**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
Page 1
**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.
Page 2
**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
Page 3
**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:
1. 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
3. 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: .............................................
Page 4
**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
Page 5
**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
Page 6
**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.
Page 7
continued...
**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||
Page 8
continued...
**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)|
|---|---|
Page 9
continued...
**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.
Page 10
**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
Page 11