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2020-12-31-accounts

Company registration number: 01600678 Charity registration number: 283877

Stallcombe House

(A company limited by guarantee)

Group Annual Report and Financial Statements

for the Year Ended 31 December 2020

Redwoods Statutory Auditors 2 Clyst Works Clyst Road Topsham Exeter EX3 0DB

Stallcombe House

Contents (continued)

Strategic Report 1 to 5
Trustees'Report 6 to 10
Statement of Trustees'Responsibilities 11
Independent Auditors'Report 12 to 15
Consolidated Statement of Financial Activities 16 to 17
Consolidated Balance Sheet 18
Balance Sheet 19
Consolidated Statement of Cash Flows 20
Statement of Cash Flows 21
Notes to the Financial Statements 22 to 53

Stallcombe House

Strategic Report for the Year Ended 31December 2020

The trustees, who are directors for the purposes of company law, present their strategic report for the year ended 31 December 2020, in compliance with s414C of the Companies Act 2006.

Achievements and performance

Review of charitable activities

In common with all organisations, 2020 started with plans and schemes only to have everything put on hold in March due to Covid. Events were cancelled, normal operation turned upside down and resident’s external activities and family contacts virtually cancelled for the year. The trustees would like to express unconditional thanks to the staff for keeping the lives of residents safe and as near normal as possible. The staff have had to bear the brunt of the difficulties including extended hours, near continuous testing and resident family issues, to mention a few.

It is therefore to the credit of the management and staff that Stallcombe has come through the year maintaining the safety of the residents and the financial and organisational security of Stallcombe.

The charity's principle objective continued to be that of the promotion for the public benefit of providing a supportive living community for adults with learning difficulties best met by participating in a rural environment providing purposeful activities on the farm and gardens. The charity provides day services thus enabling more adults with learning difficulties to benefit from this unique environment. However due to Covid, the day services had to be cancelled, but we hope to reintroduce these in the future when outside visiting is back to normal. When planning activities the trustees have considered the Charity Commission guidance on public benefit.

During the year we have had 33 residents.

Fundraising performance against activities

Fundraising is actively engaged to supplement the charity's income from statutory bodies and service users. A major part of this is normally the annual 'Open day / Fete', arts and craft items produced in the Weavery and any surplus produce from the gardens are sold through local outlets. This unfortunately had to be cancelled this year.

The charity is also grateful to the Family and Friends of Stallcombe House along with helpers and volunteers who contribute to making Stallcombe House such a great place for the charity'sclients. Their input this year was much reduced but their contacts and messages of support were very welcome.

Page 1

Stallcombe House

Strategic Report for the Year Ended 31December 2020(continued)

Investment performance against activities

During the year the investment in the solar array continued to perform as expected. This investment delivers funds back to the charity in three ways, income from Government tariffs, interest payments and rent. In 2020 it delivered £7,328in interest and rent, loan repayment of £20,000, plus savings of approx. £10,000 over buying from the National Grid. It should be noted the above figures do not appear in the group accounts as they relate to the chartiable parent only and inter group trading is eliminated on consolidation.

The Board is concentrating on developing and fully utilising the whole Stallcombe site including the upgrading and modernisation of the accommodation at Stallcombe House and Willows. Architects have prepared detailed plans for Stallcombe House and draft schemes for a "new" Willows. Plans should have been submitted for planning by December 2020, however while some work off site did continue it was not possible to submit plans during the year. It is hoped that plans will be finalised for the kitchen, room upgrades in the main house and a new single storey accommodation building.

The Board has considered overall finances and allocated cash reserves into, operational reserves, and long term reserves. The latter to be invested via a professional investment manager and development cash to fund stage one upgrades. An investment manager has been appointed. Funds invested by the investment manager have performed well to date. The board will consider further medium term investments once the capital programme is agreed.

Factors relevant to achievement

Staff are the most important element in enabling Stallcombe to provide the level of care to our residents we aim for. We are continually monitoring staff satisfaction and comparable pay rates. We must expect there to be upward pressure on pay rates and staff training and welfare programmes. To ensure costs are covered we continually review charge rates and actively engage with commissioning authorities to ensure costs are covered. Staff costs currently make up approximately 85% of operating costs.

The care industry in general continues to struggle and cope with the impact of the living wage, workplace pensions and continued challenges with local authority funding. To address and manage these challenges the trustees and the management team use a 5 year rolling financial plan. The management team continue to review funding arrangements and where any have fallen below market rates or the individual care requirements have increased we actively seek increased funding.

We continue to invest in our facilities and have started to capture the requirements for a multi-year programme to modernise and bring all our accommodation up to the current CQC recommended standards. Initial work commenced in 2018.

A lot of the outdoor activities we provide at Stallcombe are only possible because we have a total 'ECO'ethos. Our 'ECO'investment minimise the cost of running the farm and gardens, we have our own water bore, we are self-sufficient in compost, we process our waste water etc. Stallcombe House uses around 200,000 Kwh of electricity each year, our Solar Array generates around 230,000 Kwh, so we are exporting 15% more green energy than we use ourselves.

Page 2

Stallcombe House

Strategic Report for the Year Ended 31December 2020(continued)

Key financial performance indicators
Unit 2020 2019
Net (expenditure)/income £ 608,761 112,300
Gains / (losses) on investment assets £ 63,062
Unrestricted reserve £ 4,895,255 4,225,103

Key non-financial performance indicators

We are pleased to have received a continued rating of Good from the Care Quality Commission.

Financial review

The financial position is considered to be satisfactory, and the trustees are pleased to see a retention on reserves during the current year of £671,823. This is in part because if the management team successfully addressing issues of underfunding by some of the commissioning local authorities. There was also a one-off donation in the year increasing the income.

The trustees aim is to deliver a surplus of 8% to 10% each year. This year the surplus exceeded the target level however due to the extenuating circumstances in the year and the decisions relating to staff pay levels already implemented in the 2021 year surpluses are expected to return to target levels in 2021.

Surpluses are subject to maximum occupancy. At the present time filling vacancies is not a problem the major risk is not maintaining the staffing levels. The board will in future be reporting on target staffing levels.

All surpluses are reinvested in the charity always striving to provide the best possible care for residents. Surpluses are retained in reserves, Trustees agree levels of reserves for operational security and capital improvement. These will be detailed in subsequent reports.

Page 3

Stallcombe House

Strategic Report for the Year Ended 31December 2020(continued)

Policy on reserves

The fund balances in the balance sheet on page 17 represent reserves. The level of our reserves is determined by balancing two objectives: maintaining sufficient reserves to enable us to carry on our work, and ensuring we maximise the resources used for charitable purposes. Our reserves level therefore needs to be adequate to allow us to address potential losses that might arise from our charitable activities and other activities. It also needs to give us sufficient time to adjust our strategy to meet changing circumstances without unnecessarily removing funds from addressing our charitable purposes.

The Board of Trustees assesses the risks Stallcombe House could be exposed to and the appropriate level of reserves that we should maintain. The current assessment is that £600,000 of reserves should be maintained to mitigate identified risks. The basis of this is to keep the operational bank account balances at an average of £200,000. A provision of £400,000, to include £250,000 for loss of revenue due to vacancies and a further £150,000 to cover unplanned work to the estate and buildings.

The balance sheet shows unrestricted reserves — that is, reserves that do not carry any restrictions on how they can be used — of £4,895,255 (2019 -£4,225,103). In assessing our level of free reserves against the target range, we exclude the fixed assets (primarily written down land and buildings) of £2,022,154 (2019 - £2,092,487) because this cannot quickly be realised. In addition funds have been earmarked for future work and projects and these are specified in “Activities planned to achieve aims”. These five elements represent plans and intentions that are incorporated into the charity’s updated five year plan where a funding requirement of circa £1,000,000 has been allocated.

In addition the charity has restricted reserves of £34,693 (2019 -£33,022).

We regularly review the actual level of reserves, and would take action to bring it back in line with the target if the level looked likely to move significantly outside the target range.

Principal funding sources

Funding for the charity is received regularly on a four weekly basis from the local authorities. The amounts involved are governed by the number of residents in situ at any time. Subject to voids, future cash flow is known with a degree of certainty and monthly budgets are prepared.

Investment policy and objectives

Under the Memorandum and Articles of association, the charity has the power to make investments which the trustees see fit.

The Board of Trustees has appointed Fairstone Financial Management Ltd to manage an investment fund of £750,000.

Page 4

Stallcombe House Strategic Report for the Year Ended 31 D￿ember 2020 (continued) PIADS for future period5 Aims andkry objeciivesforfuthreperiods Our contiThuing priority. alway5. 15 to maKntain the current high qualiry of servi¢¢ w¢ provide to our whole lient group. Attracting. retaining and training staff in order to develop Stsll¢ombe as ihe "Gold Standard" of how care to vulnerable residents is to be our key objective over the next 5 years. Capital and revenue fijnds will be directed towards this aim and will be detail￿ in the next 5 year bu5ine5s plan. Developing ihe stsff ieam must go in parallel with dev¢loping the physical resources and facilities. While the ststTing cosis must be covered by revenue in¢ome, Capital sums may be direeted to Specific staff development projects or joint use of facilities for resident use and training. In recognition of national rK)licy to promote "5UPPOrtive living" a5 opposed io residential ¢are, the Board is a¢tively looking at ways of providing a 'suptK)rted living" alternative for existing residents where appropriate, and new residents where rh¢re is a demand. The object of this is io provide a range of care best suited to our residents taking into consideration ￿ndIng r¢siraints ihai may b¢ appli¢d by funding authoritie5. The over arching consideration of the Board 15 to be able to provide the besi care p)ssible appropriate to the individ4]al under the Stallcombe ethos of a home for life taking maximutn advantage of the rural Sdiing and facilities of the Stallcombe site. This means that whilst residential accommodation may be siied within an urban setting the high quality fa¢ilities and care ethos afforded by Stallcombe and its Staff will be a¢¢e5sibl¢ to all residents whether in house or in supwrt¢d living, A￿1vI￿apI￿nnedlo ￿hleve The Board has implemenied a 5 year facilities development plan in order to develop the Stallcombe sitc to ¢n5ure all individual and corntnon resident facilities are of the highest appropriate srandard. A Care and Staff development plom will be prepoxed with the aim of implementing ￿liOnS in 2022. A capitsl investment policy is to be prepared to ensure futmls are used to their best effect to benefit Sthllcombe whilst retairting the necessary reserve securiiy. The board will contirtue to inv¢stigaie ihe development of a Supp)rted Living facility and appropriate care tnodel. The $trategt¢ report approved by the tn]stees of the charity on 7 September 20218nd signed on its behalf by: 41ll GDH Trustee Page 5

Stallcombe House

Trustees'Report

The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements and auditors'report of the charitable company for the year ended 31 December 2020.

Objectives and activities

Objects and aims

The charity's principle objective is the promotion for the public benefit of providing a supportive living community for adults with learning needs best met by participating in a rural environment providing purposeful activities on the farm and gardens.

Our priority, as always, is to maintain a high quality of service to our whole client group.

Objectives, strategies and activities

The charity's main activity is providing a supporting living community. It also provides daycare services, and sells excess farm produce that the residents have produced from their activities on the farm and gardens.

Public benefit

When planning activities the trustees have considered the Charity Commission guidance on public benefit. The charity relies on payments for services from local authorities to cover its operating costs. Keeping costs to a minimum is important to us to ensure public funds are well spent.

The charity's beneficiaries are a section of the public comprised of adults with learning difficulties that benefit from Stallcombe's unique rural living and working environment. The care provided at Stallcombe enriches its client's lives by giving them purposeful activities on the farm and gardens and also ensures they receive the care they need to remain safe and happy.

The wider local population also benefits by becoming volunteers for such a worthy charity and joining the great Stallcombe Community spirit.

There is no private benefit flowing from the purpose of the charity.

The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

Use of volunteers

Stallcombe is grateful to its team of volunteers for their efforts in supporting our community.

The continued financial donations from the Family and Friends of Stallcombe House, are much appreciated.

Structure,governance and management

Nature of governing document

The charity is limited by guarantee the governing document being the memorandum and articles of association.

Page 6

Stallcombe House

Trustees'Report (continued)

Recruitment and appointment of trustees

Trustees are appointed at the annual general meeting of the charity, in accords with the articles that state that there shall not be less than three and no more than nine trustees of whom no more than three shall be user trustees. Casual vacancies during the year can be filled by co-opted trustees who must be formally appointed at the next annual general meeting.

A staff trustee is elected by staff members to sit on the board of trustees.

The articles require that one third of the trustees retire by rotation in each year.

Induction and training of trustees

Trustees are recruited through personal recommendation to the existing trustees. New trustees are provided with the trustees handbook providing extensive detail of the operation and management of the charity. At the earliest convenient meeting they are introduced to the other trustees and key members of staff.

The charity has appropriate trustees indemnity insurance in place.

Arrangements for setting key management personnel remuneration

The charity has a Head of Charity, Mrs A Greenaway, and a Head of Care, Ms S Boult who manage the day to day administration of the charity and organise fund raising activities.

The trustees decide on their remuneration, usually on an annual basis with regard to staff performance and current pay policies of similar organisations.

Organisational structure

The charity is organised where board meetings are held four times a year. In addition to this, a subset of trustees attend a monthly management meeting where a review of the operation takes place and subject to the meeting being quorate, minor decisions/expenditures are signed off.

Page 7

Stallcombe House

Trustees'Report (continued)

Relationships with related parties

Stallcombe Eco Power Ltd

This is a wholly owned trading subsidiary of Stallcombe House.

User Trustees

In the accounting period there were an average of two trustees who have relatives who are beneficiaries of the charity, enjoying the same benefits as unrelated beneficiaries.

Major risks and management of those risks

Key Personnel

Loss of key members of staff through resignation. Shortage of staff and diffculties in recruitment. Staff training and development of Stallcombe as the preferred care establishment to work for.

The trustees manage this risk by ensuring that staff satisfaction is maintained and suitable replacement staff are sourced as required. For more senior positions the trustees work with management to ensure succession plans are in place.

Safeguarding

Risk of harm to clients, reputation or operational damage if appropriate care standards are not met. The trustees manage this risk by ensuring the care standards achieved meet and sometimes exceed the CQC standards and guidelines.

Funding cuts

As the majority of the charity's income comes from local authorities there is a risk to the charity of imposed funding cuts or withdrawal of funding.

The trustees manage this risk by regular contract negotiations with relevant authorities and highlighting the outstanding care provided by Stallcombe which it would be difficult for other providers to service.

Resident vacancies

Loss of revenue due to resident vacancies.

The trustees manage this risk by ensuring that Stallcombe is well promoted both with Local Authorities and guardians / parents of potential clients.

Unplanned events impacting our estate and buildings

Damage to our estate and buildings due to unplanned events.

The trustees manage this risk by ensuring that the regular maintenance plan is appropriate and meets all foreseen problems. Stallcombe has built up a strong working relationship with local trades so that any unplanned problem can be dealt with in a timely and safe manner.

Factors outside charities control

COVID19

In consideration of COVID19 and the onset of any other pandemic, significant risk assessments have been undertaken and hygiene and health monitoring systems put in place. Should there be any infection on site we have operational contingency plans.

Page 8

Stallcombe House

Trustees'Report (continued)

Reference and Administrative Details

Trustees Mrs A E Liverton
C M Retallack
Mrs E Wragg (resigned 22 June 2021)
G D H Pook
C G Townroe (resigned 22 June 2021)
Mrs K A E Masterton
D H Tucker
Mrs JM Ellis (appointed 29 September 2020)
N M Rice (appointed 29 September 2020)
Senior Management Team Ms A Greenaway, Head of Charity
Ms S Boult, Head of Care
Principal Office Stallcombe House Farm
Sanctuary Lane
Woodbury
Exeter
EX5 1EX
The charity is incorporated in England & Wales.
Company Registration Number 01600678
Charity Registration Number 283877
Bankers National Westminster Bank PLC
Exmouth
11 Rolle Street
Exmouth
Devon
EX81HJ
Nationwide Building Society
PO Box 3
5-11 St. Georges Street
Douglas
Isle of Man
IM99 1AS
Auditor Redwoods
Statutory Auditors
2 Clyst Works
Clyst Road
Topsham
Exeter
EX3 0DB

Page 9

Stallcombe House Trustees, Report (continued) FiThAnci81 instrnments Objeclivu andpolioes The Group only h&s b&sie financial instntments and th¢refore limits its exposure to risk. Credit rigk The Group's principal financial assets are bank balances and cash, trade and other receivables. and investments. The Group's credit risk is primarily attriblltsble to its irade re¢eivables. The amounts piesenred in the balance sheet are net of allowances for doubtfvl re¢eivables. An allowance foT impaimient is made where there 15 an identified loss event which, bas￿ on pr¢wous experience. i5 evidence of a r￿uctIon in the rtcovcrability of thc ¢ash flows. The credit risk on liquid funds 15 IiTnited because the counterpartie5 are bank5 Wlth high credit-ratings assigned by international credit-rating agencies. The Group has no signifi¢ani ¢on¢¢ntration of credii risk, with exposure spread over several govemmeni authorities. Liquidity In order to maintain liquidity to ensure that suffjcient fimds are available for ongoing operations at)d future developments, the Group keeps $uffi¢ient unrestricted Teserves in readily a¢¢essible bank a¢¢ounts. Further details regarding liquidiry risk Can be found in the Statetnent of a¢countirtg policies in the financial stai¢ments. Creditor payment policy The Group pays all its debts within th¢ awed payment temis. Dis¢lo$ure of informtion to uditOT Each tNstee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establith that Ihe ¢harity'5 auditor 15 aware of that itLfoTmatLOll. The trustees ¢onfirn) that the￿ is no relevant infomiation that they know of and of which they know the auditor is unaware. The annual report was approwed by the trustees of the charity on 7 September 2021 and sigtled on its behalf by.. GDHPook Trustee Pagt 10

Stallcombe House Statement of Trustees, Responsibiliti¢s The I￿￿teeS (who are also the directors of Siall¢ombe House for the purp)s¢s of company lawl are responsible for preparing the trust¢¢s' report and the financial statements in accordance wth the United Kingdom Accounting Standotds (Uoited Kingdom Generally Accepted Accountin8 Practice) and applicable law and regulations. cotnp#￿Y law requires the trustees to prepare fL]wJcial Statements for ea¢h finart¢ia] year. Under company law the trustees musi noi approve the financial statements Unless they are satisfjed that they give a true and fair view of the stste of affair5 of the charitable Company and of its IN¢oming resources and application of resources, ittcluding its income and expenditure. for that period. In preparing these financial siatements, Ihe trusiees are required to.. sel¢¢t suitable accounting policies and apply ¢hem ¢onsi$¢¢nily' observe the method5 and Principles in the Charities SORP; make judgements and estimates ihat are reasonable and prudeni; state whether applicable UK Accounting Standards have been followed. subject to any material departures disclosed and explained in the financial statements. and Prepare the financial statements on the going concern basis unless It is inappropriaie to presume that the charitable company will continue ITh busine55. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactiotLS and dis¢lose reasonable a¢¢ura¢y at any time the fjnancial position of th¢ charitable company and enable them to ensure that the financial 5taternents ¢omply with the Companies A¢t 2006. They are also r¢5ponsible for safeguarding the assets of the charitable ctsmpany and hence for t￿]rtg reas0T￿ble steps for the prevention and detection of frwd and other irregulaTities. Approved by the trustees of the charity on 7 September 2021 and sagned on its behalf by.. GDHPoo Trustee Pagell

Stallcombe House

Independent Auditor's Report to the Members of Stallcombe House

Opinion

We have audited the financial statements of Stallcombe House (the 'charitable parent company') and its subsidiaries (the 'group')for the year ended 31 December 2020, which comprise the Consolidated Statement of Financial Activities, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Cash Flows, Statement of Cash Flows and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP -FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'and applicable law (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Page 12

Stallcombe House

Independent Auditor's Report to the Members of Stallcombe House (continued)

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Trustees'Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees'Responsibilities (set out on page 11), the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Page 13

Stallcombe House

Independent Auditor's Report to the Members of Stallcombe House (continued)

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

As part of our audit planning we obtained an understanding of the legal and regulatory framework that is applicable to the Group. We gained an understanding of the charity and the sector in which the charity operates, and as part of this assessment to identify the key laws and regulations affecting the charity (and group). The key regulations we identified were compliance with the Care Quality Commission ("CQC"), and health and safety regulations. We also considered those laws and regulations that have a direct impact on the preperation of the financial statements such as the Companies Act 2006 and Charities Act 2011.

We discussed with management how the compliance with these laws and regulations is monitored and discussed the policies and procedures in place. We also identified the individuals who have responsibility for ensuring that the charity complies with relevant laws and regulations and deal with reporting any issues, if they arise. As part of our planning procedures, we assessed the risk of any non compliance with laws and regulations on the company'sability to continue trading and the risk of material misstatement to the accounts.

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:

Page 14

Stallcombe House Independent Auditor's Report to the M¢mber$ of Stalleombe House {continued) Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularaties, including those leading to a maierial Miss￿tement in the financial 5tat¢m¢nts. This risk increases the further removed non-compliance with laws and regulations is from the events and transactions reflected in the f]nancial statements. as we are less ljkely to become aware of instances of non-compliance. The risk of not detecting a material misststemeni due to fraud is higher than the risk of not detecting one resulting frotn error, as fraud may involve deliberate conceahnent, collusion, omission or misrepresentation. A further description of our responsibilities is available on the Financial Reporting Council's website at.. vw.frc.org.uklauditorsresponsibilities. This des¢ription fgrn15 part of our auditor's report. Use of our report This report is made solely to the charitable parent CoMpan￿S trustees, as a body. in accordanee with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work ha5 been undertaken so thai we might slate to the group's trustees those matters we are required to state to theTn in an auditor'5 report and for no other purpose. To the Ilest extent pemiitted by law, we do not accept or assume responSLbility to anyone other than the charitable parent company and its trnstees as a body, for our audit work, for this report, or for the opinions we have forni¢d.. ith David Tuvey (Senior Sratutory Auditor) For and on behalf of Redwoods, Statutory Auditor 2 Clyst Works Clysi Road Topsham Exeter EX3 ODB 7 September 2021 Page 15

Stallcombe House

Consolidated Statement of Financial Activities for the Year Ended 31December 2020 (Including Consolidated Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Note
Income and Endowments from:
Donations and legacies
2
Charitable activities
3
Other trading activities
4
Investment income
5
Other income
6
Total income
Expenditure on:
Raising funds
7
Charitable activities
29
Total expenditure
Gains/losses on investment assets
Net income
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
23		 Unrestricted
funds
£
160,606
2,925,107
40,452
5,504
54,118
3,185,787
(72,337)
(2,506,360)
(2,578,697)
63,062
670,152
670,152
4,225,103
4,895,255		 Restricted
funds
£
4,967
-
-
-
-
4,967
-
(3,296)
(3,296)
-
1,671
1,671
33,022
34,693		 Total
2020
£
165,573
2,925,107
40,452
5,504
54,118
3,190,754
(72,337)
(2,509,656)
(2,581,993)
63,062
671,823
671,823
4,258,125
4,929,948

Page 16

Stallcombe House

Consolidated Statement of Financial Activities for the Year Ended 31December 2020(continued) (Including Consolidated Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Note
Income and Endowments from:
Donations and legacies
2
Charitable activities
3
Other trading activities
4
Investment income
5
Other income
6
Total income
Expenditure on:
Raising funds
7
Charitable activities
29
Total expenditure
Net income
Transfers between funds
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
23		 Unrestricted
funds
£
3,627
2,487,373
50,241
7,887
27,070
2,576,198
(70,973)
(2,395,182)
(2,466,155)
110,043
2,218
112,261
4,112,842
4,225,103		 Restricted
funds
£
7,963
-
-
-
-
7,963
-
(5,706)
(5,706)
2,257
(2,218)
39
32,983
33,022		 Total
2019
£
11,590
2,487,373
50,241
7,887
27,070
2,584,161
(70,973)
(2,400,888)
(2,471,861)
112,300
-
112,300
4,145,825
4,258,125

All of the group's activities derive from continuing operations during the above two periods.

Page 17

Stsllcombe House (Registration number: 01600678) Consolidated Balance Sheet as at 31 December 2020 2020 20J9 Note Fixed assets Tangible assets Invesim¢nts 13 2.022.154 761,764 2.092.487 2,783,918 2,092,487 Current #55ets Sio¢ks Debtors C&sh at bank and in hand 15 11,038 495,026 1.825.659 11,279 166.233 2.126.702 16 17 2.331.723 2,304,214 Creditors: Amouots falling due within oDe year 18 185,693 138,576) Net eurrtmt Assets 2,146.030 2.165,638 Net #ssets 4,929,948 4.258.125 Funds of the group: Re5trieted income funds Restricttd funds 34,693 33,022 Unrestri¢ted income (￿ndS Unrestri¢ted fijnds Revaluaiion resejve 4.838.081 57,174 4.225.103 Total unrestricted funds 4,895.255 4,225.103 Total funds 23 4.929.948 4.258.125 The f￿ancial Statements on pages 16 to 53 were approved by the trustees. and authtsrised for issue on 7 September 2021 and signed on their behalf by.. 4111. GDH Trustee Page 18

S¢all¢ombe House (Registration number: 01600678) Balance Sheet as at 31 December 2020 2020 2019 Note Fixed assets Tan8ible assets Investments 13 14 1,704,106 761.864 1,752.997 100 2.465,970 1,753.097 Current a$sets Stocks Debtors - due within on¢ year - due after one year Cash at bank and in hand 15 16 11,038 11,279 517.153 372.635 1.773,910 189.261 392,635 2,077.819 17 2.674,736 2,670.997 Credltors: Amounts fAlling due within one ye&T 18 (183.2901 (139.028} Net current g$set$ 2,491,446 2,531.969 Net #ssets 4,957,416 4,285,066 Funds of the charity: Re5trieted funds 34,693 33,022 Unrestricted iThcome funds Unrestricted funds Unrestricted revaluation reserv¢ 4.865,549 57,174 4,252.044 Total unrestricted futlds 4.922.723 4,252,044 Totsl funds 23 4.957.416 4,285.066 The financial statetnents on pages 16 to 53 were approved by the trustees. and authorised for issue on 7 September 2021 and si8n¢d on their behalf by.. GDH Trustee Pa8¢ 19

Stallcombe House

Consolidated Statement of Cash Flows for the Year Ended 31December 2020

Note
Cash flows from operating activities
Net cash income
Adjustments to cash flows from non-cash items
Depreciation
9
Investment income
5
Revaluation of investments
Loss on disposal of fixed assets held for the charity's own use
9
W orking capital adjustments
Decrease in stocks
15
(Increase)/decrease in debtors
16
Increase in creditors
18
Net cash flows from operating activities
Cash flows from investing activities
Interest receivable and similar income
5
Purchase of tangible fixed assets
13
Purchase of investments
Sale of investments
Net cash flows from investing activities
Net (decrease)/increase in cash and cash equivalents
Cash and cash equivalents at 1 January
Cash and cash equivalents at 31 December		 2020
£
671,823
108,969
(5,504)
(57,174)
536
718,650
241
(328,793)
47,117
437,215
5,504
(39,172)
(764,344)
59,754
(738,258)
(301,043)
2,126,702
1,825,659		 2019
£
112,300
105,694
(7,887)
-
5,016
215,123
1,359
182,198
37,021
435,701
7,887
(36,048)
-
-
(28,161)
407,540
1,719,162
2,126,702

All of the cash flows are derived from continuing operations during the above two periods.

Page 20

Stallcombe House

Statement of Cash Flows for the Year Ended 31December 2020

Note
Cash flows from operating activities
Net cash income
Adjustments to cash flows from non-cash items
Depreciation
9
Investment income
5
Revaluation of investments
Loss on disposal of fixed assets held for the charity's own use
9
W orking capital adjustments
Decrease in stocks
15
(Increase)/decrease in debtors
16
Increase in creditors
18
Net cash flows from operating activities
Cash flows from investing activities
Interest receivable and similar income
5
Purchase of tangible fixed assets
13
Purchase of investments
Sale of investments
Receipts from the repayment of loans to other entities
Net cash flows from investing activities
Net (decrease)/increase in cash and cash equivalents
Cash and cash equivalents at 1 January
Cash and cash equivalents at 31 December		 2020
£
672,350
87,527
(12,632)
(57,174)
536
690,607
241
(330,159)
44,262
404,951
12,632
(39,172)
(764,344)
59,754
22,270
(708,860)
(303,909)
2,077,819
1,773,910		 2019
£
117,404
84,252
(17,285)
-
5,016
189,387
1,359
186,430
35,314
412,490
17,285
(36,048)
-
-
19,743
980
413,470
1,664,349
2,077,819

All of the cash flows are derived from continuing operations during the above two periods.

Page 21

Stallcombe House

Notes to the Financial Statements for the Year Ended 31December 2020

1 Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The financial statements have been prepared in accordance with 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) (effective 1 January 2015) -(Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). They also comply with the Companies Act 2006 and Charities Act 2011.

Basis of preparation

Stallcombe House meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

The Group’s financial statements consolidate the financial statements of the charity and its subsidiary undertakings drawn up to 31 December each year. The results of subsidiaries acquired or sold are consolidated for the periods from or to the date on which control passed.

The charity's subsidiary has been set up to generate electricity using a solar array. All profits of the subsidiary will be gift aided back to the charity to promote its main aims.

The presentation currency is £sterling and the accounts have been rounded to £1.

The charity is incorporated in England and Wales.

Its registered office is shown in the Trustees Report.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the charity and its subsidiary undertakings.

No statement of financial activities is presented for the charity as permitted by section 408of the Companies Act 2006. The charity had a surplus for the financial year of £672,350. (2019-£117,404).

Page 22

Stallcombe House

Notes to the Financial Statements for the Year Ended 31December 2020(continued)

1 Accounting policies (continued)

A subsidiary is an entity controlled by the charity. Control is achieved where the charity has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the statement of financial activities from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the charity and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination. Total comprehensive income is attributed to non-controlling interests even if this results in the non-controlling interests having a deficit balance.

Going concern

The financial statements have been prepared on a going concern basis.

The trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees make this assessment in respect of a period of one year from the date of approval of the financial statements.

Page 23

Stallcombe House

Notes to the Financial Statements for the Year Ended 31December 2020(continued)

1 Accounting policies (continued)

Judgements

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

Key sources of estimation uncertainty

Depreciation of tangible fixed assets. This is by nature an estimate and the actual market values of assets may be different to the values presented in the accounts. The fixed assets are shown in the financial statements. The carrying amount is £2,022,154 (2019 -£2,092,487).

Income and endowments

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably. Income is recognised after trade discounts, other sales taxes and net of VAT where applicable.

Donations and legacies

Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.

Other trading activities

Shop income and income derived from events is recognised as earned (that is as the related goods and services are provided).

Investment income

Investment income is recognised on a receivable basis.

Charitable activities

Income from charitable activities includes income recognised as earned (as the related goods and services are provided) under contract.

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. Expenditure is classified under the following activity headings:

Raising funds

These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.

Charitable activities

Includes the care costs of the residents and daycare visitors, other activities undertaken to further the main purposes of the charity and their associated support costs.

Page 24

Stallcombe House

Notes to the Financial Statements for the Year Ended 31December 2020(continued)

1 Accounting policies (continued)

Support costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include finance, administration and governance costs which support the trusts main aims and activities. These costs have been allocated between costs of raising funds and expenditure on charitable activities. The basis on which support costs have been allocated are set out in note 8.

Governance costs

These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees’s meetings and reimbursed expenses.

Government grants

Feed in tariff/renewable heating incentive income is recognised as earned (that is, as the power is produced).

Job retention scheme Covid grants have been recognised in the period relating to the wages paid.

Taxation

The Group is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Group is exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Tangible fixed assets

Individual fixed assets costing £100 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation and amortisation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class Depreciation method and rate Freehold interest in land and buildings 2% straight line (buildings) Solar panels (Solar array) 4% straight line (5% straight line) Bio-mass boiler 5% straight line Farm plant 20% reducing balance Fixtures, fittings and equipment 20% reducing balance Motor vehicles 20% reducing balance Computer equipment 25% straight line

Page 25

Stallcombe House

Notes to the Financial Statements for the Year Ended 31December 2020(continued)

1 Accounting policies (continued)

Impairment of fixed assets

Fixed assets are regularly reviewed for impairment.

The Group has adopted a policy to write off items of farm plant, fixtures, fittings and equipment and computer equipment over 12 years old.

Fixed asset investments

Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal.

Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.

Stock

Stock is valued at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow moving stocks. Cost is determined using the first-in, first-out (FIFO).

Trade debtors

Trade debtors are amounts due from customers for farm products sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently reviewed for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.

Other debtors include the amounts due in respect of residents fees.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date.

Trade creditors are recognised at their settlement amount after allowing for any trade discounts due.

Fund structure

Unrestricted income funds are general funds that are available for use at the trustees's discretion in furtherance of the objectives of the group.

Page 26

Stallcombe House

Notes to the Financial Statements for the Year Ended 31December 2020(continued)

1 Accounting policies (continued)

Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.

Pensions and other post retirement obligations

The Group offers a defined contribution pension scheme to its employees.

Financial instruments

Classification

The group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.

Recognition and measurement

Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Impairment

Financial assets that are measured at cost are assessed at the end of each reporting period for objective evidence of impairment, if objective evidence of impairment is found, an impairment loss is recognised in the income statement.

For financial assets at cost less impairment, the impairment loss is measured as the difference between the assets carrying amount and the best estimate, which is an approximation, of the amount that the charity would receive for the asset if it were to be sold at the reporting date.

Debt instruments

The charity has made a loan to its subsidiary that qualifies as a Public Benefit Entity Concessionary Loan under the requirements of FRS102.

The loan has initially been measured at the amount paid in the charity's balance sheet. The inter group loan has been eliminated on consolidation.

In subsequent years the carrying amount of the loan will be adjusted to reflect any accrued interest receivable or any impairment losses.

The terms of the loan provide for interest to be payable to the charity at a rate of 1.5% above bank base rate. The loan is repayable over a period of 25 years.

Investments

Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for merger relief, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored.

Page 27

Stallcombe House

Notes to the Financial Statements for the Year Ended 31December 2020(continued)

1 Accounting policies (continued)

Derivative financial instruments

The group does not use derivative financial instruments.

Page 28

Stallcombe House

Notes to the Financial Statements for the Year Ended 31December 2020(continued)

2 Income from donations and legacies

Unrestricted
funds
General
£
Donations and legacies;
Appeals and donations
160,606
160,606
3 Income from charitable activities
Fee income
4 Income from other trading activities
Trading income;
Farm income
Craft sales
Events income;
Open day income
Feed in tariff/renewable heating incentive		 Restricted
funds
£
4,967
4,967
Unrestricted
funds
General
£
2,925,107
Unrestricted
funds
General
£
24,082
395
-
15,975
40,452		 Total
2020
£
165,573
165,573
Total
2020
£
2,925,107
Total
2020
£
24,082
395
-
15,975
40,452		 Total
2019
£
11,590
11,590
Total
2019
£
2,487,373
Total
2019
£
24,895
1,084
7,596
16,666
50,241

Page 29

Stallcombe House

Notes to the Financial Statements for the Year Ended 31December 2020(continued)

5 Investment income

Interest receivable and similar income;
Interest receivable on bank deposits
Other income from fixed asset investments
Other income from current asset investments
6 Other income
Income from trading subsidiary
UK government grants -job retention scheme		 Unrestricted
funds
General
£
3,355
2,124
25
5,504
Unrestricted
funds
General
£
30,711
23,407
54,118		 Total
2020
£
3,355
2,124
25
5,504
Total
2020
£
30,711
23,407
54,118		 Total
2019
£
7,887
-
-
7,887
Total
2019
£
27,070
-
27,070

7 Expenditure on raising funds

a)Costs of trading activities

Note
Farm trading costs
Trading subsidiary costs
Open day costs		 Unrestricted
funds
General
£
14,876
51,341
-
66,217		 Total
2020
£
14,876
51,341
-
66,217		 Total
2019
£
16,328
53,510
1,135
70,973

Page 30

Stallcombe House

Notes to the Financial Statements for the Year Ended 31December 2020(continued)

7 Expenditure on raising funds (continued)

b)Investment management costs

Note
Other investment management costs;
Amounts payable to investment managers		 Unrestricted
funds
General
£
6,120
6,120		 Total
2020
£
6,120
6,120

Page 31

Stallcombe House

Notes to the Financial Statements for the Year Ended 31December 2020(continued)

8 Analysis of governance and support costs

Charitable activities expenditure

Unrestricted

funds

Support costs allocated to charitable Support costs allocated to governance

Unrestricted
funds
General
£
171,001
1,539
172,540		 Total
2020
£
171,001
1,539
172,540		 Total
2019
£
229,953
1,395
231,348

Page 32

Stallcombe House

Notes to the Financial Statements for the Year Ended 31December 2020(continued)

8 Analysis of governance and support costs (continued)

Support costs allocated to charitable activities

Payroll and other services
Insurance
Trustee insurance
Sundry expenses
Premises expenses
Property and equipment repairs
Office expenses
Print, post and stationery
Training and subscriptions
Equipment hire
Motor expenses
Professional and registration fees
Bank charges		 Governance
costs
£
-
-
1,526
13
-
-
-
-
-
-
-
-
-
1,539		 Staff costs
£
-
-
-
-
-
-
-
-
12,432
-
-
-
-
12,432		 Administration
costs
£
-
-
-
-
-
-
24,241
3,701
-
-
-
-
-
27,942		 Premises costs
including
depreciation
£
-
20,640
-
-
28,272
38,829
-
-
-
-
-
-
-
87,741		 Other support
costs
£
-
-
-
-
-
-
-
-
-
9,090
15,727
15,461
2,608
42,886		 Total
2020
£
-
20,640
1,526
13
28,272
38,829
24,241
3,701
12,432
9,090
15,727
15,461
2,608
172,540		 Total
2019
£
3,948
16,985
1,382
13
32,093
51,582
53,470
5,254
15,937
8,286
25,923
15,066
1,409
231,348

Page 33

Stallcombe House

Notes to the Financial Statements for the Year Ended 31December 2020(continued)

8 Analysis of governance and support costs (continued)

Governance costs

Unrestricted

Unrestricted
Audit fees
Audit of the financial statements
Other fees paid to auditors
Trustees remuneration and expenses
Allocated support costs		 funds
General
£
4,369
10,329
-
1,539
16,237		 Total
2020
£
4,369
10,329
-
1,539
16,237		 Total
2019
£
4,098
9,908
45
1,395
15,446

Page 34

Stallcombe House

Notes to the Financial Statements for the Year Ended 31December 2020(continued)

9 Net incoming/outgoing resources

Net incoming resources for the year include:

Operating leases -plant and machinery
Audit fees
Loss on disposal of fixed assets held for the group's own use
Depreciation of fixed assets
Depreciation of trading subsidiary assets		 2020
£
9,090
4,369
536
87,527
21,442		 2019
£
8,286
4,098
5,016
84,252
21,442

10Trustees remuneration and expenses

During the year the group made the following transactions with trustees:

Mrs A ELiverton

£Nil (2019: £45) of expenses were reimbursed to Mrs A E Liverton during the year.

Reimbursement for trustee meeting costs.

At the balance sheet date the amount due Mrs A E Liverton was £Nil (2019: £Nil).

D H Tucker

Is the nominated staff trustee. He is an employee prior to his appointment as a trustee and receives no additional remuneration for his role as a trustee of the charity.

No trustees, nor any persons connected with them, have received any remuneration from the group during the year.

No trustees have received any other benefits from the charity during the year.

11Staff costs

The aggregate payroll costs were as follows:

Staff costs during the year were:
Wages and salaries
Social security costs
Pension costs
Other staff costs		 2020
£
1,769,983
131,920
41,735
105,389
2,049,027		 2019
£
1,653,549
115,065
34,941
73,158
1,876,713

Page 35

Stallcombe House

Notes to the Financial Statements for the Year Ended 31December 2020(continued)

11Staff costs (continued)

The average monthly head count was 87 staff (2019 -86 staff). The monthly average number of persons (including senior management team) employed by the group during the year expressed as full time equivalents was as follows:

was as follows:
2020 2019
No No
Charitable activities 75 74

69 (2019 -61) of the above employees participated in the Defined Contribution Pension Schemes.

Contributions to the employee pension schemes for the year totalled £41,735 (2019 -£34,941).

During the year, the group made redundancy and/or termination payments which totalled £3,361 (2019 - £14,100).

No employee received emoluments of more than £60,000 during the year.

The total employee benefits of the key management personnel of the group were £108,616 (2019 -£101,866).

The chief executive officer, as the highest paid member of staff, received benefits totalling £57,094 (2019 - £53,843).

Page 36

Stallcombe House

Notes to the Financial Statements for the Year Ended 31December 2020(continued)

12Auditors'remuneration

12Auditors'remuneration
Audit of the financial statements
Other fees to auditors
All other non-audit services		 2020
£
4,369
10,329		 2019
£
4,098
9,908

Page 37

Stallcombe House

Notes to the Financial Statements for the Year Ended 31December 2020(continued)

13Tangible fixed assets

Group

Cost
At 1 January 2020
Additions
Disposals
At 31 December 2020
Depreciation
At 1 January 2020
Charge for the year
Eliminated on disposals
At 31 December 2020
Net bookvalue
At 31 December 2020
At 31 December 2019		 Freehold
Land and
buildings
£
2,260,165
-
-
2,260,165
718,655
42,640
-
761,295
1,498,870
1,541,510		 Farm Plant
£
103,972
300
(5,486)
98,786
67,839
7,211
(5,109)
69,941
28,845
36,133		 Motor
vehicles
£
56,225
-
-
56,225
23,500
6,545
-
30,045
26,180
32,725		 Computer
equipment
£
31,699
25,143
(123)
56,719
27,118
8,891
(123)
35,886
20,833
4,581		 Solar panels
and bio-mass
boiler
£
551,886
-
-
551,886
132,559
27,445
-
160,004
391,882
419,327		 Fixtures,
fittings and
equipment
£
170,791
13,729
(4,513)
180,007
112,580
16,237
(4,354)
124,463
55,544
58,211		 Total
£
3,174,738
39,172
(10,122)
3,203,788
1,082,251
108,969
(9,586)
1,181,634
2,022,154
2,092,487

Page 38

Stallcombe House

Notes to the Financial Statements for the Year Ended 31December 2020(continued)

13Tangible fixed assets (continued)

Charity

Cost
At 1 January 2020
Additions
Disposals
At 31 December 2020
Depreciation
At 1 January 2020
Charge for the year
Eliminated on disposals
At 31 December 2020
Net bookvalue
At 31 December 2020
At 31 December 2019		 Freehold
Land and
buildings
£
2,260,165
-
-
2,260,165
718,655
42,640
-
761,295
1,498,870
1,541,510		 Farm Plant
£
103,972
300
(5,486)
98,786
67,839
7,211
(5,109)
69,941
28,845
36,133		 Motor
vehicles
£
56,225
-
-
56,225
23,500
6,545
-
30,045
26,180
32,725		 Computer
equipment
£
31,699
25,143
(123)
56,719
27,118
8,891
(123)
35,886
20,833
4,581		 Solar panels
and bio-mass
boiler
£
123,054
-
-
123,054
43,217
6,003
-
49,220
73,834
79,837		 Fixtures,
fittings and
equipment
£
170,791
13,729
(4,513)
180,007
112,580
16,237
(4,354)
124,463
55,544
58,211		 Total
£
2,745,906
39,172
(10,122)
2,774,956
992,909
87,527
(9,586)
1,070,850
1,704,106
1,752,997

Page 39

Stallcombe House

Notes to the Financial Statements for the Year Ended 31December 2020(continued)

14Fixed asset investments

Group

Group
Other investments
Other investments
Cost or Valuation
Revaluation
Additions
Disposals
At 31 December 2020
Net bookvalue
At 31 December 2020		 Listed
investments
£
57,174
764,344
(59,754)
761,764
761,764		 2020
£
761,764
Total
£
57,174
764,344
(59,754)
761,764
761,764

The market value of the listed investments at 31 December 2020 was £761,764 (2019 -£Nil).

Charity

Shares in group undertakings and participating interests
Other investments		 2020
£
100
761,764
761,864		 2019
£
100
-
100

Page 40

Stallcombe House

Notes to the Financial Statements for the Year Ended 31December 2020(continued)

14Fixed asset investments (continued)

Shares in group undertakings and participating interests

Subsidiary
undertakings
£
Cost
At 1 January 2020
100
At 31 December 2020
100
Net bookvalue
At 31 December 2020
100
At 31 December 2019
100
Other investments
Listed
investments
£
Cost or Valuation
Revaluation
57,174
Additions
764,344
Disposals
(59,754)
At 31 December 2020
761,764
Net bookvalue
At 31 December 2020
761,764
The market value of the listed investments at 31 December 2020 was £761,764 (2019 -£Nil).
Details of undertakings
Details of the investments in which the charity holds 20% or more of the nominal value of any
capital are as follows:
Undertaking
Country of
incorporation
Holding
Proportion of voting rights
and shares held
2020
2019
Subsidiary undertakings
Stallcombe Eco Power
Ltd
England and Wales
Ordinary
Shares
100%
100%		 Total
£
100
100
100
100
Total
£
57,174
764,344
(59,754)
761,764
761,764
class of share
Principal
activity
Generation of
electricity

Page 41

Stallcombe House

Notes to the Financial Statements for the Year Ended 31December 2020(continued)

14Fixed asset investments (continued)

Subsidiaries

The loss for the financial period of Stallcombe Eco Power Ltd was £527 (2019 -£5,104) and the aggregate amount of capital and reserves at the end of the period was £(27,368) (2019 -£(26,841)).

Company number 9559743. The company was incorporated on the 24th April 2015.

Turnover for the year ended 31st December 2020 was £59,732 (2019 -£59,714).

Expenditure for the year ended 31st December 2020 was £60,259 (2019 -£64,818).

15Stock

Stocks
16Debtors
Trade debtors
Due from group undertakings
Prepayments
Other debtors		 Group
2020
£
2019
£
11,038
11,279
Group
2020
£
2019
£
974
849
-
-
35,712
37,459
458,340
127,925
495,026
166,233		 Charity
2020
£
2019
£
11,038
11,279
Charity
2020
£
2019
£
-
-
399,763
422,033
33,254
33,970
456,771
125,896
889,788
581,899		 Charity
2020
£
2019
£
11,038
11,279
Charity
2020
£
2019
£
-
-
399,763
422,033
33,254
33,970
456,771
125,896
889,788
581,899
581,899

Charity debtors includes £372,635 (2019: £392,635) receivable after more than one year.

17Cash and cash equivalents

Cash on hand
Cash at bank		 Group
2020
£
2019
£
276
207
1,825,383
2,126,495
1,825,659
2,126,702		 Charity
2020
£
2019
£
276
207
1,773,634
2,077,612
1,773,910
2,077,819		 Charity
2020
£
2019
£
276
207
1,773,634
2,077,612
1,773,910
2,077,819
2,077,819

Page 42

Stallcombe House

Notes to the Financial Statements for the Year Ended 31December 2020(continued)

18Creditors: amounts falling due within one year

Trade creditors
Other taxation and social security
Other creditors
Accruals		 Group
2020
£
2019
£
5,038
6,328
41,730
34,330
101,156
78,830
37,769
19,088
185,693
138,576		 Charity
2020
£
2019
£
-
-
41,730
34,330
105,393
87,225
36,167
17,473
183,290
139,028		 Charity
2020
£
2019
£
-
-
41,730
34,330
105,393
87,225
36,167
17,473
183,290
139,028
139,028

19Obligations under leases and hire purchase contracts

Operating lease commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

Other
Between one and five years		 Group
2020
£
2019
£
16,051
8,057		 Charity
2020
£
2019
£
16,051
8,057

Page 43

Stallcombe House

Notes to the Financial Statements for the Year Ended 31December 2020(continued)

20Reserves

Group
Unrealised gain on investments
Group
Charity
Unrealised gain on investments
Charity		 Unrestricted
revaluation
reserve
£
57,174
Unrestricted
revaluation
reserve
£
57,174		 Total
£
57,174
Total
£
57,174

21Charity status

The charity is limited by guarantee, incorporated in England & Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.

The address of its registered office is: Stallcombe House Farm Sanctuary Lane Woodbury Exeter EX5 1EX

These financial statements were authorised for issue by the trustees on 7 September 2021.

Page 44

Stallcombe House

Notes to the Financial Statements for the Year Ended 31December 2020(continued)

22Commitments

Group

Pension commitments

There are no pension commitments for the subsidiary.

Current pension contributions for the charity are owed at the year end and paid the following month. Commitments provided for in the accounts amounted to £9,169 (2019 -£5,136). Commitments not provided for in the accounts amounted to £Nil (2019 -£Nil). £Nil relates to pension commitments related to pensions payable to past directors (2019 -£Nil).

Page 45

Stallcombe House

Notes to the Financial Statements for the Year Ended 31December 2020(continued)

23Funds

Group

Unrestricted funds
General
Unrestricted funds
Revaluation reserve
Restricted funds
Social fund
Willows fund
Computer fund
Total restricted funds
Total funds
Unrestricted funds
General
Unrestricted funds
Restricted funds
Social fund
Willows fund
Equipment fund
Computer fund
Total restricted funds
Total funds		 Balance at 1
January
2020
£
4,225,103
-
4,225,103
29,268
332
3,422
33,022
4,258,125
Balance at 1
January
2019
£
4,112,842
28,159
-
1,402
3,422
32,983
4,145,825		 Incoming
resources
£
3,185,787
-
3,185,787
4,967
-
-
4,967
3,190,754
Incoming
resources
£
2,576,198
7,413
550
-
-
7,963
2,584,161		 Resources
expended
£
(2,578,697)
-
(2,578,697)
(3,296)
-
-
(3,296)
(2,581,993)
Resources
expended
£
(2,466,155)
(5,488)
(218)
-
-
(5,706)
(2,471,861)		 Other
recognised
gains/(losses)
£
5,888
57,174
63,062
-
-
-
-
63,062
Transfers
£
2,218
(816)
-
(1,402)
-
(2,218)
-		 Balance at
31
December
2020
£
4,838,081
57,174
4,895,255
30,939
332
3,422
34,693
4,929,948
Balance at
31
December
2019
£
4,225,103
29,268
332
-
3,422
33,022
4,258,125

Page 46

Stallcombe House

Notes to the Financial Statements for the Year Ended 31December 2020(continued)

23Funds (continued)

Charity

Unrestricted funds
General
Unrestricted Fund
Revaluation reserve
Restricted funds
Social Fund
Willows Fund
Computer Fund
Total restricted funds
Total funds
Unrestricted funds
General
Unrestricted Fund
Restricted funds
Social Fund
Willows Fund
Equipment Fund
Computer Fund
Total restricted funds
Total funds		 Balance at 1
January
2020
£
4,252,044
-
4,252,044
29,268
332
3,422
33,022
4,285,066
Balance at 1
January
2019
£
4,134,679
28,159
-
1,402
3,422
32,983
4,167,662		 Incoming
resources
£
3,162,404
-
3,162,404
4,967
-
-
4,967
3,167,371
Incoming
resources
£
2,558,726
7,413
550
-
-
7,963
2,566,689		 Resources
expended
£
(2,554,787)
-
(2,554,787)
(3,296)
-
-
(3,296)
(2,558,083)
Resources
expended
£
(2,443,579)
(5,488)
(218)
-
-
(5,706)
(2,449,285)		 Other
recognised
gains/(losses)
£
5,888
57,174
63,062
-
-
-
-
63,062
Transfers
£
2,218
(816)
-
(1,402)
-
(2,218)
-		 Balance at
31
December
2020
£
4,865,549
57,174
4,922,723
30,939
332
3,422
34,693
4,957,416
Balance at
31
December
2019
£
4,252,044
29,268
332
-
3,422
33,022
4,285,066

Page 47

Stallcombe House

Notes to the Financial Statements for the Year Ended 31December 2020(continued)

23Funds (continued)

The specific purposes for which the funds are to be applied are as follows:

Social fund -to assist with the payment of social events for the beneficiaries of the charity.

Willows fund -for the building of the unit and for the purchase of equipment required to benefit the beneficiaries of the Willows unit.

Equipment fund -to assist in the purchase of fixed assets for charity use.

Computer fund -to assist in the purchase of computer equipment for charity use.

24Analysis of net assets between funds

Group

Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Total net assets
Tangible fixed assets
Current assets
Current liabilities
Total net assets		 Unrestricted
funds
General
£
2,022,154
761,764
2,293,961
(182,624)
4,895,255
Unrestricted
funds
General
£
2,092,487
2,270,111
(137,495)
4,225,103		 Restricted
funds
£
-
-
37,762
(3,069)
34,693
Restricted
funds
£
-
34,103
(1,081)
33,022		 Total funds
£
2,022,154
761,764
2,331,723
(185,693)
4,929,948
Total funds at
31December
2019
£
2,092,487
2,304,214
(138,576)
4,258,125

Page 48

Stallcombe House

Notes to the Financial Statements for the Year Ended 31December 2020(continued)

24Analysis of net assets between funds (continued)

Charity
Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Total net assets
Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Total net assets		 Unrestricted
funds
General
£
1,704,106
761,864
2,636,974
(180,221)
4,922,723
Unrestricted
funds
General
£
1,752,997
100
2,636,894
(137,947)
4,252,044		 Restricted
funds
£
-
-
37,762
(3,069)
34,693
Restricted
funds
£
-
-
34,103
(1,081)
33,022		 Total funds
£
1,704,106
761,864
2,674,736
(183,290)
4,957,416
Total funds at
31December
2019
£
1,752,997
100
2,670,997
(139,028)
4,285,066

Page 49

Stallcombe House

Notes to the Financial Statements for the Year Ended 31December 2020(continued)

25Analysis of net funds

Group

Cash at bank and in hand
Net debt
Cash at bank and in hand
Net debt
Charity
Cash at bank and in hand
Net debt
Cash at bank and in hand
Net debt		 At 1January
2020
£
2,126,702
2,126,702
At 1January
2019
£
1,719,162
1,719,162
At 1January
2020
£
2,077,819
2,077,819
At 1January
2019
£
1,664,349
1,664,349		 Financing
cash flows
£
(301,043)
(301,043)
Financing
cash flows
£
407,540
407,540
Financing
cash flows
£
(303,909)
(303,909)
Financing
cash flows
£
413,470
413,470		 At 31
December
2020
£
1,825,659
1,825,659
At 31
December
2019
£
2,126,702
2,126,702
At 31
December
2020
£
1,773,910
1,773,910
At 31
December
2019
£
2,077,819
2,077,819

Page 50

Stallcombe House

Notes to the Financial Statements for the Year Ended 31December 2020(continued)

26Financial instruments

Group

Categorisation of financial instruments

Financial assets measured at fair value through profit or loss

2020 £ 761,764

Financial assets measured at fair value

Listed investments Fair value is determined by reference to the open market value.

The fair value is £761,764 (2019 -£Nil) and the change in value included in profit or loss is £57,174 (2019 - £Nil).

Items of income,expense,gains or losses

Items of income,expense,gains or losses
2020
Income
£
Expense
£
Financial assets measured at fair
value through profit or loss
2,124
6,120
Charity
Categorisation of financial instruments
Financial assets measured at fair value through profit or loss
Financial assets that are equity instruments measured at cost less
impairment
Financial assets measured at fair value
Listed investments
Fair value is determined by reference to open market value.		 Net gains
£
57,174
2020
£
761,764
100		 Net losses
£
-
2019
£
-
100
761,864 100

The fair value is £761,764 (2019 -£Nil) and the change in value included in profit or loss is £57,174 (2019 - £Nil).

Items of income,expense,gains or losses

2020
Financial assets measured at fair
value through profit or loss		 Income
£
2,124		 Expense
£
6,120		 Net gains
£
57,174		 Net losses
£
-

Page 51

Stallcombe House

Notes to the Financial Statements for the Year Ended 31December 2020(continued)

26Financial instruments (continued)

The total interest income for financial assets not measured at fair value through profit or loss is £7,128(2019 - £9,398).

27Related party transactions

Group

During the year the group made the following related party transactions:

User trustees

(The user trustees are directors of the charity and have relatives who are beneficiaries of the charity) The user trustees have relatives that are enjoying the same benefits as unrelated beneficiaries.. At the balance sheet date the amount due to/from User trustees was £Nil (2019 -£Nil).

Charity

During the year the charity made the following related party transactions:

User trustees

(The user trustees are directors of the charity and have relatives who are beneficiaries of the charity) The user trustees have relatives that are enjoying the same benefits as unrelated beneficiaries. At the balance sheet date the amount due to/from User trustees was £Nil (2019 -£Nil).

Stallcombe Eco Power Ltd

(A wholly owned trading subsidiary of the charity)

During the 2015 year the charity made a loan to Stallcombe Eco Power Ltd interest is being charged on this loan at 1.5% above bank base rate.

During the year the charity has purchased electricity from Stallcombe Eco Power Ltd in the sum of £30,287 (2019 -£34,106). At the balance sheet date the amount due from Stallcombe Eco Power Ltd was £395,556 (2019 -£413,685).

28Taxation

The group comprises a registered charity which is therefore exempt from taxation and a trading subsidiary which is liable to corporation tax on any profits not gift aided to the charity.

29Expenditure on charitable activities

Activity
undertaken Activity Total Total
directly support costs 2020 2019
£ £ £ £
Fee income 2,322,418 171,001 2,493,419 2,385,442

£2,490,123 (2019 -£2,379,736) of the above expenditure was attributable to unrestricted funds and £3,296 (2019 -£5,706) to restricted funds.

Page 52

Stallcombe House

Notes to the Financial Statements for the Year Ended 31December 2020(continued)

29Expenditure on charitable activities (continued)

In addition to the expenditure analysed above, there are also governance costs of £16,237 (2019 -£15,446) which relate directly to charitable activities. See note 8for further details.

Page 53