**REGISTERED CHARITY NUMBER: 236140** 

## **REPORT OF THE TRUSTEES AND** 

## **FINANCIAL STATEMENTS** 

**FOR THE YEAR ENDED 31 DECEMBER 2023** 

## **FOR** 

**MUNICIPAL CHARITIES OF DOVER** 



**MUNICIPAL CHARITIES OF DOVER** 

## **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023** 

|||**Page**||
|---|---|---|---|
|**Report of the Trustees**|1|to|6|
|**Report of the Independent Auditors**|7|to|9|
|**Statement of Financial Activities**||10||
|**Balance Sheet**||11||
|**Notes to the Financial Statements**|12|to|20|
|**Detailed Statement of Financial Activities**|21|to|22|





## **MUNICIPAL CHARITIES OF DOVER** 

## **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 objectives of the charity are the relief of those in need by reason of youth, age, ill health, disability, financial hardship or other disadvantage. The charity aims to do this via the provision of almshouse accommodation. 

## **Public benefit** 

The trustees confirm that they have complied with the duties in Section 4 of the Charities Act 2011 to have due regard to the Charity Commission's general guidance on public benefit. 

## **ACHIEVEMENT AND PERFORMANCE** 

## **Charitable activities** 

During the year the Charity moved their office across the property from Mogul House to Battle of Britain in  anticipation of the future plans for the Mogul House site. 

Albany House had a total roof replacement on the south side to combat numerous long term leaks. 

The Charity continues to upgrade the housing stock it owns, and this year embarked on the making of a new garden space on Cowgate Hill for the use of all the residents. Hot water tanks were replaced with smaller more economic one and other areas of plumbing have been updated. The Charity started on a project to inspect, replace and update all fire doors in the buildings having completed the communal compartmentalizing doors this year 

The Charity worked with residents to throw a 100 birthday party for a resident with no family and the beneficiaries enjoyed a party in the garden bringing the community together. 

The Scheme Manager and Deputy Scheme Manager remain the main point of contact between the Charity and the beneficiaries. The Executive Officer has been in contact with residents by phone and at outdoor meetings. 

The occupancy levels of the almshouses as at 31 December 2023 were: 

|Albany House|36 out of 37|
|---|---|
|Battle of Britain Homes|27 out of 27|
|Gorely House|22 out of 22|



All almshouse residents pay maintenance contributions by monthly standing order. The amount of the residents' contribution is set taking into consideration the local housing allowance paid to benefits claimants, so that almshouse accommodation is available to poor people and therefore meets the requirement for demonstrating public benefit. 

Page 1 



## **MUNICIPAL CHARITIES OF DOVER** 

## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023** 

## **FINANCIAL REVIEW** 

## **Financial position** 

The accountants provide a monthly statement of income and expenditure and a rolling cashflow forecast and, from time-to-time, financial forecasts for the following year and for a 5-year period. The reports and forecasts are an increasingly useful tool, appreciated by the Trustees and management. 

The Charity's unrestricted fund ran at a deficit before investment gains were taken into account with the programme of refurbishment and modernisation of the almshouses being partially funded out of permanent endowment with the approval of the Charity Commission. 

The Charity's objects mean that periodically major capital projects are undertaken. These can be in the form of new buildings, large extensions or extensive renovations to existing freehold property. In order to fund the maintenance and repair of the almshouse properties from its own resources, the Municipal Charities holds cash, cash investments and an investment property to generate revenue income and capital for planned projects. Opportunities for grants, including grants in kind and loans, from statutory authorities and other funders are investigated in order to ensure that the Charities' reserves are used to best possible advantage. 

The guideline formulae figures provided by the Almshouse Association for general maintenance, cyclical maintenance and extraordinary repairs were used to develop planned programmes of works to almshouse buildings, using quinquennial condition surveys. This amount is uplifted by 25% to allow for routine maintenance contracts. 

Grigg Christmas Boot Gift : the Trustees will decide year-by-year on the amount of funds to be distributed, topped up from general charitable income. 

## **Investment policy and performance** 

The investment policy of the Charity is to maintain a substantial investment in the Charities Official Investment Fund. 

When managed efficiently the maintenance contributions generated from the charity's almshouse beneficiaries provide a modest surplus over the normal running costs of the almshouses. Good financial planning and budget controls have meant that this surplus is a normal occurrence. 

The performance of the Charities Official Investment Fund units has been satisfactory after taking into account current market conditions. 

## **Reserves policy** 

Income reserves at 31 December 2023 amounted to £2,530,567 (2022 - £2,371,417). In addition to this there is a permanent endowment fund of £7,553,759 (2022 - £7,544,220) of which £723,242 (2022 - £1,007,236) is available for expenditure following the approval of a special resolution by the Charity Commission. Sufficient income reserves are held. 

## **FUTURE PLANS** 

The Charity plans to vacate Mogul House and look to develop new Almshouses over the next few years. 

## **STRUCTURE, GOVERNANCE AND MANAGEMENT** 

## **Governing document** 

The charity is governed by Schemes dated 22 October 1984 and 10 February 1997. 

Page 2 



**MUNICIPAL CHARITIES OF DOVER** 

## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023** 

## **STRUCTURE, GOVERNANCE AND MANAGEMENT** 

## **Organisational and decision making structure** 

The Municipal Charities of Dover is a charity registered in England, number 236140, whose principal objects are to support the poor in Dover by means of the provision of almshouse accommodation. 

The Board comprises six Trustees who are co-opted and five who are nominated by the local authority. On 16 December 2010 the board of trustees was incorporated under the name of "The Incorporated Trustees of the Municipal Charities of Dover". The Trustees do not draw any remuneration from the Charity but are entitled to be reimbursed for expenses incurred. 

A skills audit had previously identified shortages of knowledge and experience of Human Resources, Estate Management and Health and Safety amongst the Trustees and these shortfalls are taken into consideration when co-opting a new trustee. Trustees have also sought knowledge with the appointment of professionals in these fields to advise the board when appropriate. Induction programmes and documents for new trustees are prepared by the Executive Officer. Away days incorporating training and strategic planning are available to trustees annually as a minimum. A Code of Conduct for trustees has been adopted. 

The Board of Trustees has overall responsibility for achieving the aims and objectives of the organisation. The Trustees meet quarterly, with the Executive Officer and the Accountants being in attendance, to review the strategy and performance of the charity and to set objectives, operating plans and budgets. Three Trustee committees: Audit and Finance, Human Resources, and Almshouse, exist to provide specific support and guidance. Each committee provides a report to the Board of Trustees at its next quarterly meeting. The frequency of committee meetings and the topics discussed depend on the needs of the organisation. 

The Officers, comprising the Executive Officer and the Scheme Manager, are paid employees of the Charity and have four main delegated functions: 

1 to implement the policies adopted by the Trustees for the fulfilment of the Charity's objects 2 to advise the Trustees in matters relevant to their expertise 3 to manage the Charity's activities in accordance with the Trustees' wishes 4 to ensure compliance with statutory requirements and best practice 

The strategic and operational management of the Charity's business is delegated to the Executive Officer. The operational management of the almshouses and their residents is assumed by the Scheme Manager. The Scheme Manager attends meetings of the Board of Trustees and its committees by invitation. 

## **Relationships with other bodies** 

The Municipal Charities of Dover has a contract with Kyndi Ltd for the provision of an out-of-hours emergency call response system.  The Scheme Manager has contact, as required, with Social Services, Age UK and care agencies. 

The Municipal Charities of Dover have, occasionally, held discussions with Dover District Council on new developments. The Executive Officer attends meetings with other almshouse charities across Kent for the benefit of sharing knowledge. The Municipal Charities is a member of the Almshouse Association and the Larger Almshouse group. 

The Scheme Manager is invited, from time-to-time, to participate in consultations with health and social services about care of the elderly in the community, in particular those suffering from dementia. 

## **Risk management** 

The Trustees routinely assess the risks facing the Charity with the assistance of the Officers. These risks are both financial and operational. The operational risks are mitigated by a careful staff selection and monitoring policy, while the constant review of the investment portfolios will protect against the risk that the Charity would not generate enough income to provide accommodation. 

## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number** 

236140 

Page 3 



**MUNICIPAL CHARITIES OF DOVER** 

## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023** 

## **Principal address** 

2-3 Battle of Britain Chapel Place DOVER Kent CT17 9AR 

## **Trustees** 

R S Walkden Mrs P M Brivio Mrs P M Beresford Mrs M L Gordon (resigned 30.5.24) Mrs A Jenner E Biggs J Bird M Wood (appointed 25.5.23) M Raven (appointed 23.2.23) S Hill (appointed 31.8.23) Dr L M Wright (appointed 31.8.23) 

The board of trustees is incorporated under the name of "The Incorporated Trustees of the Municipal Charities of Dover". 

## **Auditors** 

Batchelor Coop Limited Statutory Auditor The New Barn Mill Lane Eastry SANDWICH Kent CT13 0JW 

## **Bankers** 

National Westminster Bank plc 25 Market Square DOVER Kent CT16 1ND 

Page 4 



**MUNICIPAL CHARITIES OF DOVER** 

## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023** 

## **REFERENCE AND ADMINISTRATIVE DETAILS Bankers** 

CAF Bank Limited 25 Kings Hill Avenue Kings Hill WEST MALLING Kent ME19 4JQ 

## **Solicitors** 

Excello Law 5 Chancery Lane London WC2A 1LG 

## **Accountants** 

McCabe Ford Williams Chartered Accountants Charlton House Dour Street DOVER Kent CT16 1BL 

## **Investment Managers** 

CCLA Investment Management Limited Senator House 85 Queen Victoria Street London EC4V 4ET 

## **Officers** 

|**Officers**||
|---|---|
|Executive officer|S Manning, 2-3 Battle of Britain, Chapel Place, Dover. CT17 9AR|
|Scheme manager|C J Bentley, 2-3 Battle of Britain, Chapel Place, Dover. CT17 9AR|



## **CUSTODIAN TRUSTEE** 

The Municipal Charities of Dover are the custodians of the Grigg Christmas Boot Gift which provides footwear for school age children. 

## **STATEMENT OF TRUSTEES' RESPONSIBILITIES** 

The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charity SORP; 

- make judgements and estimates that are reasonable and prudent; 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. 

Page 5 



## **MUNICIPAL CHARITIES OF DOVER** 

## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023** 

## **STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued** 

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any  time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

Approved by order of the board of trustees on 26 June 2024 and signed on its behalf by: 

E Biggs - Trustee 

Page 6 



## **REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF MUNICIPAL CHARITIES OF DOVER** 

## **Opinion** 

We have audited the financial statements of Municipal Charities of Dover (the 'charity') for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

In our opinion the financial statements: 

- give a true and fair view of the state of the charity's affairs as at 31 December 2023 and of its incoming resources and application of resources, for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Charities Act 2011. 

## **Basis for opinion** 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

## **Conclusions relating to going concern** 

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. 

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. 

## **Other information** 

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. 

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.  We have nothing to report in this regard. 

## **Matters on which we are required to report by exception** 

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: 

- the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or 

- sufficient accounting records have not been kept; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- we have not received all the information and explanations we require for our audit. 

Page 7 



## **REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF MUNICIPAL CHARITIES OF DOVER** 

## **Responsibilities of trustees** 

As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to  fraud or error. 

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. 

## **Our responsibilities for the audit of the financial statements** 

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 

We assessed the susceptibility of the Charity's financial statements to material misstatement including how fraud might occur. 

We identified important laws and regulations which are significant in the context of the Charity including those covering taxation, theft, social landlords, health and safety and employment legislation. 

We developed and maintained our understanding of these laws and regulations through mandatory professional education. 

We reviewed the Charity's procedures not only for ensuring it remains within the law, but also how it seeks to prevent becoming a victim of internal and external irregularities including fraud. 

We believe our audit team, through training and experience, to be competent and capable of identifying and recognising non-compliance and we ensure they have access to professional specialists at all times to assist them in their judgement. 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors. 

Page 8 



## **REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF MUNICIPAL CHARITIES OF DOVER** 

## **Use of our report** 

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed. 

Batchelor Coop Limited Statutory Auditor The New Barn Mill Lane Eastry SANDWICH Kent CT13 0JW 

Date: ............................................. 

Page 9 



## **MUNICIPAL CHARITIES OF DOVER** 

## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023** 

|Unrestricted<br>funds<br>Notes<br>£<br>**INCOME AND**<br>**ENDOWMENTS FROM**<br>Donations and legacies<br>500<br>**Charitable activities**<br>Relating to almshouses<br>399,540<br>Investment income<br>3<br>35,556<br>**Total**<br>435,596<br>**EXPENDITURE ON**<br>Raising funds<br>4<br>1,248<br>**Charitable activities**<br>5<br>Relating to almshouses<br>484,547<br>Miscellaneous charities<br>1,149<br>Other<br>12,693<br>**Total**<br>499,637<br>Net gains/(losses) on<br>investments<br>225,774<br>**NET**<br>**INCOME/(EXPENDITURE)**<br>161,733<br>**RECONCILIATION OF**<br>**FUNDS**<br>Total funds brought forward<br>2,392,617<br>**TOTAL FUNDS CARRIED**<br>**FORWARD**<br>2,554,350|Restricted<br>funds<br>£<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-|Endowment<br>funds<br>£<br>-<br>-<br>-<br>-<br>-<br>286,101<br>-<br>-<br>286,101<br>295,640<br>9,539<br>7,544,220<br>7,553,759|2023<br>Total<br>funds<br>£<br>500<br>399,540<br>35,556<br>435,596<br>1,248<br>770,648<br>1,149<br>12,693<br>785,738<br>521,414<br>171,272<br>9,936,837<br>10,108,109|2022<br>Total<br>funds<br>£<br>250<br>359,333<br>12,721<br>372,304<br>1,487<br>513,922<br>1,596<br>13,230<br>530,235<br>(393,626)<br>(551,557)<br>10,488,394<br>9,936,837|
|---|---|---|---|---|



The notes form part of these financial statements 

Page 10 



## **MUNICIPAL CHARITIES OF DOVER** 

## **BALANCE SHEET 31 DECEMBER 2023** 

|Notes<br>**FIXED ASSETS**<br>Tangible assets<br>10<br>**Investments**<br>Investments<br>11<br>Investment property<br>12<br>**CURRENT ASSETS**<br>Debtors<br>13<br>Cash at bank and in hand<br>**CREDITORS**<br>Amounts falling due within one year<br>14<br>**NET CURRENT ASSETS**<br>**TOTAL ASSETS LESS CURRENT**<br>**LIABILITIES**<br>**NET ASSETS**<br>**FUNDS**<br>16<br>Unrestricted funds<br>Endowment funds<br>**TOTAL FUNDS**|2023<br>£<br>4,538,721<br>4,753,109<br>40,000<br>9,331,830<br>137,540<br>664,073<br>801,613<br>(25,334)<br>776,279<br>10,108,109<br>10,108,109<br>2,554,350<br>7,553,759<br>10,108,109|2022<br>£<br>4,538,245<br>4,230,313<br>170,000<br>8,938,558<br>8,788<br>1,010,953<br>1,019,741<br>(21,462)<br>998,279<br>9,936,837<br>9,936,837<br>2,392,617<br>7,544,220<br>9,936,837|
|---|---|---|



The financial statements were approved by the Board of Trustees and authorised for issue on 26 June 2024 and were signed on its behalf by: 

E Biggs - Trustee 

The notes form part of these financial statements 

Page 11 



**MUNICIPAL CHARITIES OF DOVER** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023** 

## **1. STATUTORY INFORMATION** 

The Municipal Charities of Dover is an unincorporated charity registered in England. The charity's registered number, principal address and nature of operations can be found in the Report of the Trustees. 

## **2. ACCOUNTING POLICIES** 

## **Basis of preparing the financial statements and assessment of going concern** 

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, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. 

These financial statements combine the accounts of all funds which are governed by the terms of the trust deeds dated 22 October 1984 and 10 February 1997 including all charities using the name of Municipal Charities of Dover. They are all separately constituted and the financial statements have been presented in this form in order to give financial information about the activities which have been carried on in the name of Municipal Charities of Dover. 

The Trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern. 

## **Financial reporting standard 102 - reduced disclosure exemptions** 

The charity has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland': 

- the requirements of Section 7 Statement of Cash Flows. 

## **Income** 

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. 

Government grants for the purpose of giving immediate financial support with no related future costs are recognised as income when receivable. 

## **Expenditure** 

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. 

## **Tangible fixed assets** 

The freehold properties, comprising the almshouses, are included at an existing use value. Adjustments to freehold properties in between valuations are included at cost. Details of the original costs of many of the properties has been lost and due to the length of time the Charity has held the properties the original costs would be meaningless. 

Furniture and equipment has been included in the accounts at a brought forward cost based on an insurance valuation established in 1989. From 1993 the additional costs have been capitalised and the balance will be written off over their expected useful life at 15% on a reducing balance basis. 

Depreciation is charged to the Fund in which the assets are held. 

continued... 

Page 12 



**MUNICIPAL CHARITIES OF DOVER** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023** 

## **2. ACCOUNTING POLICIES - continued** 

## **Tangible fixed assets** 

Impaired assets are written down to their recoverable amount being the higher of the net realisable value and the value in use. Impairment losses are treated as additional depreciation and included in the Statement of Financial Activities. The revised carrying amount of the asset is depreciated over its remaining useful economic life. 

## **Investment property** 

The freehold investment properties are included at an open market value. They are subject to an external professional valuation every five years. In the intervening years internal consideration is given as to whether there have been material movements in the values. 

Other investments are included at their mid market value as at the year end. Gains and losses arising on revaluation are recognised in the Statement of Financial Activities. 

## **Taxation** 

The charity is exempt from tax on its charitable activities. 

## **Fund accounting** 

The Charity's unrestricted general fund can be used in accordance with the charitable objectives at the discretion of the trustees. 

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. 

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

Transfers are made from general funds to designated and restricted funds when appropriate and available in order to achieve the objects of the Charity. Transfers are made from the Permanent Endowment "Almshouse" Fund only to appropriate Almshouse replacement funds. 

## **Pensions** 

The charity operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable by the charity to the fund. 

## **3. INVESTMENT INCOME** 

|Rents receivable<br>Deposit account interest|2023<br>£<br>122<br>35,434<br>35,556|2022<br>£<br>2,597<br>10,124|
|---|---|---|
|||12,721|



continued... 

Page 13 



**MUNICIPAL CHARITIES OF DOVER** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023** 

## **4. RAISING FUNDS** 

## **Investment management costs** 

|**Investment management costs**||||
|---|---|---|---|
|Rates and insurance<br>Bank charges and other fees<br>Repairs (net of contributions)<br>Managing agent's fees<br>**5.**<br>**CHARITABLE ACTIVITIES COSTS**<br>Relating to almshouses<br>Miscellaneous charities<br>**6.**<br>**SUPPORT COSTS**|Direct<br>Costs<br>£<br>766,621<br>1,149<br>767,770|2023<br>£<br>604<br>644<br>-<br>-<br>1,248<br>Support<br>costs (see<br>note 6)<br>£<br>4,027<br>-<br>4,027|2022<br>£<br>515<br>635<br>72<br>265<br>1,487<br>Totals<br>£<br>770,648<br>1,149|
||||771,797|
|||||



|**SUPPORT COSTS**||
|---|---|
||Governance|
||costs|
||£|
|Other resources expended|12,693|
|Relating to almshouses|4,027|
||16,720|



Support costs, included in the above, are as follows: 

|Support costs, included in the above, are as|follows:|||||
|---|---|---|---|---|---|
|||||2023|2022|
||Other|Relating||||
||resources|to||Total|Total|
||expended|almshouses||activities|activities|
||£|£||£|£|
|Auditors' remuneration|2,550||-|2,550|2,370|
|Clerk's salary|-||-|-|1,164|
|Sundries|591||-|591|-|
|Accountancy|9,552||-|9,552|9,696|
|Legal and other professional fees|-|4,027||4,027|900|
||12,693|4,027||16,720|14,130|



continued... 

Page 14 



**MUNICIPAL CHARITIES OF DOVER** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023** 

## **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 no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022. 

## **8. STAFF COSTS** 

Remuneration was paid as follows: 

|Remuneration was paid as follows:|||
|---|---|---|
||2023|2022|
||£|£|
||||
|Wages|118,123|111,231|
|Social security costs|5,757|4,467|
|Pension costs|3,423|3,127|
||||
||127,303|118,825|
||||
|No employee received more than £60,000 in either year.<br>The average number of employees in the year was:|||
|<br>Management and administration|2|2|
|Wardens|2|2|
|Maintenance and cleaning|0|1|



## **9.** 

## **COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES** 

|**INCOME AND ENDOWMENTS FROM**<br>Donations and legacies<br>**Charitable activities**<br>Relating to almshouses<br>Investment income<br>**Total**<br>**EXPENDITURE ON**<br>Raising funds<br>**Charitable activities**<br>Relating to almshouses<br>Miscellaneous charities<br>Other<br>**Total**<br>Net gains/(losses) on investments|Unrestricted<br>funds<br>£<br>250<br>359,333<br>12,721<br>372,304<br>1,487<br>430,649<br>1,596<br>13,230<br>446,962<br>(181,199)|Restricted<br>funds<br>£<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-|Endowment<br>funds<br>£<br>-<br>-<br>-<br>-<br>-<br>83,273<br>-<br>-<br>83,273<br>(212,427)|Total<br>funds<br>£<br>250<br>359,333<br>12,721|
|---|---|---|---|---|
|||||372,304|
|||||1,487<br>513,922<br>1,596<br>13,230|
|||||530,235|
|||||(393,626)|



Page 15 

continued... 



## **MUNICIPAL CHARITIES OF DOVER** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023** 

|**9.**<br>**COMPARATIVES FOR THE STATEMENT**<br>**NET INCOME/(EXPENDITURE)**<br>**RECONCILIATION OF FUNDS**<br>Total funds brought forward<br>**TOTAL FUNDS CARRIED FORWARD**<br>**10.**<br>**TANGIBLE FIXED ASSETS**<br>**COST**<br>At 1 January 2023<br>Additions<br>At 31 December 2023<br>**DEPRECIATION**<br>At 1 January 2023<br>Charge for year<br>At 31 December 2023<br>**NET BOOK VALUE**<br>At 31 December 2023<br>At 31 December 2022|**OF FINANCIAL ACTIVITIES**<br>Unrestricted<br>Restricted<br>funds<br>funds<br>£<br>£<br>(255,857)<br>-<br>2,648,474<br>-<br>2,392,617<br>-<br>Freehold<br>property<br>£<br>4,503,000<br>-<br>4,503,000<br>-<br>-<br>-<br>4,503,000<br>4,503,000|**- continued**<br>Endowment<br>funds<br>£<br>(295,700)<br>7,839,920<br>7,544,220<br>Furniture<br>and<br>equipment<br>£<br>209,984<br>6,780<br>216,764<br>174,739<br>6,304<br>181,043<br>35,721<br>35,245|Total<br>funds<br>£<br>(551,557)<br>10,488,394<br>9,936,837<br>Totals<br>£<br>4,712,984<br>6,780<br>4,719,764<br>174,739<br>6,304<br>181,043<br>4,538,721<br>4,538,245|
|---|---|---|---|



The freehold properties were valued by D Hammond MRICS of Smith Woolley in June 2022 on the basis of current use and occupation, taking into account the income stream generated at the time of valuation. The Trustees consider this valuation to be indicative of the fair value of the properties at 31 December 2023 given the planning constraints attached to the site. 

## **11. FIXED ASSET INVESTMENTS** 

|**MARKET VALUE**<br>At 1 January 2023<br>Unrealised gains and losses<br>At 31 December 2023<br>**NET BOOK VALUE**<br>At 31 December 2023<br>At 31 December 2022|COIF<br>charity<br>funds<br>£<br>4,230,313<br>522,796|
|---|---|
||4,753,109|
||4,753,109|
||4,230,313|



Page 16 

continued... 



**MUNICIPAL CHARITIES OF DOVER** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023** 

## **11. FIXED ASSET INVESTMENTS - continued** 

There were no investment assets outside the UK. 

The majority of the investment portfolio is held in Charities Official Investment Fund accumulation units with the remainder being Charities Official Investment Fund fixed interest income units. 

## **12. INVESTMENT PROPERTY** 

|**FAIR VALUE**<br>At 1 January 2023<br>Disposals<br>At 31 December 2023<br>**NET BOOK VALUE**<br>At 31 December 2023<br>At 31 December 2022|£<br>170,000<br>(130,000)|
|---|---|
||40,000|
||40,000|
||170,000|



The Trustees consideration of the fair value of the investment properties at 31 December 2023 is based on surveyors reports dated February 2015. 

## **13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** 

|Due from residents<br>Other debtors<br>**14.**<br>**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**<br>Owed to suppliers<br>Other creditors and accruals<br>Resident contributions received in advance|2023<br>£<br>4,292<br>133,248<br>137,540<br>2023<br>£<br>6,309<br>17,740<br>1,285<br>25,334||2022<br>£<br>3,544<br>5,244|
|---|---|---|---|
||||8,788|
||||2022<br>£<br>12,988<br>8,162<br>312|
||||21,462|



continued... 

Page 17 



## **MUNICIPAL CHARITIES OF DOVER** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023** 

## **15. ANALYSIS OF NET ASSETS BETWEEN FUNDS** 

|Unrestricted<br>funds<br>£<br>Fixed assets<br>23,783<br>Investments<br>2,054,996<br>Current assets<br>499,959<br>Current liabilities<br>(24,388)<br>2,554,350<br>**16.**<br>**MOVEMENT IN FUNDS**<br>**Unrestricted funds**<br>General fund<br>Extraordinary Repair Fund<br>Grigg shoe<br>**Endowment funds**<br>Almshouses fund (permanent)<br>Almshouses fund (available for expenditure<br>per resolution)<br>**TOTAL FUNDS**<br>Net movement in funds, included in the above a<br>**Unrestricted funds**<br>General fund<br>Extraordinary Repair Fund<br>Grigg shoe<br>**Endowment funds**<br>Almshouses fund (permanent)<br>Almshouses fund (available for expenditure<br>per resolution)<br>**TOTAL FUNDS**||Restricted<br>funds<br>£<br>-<br>-<br>-<br>-<br>-<br>At 1.1.23<br>£<br>2,026,022<br>359,424<br>7,171<br>2,392,617<br>6,536,984<br>1,007,236<br>7,544,220<br>9,936,837<br>as follows:<br>Incoming<br>resources<br>£<br>435,424<br>-<br>172<br>435,596<br>-<br>-<br>-<br>435,596||Endowment<br>funds<br>£<br>4,514,938<br>2,738,113<br>301,654<br>(946)<br>7,553,759<br>Net<br>movement<br>in funds<br>£<br>117,869<br>44,462<br>(598)<br>161,733<br>293,533<br>(283,994)<br>9,539<br>171,272<br>Resources<br>expended<br>£<br>(498,488)<br>-<br>(1,149)<br>(499,637)<br>(2,107)<br>(283,994)<br>(286,101)<br>(785,738)||2023<br>Total<br>funds<br>£<br>4,538,721<br>4,793,109<br>801,613<br>(25,334)<br>10,108,109<br>Transfers<br>between<br>funds<br>£<br>(680)<br>-<br>680<br>-<br>-<br>-<br>-<br>-<br>Gains and<br>losses<br>£<br>180,933<br>44,462<br>379<br>225,774<br>295,640<br>-<br>295,640<br>521,414||2022<br>Total<br>funds<br>£<br>4,538,245<br>4,400,313<br>1,019,741<br>(21,462)<br>9,936,837<br>At<br>31.12.23<br>£<br>2,143,211<br>403,886<br>7,253<br>2,554,350<br>6,830,517<br>723,242<br>7,553,759<br>10,108,109<br>Movement<br>in funds<br>£<br>117,869<br>44,462<br>(598)<br>161,733<br>293,533<br>(283,994)<br>9,539<br>171,272|
|---|---|---|---|---|---|---|---|---|
||||||||||
||re||||||||
||||||||||
||||||||||
||||||||||
|||as|||||||



continued... 

Page 18 



**MUNICIPAL CHARITIES OF DOVER** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023** 

## **16. MOVEMENT IN FUNDS - continued** 

## **Comparatives for movement in funds** 

|**Unrestricted funds**<br>General fund<br>Extraordinary Repair Fund<br>Grigg shoe<br>**Endowment funds**<br>Almshouses fund (permanent)<br>Almshouses fund (available for expenditure<br>per resolution)<br>**TOTAL FUNDS**|At 1.1.22<br>£<br>2,245,311<br>394,965<br>8,198<br>2,648,474<br>6,751,890<br>1,088,030<br>7,839,920<br>10,488,394|Net<br>movement<br>in funds<br>£<br>(219,111)<br>(35,541)<br>(1,205)<br>(255,857)<br>(214,906)<br>(80,794)<br>(295,700)<br>(551,557)|Transfers<br>between<br>funds<br>£<br>(178)<br>-<br>178<br>-<br>-<br>-<br>-<br>-|At<br>31.12.22<br>£<br>2,026,022<br>359,424<br>7,171|
|---|---|---|---|---|
|||||2,392,617<br>6,536,984<br>1,007,236|
|||||7,544,220|
|||||9,936,837|



Comparative net movement in funds, included in the above are as follows: 

|**Unrestricted funds**<br>General fund<br>Extraordinary Repair Fund<br>Grigg shoe<br>**Endowment funds**<br>Almshouses fund (permanent)<br>Almshouses fund (available for expenditure<br>per resolution)<br>**TOTAL FUNDS**|Incoming<br>resources<br>£<br>372,096<br>-<br>208<br>372,304<br>-<br>-<br>-<br>372,304|Resources<br>expended<br>£<br>(446,576)<br>-<br>(386)<br>(446,962)<br>(2,479)<br>(80,794)<br>(83,273)<br>(530,235)|Gains and<br>Movement<br>losses<br>in funds<br>£<br>£<br>(144,631)<br>(219,111)<br>(35,541)<br>(35,541)<br>(1,027)<br>(1,205)<br>(181,199)<br>(255,857)<br>(212,427)<br>(214,906)<br>-<br>(80,794)<br>(212,427)<br>(295,700)<br>(393,626)<br>(551,557)|Gains and<br>Movement<br>losses<br>in funds<br>£<br>£<br>(144,631)<br>(219,111)<br>(35,541)<br>(35,541)<br>(1,027)<br>(1,205)<br>(181,199)<br>(255,857)<br>(212,427)<br>(214,906)<br>-<br>(80,794)<br>(212,427)<br>(295,700)<br>(393,626)<br>(551,557)|
|---|---|---|---|---|
|||||(255,857)<br>(214,906)<br>(80,794)|
|||||(295,700)|
|||||(551,557)|



Unrestricted funds comprise those funds that the trustees are free to use in accordance with the Charity's objects. 

The Extraordinary Repair Fund represents funds set aside by the trustees for the purpose of extending the provision of and modernising the existing provision of almshouses. 

The Grigg Shoe Fund provides free footwear to selected primary schools in the Dover area for children in need. Any deficit of income over expenditure in the year is funded by a transfer from the general fund. 

continued... 

Page 19 



**MUNICIPAL CHARITIES OF DOVER** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023** 

## **16. MOVEMENT IN FUNDS - continued** 

The Permanent Endowment Fund relates to the original legacies given to the Charity as revalued and are not available for distribution by the trustees.This was set up to protect income from original bequests and allow expansion of the provision of almshouse accommodation to more people rather than subsidising the rents of a fortunate minority of existing almspeople. During a prior year the Trustees passed a resolution, which was subsequently approved by the Charity Commission, to spend up to the sum of £1,965,000 of the permanent endowment towards and in connection with any remedial works or works of improvement to the Charity's existing almshouses or the construction of new almshouses. 

## **17. OTHER FINANCIAL COMMITMENTS** 

At the year end the charity had financial commitments of £84,075 (2022 - £51,000) which had been contracted for but which are not provided for in these financial statements. 

## **18. RELATED PARTY DISCLOSURES** 

There were no related party transactions for the year ended 31 December 2023. 

## **19. PENSION CONTRIBUTIONS** 

The pension cost in the year amounted to £6,161 (2022 - £5,992) inclusive of employee contributions. Four (2022 - five) members of staff are accruing benefits under this scheme. 

Page 20 



## **MUNICIPAL CHARITIES OF DOVER** 

## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023** 

|**INCOME AND ENDOWMENTS**<br>**Donations and legacies**<br>Donations<br>Grants<br>**Investment income**<br>Rents receivable<br>Deposit account interest<br>**Charitable activities**<br>Residents contributions<br>**Total incoming resources**<br>**EXPENDITURE**<br>**Investment management costs**<br>Rates and insurance<br>Bank charges and other fees<br>Repairs (net of contributions)<br>Managing agent's fees<br>**Charitable activities**<br>Salaries, etc<br>Repairs and maintenance<br>Rates and insurance<br>Light and heat<br>Office costs<br>TV rentals, licenses, etc<br>Payments to beneficiaries<br>Training and subscriptions<br>Bad debts<br>Furniture and equipment depreciation<br>**Support costs**<br>**Governance costs**<br>Auditors' remuneration<br>Clerk's salary<br>Sundries<br>Carried forward|2023<br>£<br>500<br>-<br>500<br>122<br>35,434<br>35,556<br>399,540<br>435,596<br>604<br>644<br>-<br>-<br>1,248<br>127,785<br>570,376<br>23,806<br>12,097<br>22,220<br>159<br>2,775<br>940<br>1,308<br>6,304<br>767,770<br>2,550<br>-<br>591<br>3,141|2022<br>£<br>-<br>250|
|---|---|---|
|||250<br>2,597<br>10,124|
|||12,721<br>359,333|
|||372,304<br>515<br>635<br>72<br>265|
|||1,487<br>127,125<br>321,993<br>23,463<br>12,310<br>17,831<br>174<br>4,276<br>1,226<br>-<br>6,220|
|||514,618<br>2,370<br>1,164<br>-<br>3,534|



This page does not form part of the statutory financial statements 

Page 21 



**MUNICIPAL CHARITIES OF DOVER** 

## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023** 

|**Governance costs**<br>Brought forward<br>Accountancy<br>Legal and other professional fees<br>Total resources expended<br>**Net expenditure before gains and losses**<br>**Realised recognised gains and losses**<br>Realised gains/(losses) on investment property<br>**Net expenditure**|2023<br>£<br>3,141<br>9,552<br>4,027<br>16,720<br>785,738<br>(350,142)<br>(1,382)<br>(351,524)|2022<br>£<br>3,534<br>9,696<br>900<br>14,130<br>530,235<br>(157,931)<br>-<br>(157,931)|
|---|---|---|



This page does not form part of the statutory financial statements 

Page 22