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2021-03-31-accounts

CHIPSTEAD VILLAGE PRESERVATION SOCIETY CIO Annual Report for the year ended 31 March 2021

Index

Page

1 - 3 Trustees’ Report 4 Independent Examiner’s Report 5 Statement of Financial Activities 6 Balance Sheet 7 - 8 Notes to the Accounts

Trustees’ Report

Status

The Society held an Extraordinary General Meeting on 24 February 2020 at which members attending unanimously agreed that a Charitable Incorporated Organisation (CIO) should be established to replace the ‘old’ CVPS for which the Trustees bear unlimited liability.

The Chipstead Village Preservation Society CIO was registered by the Charity Commission on 7 May 2020. The CIO has the same Trustees as the ‘old’ CVPS, which remains a registered charity. The CIO’s constitution is very similar to the ‘old’ CVPS but the opportunity was taken to modernise it where appropriate. The new constitution can be found on the village website.

On 4 September 2020 the assets and business of the ‘old’ CVPS were transferred to the CIO. The subsequent process of re-registering the assets in the name of the CIO has been made difficult because of restrictions imposed by some financial institutions as a result of Covid-19. By 31 March 2021 the CVPS’s properties and most, but not all, of the financial assets had been re-registered in the name of the CIO.

This Report and the attached financial statements combine the activities of the ‘old’ CVPS prior to 4 September 2020 with those of the CIO subsequent to that date. The Trustees believe that this is the most appropriate form of presentation and that members of the CVPS will find this the best way of understanding the activities and finances of the Society.

Objectives and activities

The principal purpose of the Chipstead Village Preservation Society remains the preservation of land and the protection of the character and amenities of the village of Chipstead for the benefit of residents and the public. In undertaking our responsibilities, the Trustees have regard to the Charity Commission’s guidance on public benefit.

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CHIPSTEAD VILLAGE PRESERVATION SOCIETY CIO Annual Report for the year ended 31 March 2021

The Society currently owns approximately 50 acres of land. This has been acquired over a number of years to protect the environment and to give access to recreational areas for residents and visitors to walk and enjoy the countryside. As has been the case in recent years, our main focus over the past twelve months has been the maintenance of our land holdings.

The Trustees would like to remind members of the Society that it owns the freehold of Longshaw in Hazelwood Lane. The flats were sold on very long leases and the lessees are obliged to notify the Society if they propose selling their interest. The Society maintains a list of members who are interested in purchasing a flat should one become available. Please advise the Honorary Secretary at iris.spooner@btinternet.com if there is such an interest.

Achievements and performance

Maintenance of the CVPS’s land holdings has remained a priority. The main activities during the year were:

In 2020 the CVPS acquired the telephone box on Vincent’s Green for a nominal sum to help protect the character of the village.

In March 2020, the CVPS supported the establishment of the Chipstead Village Covid-19 Support Group and made a major contribution to it. At the outset of the crisis 75 volunteers were recruited to provide shopping assistance and an additional group volunteered to call people living alone. In the event Chipstead remained fairly self-sufficient during the first lockdown and relatively few requests were made to these volunteers for assistance. From May 2020 the CVPS has also organised the collection of food and other essentials for a local food bank (initially one organised by Reigate and Banstead Borough Council and, from September, the Epsom and Ewell Food Bank).

Structure, governance and management

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CHIPSTEAD VILLAGE PRESERVATION SOCIETY CIO Annual Report for the year ended 31 March 2021

CVPS CIO is a Registered Charity (Charity Commission registration number: 1189409). At the EGM on the 24 February 2020 members received and approved an updated Constitution which was based on a model document recommended by the Charity Commission. The CIO was registered by the Charity Commission on 9 May 2020.

The Society is managed and administered by a committee comprising the Officers and other Trustees. The number of Trustees (including Officers) shall be no fewer than 5 and no more than 15. The Trustees shall have no less than 3 meetings in any one year in addition to an Annual General Meeting. The Society has in place a Risk Management Plan which identifies the risks likely to be faced by the Society and the actions required to mitigate those risks. This is a “live” document and is periodically reviewed by the Trustees. The finances of the Society are overseen by a Finance sub-committee.

The ‘old’ CVPS remains a Registered Charity (Charity Commission registration number: 275408). It was established in 1977 and is governed by a constitution, the most recent version of which was approved by members on 8th November 2010

Method used to appoint new trustees: CVPS Trustees and Officers are appointed by the members of the Society at the Annual General Meeting, generally for three-year terms upon the expiry of which, if eligible, they may seek re-election for further three-year terms. Officers and other Trustees shall be proposed prior to an AGM by notice in writing signed by a member. In the event that a vacancy arises during the year in the number of Trustees, the Trustees may appoint any person who is willing to act on a temporary basis. A Trustee so appointed shall resign at the next AGM but may then be proposed for election as a Trustee.

Trustees

The initial Trustees of the Chipstead Village Preservation Society CIO were Ian Baker, Stella Bury, Mark Fineman, Jon Grant (Treasurer), Chris Hayman, David Higham, Annette James, Simon Kolesar (Chairman to 12 October 2020), Rosemary Selfe, Iris Spooner (Secretary) , John Stephenson (Chairman from 12 October 2020).

The same individuals also served throughout the year as Trustees of the ‘old’ CVPS.

On 12 October 2020 Simon Kolesar resigned as Chairman of both charities because of the volume of his other commitments and the Trustees elected John Stephenson to replace him as Chairman of both charities. With effect from 1 April 2021 Ian Baker became Treasurer of both charities.

Stella Bury, Chris Hayman, David Higham are standing for re-election to both charities. Jon Grant is not standing for re-election and will cease to be a Trustee of both charities with effect from 20 July 2021.

Registered Address

The Honorary Secretary, 21 Hollymead Road, Chipstead, Surrey CR5 3LQ

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CHIPSTEAD VILLAGE PRESERVATION SOCIETY CIO Annual Report for the year ended 31 March 2021

Financial review

As shown by the financial statements the CVPS made a surplus during the year and the value of our investments rose significantly regaining most of the dramatic losses of the previous year. Covid-19 has however resulted in the dividends on our FTSE Tracker Fund falling in 2020/21 and it is unclear if, and when, divided yields will return to their pre-pandemic levels.

The reduction in dividend income means we need to increase subscription income. Despite the small increase in members during the year only about 20% of the estimated 1,000 residences in the village are members. The Trustees would very much like to increase both the number of members and the amount that some pay. We would also like to encourage residents to make bequests to the Society in their wills.

Reserves policy

The Society’s aim is that its expenditure on maintaining its land and woodland holdings should be funded by its subscription and investment income. The Society’s long-term policy is to build up its reserves to provide a sustainable stream of investment income. In exceptional circumstances the reserves may be used to fund abnormal expenditure but the Trustees anticipate that new fund raising would be required to pay for significant future projects.

Signed

Chairman

J Stephenson

Treasurer (to 31 March 2021)

JEC Grant 15 June 2021

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CHIPSTEAD VILLAGE PRESERVATION SOCIETY CIO Annual Report for the year ended 31 March 2021

Independent Examiner’s Report to the Trustees of the Chipstead Village Preservation Society CIO

I report to the Trustees on my examination of the accounts of the Chipstead Village Preservation Society CIO for the year ended 31 March 2021. As Trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

As explained in the Trustees Report and Note 1 of the Financial Statements on 4 September 2020 the assets and business of The Chipstead Village Preservation Society (the ‘old’ CVPS) were transferred to The Chipstead Village Preservation Society CIO (the CIO). These financial statements combine the activities of the ‘old’ CVPS prior to 4 September 2020 and those of the CIO subsequent to that date.

Independent examiner’s statement

I have completed my examination having regard to the guidance on independent examinations issued by the Charity Commission. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. Accounting records were not kept in respect of the Society as required by section 130 of the Act; or

  2. The accounts do not accord with those records; or

  3. The accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008.

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 accounts to be reached.

Signed:

Name: Susanne Pattison ACA

Address: Walpole Avenue, Chipstead Date: 15 June 2021

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CHIPSTEAD VILLAGE PRESERVATION SOCIETY CIO Annual Report for the year ended 31 March 2021

Statement of Financial Activities

Income from:
Subscriptions
Other trading
activities
Investments
Other
Total income
Expenditure on:
Charitable
activities
Governance costs
Total
expenditure
Excess (defcit)
of income over
expenditure
Net gains/ (losses)
on investments
Net income/
(loss)
Reconciliation
of funds
Net income /
(loss)
Total unrestricted
funds brought
forward
Total
unrestricted
funds carried
forward		 2021
2020
Not
e
£
£
5,533
5,551
1,200
1,200
3
3,228
9,001
7
743
384
10,704
16,136
(4,317)
(9,290)
4
(2,098)
(5,243)
5
(6,415)
(14,533)
4,289
1,603
40,230
(46,284)
44,519
(44,681)
44,519
(44,681)
322,617
367,298
367,136
322,617

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CHIPSTEAD VILLAGE PRESERVATION SOCIETY CIO Annual Report for the year ended 31 March 2021

Balance sheet

2021
£
Fixed assets
Tangible assets
Investments
Total fxed assets
Current assets
Debtors
1,673
Bank balances
57,520
Current liabilities
Creditors and accruals
falling due within one
year
(1,781)
Net current assets
Total assets less
current
liabilities
The funds of the
charity
Restricted funds
Unrestricted funds
Total charity funds		 2021
2020
£
£
168,43
5
224,30
6
392,7
41
1,673
49,378
(4,808)
57,412
450,1
53
83,017
367,1
36
450,1
53		 2020
Note
£
168,435
6
190,956
7
359,391
8
46,243
405,634
83,017
8
322,617
405,634

Signed

Chairman

J Stephenson

Treasurer (to 31 March 2021)

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CHIPSTEAD VILLAGE PRESERVATION SOCIETY CIO Annual Report for the year ended 31 March 2021

JEC Grant

15 June 2021

Notes to the accounts

1. Status. As explained in the Trustees Report on 4 September 2020 the assets and business of The Chipstead Village Preservation Society (the ‘old’ CVPS) were transferred to The Chipstead Village Preservation Society CIO (the CIO). These financial statements combine the activities of the ‘old’ CVPS prior to 4 September 2020 and those of the CIO subsequent to that date. The Trustees believe that its members will find this the best way of understanding the activities and finances of the Society.

2.Accounting Policies. The financial statements have been prepared in accordance with FRS102 and the Charities SORP as it relates to a small charity. The main accounting policies are as follows.

3.Other trading activities

Rent on Neale’s Field
4.Charitable activities
Maintenance of land holdings
Tree surgery		 2020
/21
2019/
20
£
£
1,200
1,200
3,157
6,590
1,160
2,700

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CHIPSTEAD VILLAGE PRESERVATION SOCIETY CIO Annual Report for the year ended 31 March 2021

5.Governance costs
Insurance
Registering as a CIO
Website cots
Other
6.Tangible assets
At cost:
Neale’s Field
Church Field
The Grove
Field adjacent to Cricket Club
Cricket Club Footpath
Embers Shaw (Colin’s Field)
At valuation:
Longshaw Freehold (leased until 2167)
Embers Shaw (Woodland)
7.Investments
Equities (BMO
Tracker Fund)
199,554
159,860
Dividends
Fixed interest
24,752
31,096
Interest
Interest on
bank deposits
224,306
190,95
6		 4,317
9,290
1,336
990
(121)
4,500
607
243
276
(490)
2,098
5,243
26,100
26,100
17,067
17,067
22,992
22,992
60,389
60,389
9,471
9,471
22,166
22,166
250
250
10,000
10,000
168,435
168,435
2,778
7,994
249
777
201
230
3,228
9,001

In 2020/21 dividend income from the BMO Tracker Fund was reduced, in part because companies reduced dividends as a result of the Covid-19 pandemic. This general reduction was exacerbated for investors in BMO funds as BMO converted its Tracker Funds to lower cost share classes in September 2020. Dividends received by the fund between June 2020 and September 2020 were not distributed to investors but were applied to the overall holding in the fund.

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CHIPSTEAD VILLAGE PRESERVATION SOCIETY CIO Annual Report for the year ended 31 March 2021

During the year Treasury Bonds to the value of £6880 matured (2019/20 £5,950). Given the current financial uncertainty, the cash had not been reinvested at the year end.

8. Bank balances

Lloyds Bank - General
Lloyds Bank - Subscriptions
COIF
Hargreaves Lansdown
Charity Bank
CAF Bank		 2,416
1,854
11,064
12,565
16,090
16,047
13,636
6756
12,314
12,156
2,000
-
57,520
49,378

9.Restricted funds .

When funds were raised for the following acquisitions, it was made clear that they would not be used for other purposes:

Embers Shaw (Colin’s Field)
Field adjacent to Cricket Club		 20,089
20,089
62,928
62,928
83,017
83,017

In 2010 donors of £55,450 of the money raised in relation the field adjacent to the Cricket Club waived the initial restriction placed on the use of the funds.

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