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2023-12-31-accounts

Charity registration number 0204031

CULLOMPTON UNITED CHARITIES

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

CULLOMPTON UNITED CHARITIES

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr P Labdon
Mr A Harris
Mr B Mitchell
Mrs T Cummings
Rev E Hobbs - Ex Officio
Mrs A Ford
Mr A Nderitu
Mr C Russell
Mr M Speirs
Ms C van der Salm
Ms M Heard - Chair
Mrs B Goff
Clerk to the trustees Mrs A Walters
Charity number 0204031
Principal address 2 The Celandines
St George's Well
Cullompton
Devon
EX15 1AT
Independent examiner Mr A Hemmings BA (Hons) FCA CTA
The Summit
Woodwater Park
Pynes Hill
Exeter
Devon
EX2 5WS
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 2023

The trustees present their annual report and financial statements for the year ended 31 December 2023.

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. The 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 2023

Financial review

On a review of the Statement of Financial Activities you will note that incoming resources have increased from £95,168 in 2022 to £105,407 in 2023.

Total charitable expenditure incurred has decreased from £104,529 in 2022 to £70,231 in 2023.

Investment management fees in 2023 totalled £13,798 (2022: £14,052).

Maintenance costs totalled £12,630 (2022: £26,730).

Grants payable totalled £29,237 (2022: £43,916).

Other management, administrative costs and operational costs totalled £14,566 (2022: £19,831).

As a result of the above, the charity produced a net surplus before transfers and investment revaluations of £35,176 (2022: deficit £9,361). Revaluations of the charity's investment portfolio to current market value at date of accounts led to a £88,675 gain (2022: £246,227 loss), leading to an overall surplus for the year of £123,851 (2022: deficit £255,588).

At 31 December 2023, the charity had net free reserves of £2,269,849 (2022: £2,118,441), and total reserves of £2,523,416 (2022:£2,399,565).

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.

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 2023

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 2023

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 Mr B Mitchell Mrs T Cummings Rev E Hobbs - Ex Officio Mrs A Ford Mr A Nderitu Mr C Russell Mr M Speirs Ms C van der Salm Ms K Haslett (Resigned 12 September 2023) Ms M Heard - Chair Mrs B Goff Cllr J Buczowski (Resigned 20 June 2023)

The trustees' report was approved by the Board of Trustees.

Mr P Labdon Ms M Heard - Chair Trustee Trustee Dated: 18 June 2024 Dated:18 June 2024

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 2023.

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.

Adrian Hemmings BA(Hons) FCA CTA

for and on behalf of Simpkins Edwards LLP

The Summit Woodwater Park Pynes Hill Exeter Devon EX2 5WS

Dated: 24 June 2024

CULLOMPTON UNITED CHARITIES

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2023

Unrestricted
Restricted
funds
funds
2023
2023
Notes
£
£
Income and endowments from:
Charitable activities
3
40,178
-
Investments
4
60,991
3,570
Other income
5
668
-
Total income
101,837
3,570
Expenditure on:
Raising funds
6
13,798
-
Charitable activities
7
50,339
1,661
Other expenditure
8
4,433
-
Total expenditure
68,570
1,661
Net gains/(losses) on
investments
12
82,615
6,060
Net income/(expenditure)
115,882
7,969
Transfers between
funds
2,308
(2,308)
Net movement in
funds
118,190
5,661
Reconciliation of funds:
Fund balances at 1 January
2023
2,253,611
145,954
Fund balances at 31
December 2023
2,371,801
151,615		 Total
Unrestricted
Restricted
funds
funds
2023
2022
2022
£
£
£
40,178
38,149
-
64,561
52,526
3,842
668
651
-
105,407
91,326
3,842
13,798
14,052
-
52,000
72,924
12,560
4,433
4,993
-
70,231
91,969
12,560
88,675
(229,402)
(16,825)
123,851
(230,045)
(25,543)
-
(7,936)
7,936
123,851
(237,981)
(17,607)
2,399,565
2,491,592
163,561
2,523,416
2,253,611
145,954		 Total
2022
£
38,149
56,368
651
95,168
14,052
85,484
4,993
104,529
(246,227)
(255,588)
-
(255,588)
2,655,153
2,399,565

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 2023

Notes
Fixed assets
Investment property
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
The funds of the charity
Restricted funds
18
Designated funds
Unrestricted funds		 2023
£
£
20,000
2,152,263
2,172,263
5,572
353,500
359,072
7,919
351,153
2,523,416
151,615
101,952
2,269,849
2,523,416		 2022
£
£
20,000
2,027,825
2,047,825
3,789
356,372
360,161
8,421
351,740
2,399,565
145,954
135,170
2,118,441
2,399,565		 2022
£
£
20,000
2,027,825
2,047,825
3,789
356,372
360,161
8,421
351,740
2,399,565
145,954
135,170
2,118,441
2,399,565
2,047,825
351,740
2,399,565
145,954
135,170
2,118,441
2,399,565

The financial statements were approved by the trustees on 18 June 2024

Mr P Labdon Trustee

Ms M Heard - Chair Trustee

CULLOMPTON UNITED CHARITIES

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

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 2 The Celandines, St George's Well,. Cullompton, EX15 1AT.

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 amounts 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.

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'.

CULLOMPTON UNITED CHARITIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

(Continued)

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.

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.

CULLOMPTON UNITED CHARITIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

(Continued)

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.

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 payments 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.

CULLOMPTON UNITED CHARITIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

(Continued)

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 2023, the combined value of the above assets was £20,000.

3 Income from Charitable Activities

Charitable Charitable Income
Income
2023 2022
£ £
Almshouse maintenance contributions 40,178 38,149

CULLOMPTON UNITED CHARITIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

4 Investment income

Unrestricted
Restricted
funds
funds
2023
2023
£
£
Investment income
48,675
3,570
Interest receivable
12,316
-
60,991
3,570		 Total
Unrestricted
Restricted
funds
funds
2023
2022
2022
£
£
£
52,245
52,376
3,842
12,316
150
-
64,561
52,526
3,842		 Total
2022
£
56,218
150
56,368

CULLOMPTON UNITED CHARITIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

5 Other income

Unrestricted Unrestricted
funds funds
2023 2022
£ £
Other income 668 651
Costs of Raising Funds
Unrestricted Total
funds
2023 2022
£ £
Investment management 13,798 14,052
13,798 14,052

6 Costs of Raising Funds

CULLOMPTON UNITED CHARITIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

7 Costs of Charitable Activities

Charitable
Charitable
Expenditure Expenditure
2023 2022
£ £
Staff costs 6,088 9,210
Charity House repairs and maintenance - 35
Charity House insurance - 875
Insurance of Almshouse properties 1,553 1,372
Grass cutting and other gardening costs of Almshouse properties 5,772 5,200
Repairs and maintenance of Almshouse properties 6,858 21,495
Charity House legal fees and miscellaneous costs 413 1,016
Stationery, advertising and postage 145 105
Telephone 903 830
Trustee insurance 192 166
Computer expenses 293 305
Subscriptions 35 35
Stocking Close and Langlands expenditure 511 924
22,763 41,568
Grant funding of activities (see note 9) 29,237 43,916
52,000 85,484
Analysis by fund
Unrestricted funds 50,339 72,924
Restricted funds 1,661 12,560
52,000 85,484
For the year ended 31 December 2022
Unrestricted funds 72,924
Restricted funds 12,560
85,484

8 Other expenses

Unrestricted Unrestricted
funds funds
2023 2022
Independent examination 3,976 3,538
Chairman's expense allowance - 290
Miscellaneous admin expenses 457 1,165
4,433 4,993

CULLOMPTON UNITED CHARITIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

9 Grants payable

Charitable Charitable
Expenditure Expenditure
2023 2022
£ £
Grants to institutions:
People Matter (St Andrews PCC) 1,405 3,225
Culm Voluntary Car Scheme - 3,048
CHAT - 250
Cullompton Family Centre - 300
Noah's Ark Play School - 2,477
St Andrews Church - Spree trip 500 -
YMCA 280 -
2,185 9,300
Grants to individuals 27,052 34,616
29,237 43,916

10 Trustees

Total reimbursed expenses of £Nil were paid to one trustee (2022: £290 - one trustee).

No trustees have received remuneration during the year.

11 Employees

The average monthly number of employees during the year was:

The average monthly number of employees during the year was:
2023 2022
Number Number
1 1
Employment costs 2023 2022
£ £
Wages and salaries 6,088 9,210
The only employee of the charity is the clerk to the trustees.

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

CULLOMPTON UNITED CHARITIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

12 Gains and losses on investments

Unrestricted
Restricted
funds
funds
2023
2023
Gains/(losses) arising on:
£
£
Revaluation of
investments
87,157
6,393
Sale of investments
(4,542)
(333)
82,615
6,060		 Total
Unrestricted
Restricted
Total
funds
funds
2023
2022
2022
2022
£
£
£
£
93,550
(210,036)
(15,405)
(225,441)
(4,875)
(19,366)
(1,420)
(20,786)
88,675
(229,402)
(16,825)
(246,227)

13 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

14 Investment property

Investment property
2023
£
Fair value
At 1 January 2023 and 31 December 2023 20,000

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

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 reliable cost information is not available and that conventional valuation approaches lack sufficient reliability to provide an accurate valuation.

Estimated values for these properties are shown below:

· 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

CULLOMPTON UNITED CHARITIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

15 Fixed asset investments

Cost or valuation
At 1 January 2023
Additions
Valuation changes
Realised gains/losses
Excess reportable income and equalisation
Disposals
At 31 December 2023
Carrying amount
At 31 December 2023
At 31 December 2022
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
Other creditors
Accruals and deferred income		 Listed
investments
£
2,027,825
336,377
93,550
(4,875)
587
(301,201)
2,152,263
2,152,263
2,027,825
2023
2022
£
£
4,196
2,764
1,376
1,025
5,572
3,789
2023
2022
£
£
296
309
-
200
7,623
7,912
7,919
8,421

CULLOMPTON UNITED CHARITIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

18 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1
George Spicer
Fund
Grant Homes
Charity
Langland's
Fencing
Previous year:
At 1
George Spicer
Fund
Grant Homes
Charity
Langland's
Fencing		 January
2023
Incoming
resources
Resources
expended
Transfers
Gains and
losses
At 31
December
2023
£
£
£
£
£
£
51,000
1,265
(198)
(1,208)
2,147
53,006
92,927
2,305
(1,463)
(1,100)
3,913
96,582
2,027
-
-
-
-
2,027
145,954
3,570
(1,661)
(2,308)
6,060
151,615
January
2022
Incoming
resources
Resources
expended
Transfers
Gains and
losses
At 31
December
2022
£
£
£
£
£
£
57,239
1,361
(483)
(1,155)
(5,962)
51,000
104,295
2,480
(12,077)
9,093
(10,864)
92,927
2,027
-
-
-
-
2,027
163,561
3,841
(12,560)
7,938
(16,826)
145,954

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.

CULLOMPTON UNITED CHARITIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

18 Restricted funds

(Continued)

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 Analysis of net assets between funds

Unrestricted
Restricted
funds
funds
2023
2023
£
£
Fund balances at 31 December 2023 are represented by:
Investment properties
20,000
-
Investments
2,005,190
147,073
Current assets/(liabilities)
346,611
4,542
2,371,801
151,615
Unrestricted
Restricted
funds
funds
2022
2022
£
£
Fund balances at 31 December 2022 are represented by:
Investment properties
20,000
-
Investments
1,889,256
138,569
Current assets/(liabilities)
344,355
7,385
2,253,611
145,954		 Total
2023
£
20,000
2,152,263
351,153
2,523,416
Total
2022
£
20,000
2,027,825
351,740
2,399,565

CULLOMPTON UNITED CHARITIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

20 Designated funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

Balance at
1 January 2022
r
£
Cyclical maintenance
96,259
Extraordinary repairs
32,869
129,128		 Movement in funds
Incoming
esources
Transfers
Gains and
losses
Balance at
1 January 2023
r
£
£
£
£
17
9,607
-
105,883
782
(940)
(3,424)
29,287
799
8,667
(3,424)
135,170		 Movement in funds
Incoming
esources
Transfers
Gains and
losses
Balance at
31 December
2023
£
£
£
£
412
(34,782)
-
71,513
726
(807)
1,233
30,439
1,138
(35,589)
1,233
101,952		 Movement in funds
Incoming
esources
Transfers
Gains and
losses
Balance at
31 December
2023
£
£
£
£
412
(34,782)
-
71,513
726
(807)
1,233
30,439
1,138
(35,589)
1,233
101,952
101,952

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 2023

21 Related party transactions

There were no disclosable related party transactions during the year (2022 - none).