**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:-
- To provide help for the poor, needy, handicapped and sick who are living in the Parish of Cullompton. The help is provided on receipt of verification from a responsible body.
- To provide housing for needy or sick persons where available who are residing in Cullompton and who are over the age of 55 years. Weaver Wood is suitable for disabled applicants who meet the required residential and age criteria.
- To donate sums to students, apprentices and others under the age of 25 for books, equipment and tools.
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:-
- The Piper Lifeline is provided for over 10 0 residents of Cullompton.
- Allowances are made to people in need of Nursery Fees.
- Donations have been given to individuals on request, verified by a Social Worker, Health Visitor or Doctor etc, when the need of the individual is identified, i.e. for cookers, fridges, beds or similar.
- Assistance to Culm Valley, Voluntary Car Scheme (at present this is £4 towards each journey).
- Assistance to 'People Matter', a group organising a food bank in Cullompton and surrounding villages.
- Travelling expenses to hospital at a rate of £5 per day is given to immediate family members.
- Purchases of medical equipment have been made. Donations have also been given to various groups.
- 1 -
## **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.
- 2 -
## **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.
- 3 -
## **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.
- Cullompton United Charity No 204031
- • George Spicer Charity No 306642 • Grant Homes Charity No 204033
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
- 4 -
## **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:
- 1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
- 2 the financial statements do not accord with those records; or
- 3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the 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
- 5 -
## **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.
- 6 -
## **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**
- 7 -
## **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.
- 8 -
## **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 maintaining the cyclical maintenance fund.
- In maintaining the extraordinary repair fund.
- For the benefit of the residents accommodated in the almshouses of the charity or any of them in such manner as the trustees think fit from time to time.
- For relief in need in relieving either generally or individually persons resident in the area of benefit who are in conditions of need, hardship or distress.
- For relief in sickness in relieving in cases of need, persons resident in the area of benefit who are sick, convalescent, disabled, handicapped or infirm.
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.
- 9 -
## **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.
- 10 -
## **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|
- 11 -
## **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|**Total**Unrestricted
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
**Unrestricted**Unrestricted
**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**
- 12 -
## **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||
- 13 -
## **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|
- 14 -
## **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|**Total**Unrestricted
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|
- 15 -
## **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|
- 16 -
## **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|
|---|---|---|
- 17 -
## **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|
|---|---|---|
- 18 -
## **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.
- 19 -
## **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.
- 20 -
## **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|**Total**Unrestricted
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) .
- 21 -