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2021-12-31-accounts

Charity registration number 0204031

CULLOMPTON UNITED CHARITIES

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

CULLOMPTON UNITED CHARITIES

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr P Labdon
Mr A Harris Chair
Mr B Mitchell
Mrs E Andrews
Mrs T Cummings
Rev E Hobbs
Mrs A Ford
Mr R Stevenson
Mr A Nderitu
Mr C Russell (Appointed 10 June 2021)
Clerk to the trustees Mrs B Goff
Charity number 0204031
Principal address 10 Oak Drive
Oak Park
Cullompton
Devon
EX15 1NW
Independent examiner Mr J L Coombs MA (Cantab) FCA
Simpkins Edwards LLP
Michael House
Castle Street
Exeter
Devon
EX4 3LQ
Bankers Lloyds Bank
Tiverton Branch
46 Fore Street
Tiverton
Devon
EX16 6LF

CULLOMPTON UNITED CHARITIES

CONTENTS

Page
Trustees' report 1 - 4
Independent examiner's report 5
Statement of financial activities 6
Balance sheet 7
Notes to the financial statements 8 - 21

CULLOMPTON UNITED CHARITIES

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2021

The trustees present their annual report and financial statements for the year ended 31 December 2021.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 and “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)” (as amended for accounting periods commencing from 1 January 2019)

Objectives and activities

Cullompton United Charities is constituted under a scheme dated 24 June 1983, incorporating three charities operating in Cullompton.

The main purposes of the charity are:-

These objectives are met by following the scheme's rules for the application of income .

The charity's decisions are made by the trustees at quarterly meetings - interim decisions by circulation of requests. T he chairman and the vice chairman are entitled to reimbursed expenses as referred to in the notes to the financial statements. Work is administered by the Clerk to the Trustees who was formerly based at Charity House, Cullompton , but now works from home. The emoluments of the Clerk are also shown in the notes to the financial statements.

The trustees have paid due regard to guidance issued by the Charity Commission regarding public benefit and in deciding what activities the charity should undertake.

Achievements and performance

A brief summary of the main charitable activities undertaken during the year are as follows:-

CULLOMPTON UNITED CHARITIES

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Financial review

On a review of the Statement of Financial Activities you will note that incoming resources have increased from £ 93,315 in 20 20 to £ 1 32,887 in 20 21 .

Total charitable expenditure incurred has increased from £ 76,733 in 20 20 to £ 10 7 , 947 in 20 21 .

I nvestment management fees in 2021 totalled £ 15,401 (20 20 : £ 12,189 ).

M aintenance costs increased to £9, 977 from £9,404 .

Grants payable in creased to £ 4 4,761 from £ 33, 7 00 .

Other management, administrative costs and operational costs of Charity House totalled £37,808 ( 2020: £21,4 40 ).

As a result of the above, the charity produced a net surplus before transfers and investment revaluations of £2 4 , 940 (20 20 : £ 16,582 ). Revaluations of the charity's investment portfolio to current market value at date of accounts led to a £223,004 surplus (2020: £3,042), leading to an overall surplus for the year of £24 7,944 (2020: 19,624).

At 31 December 20 21 , the charity had net free reserves of £ 2,342, 4 64 (20 20 : £ 1,973,565 ), and total reserves of £ 2,655, 153 (20 20 : £ 2 ,407,209 ).

It is the policy of the charity to maintain unrestricted funds at such a level as to generate sufficient income to cover anticipated levels of expenditure, covering management, administration and grants, whilst accumulating sufficient income to allow the charity to undertake further projects. Unrestricted funds were maintained at this level throughout the year.

The Charity House

The Charity House was sold during the accounting period.

Investment policy

The Trustees have appointed Brewin Dolphin Ltd to be ‘investment advisers’ over the investment monies held by the Charity. This excludes property and the management of bank accounts.

Investment Objectives

The broad objectives in relation to the advisory function of the advisers is to help the Trustees ensure their investments are suitable to the needs of the Trust, prudent and diversified.

Current Investment Profile

It is important that the three charities represented by the terms General Fund, George Spicer Fund and Grant Homes Fund continue to have their identifiable proportion of capital and income in order to comply with the objectives of the charity.

CULLOMPTON UNITED CHARITIES

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Investment Philosophy & Risk Profile

A balanced approach between income and capital should be adopted. The Trustees wish to maintain the capital value of the investments at least in line with inflation.

Income Capital Requirements & Liquidity

The income produced from the invested monies is to match the yield from a Capital Risk category ‘6, a balanced benchmark, and is the one agreed with the investment advisers as the investment objective that best reflects the trustees requirement.

Not all income is distributed and Trustees agree to accumulate some income with a view to undertaking larger projects.

Up to 20% of the actual income produced can be reinvested.

Marketability

The advisor is to ensure that all investments are easily tradeable on the UK markets.

Base Currency

All holdings are to be denominated in £ sterling or currency of the Realm. No currency speculation is allowed.

Ethical/Geographical Restraints

No investment commodities or works of art is to be allowed.

Transfers

Such reinvestments that were effected during the year in question were made on the recommendation of the investment advisers.

Reviews

This policy of investment is to be reviewed annually at the Annual General Meeting of the Trustees and if necessary amended from time to time.

Grant making policy

Subject to the payment of expenses, the income of the charity is applied as set out in the notes to the financial statements. Applications are invited from groups or individuals fulfilling the relevant criteria, discussed by the trustees, and a recommendation then made concerning financial assistance.

Risk policy

The trustees have examined the major strategic, business and operational risks that the charity faces and confirm that systems have been established to lessen these risks. Whilst the trustees are satisfied that systems are in place to mitigate their exposure to major risks, the systems are kept under constant review by the trustees.

CULLOMPTON UNITED CHARITIES

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Structure, governance and management

The governing instrument of the charity is the scheme dated 24 June 1983.

The charity has been authorised by the Charity Commission to treat all of the following as forming part of one charity called Cullompton United Charities for purposes of registration and accounting by virtue of a direction dated 19 November 1997.

The trustees who served during the year and up to the date of signature of the financial statements were: Mr P Labdon

Mr A Harris Chair Mr B Mitchell Mrs E Andrews Mrs T Cummings Rev E Hobbs Mrs P Hammett (Resigned 10 March 2021) Mrs A Ford Mr I Emmett (Resigned 28 April 2021) Mr R Stevenson Mr A Nderitu Mr C Russell (Appointed 10 June 2021)

The trustees' r eport was approved by the Board of Trustees.

Mr P Labdon Mr A Harris Chair Trustee Trustee Dated: 21 June 2022 Dated:21 June 2022

CULLOMPTON UNITED CHARITIES

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF CULLOMPTON UNITED CHARITIES

I report to the trustees on my examination of the financial statements of Cullompton United Charities (the charity) for the year ended 31 December 2021.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

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 financial statements to be reached.

Mr J L Coombs MA (Cantab) FCA

for and on behalf of Simpkins Edwards LLP Michael House Castle Street Exeter Devon EX4 3LQ

Dated: 4 July 2022

CULLOMPTON UNITED CHARITIES

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2021

Unrestricted
Restricted
funds
funds
2021
2021
Notes
£
£
Income and endowments from:
Charitable activities
3
37,210
-
Investments
4
50,510
3,702
Other income
5
41,465
-
Total income
129,185
3,702
Expenditure on:
Raising funds
6
15,401
-
Charitable activities
7
86,459
1,385
Other
8
4,702
-
Total expenditure
106,562
1,385
Net gains/(losses) on
investments
12
207,765
15,239
Net incoming resources
before transfers
230,388
17,556
Gross transfers
between funds
1,230
(1,230)
Net movement in funds
231,618
16,326
Fund balances at 1 January
2021
2,259,974
147,235
Fund balances at 31
December 2021
2,491,592
163,561		 Total Unrestricted
Restricted
funds
funds
2021
2020
2020
£
£
£
37,210
36,745
-
54,212
52,931
3,489
41,465
150
-
132,887
89,826
3,489
15,401
12,189
-
87,844
57,743
2,408
4,702
4,393
-
107,947
74,325
2,408
223,004
3,882
(840)
247,944
19,383
241
-
(541)
541
247,944
18,842
782
2,407,209
2,241,132
146,453
2,655,153
2,259,974
147,235		 Total
2020
£
36,745
56,420
150
93,315
12,189
60,151
4,393
76,733
3,042
19,624
-
19,624
2,387,585
2,407,209
Charitable activities
3
Investments
4
Other income
5
Total income
Expenditure on:
Raising funds
6
Charitable activities
7
Other
8
Total expenditure
Net gains/(losses) on
investments
12
Net incoming resources
before transfers
Gross transfers
between funds
Net movement in funds
Fund balances at 1 January
2021
Fund balances at 31
December 2021

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

CULLOMPTON UNITED CHARITIES

BALANCE SHEET

AS AT 31 DECEMBER 2021

Notes
Fixed assets
Tangible assets
13
Investment properties
14
Investments
15
Current assets
Debtors
16
Cash at bank and in hand
Creditors: amounts falling due within
one year
17
Net current assets
Total assets less current liabilities
Restricted income funds
George Spicer Fund
Grant Homes Fund
Langlands fencing
18
Unrestricted funds
Designated funds:
Cyclical maintenance
Extraordinary repairs
19
General unrestricted funds		 2021
£
£
-
20,000
2,305,799
2,325,799
4,323
333,262
337,585
(8,231)
329,354
2,655,153
57,239
104,295
2,027
163,561
96,259
32,869
129,128
2,362,464
2,491,592
2,655,153		 2020
£
£
47
160,000
2,063,447
2,223,494
4,192
187,741
191,933
(8,218)
183,715
2,407,209
51,175
94,033
2,027
147,235
96,974
29,388
126,362
2,133,612
2,259,974
2,407,209

The financial statements were approved by the Trustees on 21 June 2022

Mr P Labdon Mr A Harris Chair Trustee Trustee

CULLOMPTON UNITED CHARITIES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

1 Accounting policies

Charity information

Cullompton United Charities is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 10 Oak Drive, Oak Park, Cullompton, Devon, EX15 1NW.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011 and “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)” (as amended for accounting periods commencing from 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling , which is the functional currency of the charity . Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

General fund

The charity's general fund consists of funds which the charity may use for its purposes at its discretion. Sufficient resources are held in appropriate form for each fund to enable the fund to be applied in accordance with any restrictions.

Cyclical maintenance fund (designated fund)

The charity has designated certain funds for the establishment and operation of this fund for the purpose of providing for those items of ordinary maintenance and repair of almshouses, belonging to the charity, which occur at infrequent intervals. This is as specified and authorised by the scheme.

All incoming resources and expenditure relating to the provision of almshouses is allocated to the fund each year to represent a sum as is deemed sufficient for the purposes of the fund.

Extraordinary repair fund (designated fund)

The charity has designated certain funds for the establishment and operation of this fund for the purpose of providing for the extraordinary repair, improvement and rebuilding of the almshouses belonging to the charity. This is as specified and authorised by the scheme. The fund shall be established and maintained out of the income of the charity either by transfer to the fund of a yearly sum of not less than £390 or in such manner as the Commissioners from time to time approve or direct.

CULLOMPTON UNITED CHARITIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

1 Accounting policies

(Continued)

George Spicer Fund (restricted fund)

This charity has been treated as part of Cullompton United Charities for the purposes of registration and accounting by virtue of a direction issued by the Charity Commission. Under the trusts of this charity the primary application of income generated is "in assisting residents of the area who have not attained the age of 25 years entering any professional trade or occupation". Any surplus of income is to be dealt with in accordance with the accounting policy as shown below under the heading ' Application of income ' .

Grant Homes Fund (restricted fund)

This charity has been treated as part of Cullompton United Charities for the purposes of registration and accounting by virtue of a direction issued by the Charity Commission. The purpose of the fund is to assist residents with housing who are poor married couples, who were born or are living in the parish of Cullompton or the parish of Kentisbeare.

Fencing (restricted fund)

As part of the agreement to sell part of the land at Langland’s, it was agreed that the purchasers would contribute £ 5 ,000 towards the maintenance of fencing between the remaining charity land (currently used as school playing fields) and the intended housing development which sum will be ring fenced against maintenance need.

1.4 Income

Application of income

The scheme requires that, subject to the payment of expenses, the income of the charity is applied in the following ways and in the following order of priority:-

In addition to the above, the charity has combined with the charity of George Spicer so that they are treated as one for the purposes of the registration with the Charity Commission. The income of the charity can therefore also be applied in assisting persons resident in the area of benefit who have not attained the age of 25 years and are in need of assistance and who are preparing for, entering upon, or engaged, in any profession, trade, occupation or service. Any residue of the said income should be applied for the relief in need .

All voluntary income is recorded on receipt.

Rents and maintenance contributions are accrued in accordance with the period to which it relates and is recognised as such in the general and cyclical maintenance funds.

Investment income, including any associated tax credit, is credited to the Statement of Financial Activities when it is received. The income is allocated to the type of fund in which the investments are held.

Credit is taken for any interest when the interest falls due for payment. This again is allocated to the type of fund in which the investments are held.

CULLOMPTON UNITED CHARITIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is included on an accruals basis.

Costs of generating funds comprise those costs directly attributable to maintaining the charity’s buildings (both alienable and inalienable properties), together with the costs of managing the charity’s investments.

Grants payable are recognised when payment is made to the recipient.

Management and administrative costs comprise those costs which are not incurred directly in any of the charitable activities or projects of the charity. Governance costs, in the form of audit fees are included under this heading.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings

10% on cost per annum

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities .

1.7 Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

1.8 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year . Transaction costs are expensed as incurred.

1.9 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity 's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

CULLOMPTON UNITED CHARITIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

1 Accounting policies

(Continued)

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity ’s contractual obligations expire or are discharged or cancelled.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

Investment Property

The valuation of Stocking Close and Upper Langlands uses valuation techniques involving a combination of assumptions which are designed to arrive at a best estimate of their value in the absence of a formal valuation. At 31 December 2021, the combined value of the above assets was £20,000 .

3 Charitable activities

Charitable Charitable Income
Income
2021 2020
£ £
Almshouse maintenance contributions 37,210 36,745

CULLOMPTON UNITED CHARITIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

4 Investments

Unrestricted
Restricted
funds
funds
2021
2021
£
£
Rental income
-
-
Investment income
50,469
3,702
Interest receivable
41
-
50,510
3,702
Other income
Net gain on disposal of investment property
Other income
Raising funds
Investment management		 TotalUnrestricted
Restricted
Total
funds
funds
2021
2020
2020
2020
£
£
£
£
-
4,976
-
4,976
54,171
47,570
3,489
51,059
41
385
-
385
54,212
52,931
3,489
56,420
UnrestrictedUnrestricted
funds
funds
2021
2020
£
£
30,000
-
11,465
150
41,465
150
Unrestricted
Total
funds
2021
2020
£
£
15,401
12,189
15,401
12,189

5 Other income

6 Raising funds

CULLOMPTON UNITED CHARITIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

7 Charitable activities

Charitable
Charitable
Expenditure
Expenditure
2021
2020
£
£
Staff costs 6,716
6,032
Depreciation and impairment 47
66
Charity House cleaning expenses 800
2,217
Charity House repairs and maintenance 150
413
Charity House power 1,504
2,764
Charity House water 103
182
Charity House in s urance 1,646
1,538
Insurance of Almshouse properties 1,375
1,443
Grass cutting and other gardening costs of Almshouse properties 2,916
4,347
Repairs and maintenance of Almshouse properties 6,911
4,644
Charity House legal fees and miscellaneous costs 14,638
351
Stationery, advertising and postage 285
498
Telephone 900
1,365
Trustee insurance 104
161
Computer expenses 60
106
Subscriptions 35
285
Stocking Close and Langlands expenditure 4,893
39
43,083
26,451
Grant funding of activities (see note 9) 44,761
33,700
87,844
60,151
Analysis by fund
Unrestricted funds 86,459
57,743
Restricted funds 1,385
2,408
87,844
60,151
For the year ended 31 December 2020
Unrestricted funds 57,743
Restricted funds 2,408
60,151

CULLOMPTON UNITED CHARITIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

8 Other

Unrestricted Unrestricted
funds funds
2021 2020
Independent examination 4,336 4,110
Chairman's expense allowance 283 283
Miscellaneous admin expenses 83 -
4,702 4,393

9 Grants payable

Charitable Charitable
Expenditure Expenditure
2021 2020
£ £
Grants to institutions:
People Matter (St Andrews PCC) 1,827 3,090
Culm Voluntary Car Scheme 900 2,225
CHAT - 1,000
Other (50)
-
2,677 6,315
Grants to individuals 42,084 27,385
44,761 33,700

10 Trustees

Total reimbursed expenses of £ 283 were paid to one trustee (20 20 : £ 283 - one trustee). This was in respect of planning fees .

No trustees have received remuneration during the year.

11 Employees

The average monthly number of employees during the year was:

2021 2020
Number Number
1 1

CULLOMPTON UNITED CHARITIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

11 Employees (Continued)
Employment costs 2021 2020
£ £
Wages and salaries 6,716 6,032

The only employee of the charity is the clerk to the trustees.

There were no employees whose annual remuneration was more than £60,000.

12 Net gains/(losses) on investments

Unrestricted
Restricted
funds
funds
2021
2021
£
£
Revaluation of
investments
180,094
13,209
Gain/(loss) on sale of
investments
27,671
2,030
207,765
15,239		 TotalUnrestricted
Restricted
funds
funds
2021
2020
2020
£
£
£
193,303
(11,447)
(840)
29,701
15,329
-
223,004
3,882
(840)		 Total
2020
£
(12,287)
15,329
3,042

13 Tangible fixed assets

Fixtures and fittings
£
Cost
At 1 January 2021 659
At 31 December 2021 659
Depreciation and impairment
At 1 January 2021 612
Depreciation charged in the year 47
At 31 December 2021 659
Carrying amount
At 31 December 2020 47

CULLOMPTON UNITED CHARITIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

14 Investment property

Fair value
At 1 January 2021
Disposals
At 31 December 2021		 2021
£
160,000
(140,000)
20,000

Freehold land and buildings are held for charitable purposes. Office equipment is for administrative purposes.

Charity House was sold during the period.

The charity continues to hold land at Stocking Close and Langland’s which are used by a rugby club and school respectively as sporting facilities. The land is valued accordingly.

The freehold land and buildings (‘Almshouses’) listed below are inalienable assets in that the charity is prohibited from disposing of them. The age of the inalienable assets is unknown. They have not been included in the balance sheet as the trustees consider that r eliable cost information is not available and that conventional valuation approaches lack sufficient reliability to provide an accurate valuation.

• Nos 1,3,5,7,9 and 11 Higher Street, Cullompton- Almshouses- £906,989
• Nos 1 and 2 Grant Homes, Stoneyford- Almshouses- £453,504
• Weaverwood- Almshouses- £298,886

15 Fixed asset investments

Listed
investments
£
Cost or valuation
At 1 January 2021 2,063,447
Additions 359,909
Valuation changes 193,303
Realised gains/losses 29,701
Excess Reportable Income 2,720
Disposals (343,281)
At 31 December 2021 2,305,799
Carrying amount
At 31 December 2021 2,305,799
At 31 December 2020 2,063,447

CULLOMPTON UNITED CHARITIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

16
Debtors
Amounts falling due within one year:
Other debtors
Prepayments and accrued income
17
Creditors: amounts falling due within one year
Other taxation and social security
Accruals and deferred income		 2021
£
2,712
1,611
4,323
2021
£
292
7,939
8,231		 2020
£
2,679
1,513
4,192
2020
£
-
8,218
8,218

CULLOMPTON UNITED CHARITIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

18 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Balance at
1 January 2020

£
George Spicer
Fund
51,177
Grant Homes
Charity
93,249
Langland's
Fencing
2,027
146,453		 Movement in funds
Incoming
resources
Resources
expended
Transfers Revaluations,
gains and
losses
Balance at
1 January 2021

£
£
£
£
£
1,236
(600)
(340)
(298)
51,175
2,253
(1,808)
881
(542)
94,033
-
-
-
-
2,027
3,489
(2,408)
541
(840)
147,235		 Movement in funds
Incoming
resources
Resources
expended
Transfers Revaluations,
gains and
losses
Balance at
31 December
2021
£
£
£
£
£
1,312
(407)
(241)
5,400
57,239
2,390
(978)
(989)
9,839
104,295
-
-
-
-
2,027
3,702
(1,385)
(1,230)
15,239
163,561

CULLOMPTON UNITED CHARITIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

18 Restricted funds

(Continued)

George Spicer Fund :

This charity has been treated as part of Cullompton United Charities for the purposes of registration and accounting by virtue of a direction issued by the Charity Commission. Under the trusts of this charity the primary application of income generated is "in assisting residents of the area who have not attained the age of 25 years entering any professional trade or occupation". Any surplus of income is to be dealt with in accordance with the accounting policy as shown below under the heading 1(c) Application of income.

Grant Homes charity:

This charity has been treated as part of Cullompton United Charities for the purposes of registration and accounting by virtue of a direction issued by the Charity Commission. The purpose of the fund is to assist residents with housing who are poor married couples, who were born or are living in the parish of Cullompton or the parish of Kentisbeare.

Langlands Fencing:

As part of the agreement to sell part of the land at Langland’s, it was agreed that the purchasers would contribute £5,000 towards the maintenance of fencing between the remaining charity land (currently used as school playing fields) and the intended housing development which sum will be ring fenced against maintenance need. Part of this fund was utilised during 2019 in order to replace damaged fencing.

CULLOMPTON UNITED CHARITIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

19 Designated funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

Balance at
1 January 2020

£
Cyclical maintenance
110,397
Extraordinary repairs
29,390
139,787		 Movement in funds
Incoming
resources
Resources
expended
Transfers Revaluations,
gains and
losses
Balance at
1 January 2021

£
£
£
£
£
36,745
(1,236)
(48,932)
-
96,974
710
-
(541)
(171)
29,388
37,455
(1,236)
(49,473)
(171)
126,362		 Movement in funds
Incoming
resources
Transfers Revaluations,
gains and
losses
Balance at
31 December
2021
£
£
£
£
37,210
(37,925)
-
96,259
753
(372)
3,100
32,869
37,963
(38,297)
3,100
129,128

Cyclical Maintenance Fund :

The charity has designated certain funds for the establishment and operation of this fund for the purpose of providing for those items of ordinary maintenance and repair of almshouses, belonging to the charity, which occur at infrequent intervals. This is as specified and authorised by the scheme.

All incoming resources and expenditure relating to the provision of almshouses is allocated to the fund each year to represent a sum as is deemed sufficient for the purposes of the fund.

Extraordinary Repair Fund:

The charity has designated certain funds for the establishment and operation of this fund for the purpose of providing for the extraordinary repair, improvement and rebuilding of the almshouses belonging to the charity. This is as specified and authorised by the scheme. The fund shall be established and maintained out of the income of the charity either by transfer to the fund of a yearly sum of not less than £390 or in such manner as the Commissioners from time to time approve or direct.

CULLOMPTON UNITED CHARITIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

20
Analysis of net assets between funds
Unrestricted
funds
Restricted
funds
2021
2021
£
£
Fund balances at 31
December 2021 are
represented by:
Tangible assets
-
-
Investment properties
20,000
-
Investments
2,148,235
157,564
Current assets/
(liabilities)
323,357
5,997
2,491,592
163,561		 TotalUnrestricted
funds
2021
2020
£
£
-
47
20,000
160,000
2,305,799
1,922,457
329,354
178,270
2,655,153
2,260,774		 Restricted
funds
2020
£
-
-
140,990
5,445
146,435		 Total
2020
£
47
160,000
2,063,447
183,715
2,407,209

21 Related party transactions

There were no disclosable related party transactions during the year (2020 - none) .