**REGISTERED CHARITY NUMBER: 206294** ## **THE DUNWICH TOWN TRUST** ## **REPORT OF THE TRUSTEES** ## **AND** ## **FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31 DECEMBER 2024** **THE DUNWICH TOWN TRUST** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024** ## **CONTENTS** ||Page| |---|---| |Report of the Trustees|1 - 7| |Independent Examiner’s Report|8| |Statement of Financial Activities|9| |Balance Sheet|10| |Notes to the Financial Statements|11 - 19| ## **THE DUNWICH TOWN TRUST** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024** The trustees present their report with the financial statements of the charity for the year ended 31 December 2024. 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** Mrs Helen Rumsey Ensors 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)| |---|---|---| |||Mrs S Earp (co-opted, Vice Chair from 01/01/2024)| |||Mr R Smith| |||Ms J Hamilton| |||Mr H Tomlinson| |||Mr J Perry| |||Mrs V Bethell| |||Mrs P Boechler (appointed 26/01/2024)| ||co-opted:|Mr N Barham (co-opted, resigned 31/05/2024)| |||Mr M Beckham (co-opted 13/05/2024, resigned 17/05/2024)| |Officers:||Mrs J Davison-Wilson (Clerk)| |||Mr J Dawson (Bookkeeper)| 1 ## **THE DUNWICH TOWN TRUST** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024** ## **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** 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. 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 2024** ## **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 2024** - (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** Dr Dennis Cox took over as Chairperson with effect from 1 January 2024 (taking over from Ms G Schacke-Andersen). He was also re-elected for a further term of 3 years as Nominated Trustee to 11 March 2027. Mrs Sharon Earp took over the role of Vice Chair from January 2024. Mr Rod Smith was re-elected for a further term of 3 years as Nominated Trustee to 7 January 2027. Mrs Patricia Boechler was elected as a Nominated Trustee at the Dunwich Parish Meeting of January 2024. Nigel Barham resigned as Co-opted Trustee in May 2024 and Mr Mark Beckham was co-opted at the Trustees’ meeting of 13 May but resigned on 17 May 2024. Mrs Jane Hamilton was re-elected as a Nominated Trustee for a further 3-year term to 31 December 2027. On 13 May 2024, in exercise of the power conferred by Section 333 of the Charities Act 2011, it was resolved unanimously that by a document signed by the Chair; _Any two of the Trustees of the Charity from time to time be authorised to execute any document to which the Trustees of the Charity from time to time are a party with the intention that any document executed under this authority will have the same effect as if executed by all of the Trustees of the Charity._ All policies and risk assessments were reviewed. 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 regularly provided to the village, in writing and in person by local trustees to the Parish Meeting and minutes of meetings were posted on the trust’s website. Zoom meeting capacity was made available for those unable to attend in person. ## **Housing** The trust’s property agent, Clarke and Simpson carried out regular inspections on the seven tenanted properties, checking for maintenance and repair issues, ensuring that safety measures were in place in all the properties, and organising repairs. The trust requested that all fascia boards, capping, and gutters be cleaned. A trustee sought a solution and obtained quotations to carry out a major flooding repair to 1 Town House and the road next to it. The trustee also organised quotations to reorganise and replace fencing at two of the properties. 4 ## **THE DUNWICH TOWN TRUST** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024** ## **Grants** The Chair wrote to 29 potential winter grant recipients asking if they would benefit from such a grant before any transfer of funds was made. 29 winters grants were accepted, and payment was made by bank transfer. Six Spring grants were made to families with children in Dunwich to help during the cost-of-living crisis. In addition throughout 2024, grants were made to Dunwich Community Heritage Centre for decoration of the public toilets, the Disability Advice Centre, the Dunwich Greyfriars Trust, the Yoxmere Benefice towards publication of the Fisherman magazine delivered to Dunwich residents, British Divers Marine Life Rescue for a training course for 5 Dunwich residents, an education support grant was awarded for tertiary education, and Westleton Soup and Pud club which many Dunwich residents attend. ## **Other activities** The trust initiated new projects throughout the year, purchasing the Fisherman’s Hut as a community resource in the Beach Car Park. An extensive refurbishment project was completed by the end of 2024. A survey was carried out of flora and fauna of Gallows Field and a grant application to Suffolk Coast and Heaths, Area of Outstanding Natural Beauty, was successful and went towards planting more hedging in the field. Volunteers from the village and from the AONB will help plant hedging early in 2025. The trust paid for a tidy-up and new fencing round East Suffolk District Council’s waste and recycling area in Dunwich Beach Car Park. An annual contract was drawn up with the Sauna Box, as after a few weeks’ trial, it proved to be a popular community resource. Funds go to the trust that are then used to benefit the community. The paling fence beneath the cliff was repaired. Design plans began for a new website. The trust paid for new steps to The Mortuary, and for biannual mowing of the Orchard and entrance to Gallows Field. ## **Treasury** Overall annual income from domestic rents continued to account for 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 2024 year: ||£| |---|---| |General Reserve|177,467| |Capital Fund|1,879,166| |Flood Protection Fund|100,000| |Property Renovation Fund|50,000| |**Total Funds**|**2,206,633**| ## **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 2024 year: 5 ## **THE DUNWICH TOWN TRUST** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024** ||£| |---|---| |General Reserve|51,298| |Capital Fund|465,000| |Inundation Fund|1,258,584| |**Total Funds**|**1,774,882**| |**ALL FUNDS**|**3,981,515**| |**Unrestricted Grants expended**|| ||£| |Dunwich Community Heritage Centre - utilities/running costs|2,500| |Dunwich Community Heritage Centre - toilets redecoration used by public|850| |Dunwich Greyfriars Trust - footpath steps and fencing|1,100| |Disability Advice Centre – general relief for all|1,250| |Westleton Soup & Pud Club|300| |British Divers Marine Life Rescue|575| |Yoxmere Benefice|500| |Assist with living costs for a museum volunteer’s stay in Dunwich for 3 mths|500| |**Total**|**7,575**| |**Restricted Grants expended**|| ||£| |Contact Care Alarms|1,118| |Spring Grants|3,600| |Winter Grants|17,100| |General Relief|1,600| |Education|3,000| |**Total**|**26,418**| ## **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. 6 ## **THE DUNWICH TOWN TRUST** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024** ## **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: 23rd October 2025 On behalf of the Board of Trustees 7 ## **INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE DUNWICH TOWN TRUST FOR THE YEAR ENDED 31 DECEMBER 2024** I report to the trustees on my examination of the accounts of the Dunwich Town Trust for the year ended 31 December 2024. ## **Responsibilities and basis of report** As the charity’s trustees, you are responsible for the preparation of the accounts in accordance with 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 which gives me cause to believe that in, any material respect: - i. the accounting records were not kept in accordance with section 130 of the Act; or - ii. the accounts did not accord with those accounting records; or - iii. 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 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. Helen Rumsey FCA Ensors Blyth House Rendham Road Saxmundham Suffolk IP17 1WA Date: 30th October 2025 8 ## **DUNWICH TOWN TRUST STATEMENT OF FINANCIAL ACTIVITIES** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** |**FOR THE YEAR ENDED 31 DECEMBER 20**|**24**||||| |---|---|---|---|---|---| |||||2024|2023| |||Unrestricted|Restricted|Total|Total| ||Notes|Funds|Funds|Funds|Funds| |||£|£|£|£| |**INCOME**|||||| |**Income and endowments from:**|||||| |Charitable activities|2|64,936|38,950|103,886|97,846| |Investments|3|5,709|13,587|19,296|19,030| |Total||70,645|52,537|123,182|116,876| |**EXPENDITURE**|||||| |**Expenditure on:**|||||| |Charitable activities|||||| |Investment management costs|4|27,859|10,045|37,904|44,173| |Grants payable|5|7,575|26,418|33,993|25,630| |Management and administration|6|7,497|7,497|14,994|10,656| |Total||42,931|43,960|86,891|80,459| |**Net income/(expenditure)**||27,714|8,577|36,291|36,417| |**Other recognised gains/losses**|||||| |Gains/(losses) on investment assets||4,633
|47,788|52,421|137,895| |**Net movement in funds**||32,347|56,365|88,712|174,312| |Transfers||‐|‐|‐|‐| |Total funds brought forward||2,174,286|1,718,517|3,892,803|3,718,491| |**TOTAL FUNDS CARRIED FORWARD**||2,206,633|1,774,882|3,981,515|3,892,803| The notes on pages 11 to 19 form part of the financial statements. 9 ## **DUNWICH TOWN TRUST BALANCE SHEET** ## **AT 31 DECEMBER 2024** |**AT 31 DECEMBER 2024**|||||| |---|---|---|---|---|---| |||||2024|2023| |||Unrestricted|Restricted|Total|Total| ||Notes|Funds|Funds|Funds|Funds| |||£|£|£|£| |**FIXED ASSETS**|||||| |Tangible assets|10|‐|‐|‐|‐| |**Investments**|||||| |Investment property|11|1,923,719|465,000|2,388,719|2,352,000| |Programme related investments|12|209,727|1,258,584|1,468,311|1,415,890| |||2,133,446|1,723,584|3,857,030|3,767,890| |**CURRENT ASSETS**|||||| |Debtors: amounts falling due in|||||| |one year|13|22,066|47,477|69,543|27,631| |Cash at bank||98,811|23,054|121,865|124,046| |||120,877|70,531|191,408|151,677| |**CREDITORS**|||||| |Amounts falling due in one year|14|(47,690)|(19,233)|(66,923)|(26,764)| |**NET CURRENT ASSETS**||73,187|51,298|124,485|124,913| |**TOTAL ASSETS LESS CURRENT**|||||| |**LIABILITIES**||2,206,633|1,774,882|3,981,515|3,892,803| |**NET ASSETS**||2,206,633|1,774,882|3,981,515|3,892,803| |**FUNDS**|||||| |Unrestricted funds|15|||2,206,633|2,174,286| |Restricted funds||||1,774,882|1,718,517| |||||3,981,515|3,892,803| The financial statements were approved by the Board of Trustees on 23rd October 2025 and were signed on its behalf:‐ Dr D Cox Trustee The notes on pages 11 to 19 form part of the financial statements. 10 ## **DUNWICH TOWN TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS** **YEAR ENDED 31 DECEMBER 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. ## **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. 11 **DUNWICH TOWN TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024** ## **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
Sauna Box
Corporation Marshes
Winch Hut Licences
Allotment
Car Park
Flora Tea Rooms
Wayleave
Mortuary ‐ storage
Grant income:
**3 INVESTMENT INCOME**
Dividends receivable|Unrestricted
Restricted
Funds
Funds
2024
2024
2023
£
£
£
46,060
‐
45,060
15,480
‐
15,120
1,500
‐
‐
981
‐
981
140
‐
160
‐
‐
‐
‐
22,500
22,500
‐
14,000
14,000
750
‐
‐
25
‐
25| |---|---| ||64,936
36,500
97,846| ||‐
2,450
‐| ||‐
2,450
‐| ||2024
2024
2023
£
£
£
5,709
13,587
19,030| ||5,709
13,587
19,030| 12 ## **DUNWICH TOWN TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS** **YEAR ENDED 31 DECEMBER 2024** ## **4 CHARITABLE ACTIVITIES ‐ INVESTMENT MANAGEMENT COSTS** |**4 CHARITABLE ACTIVITIES ‐ INVESTMENT MANAGEMENT COSTS**|||| |---|---|---|---| ||Unrestricted|Restricted|| ||Funds|Funds|| ||2024|2024|2023| ||£|£|£| |Agents fees|8,165|1,095|9,902| |Insurance|3,361|‐|2,828| |Water rates (cattle trough)|‐|81|57| |Electricity (exhibition hut)|33|‐|‐| |Repairs and renewals|15,325|8,869|28,986| |Professional fees|975|‐|2,400| ||27,859|10,045|44,173| |**5 CHARITABLE ACTIVITIES ‐ GRANTS PAYABLE**|||| ||2024|2024|2023| ||£|£|£| |_The total grants paid to institutions during the year were as follows:‐_|||| |Dunwich Community Heritage Centre (utilities/running costs cont)|2,500|‐|2,500| |Dunwich Community Heritage Centre (toilets redecoration)|850|‐|‐| |Dunwich Jubilee Committee (towards fun day)|‐|‐|1,400| |Dunwich Parish Meeting (Coronation bench)|‐|‐|660| |Dunwich Greyfriars Trust (footpath steps and fence)|1,100|‐|‐| |Disability Advice Centre|1,250|‐|‐| |Citizens Advice East Suffolk|‐|‐|2,000| |Westleton Soup & Pud Club|300|‐|‐| |British Divers Marine Life Rescue|575|‐|‐| |Yoxmere Benefice|500|‐|‐| ||7,075|‐|6,560| |_The total grants paid to individuals during the year were as follows:‐_|||| |Contact Care Alarms|‐|1,118|1,570| |Spring Grants||3,600|‐| |Winter Grants|‐|17,100|12,300| |General Relief|500|1,600|1,950| |Education|‐|3,000|3,250| ||500|26,418|19,070| ||||| |Total grants payable|7,575|26,418|25,630| 13 ## **DUNWICH TOWN TRUST NOTES TO THE FINANCIAL STATEMENTS** ## **YEAR ENDED 31 DECEMBER 2024** ## **6 CHARITABLE ACTIVITIES ‐ MANAGEMENT COSTS** |Honorarium (see note 9)
Independent Examiner's fee
Bookkeeping
Trustee meetings
Trustees Indemnity insurance
Postage, stationery and advertising
Mileage and travel costs
Clerk's expenses (see note 9)
Accounting software subscription
Domain registration, website and fees
Professional fees ‐ governance and compliance advice|Unrestricted
Restricted
Funds
Funds
2024
2024
2023
£
£
£
2,787
2,787
4,764
1,668
1,668
1,344
1,590
1,590
3,704
‐
‐
22
102
103
205
272
272
28
100
100
‐
‐
‐
‐
55
54
‐
88
88
589
835
835
‐| |---|---| ||7,497
7,497
10,656| ## **7 TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023. ## **Trustees' expenses** There were trustees' expenses of £Nil paid for the year ended 31 December 2024 (2023: £Nil) ## **8 STAFF COSTS** There were no staff costs for the year ended 31 December 2024 nor for the year ended 31 December 2023. ## **9 HONORARIUM** |**9 HONORARIUM**|| |---|---| |Clerk's fees|2024
2023
£
£
5,574
4,764| ||5,574
4,764| The clerk is also reimbursed for out of pocket expenses incurred during the year totalling £Nil (2023: £Nil) 14 ## **DUNWICH TOWN TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024** ## **10 TANGIBLE FIXED ASSETS** |**COST**
At 1 January 2024 and 31 December 2024
**DEPRECIATION**
At 1 January 2024 and 31 December 2024
**NET BOOK VALUE**
At 31 December 2024
At 31 December 2023
**11 INVESTMENT PROPERTY**
**MARKET VALUE**
At 1 January 2024
Improvements ‐ fisherman hut conversion to exhibition space
Revaluation
At 31 December 2024
£
No 1 Maison Dieu
225,000
No2 Maison Dieu
225,000
No 1 Town House
275,000
No 2 Town House
275,000
The Spinney
330,000
Allotment
30,000
Corporation Marshes
16,000
Old Mortuary
26,000
Fisherman's Exhibition hut
36,719
Flora Tea Rooms and Car Park
‐
Agricultural Land
‐
Conservation plot
10,000
No1 Barne Cottage
235,000
No 2 Barne Cottage
240,000
1,923,719
Unrestricted Fund|**COST**
At 1 January 2024 and 31 December 2024
**DEPRECIATION**
At 1 January 2024 and 31 December 2024
**NET BOOK VALUE**
At 31 December 2024
At 31 December 2023
**11 INVESTMENT PROPERTY**
**MARKET VALUE**
At 1 January 2024
Improvements ‐ fisherman hut conversion to exhibition space
Revaluation
At 31 December 2024
£
No 1 Maison Dieu
225,000
No2 Maison Dieu
225,000
No 1 Town House
275,000
No 2 Town House
275,000
The Spinney
330,000
Allotment
30,000
Corporation Marshes
16,000
Old Mortuary
26,000
Fisherman's Exhibition hut
36,719
Flora Tea Rooms and Car Park
‐
Agricultural Land
‐
Conservation plot
10,000
No1 Barne Cottage
235,000
No 2 Barne Cottage
240,000
1,923,719
Unrestricted Fund|Fencing and
Water Supply
Total
£
£
4,929
4,929
4,929
4,929
‐
‐
‐
‐
£
2,352,000
36,719
‐
2,388,719
Total
£
£
‐
225,000
‐
225,000
‐
275,000
‐
275,000
‐
330,000
‐
30,000
‐
16,000
‐
26,000
36,719
390,000
390,000
75,000
75,000
‐
10,000
‐
235,000
‐
240,000
465,000
2,388,719
Restricted Fund|Fencing and
Water Supply
Total
£
£
4,929
4,929
4,929
4,929
‐
‐
‐
‐
£
2,352,000
36,719
‐
2,388,719
Total
£
£
‐
225,000
‐
225,000
‐
275,000
‐
275,000
‐
330,000
‐
30,000
‐
16,000
‐
26,000
36,719
390,000
390,000
75,000
75,000
‐
10,000
‐
235,000
‐
240,000
465,000
2,388,719
Restricted Fund|Total
£
4,929| |---|---|---|---|---| |||||4,929| |||||‐| |||||‐| |||||£
2,352,000
36,719
‐| |||||2,388,719| ||1,923,719||465,000
2,388,719|| 15 ## **DUNWICH TOWN TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024** ## **11 INVESTMENT PROPERTY ‐ continued** All investment properties are held in the UK. A professional valuation was carried out by Clarke & Simpson Chartered Surveyors, an independent external valuer, on all properties in 2021 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 2024
Additions
Disposals
Revaluations
At 31 December 2024|COIF
Income
Shares
£
693,217
‐
‐
15,660
708,877|COIF
Accumulation
Shares
Total
£
£
722,673
1,415,890
‐
‐
‐
‐
36,761
52,421| |---|---|---| |||759,434
1,468,311| ## **13 DEBTORS** |**13 DEBTORS**|| |---|---| |Due to Unrestricted Fund
Due to Restricted Fund
Other debtors
Prepayments|Unrestricted
Restricted
Funds
Funds
2024
2024
2023
£
£
£
16,898
‐
9,401
‐
45,027
14,436
1,772
2,450
417
3,396
‐
3,377| ||22,066
47,477
27,631| 16 ## **DUNWICH TOWN TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024** ## **14 CREDITORS** |Due to Unrestricted Fund
Due to Restricted Fund
Deferred income
Other creditors
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-Jan-24
£
181,839
1,842,447
100,000
50,000
2,174,286
42,720
465,000
1,210,797
1,718,517
3,892,803|Unrestricted
Restricted
Funds
Funds
2024
2024
2023
£
£
£
-
16,898
9,401
45,027
-
14,436
375
-
-
360
2,335
-
1,928
-
2,927| |---|---|---| |||47,690
19,233
26,764| |||Net
Balance
movements
Transfers
c/fwd
31-Dec-24
£
£
£
32,347
(36,719)
177,467
-
36,719
1,879,166
-
-
100,000
-
-
50,000| |||32,347
-
2,206,633| |||8,577
-
51,297
-
-
465,000
47,788
-
1,258,585| |||56,365
-
1,774,882| |||| |||88,712
-
3,981,515| 17 ## **DUNWICH TOWN TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024** ## **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
£
£
£
£
70,645
42,931
4,633
32,347
70,645
42,931
4,633
32,347
52,537
43,960
‐
8,577
‐
‐
47,788
47,788
52,537
43,960
47,788
56,365
Tangible
Fixed
Net
Total
Total
Fixed
Asset
Current
Funds
Funds
Assets
Investments
Assets
2024
2023
£
£
£
£
£
‐
104,280
73,187
177,467
181,839
‐
1,879,166
‐
1,879,166
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
£
£
£
£
70,645
42,931
4,633
32,347| |---|---|---| |||70,645
42,931
4,633
32,347| |||52,537
43,960
‐
8,577
‐
‐
47,788
47,788| |||52,537
43,960
47,788
56,365| ||‐
2,133,446
73,187
2,206,633
2,174,286|| ||‐
‐
51,298
51,298
42,720
‐
465,000
‐
465,000
465,000
‐
1,258,584
‐
1,258,584
1,210,797|| ||‐
1,723,584
51,298
1,774,882
1,718,517|| |||| ||‐
3,857,030
124,485
3,981,515
3,892,803|| 18 ## **DUNWICH TOWN TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024** ## **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). 19