Annual Report and Financial Statements of the Dunwich Reading Room and Museum Charity Registered charity number 310305 St James Street Dunwich Saxmundham Suffolk IP17 3DT For the year ended 31 March 2024 Prepared on accruals accounting basis
DUNWICH READING ROOM AND MUSEUM CHARITY Registered Charity No. 310305 Accredited Museum No. 592 Principal Address: Dunwich Museum St James Street Dunwich Saxmundham Suffolk IP17 3DT Trustees: Matthew Salusbury (Chairman) Katharine Chant (Curator) John Cary (Treasurer) David Cook Susanne Hardy Prof. David Sear Caroline Gay Way Independent Examiners: Ensors Blyth House Rendham Road Saxmundham Suffolk IP17 1WA Bankers.. Barclays Waveney Valley 23 New Market Beccles NR34 9HD Solicitors.. Nicholsons 23 Alexandra Road Lowestoft NR32 1 PP
DUNWICH READING ROOM AND MUSEUM CHARITY For the year ended 31 March 2024 INDEX Trustees, Annual Report Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 8-13
DUNWICH READING ROOM AND MUSEUM CHARITY TRUSTEES, ANNUAL REPORT For the year ended 31 March 2024 Chairman's report From a purely organisational point of view the charity continued to work towards its transition to the new CIO charity "The Dunwich Community Heritage Centre" (DCHC) which was now up and running with its own bank account. Otherwise day to day income and expenditure continued to be channelled through the existing 'Dunwich Reading Room & Museum, (DRRM). However, at the year end. we cleared out all creditors and debtors and a stop to all future transactions through the charity accounts. After 31st March 2024, all transactions, including those running through the Barclays bank account will be accounted for in DCHC. This means that after 72 years or so, this will be the last set of accounts for DRRM. AII other assets will now be accounted for in the accounts of DCHC. At the end of this period, we were preparing for a community launch event for the new member-lead DCHC charity, scheduled for 20 April 2024 and had appointed a Membership Secretary and a Heritage Consultant, the latter tasked with organising a series of consultation events with the village community. During the year we achieved the following.. we put together a Dunwich Museum exhibition on pilgrimage and pilgrim badges in Dunwich, with mutual loans of exhibits arranged with Moyse's Hall Museum, which was ready to open immediately after the end of this period. The digitisation and cataloguing of the recently-acquired Dowcra Collection of magic lantern slides was begun, to continue into the next year with funding secured from the National Heritage Lottery Fund (NHLF). The Chronicles of Dunwich programme of family-friendly environmental and heritage events continued throughout this period in partnership with Art Branches and the Dunwich Greyfriars Trust, including many events in the winter among them an All Hallows torchlit walk. This well-attended programme of events will continue as part of the NHLF Dunwich Museum The Way FoNard project as part of the activities of the new DCHC into the next year which have already been planned. 207 children came to Dunwich Museum on school visits in this period. We developed plans for the development of a more inviting, sustainable space in our Reading Room which will be advanced by the new DCHC charity and our Chair and Manager attended training as part of our Museums Association accreditation. Matthew Salusbury Chair of the Trustees, Dunwich Reading Room and Museum charity January 2025
DUNWICH READING ROOM AND MUSEUM CHARITY TRUSTEES, ANNUAL REPORT (CONTINUED) For the year ended 31 March 2024 Aims and objectives reading room, library or lecture room for the education, recreation, entertainment or otherwise as may be found expedient forthe benefit of the inhabitants of the parish of Dunwich. Structure, governance and management Governin document The charity is controlled by its governing document. its Constitution, and constitutes an unincorporated charity, registered with The Charity Commission. The charity is managed by its trustees who are appointed from the local community with interest in preservation of the history of the surrounding area or through professional background and experience. The trustees meet regularly. usually bi-monthly, at the charity's premises. Trustees Matthew Salusbury (Chairman) Katharine Chant (Curator) John Cary (Treasurer) David Cook Susanne Hardy Prof. David Sears Caroline Gay Way Princi al sub-contracto Jane Hamilton (Manager) Sarah Peel (Assistant Manager) Timothy Holt-wilson (Archivist) Ann Donnachie (Financial Controller) Financial review The total income for the year was £49,199 compared to the previous 15 month period of £50,926. The total expenditure for the year was £39,992 compared to the previous 15 month period of £57,590. Thère was a net surplus for the year of £9,207 before any unrecognised gainlloss movement on investments. The overall net movement after accounting for the net unrecognised gain on investments of £11,854 was a net movement of £21,061 (2023.. loss of £(15,985)). The overall funds of the charity as at 31 March 2024 are £424.902 after accounting for the net movement of the year as above (2023: £424,841). The total funds include a restricted fund in respect of the Reading Room Building Fund of £1,000 as at 31 March 2024. The funds are represented by fixed assets of £254,978, investments held with CCLA in COIF Investment Fund of £127,294, cash at bank of £36,058, stock of £7,424 and net creditors of £852.
DUNWICH READING ROOM AND MUSEUM CHARITY TRUSTEES, ANNUAL REPORT (CONTINUED) For the year ended 31 March 2024 Funds Funds are divided into Unrestricted and Restricted. Unrestricted Funds The Constitution does not stipulate how unrestricted funds are divided up. It is the trustees wish that the general fund be divided into several designated funds to provide for future requirements by the institution- Capital Fund.. Reflects the current value of property and equipment fixed assets including any depreciation to date An allowance for future spending on major repairs and capital renewals of the building structure and equipment Future Development Fund An amount set aside for major new developments such as the complete refurbishment of the Reading Room and a re-fit of the museum at some unspecified future date An amount set aside to allow for the purchase of objects deemed important to add to the collection. The amount of over-all carried forward surplus which is not accounted for in the other funds. Fabric Fund Acquisitions Fund General Fund Each one of these funds is reviewed by the trustees each year to ascertain whether the amounts are sufficient or in excess, and rebalanced as required. Restricted Funds There is no stipulation in the Constitution to provide or use restricted funds. Restricted funds are used to 'ring-fence' specific project related funding provided by donors or grantors, so that a proper account can be kept of the expenditure against the funding provided. Once the project is completed and approved, any surplus or loss is transferred lo or from the general Unrestricted fund. Restricted funds can be carried across a year end. Reserves policy The trustees regularly review the reserves of the charity and with investments of just over £127.000 and cash at bank of £35,978, there is considered adequate funds for the operation of the museum for the next year ahead. INVESTMENT POLICY Surplus resources in the current bank account(s) will be transferred to a deposit account managed by Churches Charities and Local Authorities Investment Management (CCLA) andl or into one of their COIF funds to generate income or grow in value. The amount kept in the deposit account will vary according to current interest rates offered but will be at any one time between the equivalent of 6 months or a full year's turnover. Disinvestment will Occur if funds are required to subsidise losses or for a specific project.
DUNWICH READING ROOM AND MUSEUM CHARITY TRUSTEES, ANNUAL REPORT (CONTINUED) For the year ended 31 March 2024 The movement of funds between accounts will be determined by the financial controller and approved by one other trustee. Investment decisions will be reported to the board of trustees at the next available meeting. Risk assessment During the year. the charity trustees carried out a detailed review of its charitable activities and in that process assessed the potential for risks to the charity. As part of this process, the charity has a risk management strategy which covers: 1, Financial Risks: this is the most common risk to be managed through budgeting, internal audit and proper financial procedures. 2. Reputational Risk: this would be unwelcome publicity which hinders the mission of the museum. 3, Statutory and legal requirements to cover health and safety, employment law, safeguarding and associated difficulties which could lead to compensation claims. 4. Operational Risk.. threats to the ability of the museum to deliver its objectives. The implementation of procedures designed to minimise any potantial impact on the charity should any of those risks materialise, is documented with policies in place for Complaints, Data Protection, Health and Safety, School Safety, Access, Environmental Sustainability, Collections Development. Risk assessments exist for the museum buildings and facilities. Approved on behalf of the Board of Trustees (Chairman) 23rd January 2025
INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF DUNWICH READING ROOM AND MUSEUM CHARITY FOR THE YEAR ENDED 31 MARCH 2024 I report to the members on my examination of the accounts of the Dunwich Reading Room and Museum Charity for the year ended 31 March 2024, which are set out on pages 6 to 13. Responsibilities and basis of report As the charity's trustees 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 Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. Independent examiner's statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that. in any material respect.. the accounting records were not kept in accordance with section 130 of the Act. or the accounts did not accord with those accounting records., or the accounts did not comply with the applicable accounting requirements concerning the form and contents of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair, view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Carl Page FCCA Ensors Accountants LLP Member of the Institute of Chartered Accountants in England and Wales (ICAEW) Blyth House Rendham Road Saxmundham Suffolk IP17 1WA Dated.. 24th January 2025
THE DUNWICH READING ROOM AND MUSEUM STATEMENT OF FINANCIAL AcfiviTIES For the year ended 31 March 2024 2024 Total 2023 Total Unrestricted Desi nated Restricted Note Income from charitable activities Soles.- Shop sales School visits TV rights Reading room hire 19.549 66 19,549 66 20,396 366 167 682 613 613 Voluntary Income Donations Treasure chest Grants Gift Aid reclaimable 16,842 3,284 3,350 945 1,000 17,842 3,284 3,350 945 18,923 2,548 2,700 2,071 Investment income 3,550 3,550 3.073 Total income 48,199 1,000 49,199 50,926 Expenditure on charitable activities Shop costs Staff and premises costs Management and administration Depreciation 9,613 24,106 6,012 261 9,613 24,106 6,012 261 11.422 30,577 15,256 335 Total expenditure 39,992 39,992 57,590 Net incoming resources 8,207 1,000 9,207 {6,6641 Transfers Gross transfers between funds Other recognised gains/(lossesl Unrealised gains/llosses} on investments 11,854 11,854 19,3211 Net movement in funds 20,061 1,000 21,061 (15.9851 Total funds brought forward As at l April 2023 Transfer to Dunwich Community Heritage Centre Total funds carried forward As at 31 March 2024 42,595 121.000} 382,246 424,841 (21,0001 440,826 41,656 382,246 1,000 424,902 424,841
THE DUNWICH READING ROOM AND MUSEUM BALANCE SHEET As at 31 March 2024 2024 2023 Note Fixed Assets Tangible fixed assets (at NBV) Investments 254,978 127,294 382,272 255,239 115,440 370,679 Current Assets Stock Debtors and prepayments Cash at bank Cash on deposit Cash in hand 7,424 6,556 2,406 17,023 30,093 80 56,158 2,334 33.644 80 43,482 Current Liabilities Creditors - amounts falling due in one year 1852} (1,9961 Net Current Assets 42,630 54.162 Total Net Assets 424.902 424,841 Represented by: Funds Unrestricted General reserve io 41,656 42,595 Designated Capital fund Fabric & building repair5 fund Future development fund Acquisitions fund 247,246 25,000 loo,000 10,000 247,246 25,000 loo,000 10,000 Restricted Reading Room Building Heritage Lottery Fund 1,000 424,902 424,841 Approved by the Board ofTrustees on .....23rd January 2025....-. and signed on its behalf Matt Salusbury Chairman john Carv Treasurer
THE DUNWICH READING ROOM AND MUSEUM NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024 I ACCOUNTING POLICIES Basis of preparation The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice and in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFR51021 issued on 16 July 2014 and the Charities Act 2011. In preparing the accounts. the trustees have considered whether in applying the accounting policies required by FRS 102 and the Charities SORP FRS 102 a restatement of comparative items was needed. No restatements were required. The charity constitutes a public benefit entity as defined by FRS 102. Preparation of accounts on a going concern basis The assessment of the trustees is that the charity is a going concern. Incoming resources All incoming resources a re included on the Statement of Financial Activities when tha charity has sufficient certainty that receipt of the income is probable and the amount can be measured reliably. Income from investments is included on an accrual basis for the period which the income relates. Volunteer help The value of any voluntary help received is not included in the accounts but is described in the Trustee's Annual Report. Outgoing resources Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party. It has been classified under headings that aggregate all costs related to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources. The charity is not registered for VAT and accordingly expenditure is shown gross of irrecoverable VAT. Grants offered subject to conditions which have not been met at the year end date are noted as commitment but not accrued as expenditure. Tangible fixed assets An asset is capitalised if costing more than £500. Depreciation is provided at these annual rates in order to write off the cost les5 residual value of each asset over its estimated usef u I life. Land and buildings Oyo Straight line basis, Temporary buildings IO% straight line basis Plant and machinery 200A straight line basis Fixture5 & fittings 20% straight line basis Investments Investments are stated at market value at the balance sheet date. The statement of financial activities includes the net gains and losses arising on the revaluations throughout the year. Stock Stocks are valued at the lower of cost or market value. Taxation The charity is exempt from tax on its charitable activities.
THE DUNWICH READING ROOM AND MUSEUM NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024 I ACCOUNTING POLICIES (CONTD) Fund accountin8 General funds are unrestricted fund5 which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donors, or which have been raised by the charity for a particular purpose, or which are imposed by the scheme which governs the charity, The cost of raising and administering such funds is charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Investment income and gains are allocated to the appropriate fund. 2 INCOMING RESOURCES 2024 Total 2023 Total U nrestricted Desi nated Restricted Income from charitable activities Sales Shop sales School visits TV rights Reading room hire 19,549 66 19,549 66 20,396 366 167 682 21,611 613 20,228 613 20,228 Voluntory Income Donations Donations eligible for gift aid Treasure chest Grants 15,450 1.392 3.284 3,350 1,000 16,450 1,392 3,284 3,350 16,851 2,072 2,548 1,500 1,200 2,071 26,242 DTh Share Museums East Gift Aid reclaimable 945 24,421 945 25,421 1,000 Investment income COIF interest COIF dividends 1,502 2,048 3,550 1,502 2,048 3,550 517 2,556 3,073 Total income 48,199 1,000 49,199 50,926
THE DUNWICH READING ROOM AND MUSEUM NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024 3 INCOMING RESOURCES 2024 Total 2023 Total Unrestricted Desi nated Restricted Expenditure on charitable activities Shop costs Trading shop costs Distribution shop costs 9,613 9,613 11,422 9,613 9,613 11,422 Staff ond premises costs Managers Business rates Insurance Utilities Cleaning Repairs and renewals (Museum} Repairs and renewals (Reading Room) Security and fire prevention Exhibitions and activities 15,358 81 2,056 2,347 819 1,782 955 708 15,358 81 2,056 2,347 819 1,782 955 708 17,702 210 1.895 4,160 1,398 1,356 585 1,621 1,650 30,577 24,106 24,106 Mt7nogement and odministrGtion Office expenses Telehone and internet Subscriptions General expenses Advertlsing and marketing Archive and curatorial expenses Education and activities Bookkeeping fees Independent examination fee Professional fees 926 447 407 926 447 1,137 496 416 407 335 445 175 847 987 1,443 6,012 335 445 175 847 987 1.443 6,012 1,367 1,402 660 675 9,103 15,256 Depreciation Depreciation 261 261 261 261 335 335 Total expenditure 39,992 39,992 57.590 4 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 March 2024 nor for the prior year ended 31 March 2023. Trustees, expenses There were no trustees, expenses paid for the year ended 31 March 2024 other than reimbursement of charity expenditure paid personally nor for the prior year ended 31 March 2023. io
THE DUNWICH READING ROOM AND MUSEUM NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024 5 STAFF COSTS There were no direct staff costs for the year ended 31 March 2024 nor for the prior year ended 31 March 2023. The managerial positions are fulfilled under freelance working. 6 TANGIBLE FIXED ASSETS Museum Plant & machine Fixtures & Buildin s contents Total Cost At l April 2023 and 31 March 2024 203,801 80,000 1,908 1,183 286,892 Depreciation At l April 2023 Charged in year At 31 March 2024 28,823 1,647 261 1,183 31,653 261 31,914 28,823 1,908 1,183 Net book value At 31 March 2024 174,978 80,000 254,978 At 31 March 2023 174,978 80,000 261 255,239 7 FIXED ASSET INVESTMENTS COIF Income Shares COIF Accumulation Shares Total Market value At l April 2023 Additions Disposals Net gain/loss on annual revaluation 70,426 45,014 115,440 6,375 5,479 11,854 At 31 March 2024 76,801 50,493 127,294 8 DEBTORS Unrestricted Restricted Funds Funds 2024 2024 Total 2024 2023 Gift Aid pending Prepayments 2,071 335 2,406 li
THE DUNWICH READING ROOM AND MUSEUM NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024 9 CREDITORS Unrestricted Restricted Funds Funds 2024 2024 Total 2024 2023 Trade creditors Accrued expenses 1.321 675 852 852 852 852 1.996 10 MOVEMENT IIY FUNDS Balance fwd 2023 Balance Net movements Transfer5 2024 Unrestricted funds General Reserve Ca pital Fu nd Fabric & Building Repairs Fund Future Development Fund Acquisitions Fund 42,595 247,246 25,000 loo,000 10.000 20,061 121,0001 41,656 247,246 25,000 ioo.ooo 10,000 424,841 20,061 121.0001 423,902 Restricted Funds Reading Room Building 1,000 1,000 TOTAL FUNDS 424,841 {21,0001 424.902 Net movement in funds, included in the above are as follows... Incomin Resources ended Gains and Movement losses in funds resources ex Unrestricted funds General Reserve Capital Fund Fabric & Building Repairs Fund Future Development Fund Acquisitions Fund 48,199 39,992 11,854 20,061 48,199 39,992 11,854 20,061 Restricted Funds Reading Room Building 1,000 1,000 1,000 1,000 12
THE DUNWICH READING ROOM AND MUSEUM NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024 11 RECONCILIATION OF FUNDS TO ASSETS Tan Fixed Assets Fixed Asset Investments Net Current A55ets Total Fund5 2024 Total Funds 2023 Vnrestricted Funds General Reserve Designated Funds Capital Fund Fabric & Building Repairs Fund Future Development Fund Acquisitions Fund 7,732 17,294 16,630 41,656 42,595 247,246 247,246 25,000 loo,000 10,000 247,246 25,000 loo,000 10,000 25,000 loo,000 10,000 254,978 127,294 41,630 423,902 424,841 Restricted Funds Reading Room Building 1,000 1,000 1.000 1,000 TOTAL FUNDS 254,978 127,294 42,630 424,902 424,841 13