REGISTERED CHARITY NUMBER: 207264
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
FOR
DUNTON'S ALMSHOUSES
Walter Wright Chartered Accountants 89 High Street Hadleigh Ipswich Suffolk IP7 5EA
DUNTON'S ALMSHOUSES
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | ||
| Notes to the Financial Statements | 7 | to | 10 |
| Detailed Statement of Financial Activities | 11 |
DUNTON'S ALMSHOUSES
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 Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The general objective of the charity is the provision of housing for pensioners. The charity continued to pursue this objective during the year under review. During the year the charity has continued to provide the elderly with housing for a rate below the market average.
In addition, during the year the charity continued to review its reserves to try to improve the financial return it was making.
Public benefit
Dunton's Almshouses reviews its aims, objectives and achievements each year. In undertaking this review the trustees pay due regard to guidance issued by the Charity Commission in determining how Dunton's Almshouses should carry out its activities for the public benefit.
FINANCIAL REVIEW
Reserves policy
The level of cash reserves at the year end has fallen to £116,759, equivalent to more than 2 years of normal operating costs. The reduction from last year's figure is attributable to the closure of the Virgin Savings Account in September 2023 in which c£41,000 was held, and which together with a withdrawal from the Suffolk Building Society of £40,000 enabled the Board of Trustees to invest £80,000 in October in a 1 year bond with the Saffron Building Society in October 2023, at an interest rate of more than 4%.
Each year the Trustees set a maintenance and repair budget. This expenditure is monitored and any necessary adjustments made at each trustee meeting.
For 2023 a sum of £10,000 was allocated but this proved to be an inadequate sum because of a large invoice from a maintenance contractor representing several months work with additional expenditure for gardening, electrical and gas landlord certification, damp inspection and house clearance cost (to be reimbursed) following the death of a resident. The quinquennial survey of the Charity's properties carried out by chartered surveyors did not entail any major expenditure being necessary in the immediate future. The budget was overspent by £12,582 but was covered by the underspend in the other budget heads, with a small surplus of £3,704 achieved within the total sum allocated for all of the year's expenditure.
The trustees deem the current position of the charity to be healthy.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is constituted under a declaration of trust dated 15 April 1859 and is a registered charity. The declaration of trust has since been amended, with the latest amendment being made on 20 November 2007.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
207264
Principal address Fairview The Heath Dedham Colchester Essex CO7 6BU
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DUNTON'S ALMSHOUSES
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023
Trustees
Mr P S Foster (Chairman) - resigned 31 December 2023 Mrs M J Jewell
Mr I Lovelock Mrs S Geary Mr J Hayden Mrs Carolyn Clayton Mrs Léonie McLaughlin (Chairman from 1 January 2024)
New trustees are appointed by the existing trustees and the trustees keep the skill requirement of the trustees under review.
Mr Colin Biggins was appointed as a trustee on 1 January 2024.
Independent Examiner
Mr M Wallace TEP CTA FCA Walter Wright Chartered Accountants 89 High Street Hadleigh Ipswich Suffolk IP7 5EA
Bankers
Barclays Bank plc PO Box 1 9 High Street Colchester CO1 1DD Suffolk Building Society PO Box 547 Ipswich IP3 9WZ Virgin Money (until 6 September 2023) Jubilee House Gosforth Newcastle upon Tyne NE3 4PL Saffron Building Society (from 23 October 2023) Saffron House 1a Market Street Saffron Walden CB10 1HX
REVEREND C A JONES ACCOUNTS
The Reverend C A Jones account was an endowment to the Almshouses, the income from which was originally intended to provide heating to the residents. The income from this endowment comes from the investment each year and as long as there is sufficient income, is donated to the residents currently as a Christmas gift. A summary of the transactions for the year is shown in the attached notes.
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DUNTON'S ALMSHOUSES
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023
12/09/2024
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
................................................................. Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF DUNTON'S ALMSHOUSES
Independent examiner's report to the trustees of Dunton's Almshouses
I report to the charity trustees on my examination of the accounts of Dunton's Almshouses (the Trust) for the year ended 31 December 2023.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Mr M Wallace TEP CTA FCA
Walter Wright Chartered Accountants 89 High Street Hadleigh Ipswich Suffolk IP7 5EA 13/09/2024 Date: .............................................
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DUNTON'S ALMSHOUSES
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Charitable activities Residents' contributions 35,081 Investment income 2 21,197 Total 56,278 EXPENDITURE ON Charitable activities Residents' contributions (695) Almhouse expenses 32,674 Total 31,979 NET INCOME/(EXPENDITURE) 24,299 RECONCILIATION OF FUNDS Total funds brought forward 373,231 TOTAL FUNDS CARRIED FORWARD 397,530 |
Restricted fund £ - 381 381 - 200 200 181 3,758 3,939 |
2023 Total funds £ 35,081 21,578 56,659 (695) 32,874 32,179 24,480 376,989 401,469 |
2022 Total funds £ 36,283 (4,119) 32,164 - 54,029 54,029 (21,865) 398,854 376,989 |
|---|---|---|---|
The notes form part of these financial statements
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DUNTON'S ALMSHOUSES
BALANCE SHEET
31 DECEMBER 2023
| Unrestricted fund Notes £ CURRENT ASSETS Debtors 4 3,500 Investments 5 278,159 Cash at bank and in hand 116,759 398,418 CREDITORS Amounts falling due within one year 6 (888) NET CURRENT ASSETS 397,530 TOTAL ASSETS LESS CURRENT LIABILITIES 397,530 NET ASSETS 397,530 FUNDS 7 Unrestricted funds Restricted funds TOTAL FUNDS |
Restricted fund £ - 3,413 726 4,139 (200) 3,939 3,939 3,939 |
2023 Total funds £ 3,500 281,572 117,485 402,557 (1,088) 401,469 401,469 401,469 397,530 3,939 401,469 |
2022 Total funds £ 1,600 185,041 190,948 377,589 (600) 376,989 376,989 376,989 373,231 3,758 376,989 |
|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 12/09/2024............................................. and were signed on its behalf by:
............................................. Trustee
The notes form part of these financial statements
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DUNTON'S ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
Income
Residents' contributions, dividends and interest are credited in the period in which they are received.
Taxation
The charity is exempt from tax on its charitable activities.
Investments
Investments are included at their fair value.
Property
The property comprises:
(a) Nine almshouses situated in Crown Street, Dedham founded in 1517 and rebuilt in 1806. (b) Farm land at Clacton
All of the properties have been held by the charity for many years and the original cost is unknown. No value has been attached to them in the Balance Sheet, but they are insured for £1,918,959.
2. INVESTMENT INCOME
| Farmland rent Deposit account interest Dividends Movement in the market value of investments |
2023 £ 1,750 2,895 402 16,531 21,578 |
2022 £ 1,750 1,918 290 (8,077) (4,119) |
|---|---|---|
3. TRUSTEES' REMUNERATION AND BENEFITS
Mr C Biggins, a former trustee, was paid £1,400 (2021 £1,200) for his services as clerk. He was reappointed a trustee on 1 January 2024.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.
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DUNTON'S ALMSHOUSES
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
| 4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors Other debtors Amount due to be transferred from restricted funds 5. CURRENT ASSET INVESTMENTS Unlisted investments Other Market value General Fund 2023 COIF Charities Investment Fund £ Capital account 92,130 Saffron Building Society 1 Year Savings Bond 80,000 M & G Investments Common investment funds: Duntons Almshouses 100,978 Sophia Hewitts Bequest 5,051 TOTAL £278,159 Reverend CA Jones Charity COIF Charities Investment Fund £3,413 6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors 7. MOVEMENT IN FUNDS At 1.1.23 £ Unrestricted funds General fund 373,231 Restricted funds Reverend CA Jones Charity 3,758 TOTAL FUNDS 376,989 |
4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors Other debtors Amount due to be transferred from restricted funds 5. CURRENT ASSET INVESTMENTS Unlisted investments Other Market value General Fund 2023 COIF Charities Investment Fund £ Capital account 92,130 Saffron Building Society 1 Year Savings Bond 80,000 M & G Investments Common investment funds: Duntons Almshouses 100,978 Sophia Hewitts Bequest 5,051 TOTAL £278,159 Reverend CA Jones Charity COIF Charities Investment Fund £3,413 6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors 7. MOVEMENT IN FUNDS At 1.1.23 £ Unrestricted funds General fund 373,231 Restricted funds Reverend CA Jones Charity 3,758 TOTAL FUNDS 376,989 |
2023 £ 1,005 2,295 200 3,500 2023 £ 201,572 80,000 281,572 |
2023 £ 1,005 2,295 200 3,500 2023 £ 201,572 80,000 281,572 |
2022 £ - 1,600 - 1,600 2022 £ 185,041 - 185,041 |
2022 £ - 1,600 - 1,600 2022 £ 185,041 - 185,041 |
||
|---|---|---|---|---|---|---|---|
| Market value | Market value |
Cost | |||||
| 2023 | 2022 | ||||||
| £ | £ | £ | |||||
| 92,130 | 81,872 | 36,895 | |||||
| 80,000 | - | - | |||||
| 100,978 | 95,076 | 53,727 | |||||
| 5,051 | 4,967 | 1,566 | |||||
| £278,159 | £181,915 | £92,188 | |||||
| £3,413 | £3,126 | £172 | |||||
| 2023 £ 1,088 Net movement in funds £ 24,299 181 24,480 |
2022 £ 600 At 31.12.23 £ 397,530 3,939 401,469 |
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DUNTON'S ALMSHOUSES
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
7. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming resources £ Unrestricted funds General fund 56,278 Restricted funds Reverend CA Jones Charity 381 TOTAL FUNDS 56,659 Comparatives for movement in funds At 1.1.22 £ Unrestricted funds General fund 394,778 Restricted funds Reverend CA Jones Charity 4,076 TOTAL FUNDS 398,854 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 32,482 Restricted funds Reverend CA Jones Charity (318) TOTAL FUNDS 32,164 |
Resources Movement expended in funds £ £ (31,979) 24,299 (200) 181 (32,179) 24,480 Net movement At in funds 31.12.22 £ £ (21,547) 373,231 (318) 3,758 (21,865) 376,989 Resources Movement expended in funds £ £ (54,029) (21,547) - (318) (54,029) (21,865) |
|---|---|
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DUNTON'S ALMSHOUSES
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
8. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2023.
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DUNTON'S ALMSHOUSES
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023
| INCOME AND ENDOWMENTS Investment income Farmland rent Deposit account interest Dividends Movement in the market value of investments Charitable activities Residents' contributions Total incoming resources EXPENDITURE Charitable activities General repairs Rates and water Insurance Light and heat Contribution towards alterative housing while work was being undertaken Christmas gifts to residents Sundries Support costs Governance costs Clerk's honorarium Accountancy and other professional fees Total resources expended Net income/(expenditure) |
2023 £ 1,750 2,895 402 16,531 21,578 35,081 56,659 23,713 1,637 1,469 584 - 200 322 27,925 1,500 2,754 4,254 32,179 24,480 |
2022 £ 1,750 1,918 290 (8,077) (4,119) 36,283 32,164 46,511 1,596 1,427 53 1,716 225 291 51,819 1,400 810 2,210 54,029 (21,865) |
|---|---|---|
This page does not form part of the statutory financial statements
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