity as at 31 March 2024 are £45,595 after accounting for the surplus of the year as above and a transfer from the existing Dunwich Reading Room & Museum charity. Restricted funds comprise £25,480 of the total funds held as at 31 March 2024.

The funds are represented entirely by cash at bank.

THE DUNWICH COMMUNITY HERITAGE CENTRE

TRUSTEES’ ANNUAL REPORT (Continued)

For the period ended 31 March 2024

Funds

Funds are divided into the unrestricted general fund , a fund for all general purposes which is not accounted for by any other fund and one restricted fund, The National Lottery Heritage Fund which is a 2 year grant fund for developing plans for the Reading Room .

Restricted Funds

There is no stipulation in the Constitution to provide or use restricted funds. Restricted funds are used to ‘ring-fence’ funding provided by donors or grantors for a particular project, so that a proper account can be kept of the expenditure against the funding provided. Once the project is completed and approved, any balances, whether negative or positive, are transferred across to the general fund. Restricted funds can be carried across a year end.

Reserves policy

The trustees regularly review the reserves of the charity and with investments of just over £115,000 and cash at bank of £47,000, there is considered adequate funds for the operation of the museum for the next year ahead.

Risk assessment

During the year, the charity trustees carried out a detailed review of its charitable activities and in that process assessed the potential for risks to the charity. As part of this process, the charity has a risk management strategy which covers: -

Financial Risks: this is the most common risk to be managed through budgeting, internal audit and proper financial procedures.
Reputational Risk: this would be unwelcome publicity which hinders the mission of the museum.
Statutory and legal requirements to cover health and safety, employment law, safeguarding and associated difficulties which could lead to compensation claims.
Operational Risk: threats to the ability of the museum to deliver its objectives.

The implementation of procedures designed to minimise any potential impact on the charity should any of those risks materialise, is documented with policies in place for Complaints, Data Protection, Health and Safety, School Safety, Access, Environmental Sustainability, Collections Development.

Approved on behalf of the Board of Trustees

Matt Salusbury Chairman

25[th] November 2024

INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF DUNWICH COMMUNITY HERITAGE CENTRE FOR THE PERIOD ENDED 31 MARCH 2024 report lo the members on my examinalion of the accounts of the Dunwich Community Heritage Centre for the period ended 31 March 2024. which are set out on pages 510 10. Responsibilities and basis of report As the charity's trustees you are responsible for the preparalion of the accounts in accordance with the requirements of the Charities Act 20111'the Act,). I report in respect of my examination of Ihe Charity's accounts carried out under section 145 of the 2011 Ad and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5llbl of the Act. Independent examlner's statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe Ihat, in any material respect.. the accounting records were nol kept in accordance with section 130 of the Act,. or the accounts did not accord with those accoljnting records,. or the accounts did not comply with the applicable accounting requirements concerning the form and contents 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 Gonneclion 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. Carl Page FCCA Ensors Accountants LLP Member of the Institute of Chartered Accountants in England and Wales (ICAEWI Blyth House Rendham Road Saxmundham Suffolk IP17 1WA

THE DUNWICH COMMUNITY HERITAGE CENTRE STATEMENT OF FINANCIAL ACTIVITIES

For the period ended 31 March 2024

Unrestricted £ ‐	Designated £ ‐	31 Mar 2024 Restricted Total £ £ 41,926 41,926	31 Mar 2024 Restricted Total £ £ 41,926 41,926
‐	‐	41,926	41,926
‐ ‐ 885		14,363 2,083 ‐	14,363 2,083 885
885	‐	16,446	17,331
(885) ‐	‐	25,480 ‐	24,595 ‐
(885) ‐ 21,000	‐	25,480 ‐ ‐	24,595 ‐ 21,000
20,115	‐	25,480	45,595

THE DUNWICH COMMUNITY HERITAGE CENTRE BALANCE SHEET

As at 31 March 2024

THE DUNWICH COMMUNITY HERITAGE CENTRE BALANCE SHEET As at 31 March 2024
Current Assets Debtors and prepayments Cash at bank Cash in hand Current Liabilities Creditors ‐ amounts falling due in one year Net Current Assets Total Net Assets Represented by: Funds Unrestricted General reserve Restricted National Lottery TWF Fund	Note 6 7	31‐Mar 2024 £ ‐ 47,516 ‐
		47,516 (1,921)
		45,595

		45,595
		20,115 25,480
		45,595

Approved by the Board on 25th November 2024 and signed on its behalf

Matt Salusbury Chairman

THE DUNWICH COMMUNITY HERITAGE CENTRE NOTES TO THE FINANCIAL STATEMENTS For the period ended 31 March 2024

1 ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice and in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) issued on 16 July 2014 and the Charities Act 2011.

In preparing the accounts, the trustees have considered whether in applying the accounting policies required by FRS 102 and the Charities SORP FRS 102 a restatement of comparative items was needed. No restatements were required.

The charity constitutes a public benefit entity as defined by FRS 102.

Preparation of accounts on a going concern basis

The assessment of the trustees is that the charity is a going concern.

Incoming resources

All incoming resources are included on the Statement of Financial Activities when the charity has sufficient certainty that receipt of the income is probable and the amount can be measured reliably. Income from investments is included on an accrual basis for the period which the income relates.

Volunteer help

The value of any voluntary help received is not included in the accounts but is described in the Trustee's Annual Report.

Outgoing resources

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party. It has been classified under headings that aggregate all costs related to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources. The charity is not registered for VAT and accordingly expenditure is shown gross of irrecoverable VAT. Grants offered subject to conditions which have not been met at the year end date are noted as commitment but not accrued as expenditure.

Tangible fixed assets

An asset is capitalised if costing more than £500. Depreciation is provided at these annual rates in order to write off the cost less residual value of each asset over its estimated useful life.

Land and buildings 0% straight line basis, Temporary buildings 10% straight line basis Plant and machinery 20% straight line basis Fixtures & fittings 20% straight line basis

Investments

Investments are stated at market value at the balance sheet date. The statement of financial activities includes the net gains and losses arising on the revaluations throughout the year.

Stock

Stocks are valued at the lower of cost or market value.

Taxation

The charity is exempt from tax on its charitable activities.

THE DUNWICH COMMUNITY HERITAGE CENTRE NOTES TO THE FINANCIAL STATEMENTS For the period ended 31 March 2024

1 ACCOUNTING POLICIES (CONTD)

Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not 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.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donors, or which have been raised by the charity for a particular purpose, or which are imposed by the scheme which governs the charity. The cost of raising and administering such funds is charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income and gains are allocated to the appropriate fund.

2 INCOMING RESOURCES

Unrestricted £ ‐ ‐ ‐ ‐	Designated £	Restricted £ ‐ ‐ 41,926 ‐	2024 Total £ ‐ ‐ 41,926 ‐
‐	‐	41,926	41,926

‐	‐	41,926	41,926

THE DUNWICH COMMUNITY HERITAGE CENTRE NOTES TO THE FINANCIAL STATEMENTS

For the period ended 31 March 2024

3 OUTGOING RESOURCES

Unrestricted £ ‐	Designated £	Restricted £ 14,363	2024 Total £ 14,363
‐	‐	14,363	14,363
‐ ‐ ‐ ‐ ‐		56 1,212 39 730 46	56 1,212 39 730 46
‐	‐	2,083	2,083
13 483 24 5 360		‐ ‐ ‐ ‐ ‐	13 483 24 5 360
885	‐	‐	885

885	‐	16,446	17,331

4 TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the period ended 31 March 2024.

Trustees' expenses

There were no trustees' expenses paid for the period ended 31 March 2024 other than reimbursement of charity expenditure paid personally.

5 STAFF COSTS

There were no direct staff costs for the period ended 31 March 2024. The managerial positions are fulfilled under freelance working.

THE DUNWICH COMMUNITY HERITAGE CENTRE NOTES TO THE FINANCIAL STATEMENTS

For the period ended 31 March 2024

6 CREDITORS

Unrestricted Funds £ 315 385	Unrestricted Funds £ 315 385	Unrestricted Funds £ 315 385		Restricted Funds £ ‐ 1,221	Restricted Funds £ ‐ 1,221		Total 2024 £ 315 1,606

		700			1,221		1,921
Balance b/fwd 01.04.2023 £ ‐			Net movements £ (885)			Transfers £ 21,000		Balance c/fwd 31.03.2024
								£ 20,115
‐				(885)		21,000		20,115
‐				25,480		‐		25,480
‐				25,480		‐		25,480

‐				24,595		21,000		45,595
				Resources expended £ 885		Gains and losses £ ‐		Movement
									in funds £ (885)
	‐			885			‐		(885)
	41,926			16,446			‐		25,480
	41,926			16,446			‐		25,480

THE DUNWICH COMMUNITY HERITAGE CENTRE NOTES TO THE FINANCIAL STATEMENTS

For the period ended 31 March 2024

8 RECONCILIATION OF FUNDS TO ASSETS

Tangible Fixed Assets £ ‐	Fixed Asset Investments £ ‐	Net Current Assets £ 20,115	Total Funds 31.03.2024 £ 20,115

‐	‐	20,115	20,115
		25,480	25,480
‐	‐	25,480	25,480

‐	‐	45,595	45,595