DUNK'S ALMSHOUSE CHARITY CHARITY NUMBER 240563 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 DUNK'S ALMHOUSE CHARITY FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 INDEX PAGE Legal and Administrative Information Trustees. Report Statement of Financial ActNicies Balance Sheet Note5 to the Financial Statements Income and Expenditure Account Dunies Almshou$e Charity Legal and Administrative Information Trustees Following a resoluuon daced 23 April 2013 the intention is for there to be eleven trustees. These would consist of: One Ex-offlclo Trustee - being the vicar for the tirne being of the Parish of Hawkhurst (but the vicar has resigned from the Board of Trustees with effecc from 5 August 2022 and has noc been replaced). Five representative Trustees - being appointed by the Parish Council of HawkhursL Six co-optative Trustees - being persons residing or carrying on business in or near the Ancient Parish of HawkhursL The Trustees who have Se￿ed during the year were: Mr N Colli50n Mrs S Cornish Mr5J Fiulkner Mr C Faulkner Miss E C Roberts Mrs G Cannon Mrs H Van Kan Mr C C Hobday Representative and Chairman epresentative Co.optative Co.optative c￿0ptative Representative Representative Representative Treasurer Prlncipal Office Clerk to Trustees Mrs L Panting Dunks Office Flat 5 Dunk's Almshouse Rye Road Hawkhur5t Kent TN18 4HF Bankers Barclay5 Bank pl Ashford Brnnch 66 High Street Ashford Kent TN24 8TL Sollcitor Buss Murton LLP Clermont House CRANBROOK Kenr TN17 3DN Accountant Mccabe Ford Williams Bank Chambers High Street CRANBROOK Kent TN173EG Page I Dunk's Almshouse Charity Trustees, Report Incorporation As A Charitable Incorporated Organisation A new Charitable Incorporated Organisation, Dunk's Almshouse Charity was registered on 12 July 2023. A resolutyon ￿a$ passed on 3 August 2023 that all the property and assets of the Dunk's Almshouse Charity (Charitable Registrntion No 240563) be transferred to the newly formed Charitable Incorporated Organisation, Dunk's Almshouse Charity (Charitable Registration No 1203952). This transfer tool< place on 3 August 2023. As a result all assets, liabilities and reserves were transferred out of the original Chariry into the Charitable Incorporated Organisation on that date and the original Charity had no assets, liabilities and reserves from that daTr to the balance sheet date. The original Charity will be di5501ved in due course. Objects Of The Charity The oblecrs of the Chariry are to provide accommodation for poor persons of good character who (except in special cases co be approved by the charity commi55ion) have resided in the area of the Ancient Parish of Hawkhurst for not less than two years prior to their appointmenL The charlty was established by the Will of Sir Thomas Dunk dated 8July 1718 by whlch he bequeathed land at HawkhursL Keni on which he directed that a building should be erecced with money also bequeathed by him ro comprise six almshouses, a school and a schoolmaster's house to be administered by trustees as described in his will. The building was erected after his death by his executor and the charicy Wds organi5ed in accordance with his directions. The building extended in the 19 century to provide more space in the almshouses. By an Order of the Charity Commission dated 19 Augusc1904 the part of the Charity comprising the almshouses was separated from the part held for educational purposes, the two charitie5 to be henceforth called Dunk's Almshouse Charity and Dunk's Educational Foundation respectively. Dunl<'s Almshouse Charity (including another charity called Springett's Eleemosynary Donation) are now governed by a Scheme made by the Charity Commission dated 15 February 1916 a5 varied by a Scheme dated 25 September 1970. In 1969170 che six almshouses together with a part of the building, which was leased to Dunk's Almshouse Charity by Dunk's Educational Foundation by a lease for 99 years from l June 1970, were converted into eleven modernised almshouses. In 1991 National Westminster Bank PLC donated to the Trustee5 of Dunk'5 Almshouse Charty a piece of adjoining land to be used for the purposes of the Charicy and upon the charitable trusts applicable thereto. Four bungalows were built behind the original almshouses over the perlod from l January 1998 to 31 December 2000. From 20 January 1998 the Charity is a Registered Social Landlord under the Housing Act 1996 S.3. Organisation The Trustees who seryed during the year are sec out on page one. The Representative Trustees are appoinred by the Parish Council and the Co-optative Trustees are people residing or carrying on a business in or near the Parish of Hawkhursc The trustees meet quarterly. Page 2 Dunies Almshouse Charity Trustees, Report Continued Reserves Policy It wa5 the policy of the tharity to build up the Extraordinary Repair Fund to a target of £200,000 by 2017, to provide sufficient funds to deal with a major emergency, such as a fire with consequent costs of rehousing the residents during a period of repair. The Cyclical Maintenance Fund should be maintained at a level to adequately cover the budgeted maintenance costs for the forthcoming year, while the General Fund should be maintained at i level to adequately cover the budgeted costs, excluding the maintenance costs, for the coming year. With the formation of the Charioble IncorPora￿d Orgdnisation. all reserves have been transferred out into the new Charity. Risk Management The Trustee5 have assessed the major risks to which the charity is exposed, in particular those relating to the building. operations and finances of the charity and are satisfied that SYs￿m5 are in place to micigate their exposure to the major risks. Publlc Benefit The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objecuve5 and in planning future activities. Statement of Trustees, Responslbilities Charity law requires the Trustees to prepare financial statements for each financial year which gNe a true and fair view of the affairs of the Chariry and of its financial activities for that period. In preparing those financial statemenrs, the Trustees are required to.. - select suitable accounting policies and apply those policies consistent]y; b) make judgements and estimates that are reasonable and prudent; stats whether applicable accounting standards and statement5 of recommended practice have been followed subject to any departures disclosed and explained in the financial statements. d) prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. 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 rhe relevant provision5 Of the Charities Act 201 l. They are also responsible for safeguarding the assets of the charity and, hence. for taking reasonable steps for the prevention and detettion of fraud and other irregu12rities. Page 3 Dunles Almshouse Charity Trustees. Report Continued Review of The Year and the Future After the transfer of all assets. liabilities and reserves on 3 August 2023 to the Charitable Incorporated Organisauon , this Charity. Dunks Almshouse Charity, has no remaining funds. Trustee Nigel Collison Date.. 2 October 2025 Page 4 D¥nW5 Almshouse Chanty Ststèmerrt ol FInancI￿ A¢tiTrAd6s For th¢Year énded 31 Dtc¢mber 2Q24 P￿rn￿Dent Extraordknary Endowment Rep*lr Fund Pund Cycll Maintenance ¢¢n￿ nd Fund T¥t 31.12.24 Jl.1123 In¢Dme End0￿ments frrffi". 295 1.806 Inwesr Di¥ldBnd5 maIn￿L0¢e ContrfbLbthw¥ 58.34S Tot•1 EndowmeDty 63,633 Dlroct Charltllbl• Exwdl¢w• Rem pald CycL*41 OthEr makntenancz Girdenlng s￿&6 9.777 544 c￿r￿1 tax 1.950 2,768 240 18.270 Irbwwce Trkjsteo Inwnn GA5 and deLtr Sothl acDMtIts Othw 1,058 47,531 GOV•rn￿ O￿lancy1￿￿4 Profc5s1onalfÉe5 Clervs f¢is oxpEns Office costs 63 3,796 500 Tot￿ Fxp•ndtur• 55,943 N•tlnwrn•l•N••ndlturn before on Irsvutm•nti y,é?I Ner I￿￿$1{10%¥¢I> on Im¢stynonts GaltislLo55uI gn k)Y¢wnenr4 N•t Incofflglexwdltuv• 39M12 Tran51•r# b•tw•en fvhds Tranfv ro Cyclcal fil TnNfè- to Extraord￿￿ Fund Not Mov•m¢rtln lunth 3Y.012 R•¢ondli*tlon TO￿ fvrth brou8h¢ftyw•rd 754,631 Tranrf•r to n6wctt•At￿Iè Ineoyporatsd Ot8*nliadoh Dunk's Alm5h(ww Chthty Icharftkblè R•8iitration N 12039511 on J A￿￿￿¢202$ 1193,6131 Dunk's Almshousè Chaiity Balance Shèet As It 31 Detember 2024 Prlor to transfer Total 3.8.23 perni￿eTIt Endowment Extraordinary Repair Fund Cyclical Mainttrtan¢¢ Fund G*n¢r41 Fund Total 31.12.23 Fun 31.12.24 Fr¢¢hold Pr¢p•rty Cost Less Socil Houslng Grant 239,153 183,2331 155,920 Investm¢nts 507.578 Flx*d Ass•ts 663.498 Curr¢n¢ Assets Debtors and prepayment¥ COIF Depolt Current Accourt & cash 71.675 152.159 Curr•n¢ Llabllltl•s Credltors 22.015 Net Current Asse 130.144 Net Ass¢rs 793,642 Fund5 Pormanent Endowment Fund Exrjyordlnary Repalr Fund Cyclical Fund General Fund 2S8,244 356.232 45.365 133.801 793,642 The finan¢lal starements have been prepared In iccordance vAth the requlrtmènrs ol FR5102 afid olthe Statement of Recomm￿ded PraC￿ce. Accounting and Reportlng by c￿rItIes. Approved by the Trusues sI￿0d Nigel c911￿0Th gned Colln Hobday 111 I IAYI q-g Dated.. Pago 6 Dunk's Almshouse Charity Notes to the Financial Statements for the year ended 31 December 2024 I. ACCOUNTING POLICIES Basis of Preparation These accounts combine the accounts of all funds which are governed by the terms of the order dated 15 February 1916, They have been prepared on the accruals ba515 and include itsms of income and expenditure as they are earned or incurred. rather than a5 cash is received or paid. The accounts are prepared In accordance with the provisions of Section IA "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Statement of Recommended Practice "Accounring and Reporting by Charities" 2015. They have been prepared under the hlstorical cost convention except for investments which are carried at market value. The accounts are stated in £. Fund Accounting The Charity's Permanent Endowment Fund comprises the original land and buildings together with subsequent additlons and certain Invescments. The Charity's unrestritted funds consist of funds which the charity may use for its purposes at its discretion. The Charity has set aside certain sums in designated funds as follows: Cyclical Maintènance Fund. Funds set aside by the Charity to cover repairs and maintenance of the properties necessary at irregular intervals. This Is malntained to meet the next year's annual maintenance. Extraordinary Repalr Fund. Funds set aside by the Chari(y for future major works, improvements and replacement expendicure. Flxed Assets and Depreclatlon Fixed assets are valued at the cost of land and buildings incurred by the Charity. No value Is Included for the original land and buildings bequeathed to the Charity or subsequent gifts prior co the introduction of the charities SORP in 1995. The land and buildings are considered to be inalienable and to have an indefinitely long useful life. An 2nnual provision is made for maintenance 2nd repairs but depreciation is not providod on the grounds that che annual charge and accumulated fund would not be rnaterial. The social housing grant IS shown as a deduttion in accordance Yiith che General Determination 2006 for Registered Social Landlords. Page 7 Dunws Almshouses Charity Note5 to the Financial Statements for the year Ended 31 December 2024 Investments Investments are included in the accounts at market value. Investment Income Dividends are credited in the accounts when received and credit is taken for interesr when it falls due, Administration Expenditure Administratyon expenditure comprises all costs incurred in running the Charity and are recognlsed when a legal and construttive obli8ation is established. Going concern The trustees consider that there is no material uncertaincy relating to galng con￿rn and consider that the Charity 15 in a position to meet its financial obligations as chey fall due. 2. INCOME AND EXPENDITURE 31.12.24 31.12.23 Maintenance contrlbution$ r¢¢eivable in the year £58,345 ArrÉars due on 31.12.224 There were no service charges or revenue grants received in the year. There were no malntenance contrlbutions losses during the year (2022-£Nil). Accommodation In Management At 31 December 2022 there were eight double and seven single flats owned and managed by the Charity, of which 14 were housing accommodation units, One single flat has been converted to provide laundry facilities and office facilicie5. Income is recorded when due. Page 8 Dunk's Almshouse Charity Notes to the Financial Statements for the year ended 31 December 2024 2. INCOME AND EXPENDITURE (continued) Employees There wa5 one employee during the year. No trustees received any remuneration during the year. 3. FIXED ASSETS Freehold Properry Cost brought forward at l January 2024 Additions in year Transfer out on formatlon of Charitable Incorporated Organi5ation 31.12.24 31.12.23 239.153 (239,153) Cost carried fowdrd at 31 December 2024 £239.153 4. INVESTMENTS 31.12.24 31.12.23 Endowment Fund Extraordinary Repair Fund 31.12.24 31.12.23 General Fund Page 9 Dunles Almshouse Charity Not¢s to the Financial Statements for the year ended 31 December 2024 5. RELATED PARTY TRANSACTIONS Dunk's And Springett'5 Educational Foundation (Charity Number 307664} Is under che control of the same Committee of Trustees. During che year Dunk's And Springett's Educational Foundation charged Dunk's Almshouse Charity £Nil in rentfor 3 flats (2023: £5,859). In addition, some charges made to Dunk's Almshouse Charity are recharged to Dunk's And Springett's Educational Foundation. At the year end Dunk's And Springett'5 Educational Foundation owed Dunk's Almshouse Charity £Nil (2023: £Nil). Payments totslling £9.072 were made in the previous year to Mr C Faulkner. These were ipproved by the Building sub-committse and Mr Faulkner did not participate in the vote. Ic is regarded to be open markec value for the work performed. Payments totalling £470 were made in the previous year to Mrs J Faulkner for cleaning services. It is regarded to be open market value for the work performed. 6. TRUSTEE REMUNERATION AND EXPENSES No trustees have been paid remuneration or expenses during the year. Page 10 Aimshou5e Charity Income and Expendlture Account For thé Year ended 31 December 2024 P*rmRnent Extraordlnary Endowment Re￿Ir Fu41d Fund ycliclll Mainten•t) Genertl Total 31.12.24 Total 31.12.23 Fund Fund Turnover 295 58,345 58,640 Malnr¢narK¢ ￿tr￿￿tIOnS Loss Optyrat5ni Costs Rent paid Cycli¢#l ￿Inter￿nCe OthÈr malntenanta 5,666 5,194 544 Garden*D8 ExtrAordlnary M￿￿an￿* Rates W*tw & 8ew¢ry Insuranc Trustee insurin¢ Ga5 Ind aknrlclty AccountanrylAudit Prof•ssIon￿ fees Cluning Clork's ft•1 expens•$ Offlt* <0$ Sodal ieclvth¥ Other 1.950 2.768 240 18.270 3,152 1.352 1,058 54,979 Op•v*tln¥ gurplui 3.660 ProfftlLosi on ¥Ah of Invést)rnnts Interest rece1¥a￿l ind oth¢r Income 5urplu• On ordlnAry •rtfvltl•i b*foM tax*tlon Tax on surp1￿1 on ordlnary aCdV￿ Grant retrlvable 38alnst tt%iSon Surplu* lor ¢ho year 4.994 1654 1654 Trinshr to Cycllcil fund Trin5f*r to Extraot4inary fvnd Unrellsed ￿nSI(1¢1￿) on Invelrmtnts Rec•ndll*tlon of Fund¥: R•¥tYv•i brought fonYArd 754,631 Tr*nrfer to new ChaAtobl• Incorporxted Or8*nls*don Dunws Almshoule Charfty {Charltable R•8lstr•tlon N 1103951) 3 Au8Urt 2023 (794,6061 Reserw ¢ArAed frI￿Ard I wets h'abilitle$ And reseryes were transferred to a Chthtable lTrEorpDrdtsd Or¥An1￿￿On on 3 August 2023 P4e 11