**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**
- (1) The object of the charity is to further the general benefit of the inhabitants of the area of benefit in such charitable ways for the public benefit as the trustees think fit.
- (2) In exceptional cases the trustees may further the objects of the charity outside the area of benefit if they are satisfied that to do so is in the best interests of the charity.
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:
- (1) The relief of persons resident in the area of benefit who are in need, hardship or distress.
- (2) The trustees may relieve such persons in need, hardship or distress by:
- (a) making grants of money to them; or
- (b) providing or paying for goods, services or facilities for them; or
- (c) making grants of money to other persons or bodies who provide goods, services or facilities to those in need.
- (3) In exceptional cases the trustees may decide to assist someone (who is otherwise qualified) who is:
- (a) resident outside the area of benefit; or
- (b) only temporarily resident in the area of benefit.
## **Trustees to act jointly**
- (1) Subject to the exception stated in sub-clause (2) of this clause, the trustees must exercise their powers jointly at properly convened meetings.
- (2) The trustees may appoint a committee of not less than three of their number to deal with applications for assistance from the charity which cannot await the trustees’ next meeting. The decisions of such a committee must be reported to the next meeting.
## **Use of income and capital - the restricted fund**
- (1) The trustees must firstly apply:
- (a) The income of the restricted fund: and
- (b) If the trustees think fit, expendable endowment; and
- (c) When the expenditure can properly be charged to it, its permanent endowment in meeting the proper costs of administering the restricted fund and of managing its assets (including the repair and insurance of its buildings).
- (2) After payment of these costs, the trustees must apply the remaining income in furthering the object of the restricted fund.
- (3) The trustees may also apply for the object of the restricted fund:
- (a) expendable endowment; and
- (b) permanent endowment, but only on such terms for the replacement of the amount spent as the Commission may approve in advance or is permitted by law.
## **Use of income and capital - the unrestricted fund**
- (1) The trustees must firstly apply:
- (a) the income of the charity; and
- (b) if the trustees think fit, expendable endowment; and
- (c) when the expenditure can properly be charged to it, its permanent endowment in meeting the proper costs of administering the charity and of managing its assets (including the repair and insurance of its buildings)
3
## **THE DUNWICH TOWN TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023**
- (2) After payment of these costs, the trustees must apply the remaining income in furthering the object of the charity.
- (3) The trustees may also apply for the object of the charity:
- (a) expendable endowment; and
- (b) permanent endowment, but only on such terms for the replacement of the amount spent as the Commission may approve in advance or is permitted by law.
## **Questions relating to the Scheme**
The Commission may decide any question put to it concerning:
- (1) the interpretation of this scheme: or
- (2) the propriety or validity of anything done or intended to be done under it.
## **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**
- (1) General Reserve Fund for unforeseen liabilities and fluctuation in demand for grant giving.
- (2) Capital and Flood Protection Fund to contribute funds towards anticipated construction of banks and sea defences.
- (3) Property Renovation Fund for major works to the Dunwich Town Trust properties.
- (4) Inundation Fund for the anticipated inundation of its major asset, The Flora Tea Rooms, and expenditure anticipated in the furtherance of protection of its property by coastal erosion.
## **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