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2024-12-31-accounts

Charity registration number 0204031 (England and Wales)

CULLOMPTON UNITED CHARITIES

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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
Mr A Nderitu
Ms M Heard - Chair
Mrs B Goff
Mrs C Matthews (Appointed 10 September
2024)
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
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 2024

The trustees present their annual report and financial statements for the year ended 31 December 2024.

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 at fortnightly meetings and 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 2024

Financial review

On a review of the Statement of Financial Activities you will note that incoming resources have increased from £105,407 in 2023 to £113,317 in 2024.

Total charitable expenditure incurred has increased from £70,231 in 2023 to £107,678 in 2024.

Investment management fees in 2024 totalled £15,159 (2023: £13,798).

Maintenance costs totalled £35,456 (2023: £12,630).

Grants payable totalled £37,771 (2023: £29,237).

Other management, administrative costs and operational costs totalled £19,292 (2023: £14,566).

As a result of the above, the charity produced a net surplus before transfers and investment revaluations of £5,639 (2023: £35,176). Revaluations of the charity's investment portfolio to current market value at date of accounts led to a £90,585 gain (2023: £88,675), leading to an overall surplus for the year of £96,224 (2023: £123,851).

At 31 December 2024, the charity had net free reserves of £2,350,419 (2023: £2,269,849), and total reserves of £2,619,640 (2023: £2,523,416).

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 2024

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

The investment strategy is to be reviewed annually at the Annual General Meeting of the Trustees in line with our Statement of Investment Principles.

The Trustees are also considering the purchase of a residential property, to be let out at commercial rates. The aim is to broaden the long term investment strategy of the Charity, whilst looking to achieve a higher income yield than that available from the equity portfolio.

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 2024

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 (Resigned 10 September 2024) Mr A Nderitu Mr C Russell (Resigned 3 December 2024) Mr M Speirs (Resigned 3 December 2024) Ms C van der Salm (Resigned 3 December 2024) Ms M Heard - Chair Mrs B Goff Mrs C Matthews (Appointed 10 September 2024)

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

Mr P Labdon Ms M Heard - Chair Trustee Trustee Dated: 17 June 2025 Dated:17 June 2025

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 2024.

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.

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

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements 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 the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice.

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 EX2 5WS

Dated: 25 June 2025

CULLOMPTON UNITED CHARITIES

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2024

Unrestricted
Restricted
funds
funds
2024
2024
Notes
£
£
Income and endowments from:
Charitable activities
3
42,347
-
Investments
4
66,738
3,732
Other income
5
500
-
Total income
109,585
3,732
Expenditure on:
Raising funds
6
15,159
-
Charitable activities
7
83,626
4,383
Other expenditure
8
4,510
-
Total expenditure
103,295
4,383
Net gains on
investments
12
84,395
6,190
Net income
90,685
5,539
Transfers between
funds
(7,249)
7,249
Net movement in
funds
83,436
12,788
Reconciliation of funds:
Fund balances at 1 January
2024
2,371,801
151,615
Fund balances at 31
December 2024
2,455,237
164,403		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
42,347
40,178
-
70,470
60,991
3,570
500
668
-
113,317
101,837
3,570
15,159
13,798
-
88,009
50,339
1,661
4,510
4,433
-
107,678
68,570
1,661
90,585
82,615
6,060
96,224
115,882
7,969
-
2,308
(2,308)
96,224
118,190
5,661
2,523,416
2,253,611
145,954
2,619,640
2,371,801
151,615		 Total
2023
£
40,178
64,561
668
105,407
13,798
52,000
4,433
70,231
88,675
123,851
-
123,851
2,399,565
2,523,416

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 2024

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		 2024
£
£
20,000
2,362,714
2,382,714
5,983
238,164
244,147
7,221
236,926
2,619,640
164,403
104,818
2,350,419
2,619,640		 2023
£
£
20,000
2,152,263
2,172,263
5,572
353,500
359,072
7,919
351,153
2,523,416
151,615
135,170
2,236,631
2,523,416		 2023
£
£
20,000
2,152,263
2,172,263
5,572
353,500
359,072
7,919
351,153
2,523,416
151,615
135,170
2,236,631
2,523,416
2,172,263
351,153
2,523,416
151,615
135,170
2,236,631
2,523,416

The financial statements were approved by the trustees on 17 June 2025

Mr P Labdon Trustee

Ms M Heard - Chair Trustee

CULLOMPTON UNITED CHARITIES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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.

CULLOMPTON UNITED CHARITIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

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. From these monies, funds have been spent on fencing at the site and a balance of £1,846 remains.

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 2024

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 2024

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 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.

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 2024, the combined value of the above assets was £20,000.

3 Income from Charitable Activities

Charitable Charitable Income
Income
2024 2023
£ £
Almshouse maintenance contributions 42,347 40,178

CULLOMPTON UNITED CHARITIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

4 Investment income

Unrestricted
Restricted
funds
funds
2024
2024
£
£
Investment income
50,875
3,732
Interest receivable
15,863
-
66,738
3,732		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
54,607
48,675
3,570
15,863
12,316
-
70,470
60,991
3,570		 Total
2023
£
52,245
12,316
64,561

CULLOMPTON UNITED CHARITIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

5 Other income

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Donations 500 668
6 Costs of Raising Funds
Unrestricted Total
funds
2024 2023
£ £
Investment management 15,159 13,798
15,159 13,798

CULLOMPTON UNITED CHARITIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

7 Costs of Charitable Activities

Charitable
Charitable
Expenditure Expenditure
2024 2023
£ £
Staff costs 6,283 6,088
Insurance of Almshouse properties 1,923 1,553
Grass cutting and other gardening costs of Almshouse properties 3,097 5,772
Repairs and maintenance of Almshouse properties 32,359 6,858
Legal fees and miscellaneous costs 4,482 413
Stationery, advertising and postage 267 145
Telephone 820 903
Trustee insurance 210 192
Computer expenses 432 293
Subscriptions - 35
Stocking Close and Langlands expenditure 365 511
50,238 22,763
Grant funding of activities (see note 9) 37,771 29,237
88,009 52,000
Analysis by fund
Unrestricted funds 83,626 50,339
Restricted funds 4,383 1,661
88,009 52,000
For the year ended 31 December 2023
Unrestricted funds 50,339
Restricted funds 1,661
52,000

8 Other expenses

Unrestricted Unrestricted
funds funds
2024 2023
Independent examination 3,330 3,976
Miscellaneous admin expenses 1,180 457
4,510 4,433

CULLOMPTON UNITED CHARITIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

9 Grants payable

Charitable Charitable
Expenditure Expenditure
2024 2023
£ £
Grants to institutions:
People Matter (St Andrews PCC) 1,250 1,405
Keystone Group 5,000 -
School Pastor Group 500 -
St Andrew's Church - spree trip - 500
YMCA 280 280
7,030 2,185
Grants to individuals 30,741 27,052
37,771 29,237

10 Trustees

Total reimbursed expenses of £Nil were paid to one trustee (2023: £Nil).

No trustees have received remuneration during the year.

11 Employees

The average monthly number of employees during the year was:

2024 2023
Number Number
1 1
Employment costs 2024 2023
£ £
Wages and salaries 6,283 6,088

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 2024

12 Gains and losses on investments

Unrestricted
Restricted
funds
funds
2024
2024
Gains/(losses) arising on:
£
£
Revaluation of
investments
90,726
6,654
Sale of investments
(6,331)
(464)
84,395
6,190		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
97,380
87,157
6,393
(6,795)
(4,542)
(333)
90,585
82,615
6,060		 Total
2023
£
93,550
(4,875)
88,675

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
2024
£
Fair value
At 1 January 2024 and 31 December 2024 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, CullomptonAlmshouses£1,500,000 · Nos 1 and 2 Grant Homes, StoneyfordAlmshouses£614,167 · Weaver WoodAlmshouses£404,773

CULLOMPTON UNITED CHARITIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

15 Fixed asset investments

Cost or valuation
At 1 January 2024
Additions
Valuation changes
Realised gains/losses
Disposals
At 31 December 2024
Carrying amount
At 31 December 2024
At 31 December 2023
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		 Listed
investments
£
2,152,263
860,326
97,381
(6,795)
(740,461)
2,362,714
2,362,714
2,152,263
2024
2023
£
£
4,496
4,196
1,487
1,376
5,983
5,572
2024
2023
£
£
306
296
6,915
7,623
7,221
7,919

CULLOMPTON UNITED CHARITIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

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
2024
Incoming
resources
Resources
expended
Transfers
Gains and
losses
At 31
December
2024
£
£
£
£
£
£
53,006
1,323
(100)
1,180
2,193
57,602
96,582
2,409
(4,102)
6,069
3,997
104,955
2,027
-
(181)
-
-
1,846
151,615
3,732
(4,383)
7,249
6,190
164,403
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
3,841
(1,661)
7,938
(16,826)
139,246

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 2024

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. From these monies, funds have been spent on fencing at the site leaving a balance of £1,846 remaining.

19 Analysis of net assets between funds

Unrestricted
Restricted
funds
funds
2024
2024
£
£
At 31 December 2024:
Investment properties
20,000
-
Investments
2,201,260
161,454
Current assets/(liabilities)
233,977
2,949
2,455,237
164,403
Unrestricted
Restricted
funds
funds
2023
2023
£
£
At 31 December 2023:
Investment properties
20,000
-
Investments
2,005,190
147,073
Current assets/(liabilities)
346,611
4,542
2,371,801
151,615		 Total
2024
£
20,000
2,362,714
236,926
2,619,640
Total
2023
£
20,000
2,152,263
351,153
2,523,416

CULLOMPTON UNITED CHARITIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

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 2023
r
£
Cyclical maintenance
105,883
Extraordinary repairs
29,287
135,170		 Movement in funds
Incoming
esources
Transfers
Gains and
losses
Balance at
1 January 2024
r
£
£
£
£
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
2024
£
£
£
£
-
227
-
71,740
759
620
1,260
33,078
759
847
1,260
104,818		 Movement in funds
Incoming
esources
Transfers
Gains and
losses
Balance at
31 December
2024
£
£
£
£
-
227
-
71,740
759
620
1,260
33,078
759
847
1,260
104,818
104,818

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 2024

21 Related party transactions

There were no disclosable related party transactions during the year (2023 - none).