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2023-12-31-accounts

REGISTERED CHARITY NUMBER: 206294

THE DUNWICH TOWN TRUST

REPORT OF THE TRUSTEES

AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

THE DUNWICH TOWN TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023

CONTENTS

Page
Report of the Trustees 1 - 6
Independent Examiner’s Report 7
Statement of Financial Activities 8
Balance Sheet 9
Notes to the Financial Statements 10 - 18

THE DUNWICH TOWN TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023

The trustees present their report with the financial statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 206294

Principal Address:

St Patrick’s Chediston Halesworth Suffolk IP19 0AT

Independent Examiner

Mr Carl Page Ensors Accountants LLP Blyth House Rendham Road Saxmundham Suffolk IP17 1WA

Bankers

Barclays Bank plc 36 Thoroughfare Halesworth Suffolk IP19 8LF

Trustees: nominated: Dr D Cox (Chairperson from 01/01/2024) Ms G Schacke-Andersen (Chairperson until 31/12/2023) Mr R Smith Ms K Hamilton Mr H Tomlinson Mr J Perry Mrs V Bethell co-opted: Mr N Barham (co-opted 13/03/2023) Ms S Earp (co-opted 13/03/2023) Officers: Mrs J Davison-Wilson (Clerk from 01/01/2023) Mr J Dawson (Bookkeeper from 01/01/2023)

1

THE DUNWICH TOWN TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023

REFERENCE AND ADMINISTRATIVE DETAILS - continued

Solicitors

Nicholsons 23 Alexandra Road Lowestoft Suffolk NR32 1PP

Property Agent

Clarke & Simpson Well Close Square Framlingham Suffolk IP13 9DU

COMMENCEMENT OF ACTIVITIES

The Dunwich Town Trust was formed under a Charity Commission Scheme in 1889 to administer the property of the dissolved Corporation of Dunwich. The Pension Charity was founded in 1899 under a separate Charity Commission Scheme to administer the endowments of a charity known as The Hospital of St James and The Maison Dieu. Since then, there have been several revisions to both Schemes culminating in the current Scheme, dated 1 January 2010, which amalgamated the above two charities maintaining the original Pension Charity as a restricted fund.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes an unincorporated charity.

Recruitment and appointment of Trustees

In accordance with the Charity’s governing document, seven trustees are appointed by the Dunwich Parish Meeting at meetings held according to the ordinary practice of that body; and two trustees are co-opted at special meetings of the trustees. All trustees serve for a term of three years. The trustees who have served during the year are set out on page 1.

Risk management

The Trustees have a duty to identify and review the risks to which the Charity is exposed and to ensure that the appropriate controls are in place to provide reasonable assurance against fraud and error.

OBJECTIVES AND ACTIVITIES

Charitable objectives

2

THE DUNWICH TOWN TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023

Charitable activities

The charitable activities include awarding grants to institutions or individuals for purposes which benefit the community of Dunwich as a whole.

A restricted fund awards grants to individuals in need and the elderly for a range of purposes from provision of care alarms to help with tertiary education expenses, emergency problems in the home and help with fuel costs; and makes grants of money to other bodies who provide assistance to those in need.

Object of the restricted fund

The income from the restricted fund is to be applied for the following objects:

Trustees to act jointly

Use of income and capital - the restricted fund

Use of income and capital - the unrestricted fund

3

THE DUNWICH TOWN TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023

Questions relating to the Scheme

The Commission may decide any question put to it concerning:

ACHIEVEMENT AND PERFORMANCE

Governance

Ms G Schacke-Andersen was elected Chairperson with effect from 1 January 2023 taking over from Ms N Mayo who stepped down at 31 December 2022; Mr J Dawson was appointed to the role of Treasurer and Bookkeeper taking over from Mrs N Kinahan who stepped down at 31 December 2022; Dr D Cox stepped into the role of Vice Chairperson (and latterly post the year end date has been appointed Chairperson in January 2024). All policies and risk assessments were reviewed. In December 2023, the charity trustees sought advice from Chris Priestley, Partner and Head of Charities and Philanthropy at Withers LLP in order to ensure that they understand the charitable obligations regarding the two different funds managed by the charity. The Trust remains registered with the Information Commissioner’s Office.

Meetings

Meetings have been held bi-monthly during the year in the Dunwich Reading Room and reports provided to the Parish Meeting. Zoom meeting capacity was made available for those unable to attend in person. The charity also had a table at the Dunwich Fun Day which most of the trustees attended which gave opportunity to talk to the villagers promoting its very existence and about the work that the charity does.

Housing

Maintenance on all properties was ongoing throughout the year including painting, plumbing, electrical and insulation repairs as well as other safety work and necessary checks.

Grants

Twenty-three Winter grants were awarded in the year. In November 2023, the trustees offered Winter grants to those aged over 80 as well as to others who were identified as being in need. The trustees were made aware that one or two recipients passed their grant on to other charities. The trustees will continue to refine the system and in 2024 will ask potential grant recipients if they would benefit from such a grant before any transfer of funds is made.

In addition, grants were made to Citizens Advice East Suffolk, Dunwich Jubilee Committee towards a Jubilee Fun Day, Dunwich Parish Meetings were awarded a Coronation bench for the village whilst Dunwich Museum was awarded a grant for Coronation mugs for the children of the village. An education support grant was awarded for tertiary education to a Dunwich resident.

4

THE DUNWICH TOWN TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023

Other activities

The trust continues to liaise with Suffolk Wildlife Trust to maintain Gallows Field. The palling fence along the cliff base was repaired and extensive beach car park repairs were made. The trust had a display at the Jubilee Committee Fun Day on 24 June 2023 showing maps of the land the trust owns and photographs and names of the trustees, most of the trustees attended the event to answer questions on the work of Dunwich Town Trust.

Treasury

Overall annual income from domestic rents continued to account for over 80% of the total income of the charity. The restricted fund’s main source of income continued to be rental income from its assets. Surplus funds from both the unrestricted and restricted current accounts remain invested in the respective COIF investment accounts, in line with the reserves policy.

Unrestricted Funds

As part of its continuous review of financing future projects and making prudent provision for adverse conditions, the trustees have allocated the following designated funds for the 2023 year:

£
General Reserve 181,839
Capital Fund 1,842,447
Flood Protection Fund 100,000
Property Renovation Fund 50,000
Total Funds 2,174,286

Restricted Funds

As part of its continuous review of financing projects and making prudent provision for adverse conditions, the trustees have allocated the following designated funds for the 2023 year:

£
General Reserve 42,720
Capital Fund 465,000
Inundation Fund 1,210,797
Total Funds 1,718,517
ALL FUNDS 3,892,803
nrestricted Grants expended
£
Dunwich Reading Room and Museum – Coronation mugs for village children 2,500
Dunwich Parish Meeting – Coronation bench for the village 660
Dunwich Jubilee Committee – donation towards Coronation fun day 1,400
Total 4,560
estricted Grants expended
£
Contact Care Alarms 1,570
Winter Grants 12,300
General Relief 3,950
Education 3,250
Total 21,070

Unrestricted Grants expended

Restricted Grants expended

5

THE DUNWICH TOWN TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023

FINANCIAL REVIEW

Reserves policy

Grant making policy

The charity will receive applications from individuals and institutions in the parish of Dunwich and adjoining parishes if they are for the general benefit of the people of Dunwich or for the relief of distress of individuals. Decisions relating to grants are at the absolute discretion of the trustees.

Investment policy and objectives

There are no restrictions on the charity’s power to invest. The investment strategy is set by the trustees and takes account of recent demands for funds. The trustees also consider the income requirements.

Post year end events and circumstances

In the cost-of-living crisis that the country is experiencing, the trustees have considered whether any further risks exist to the Trust’s ability to continue as a going concern. Given the levels of investment held alongside the investment property, it is the trustees’ view that the Trust is well placed to function throughout these difficult economic times and that the Trust continues as a going concern.

On BEHALF OF THE BOARD

Dr D Cox Chairperson

Date: 31/10/2024

On behalf of the Board of Trustees

6

INDEPENDENT EXAMINER'S REPORTTO THE DUNWICH TOWN TRUST FOR THE YEAR ENDED 31 DECEMBER 2023 I report to the members on my examination of the accounts of the Dunwich Town Trust for the year ended 31 December 2023. Responsibilities and basis of report As members of the Dunwich Town Trust, you are responsible for the preparation of the accounts in accordance with the Charities Act 20111'the Art'l. 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 14515llbl of the Act. Independent examinerfs 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 that in, any material respect.. the accounting records were not kept in accordance with section 130 of the Act: or the accour7ts did not accord with those accounting records,. or the accounts did not comply with the applicable requirements concerning the form and contents of accounts set out in the Charities (Accounts and Reports) Regulations 2Th)8 other than any requirement that the accounts give a 'true and fair, view which 15 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 re ched. Carl Page FCCA Ensors Accountants LLP Member of the Institute of Chartered Accountants in England and Wales 81yth House Rendham Road Saxmundham Suffolk IP17 IWA

DUNWICH TOWN TRUST STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR THE YEAR ENDED 31 DECEMBER 20 23
2023 2022
Unrestricted Restricted Total Total
Notes Funds Funds Funds Funds
£ £ £ £
INCOME
Income and endowments from:
Charitable activities 2 61,346 36,500 97,846 92,532
Investments 3 5,630 13,400 19,030 18,549
Total 66,976 49,900 116,876 111,081
EXPENDITURE
Expenditure on:
Charitable activities
Investment management costs 4 37,855 6,318 44,173 43,432
Grants payable 5 4,560 21,070 25,630 28,344
Management and administration 6 5,328 5,328 10,656 8,993
Total 47,743 32,716 80,459 80,769
Net income/(expenditure) 19,233 17,184 36,417 30,312
Other recognised gains/losses
Gains/losses on investment assets 17,260 120,635 137,895 (146,434)
Net movement in funds 36,493 137,819 174,312 (116,122)
Transfers ‐ ‐ ‐ ‐
Total funds brought forward 2,137,793 1,580,698 3,718,491 3,834,613
TOTAL FUNDS CARRIED FORWARD 2,174,286 1,718,517 3,892,803 3,718,491

The notes on pages 10 to 18 form part of the financial statements.

8

DUNWICH TOWN TRUST BALANCE SHEET

AT 31 DECEMBER 2023

2023
2022
Unrestricted
Restricted
Total
Total
Notes
Funds
Funds
Funds
Funds
£
£
£
£
FIXED ASSETS
Tangible assets
10
‐
‐
‐
‐
Investments
Investment property
11
1,887,000
465,000
2,352,000
2,352,000
Programme related investments
12
205,093
1,210,797
1,415,890
1,277,995
2,092,093
1,675,797
3,767,890
3,629,995
CURRENT ASSETS
Debtors: amounts falling due in
one year
13
13,195
14,436
27,631
7,132
Cash at bank
86,361
37,685
124,046
87,195
99,556
52,121
151,677
94,327
CREDITORS
Amounts falling due in one year
14
(17,363)
(9,401)
(26,764)
(5,831)
NET CURRENT ASSETS
82,193
42,720
124,913
88,496
TOTAL ASSETS LESS CURRENT
LIABILITIES
2,174,286
1,718,517
3,892,803
3,718,491
NET ASSETS
2,174,286
1,718,517
3,892,803
3,718,491
FUNDS
Unrestricted funds
15
2,174,286
2,137,793
Restricted funds
1,718,517
1,580,698
3,892,803
3,718,491		 2023
2022
Unrestricted
Restricted
Total
Total
Notes
Funds
Funds
Funds
Funds
£
£
£
£
FIXED ASSETS
Tangible assets
10
‐
‐
‐
‐
Investments
Investment property
11
1,887,000
465,000
2,352,000
2,352,000
Programme related investments
12
205,093
1,210,797
1,415,890
1,277,995
2,092,093
1,675,797
3,767,890
3,629,995
CURRENT ASSETS
Debtors: amounts falling due in
one year
13
13,195
14,436
27,631
7,132
Cash at bank
86,361
37,685
124,046
87,195
99,556
52,121
151,677
94,327
CREDITORS
Amounts falling due in one year
14
(17,363)
(9,401)
(26,764)
(5,831)
NET CURRENT ASSETS
82,193
42,720
124,913
88,496
TOTAL ASSETS LESS CURRENT
LIABILITIES
2,174,286
1,718,517
3,892,803
3,718,491
NET ASSETS
2,174,286
1,718,517
3,892,803
3,718,491
FUNDS
Unrestricted funds
15
2,174,286
2,137,793
Restricted funds
1,718,517
1,580,698
3,892,803
3,718,491		 2023
2022
Unrestricted
Restricted
Total
Total
Notes
Funds
Funds
Funds
Funds
£
£
£
£
FIXED ASSETS
Tangible assets
10
‐
‐
‐
‐
Investments
Investment property
11
1,887,000
465,000
2,352,000
2,352,000
Programme related investments
12
205,093
1,210,797
1,415,890
1,277,995
2,092,093
1,675,797
3,767,890
3,629,995
CURRENT ASSETS
Debtors: amounts falling due in
one year
13
13,195
14,436
27,631
7,132
Cash at bank
86,361
37,685
124,046
87,195
99,556
52,121
151,677
94,327
CREDITORS
Amounts falling due in one year
14
(17,363)
(9,401)
(26,764)
(5,831)
NET CURRENT ASSETS
82,193
42,720
124,913
88,496
TOTAL ASSETS LESS CURRENT
LIABILITIES
2,174,286
1,718,517
3,892,803
3,718,491
NET ASSETS
2,174,286
1,718,517
3,892,803
3,718,491
FUNDS
Unrestricted funds
15
2,174,286
2,137,793
Restricted funds
1,718,517
1,580,698
3,892,803
3,718,491
82,193
42,720
124,913
88,496
2,174,286
1,718,517		 3,892,803
3,718,491
2,174,286
1,718,517		 3,892,803
3,718,491
2,174,286
2,137,793
1,718,517
1,580,698
3,892,803
3,718,491

The financial statements were approved by the Board of Trustees on 31/10/2024 and were signed on its behalf:‐

Dr D Cox

Trustee

The notes on pages 10 to 18 form part of the financial statements.

9

DUNWICH TOWN TRUST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2023

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.

Income

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 and from rental income is included on an accrual basis for the period which the income relates.

Expenditure

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

Depreciation is provided at the following annual rates in order to write off the cost less residual value of each asset over its estimated useful life.

Fencing and water supply 10% on cost Equipment 25% on cost

All assets costing more than £500 are capitalised.

Investment property

Investment property is stated at market value at the balance sheet date. The Statement of Financial Activities includes the net gains and losses arising on the revaluations and disposals throughout the year.

Taxation

The charity is exempt from tax on its charitable activities.

10

DUNWICH TOWN TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023

1 ACCOUNTING POLICIES ‐ continued

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.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

2 ACTIVITIES FOR GENERATING FUNDS

Rent receivable:
Town Houses, Maison Dieu and Spinney
Barne Cottages
Corporation Marshes
Winch Hut Licences
Allotment
Car Park
Flora Tea Rooms
Wayleave
Mortuary ‐ storage
3 INVESTMENT INCOME
Dividends receivable		 Unrestricted
Restricted
Funds
Funds
2023
2023
2022
£
£
£
45,060
‐
42,530
15,120
‐
12,280
981
‐
981
160
‐
150
‐
‐
47
‐
22,500
22,500
‐
14,000
14,000
‐
‐
19
25
‐
25
61,346
36,500
92,532
2023
2023
2022
£
£
£
5,630
13,400
18,549
5,630
13,400
18,549

11

DUNWICH TOWN TRUST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2023

4 CHARITABLE ACTIVITIES ‐ INVESTMENT MANAGEMENT COSTS

4 CHARITABLE ACTIVITIES ‐ INVESTMENT MANAGEMENT COSTS 4 CHARITABLE ACTIVITIES ‐ INVESTMENT MANAGEMENT COSTS
Unrestricted Restricted
Funds Funds
2023 2023 2022
£ £ £
Agents fees 8,807 1,095 9,129
Insurance 2,828 ‐ 2,560
Rates ‐ Council Tax ‐ ‐ 473
Water rates (cattle trough) ‐ 57 33
Repairs and renewals 23,820 5,166 30,517
Professional fees 2,400 ‐ 720
37,855 6,318 43,432
5 CHARITABLE ACTIVITIES ‐ GRANTS PAYABLE
2023 2023 2022
£ £ £
The total grants paid to institutions during the year were as follows:‐
Dunwich Jubilee Committee (towards fun day) 1,400 ‐ ‐
Dunwich Reading Room and Museum (Coronation mugs) 2,500 ‐ ‐
Dunwich Reading Room and Museum (use by Dunwich organisations) ‐ 1,500
Dunwich Parish Meeting (Coronation bench) 660 ‐ 420
Citizens Advice East Suffolk ‐ 2,000 ‐
Alde Valley Food Bank ‐ ‐ 1,000
Man Up ‐ ‐ 1,000
Macmillan Cancer Support ‐ ‐ 1,250
Headway ‐ ‐ 1,250
St Elizabeth Hospice ‐ ‐ 1,250
Disability Advice Service ‐ ‐ 1,250
Alde Valley Food Bank ‐ ‐ 1,250
4,560 2,000 10,170
The total grants paid to individuals during the year were as follows:‐
Contact Care Alarms ‐ 1,570 1,504
Winter Grants ‐ 12,300 12,450
General Relief ‐ 1,950 2,220
Education ‐ 3,250 2,000
‐ 19,070 18,174
Total grants payable 4,560 21,070 28,344

12

DUNWICH TOWN TRUST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2023

6 CHARITABLE ACTIVITIES ‐ MANAGEMENT COSTS

Honorarium (see note 9)
Independent Examiner's fee
Bookkeeping
Trustee meetings
Trustees Indemnity insurance
Postage, stationery and advertising
Clerk's expenses (see note 9)
Professional/Domain registration, website and fees		 Unrestricted
Restricted
Funds
Funds
2023
2023
2022
£
£
£
2,382
2,382
3,792
672
672
1,206
1,852
1,852
3,115
11
11
178
102
103
219
14
14
100
‐
‐
‐
295
294
383
5,328
5,328
8,993

7 TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.

Trustees' expenses

There were trustees' expenses of £Nil paid for the year ended 31 December 2023 (2022: £Nil)

8 STAFF COSTS

There were no staff costs for the year ended 31 December 2023 nor for the year ended 31 December 2022.

9 HONORARIUM

9 HONORARIUM
Clerk's fees 2023
2022
£
£
4,764
3,792
4,764
3,792

The clerk is also reimbursed for out of pocket expenses incurred during the year totalling £Nil (2022: £Nil)

13

DUNWICH TOWN TRUST NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2023

10 TANGIBLE FIXED ASSETS

10 TANGIBLE FIXED ASSETS
COST
At 1 January 2023 and 31 December 2023
DEPRECIATION
At 1 January 2023 and 31 December 2023
NET BOOK VALUE
At 31 December 2023
At 31 December 2022
11 INVESTMENT PROPERTY
MARKET VALUE
At 1 January 2023
Revaluation
At 31 December 2023		 Fencing and
Water Supply
£
4,929
4,929
‐
‐		 Total
£
4,929
4,929
‐
‐
£
2,352,000
‐
2,352,000
Unrestricted Fund Restricted Fund Total
£ £ £
No 1 Maison Dieu 225,000 ‐ 225,000
No2 Maison Dieu 225,000 ‐ 225,000
No 1 Town House 275,000 ‐ 275,000
No 2 Town House 275,000 ‐ 275,000
The Spinney 330,000 ‐ 330,000
Allotment 30,000 ‐ 30,000
Corporation Marshes 16,000 ‐ 16,000
Old Mortuary 26,000 ‐ 26,000
Flora Tea Rooms and Car Park ‐ 390,000 390,000
Agricultural Land ‐ 75,000 75,000
Conservation plot 10,000 ‐ 10,000
No1 Barne Cottage 235,000 ‐ 235,000
No 2 Barne Cottage 240,000 ‐ 240,000
1,887,000 465,000 2,352,000

14

DUNWICH TOWN TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023

11 INVESTMENT PROPERTY ‐ continued

All investment properties are held in the UK.

A professional valuation was carried out during the previous year by Clarke & Simpson Chartered Surveyors, an independent external valuer, on all properties except the Conservation Plot which was last valued in February 2018.

1 and 2 Barne Cottages have been valued at open market value, ignoring the Section 106 requirements for affordable housing. This allows the valuation to compare with other properties held by the Trust but does not remove the restriction of Section 106.

These valuations reflect the open market value at the balance sheet date.

12 PROGRAMME RELATED INVESTMENTS

MARKET VALUE
At 1 January 2023
Additions
Disposals
Revaluations
At 31 December 2023		 COIF
Income
Shares
£
634,878
‐
‐
58,339
693,217		 COIF
Accumulation
Shares
Total
£
£
643,117
1,277,995
‐
‐
‐
‐
79,556
137,895
722,673
1,415,890

13 DEBTORS

13 DEBTORS
Due to Unrestricted Fund
Due to Restricted Fund
Other debtors
Prepayments		 Unrestricted
Restricted
Funds
Funds
2023
2023
2022
£
£
£
9,401
‐
4,073
‐
14,436
‐
417
‐
‐
3,377
‐
3,059
13,195
14,436
7,132

15

DUNWICH TOWN TRUST

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023

14 CREDITORS

Due to Unrestricted Fund
Due to Restricted Fund
Deferred income
Accrued expenses
15 MOVEMENT IN FUNDS
Unrestricted funds
General Fund
Capital Fund
Flood Protection Fund
Property Maintenance and
Renovation Fund
Restricted Funds
General Fund
Capital Fund
Inundation Fund
TOTAL FUNDS		 Balance
b/fwd
01.01.2023
£
145,346
1,842,447
100,000
50,000
2,137,793
25,536
465,000
1,090,162
1,580,698
3,718,491		 Unrestricted
Restricted
Funds
Funds
2023
2023
2022
£
£
£
‐
9,401
4,073
14,436
‐
‐
‐
‐
654
2,927
‐
1,104
17,363
9,401
5,831
Net
Balance
movements
Transfers
c/fwd
31.12.2023
£
£
£
36,493
‐
181,839
‐
‐
1,842,447
‐
‐
100,000
‐
‐
50,000
36,493
‐
2,174,286
17,184
‐
42,720
‐
‐
465,000
120,635
‐
1,210,797
137,819
‐
1,718,517
174,312
‐
3,892,803

16

DUNWICH TOWN TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023

15 MOVEMENT IN FUNDS ‐ continued

Net movement in funds, included in the above are as follows:‐

Unrestricted funds
General Fund
Restricted Funds
General Fund
Inundation Fund
Unrestricted Funds
General Fund
Designated Funds
Capital Fund
Flood Protection Fund
Renovation Fund
Restricted Funds
General Fund
Designated Funds
Capital Fund
Inundation Fund
Total Funds		 Incoming
Resources
Gains and
Movement
resources
expended
losses
in funds
£
£
£
£
66,976
47,743
17,260
36,493
66,976
47,743
17,260
36,493
49,900
32,716
‐
17,184
‐
‐
120,635
120,635
49,900
32,716
120,635
137,819
Tangible
Fixed
Net
Total
Total
Fixed
Asset
Current
Funds
Funds
Assets
Investments
Assets
2023
2022
£
£
£
£
£
‐
99,646
82,193
181,839
145,346
‐
1,842,447
‐
1,842,447
1,842,447
‐
100,000
‐
100,000
100,000
‐
50,000
‐
50,000
50,000		 Incoming
Resources
Gains and
Movement
resources
expended
losses
in funds
£
£
£
£
66,976
47,743
17,260
36,493
66,976
47,743
17,260
36,493
49,900
32,716
‐
17,184
‐
‐
120,635
120,635
49,900
32,716
120,635
137,819
‐
2,092,093
82,193
2,174,286
2,137,793
‐
‐
42,720
42,720
25,536
‐
465,000
‐
465,000
465,000
‐
1,210,797
‐
1,210,797
1,090,162
‐
1,675,797
42,720
1,718,517
1,580,698
‐
3,767,890
124,913
3,892,803
3,718,491

17

DUNWICH TOWN TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023

15 MOVEMENT IN FUNDS ‐ continued

The General Fund represents the free funds of the charity which are not designated for particular purposes.

The Capital Fund has been set up to assist in identifying those funds that are not free funds.

The Flood Protection Fund has been created as a provision for possible future contributions towards consulting, plans or works relating to the protection of Dunwich from flooding and coastal erosion.

The Property Maintenance and Renovation Fund has been designated by the trustees for future repairs to the charity's properties.

All restricted funds represent the funds of the old Pension Charity assets and income which were merged with the old Town Trust under the new scheme.

The trustees are very aware that a time will arise when the beach car park, which is the principal income source for the Restricted Fund, will be inundated by the sea. With no expectation that coastal defence works would be carried out and assets subsequently recovered, in 1996, the trustees set up an Inundation Fund to which it was agreed that unallocated year end surpluses from the Restricted Fund would be transferred. The trustees are committed to continue to build the Inundation Fund by increasing the Fund's portfolio of COIF investment units. These will ultimately provide a replacement income when that generated by the car park is lost.

The Coastal Erosion Fund had been designated by the trustees for future work on the experimental beach stabilising project in front of the Coastguard cottages. As Suffolk Coastal District Council have agreed that they are responsible for future costs in respect of this project the Trustees agreed that this fund should be combined with the Inundation Fund and would now be known as the Inundation Fund (September 2013).

18