**REGISTERED CHARITY NUMBER: 1193889** Report of the Trustees and Unaudited Financial Statements for the Period 22 March 2021 to 31 August 2022 for The Chipstead Players Nichols & Co ( Accountancy ) Limited Chartered Accountants Unit 7 Mulberry Place Pinnell Road Eltham London SE9 6AR The Chipstead Players Contents of the Financial Statements for the Period 22 March 2021 to 31 August 2022 ||Page| |---|---| |Reference and Administrative Details|1| |Report of the Trustees|2 to 4| |Independent Examiner's Report|5| |Statement of Financial Activities|6| |Balance Sheet|7| |Cash Flow Statement|8| |Notes to the Financial Statements|9 to 13| |Detailed Statement of Financial Activities|14 to 15| The Chipstead Players Reference and Administrative Details for the Period 22 March 2021 to 31 August 2022 |**TRUSTEES**|B Adams (appointed 22.9.21)| |---|---| ||M Alexander (appointed 22.3.21) (resigned 22.9.21)| ||R Bottomley (appointed 22.9.21)| ||D Brooks (appointed 22.3.21) (resigned 31.8.22)| ||L Bygraves (appointed 22.3.21)| ||J Cumbo (appointed 22.3.21)| ||D Elsdon (appointed 22.3.21) (resigned 22.9.21)| ||A Franks (appointed 22.3.21)| ||D Perry (appointed 22.3.21)| ||M Ricot (appointed 22.3.21)| ||A Thorn (appointed 22.3.21)| ||P Wright (appointed 22.9.22)| |**PRINCIPAL ADDRESS**|The Courtyard Theatre| ||Longshaw| ||Hazelwood Lane| ||Coulsdon| ||CR5 3QU| |**REGISTERED CHARITY**|1193889| |**NUMBER**|| |**INDEPENDENT EXAMINER**|Nichols & Co ( Accountancy ) Limited| ||Chartered Accountants| ||Unit 7| ||Mulberry Place| ||Pinnell Road| ||Eltham| ||London| ||SE9 6AR| |**ADVISERS**|Lloyds Bank Plc| ||16 Market Place| ||Oldham| ||OL1 1JG| ||Quilter Cheviot Limited| ||Three Temple Quay| ||Temple Way| ||Bristol| ||BS1 6DZ| Page 1 The Chipstead Players ## Report of the Trustees ## for the Period 22 March 2021 to 31 August 2022 The trustees present their report with the financial statements of the charity for the period 22 March 2021 to 31 August 2022. The trustees have adopted the provisions of 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 2019). At the 2020 AGM of Chipstead Players (registered charity number 263596), the members agreed to convert the charity to a Charitable Incorporated Organisation (CIO). The Chipstead Players CIO was registered with the Charity Commission on 22 March 2021 and these are the first accounts. In accordance with the Transfer Agreement, all assets and liabilities of the charity were transferred to The Chipstead Players CIO on 31 August 2021. ## **OBJECTIVES AND ACTIVITIES** ## **Objectives and aims** Chipstead Players have been presenting plays in the village since 1924, and since 1995 in our own 97-seat theatre. The charity was established by rules adopted on 23 May 1974 as amended by rules approved on 11 May 1994, 17 July 2002, 26 June 2003 and 24 June 2009. The Constitution of the new CIO continues to follow the same aims and objectives of the old charity. The object of the charity is to promote the advancement of general education in relation to all aspects of the art of drama and the development of public appreciation of such art, including but not limited to : - promoting skills relating to acting, playwriting, set construction and stagecraft; - producing public performances of dramatic works of art; and - supporting a youth theatre. The strategies employed to achieve the charity's aims and objectives are: - present a broad range of theatre productions for the enjoyment and education of our local community; - offer opportunities for a broad range of people to get involved in an arts activity, exploring their own creative abilities; and - encourage and develop young people in their appreciation of the theatre and their participation in theatrical productions. As the implementation of our strategy makes clear, we endeavour to encourage all within our community to take part in our activities and to attend our theatre. ## **Public benefit** In shaping our specific objectives for the year and planning our activities, the trustees have considered the Charity Commission's guidance on public benefit, including the guidance on public benefit and fee charging. The theatre relies largely on ticket income to cover its operating costs. In setting prices, the trustees give careful consideration to the accessibility of the theatre for those on modest incomes. ## **ACHIEVEMENT AND PERFORMANCE** ## **Charitable activities** The trustees have considered the risks to which the charity is exposed and believe these will be mitigated by: - a body of trustees with the necessary experience and competence to supervise all aspects of the charity's work; - regular trustees' meetings with effective reporting to ensure proper review of the charity's work; and - the establishment of an effective system of internal control to ensure that the trustees' financial responsibilities are properly discharged. Other risks are covered by having effective policies and procedures in place for child protection, for health and safety and for other theatre activities that might give rise to risks, plus insurances effected on the advice of professional brokers, and maintenance of sufficient reserves. Page 2 The Chipstead Players for the Period 22 March 2021 to 31 August 2022 ## Report of the Trustees ## **ACHIEVEMENT AND PERFORMANCE** ## **Fundraising activities** Although we do not undertake fundraising from the general public, the legislation defines fundraising as "soliciting or otherwise procuring money or other property for charitable purposes". Such amounts receivable are presented in our accounts as voluntary income and include legacies and grants from others. In relation to the above, we confirm that any fundraising is managed internally, without involvement of commercial participators or professional fund-raisers, or third parties. The charity is not bound by any regulatory scheme in relation to fundraising and the charity does not consider it necessary to comply with any voluntary code of practice due to the limited scope of its fundraising operation. We have received no complaints in relation to fundraising activities. ## **FINANCIAL REVIEW** ## **Financial position** Chipstead Players suffered a considerable reduction in income in 2019/20 and 2020/21 due to the Covid-19 pandemic. No productions were possible from February 2020 to June 2021 resulting in cancelled plays and no ticket income. The Council made life somewhat easier with rates relief and a grant of £8,000 in 2020/21. At the same time, an ambitious extension was being built, originally expected to cost in the region of £180,000. Additional costs were reported at the 2021 AGM caused by hyper-inflation in construction as a result of the Covid-19 pandemic and Brexit. The trustees agreed this project should not be postponed as the funds had been set aside for the build before the pandemic struck. The trustees have kept strict supervision of the project to keep costs within manageable bounds. The extension was completed in May 2022 at a final cost of £247,983. The historic decision by the trustees to maintain reserves to cover potential loss of income proved a prudent one because there were sufficient funds to keep going during the pandemic. The theatre reopened in June 2021, initially to reduced audiences due to social distancing regulations. The theatre made a profit of £8,531 during the period and but this was offset by a loss on investments of £22,402 so the overall loss was £13,871 before the donation of £498,887 was received from Chipstead Players. The net assets at the period end amounted to £485,016. The investment assets of the charity are managed by Quilter Cheviot on a wholly discretionary basis. The trustees monitor the performance of the portfolio on a routine basis and maintain a risk-limiting investment strategy in the light of the ongoing uncertainties in the financial markets. ## **Reserves policy** Unrestricted reserves stood at £485,016 at the balance sheet date. The trustees consider that there are no free reserves because adequate reserves should be retained to fund the charity between productions, to cover the costs of new productions before income from ticket sales is received, and be available for significant repairs and maintenance to our historic building as and when necessary. ## **FUTURE PLANS** From 1 September 2021 The Chipstead Players CIO took over the running of the theatre. The trustees of the CIO aim to pursue a balanced programme of comedy and more artistically challenging productions, to attract audience numbers and active-participant members from as broad a section of the local community as possible, and continue to improve the site. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document** The charity is controlled by its Constitution and is a Charitable Incorporated Organisation. Page 3 The Chipstead Players Report of the Trustees for the Period 22 March 2021 to 31 August 2022 ## **STRUCTURE, GOVERNANCE AND MANAGEMENT Charity constitution** The charity is governed by the Executive Board consisting of the officers (Chair, Artistic Director and Finance Director) plus at least six other members, all of whom are Trustees of the Charity. The maximum number of trustees is twelve. The trustees aim to achieve a wide spread of knowledge and experience amongst committee members so as to fulfil their obligations and determine the aims and overall conduct of The Chipstead Players. The trustees are elected by the members of the charity at the annual general meeting. The Board may fill a casual vacancy and co-opt additional members. The Board meets at least seven times a year to determine the general policy of the theatre, as well as managing the various activities. The members also elect a President who is entitled to attend the meetings of the Executive Board. The President is not a trustee and has no vote in the meetings. The current President is Mrs K Perry. ## **STATEMENT OF TRUSTEES' RESPONSIBILITIES** The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charity SORP; - make judgements and estimates that are reasonable and prudent; - state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Approved by order of the board of trustees on 17 March 2023 and signed on its behalf by: A Thorn - Trustee Page 4 Independent Examiner's Report to the Trustees of The Chipstead Players ## **Independent examiner's report to the trustees of The Chipstead Players** I report to the charity trustees on my examination of the accounts of The Chipstead Players (the Trust) for the period 22 March 2021 to 31 August 2022. ## **Responsibilities and basis of report** As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act'). I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act. ## **Independent examiner's statement** Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of ICAEW which is one of the listed bodies. I have completed my examination. 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 Trust 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 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Steven Nichols ICAEW Nichols & Co ( Accountancy ) Limited Chartered Accountants Unit 7 Mulberry Place Pinnell Road Eltham London SE9 6AR Date: 17 March 2023............................................. Page 5 The Chipstead Players ## Statement of Financial Activities for the Period 22 March 2021 to 31 August 2022 |||Unrestricted| |---|---|---| |||fund| ||Notes|£| |**INCOME AND ENDOWMENTS FROM**||| |Donations and legacies|2|503,806| |**Charitable activities**|4|| |Theatre income||64,843| |Investment income|3|1,416| |Other income||350| |**Total**||570,415| |**EXPENDITURE ON**||| |Raising funds|5|1,588| |**Charitable activities**|6|| |Theatre operating costs||56,039| |Other costs||5,370| |**Total**||62,997| |Net gains/(losses) on investments||(22,402)| |**NET INCOME**||485,016| |**TOTAL FUNDS CARRIED FORWARD**||485,016| The notes form part of these financial statements Page 6 The Chipstead Players ## Balance Sheet 31 August 2022 |||Unrestricted| |---|---|---| |||fund| ||Notes|£| |**FIXED ASSETS**||| |Tangible assets|9|378,593| |Investments|10|93,259| |||471,852| |**CURRENT ASSETS**||| |Stocks|11|1,932| |Debtors|12|4,295| |Investments|13|6,621| |Cash at bank||6,248| |||19,096| |**CREDITORS**||| |Amounts falling due within one year|14|(5,932)| |**NET CURRENT ASSETS**||13,164| |**TOTAL ASSETS LESS CURRENT**||| |**LIABILITIES**||485,016| |**NET ASSETS**||485,016| |**FUNDS**|15|| |Unrestricted funds||485,016| |**TOTAL FUNDS**||485,016| The financial statements were approved by the Board of Trustees and authorised for issue on 17 March 2023 and were signed on its behalf by: A Thorn - Trustee The notes form part of these financial statements Page 7 The Chipstead Players |Cash Flow Statement
for the Period 22 March 2021 to 31 August 2022
Notes
**Cash flows from operating activities**
Cash generated from operations
17
Finance costs paid
Net cash provided by operating activities
**Cash flows from investing activities**
Purchase of tangible fixed assets
Purchase of fixed asset investments
Sale of fixed asset investments
Dividends received
Net cash (used in)/provided by investing activities
**Change in cash and cash equivalents in**
**the reporting period**
**Cash and cash equivalents at the**
**beginning of the reporting period**
**Cash and cash equivalents at the end of**
**the reporting period**|£
57,838
(174)
57,664
(119,227)
(194,470)
260,865
1,416
(51,416)
6,248
-
6,248| |---|---| The notes form part of these financial statements Page 8 The Chipstead Players Notes to the Financial Statements for the Period 22 March 2021 to 31 August 2022 ## **1. ACCOUNTING POLICIES** ## **BASIS OF PREPARING THE FINANCIAL STATEMENTS** The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. The Chipstead Players is a charitable incorporated organisation formed under a trust deed in England. The address of the registered office is given in the Charity information on page 1 of these financial statements. The nature of the Charity's operations and principal activities are detailed in the Trustees' Report. ## **INCOME** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. ## **EXPENDITURE** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. ## **TANGIBLE FIXED ASSETS** Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Fixtures and fittings - 20% on cost ## **STOCKS** Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. ## **TAXATION** As a registered charity, the organisation is exempt from income and corporation tax to the extent that it's income and gains are applicable to charity purposes only. ## **FUND ACCOUNTING** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes continued... Page 9 The Chipstead Players ## Notes to the Financial Statements - continued for the Period 22 March 2021 to 31 August 2022 ## **2. DONATIONS AND LEGACIES** |Donations
Subscriptions
**3.**
**INVESTMENT INCOME**
Income from listed investments
**4.**
**INCOME FROM CHARITABLE ACTIVITIES**
Activity
Productions and festivals
Theatre income
Bar surplus
Theatre income
Social events
Theatre income
Hire/sale of costumes/props
Theatre income
**5.**
**RAISING FUNDS**
**INVESTMENT MANAGEMENT COSTS**
Portfolio management
**6.**
**CHARITABLE ACTIVITIES COSTS**
Theatre operating costs
Other costs|Support
Direct
costs (see
Costs
note 7)
£
£
56,039
-
-
5,370
56,039
5,370|£
498,887
4,919
503,806
£
1,416
£
56,270
7,692
611
270
64,843
£
1,588
Totals
£
56,039
5,370
61,409| |---|---|---| |||| continued... Page 10 The Chipstead Players Notes to the Financial Statements - continued for the Period 22 March 2021 to 31 August 2022 ## **7. SUPPORT COSTS** Other costs Governance costs £ 5,370 ## **8. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the period ended 31 August 2022. ## **TRUSTEES' EXPENSES** There were no trustees' expenses paid for the period ended 31 August 2022. ## **9. TANGIBLE FIXED ASSETS** |**COST**
Additions
Transfer from Charity
At 31 August 2022
**DEPRECIATION**
Charge for year
Reclassification/transfer
At 31 August 2022
**NET BOOK VALUE**
At 31 August 2022|Freehold
Workshop
property
extension
£
£
-
113,989
120,000
133,994
120,000
247,983
-
-
-
-
-
-
120,000
247,983|Fixtures
and
fittings
£
5,238
16,049
21,287
4,257
6,420
10,677
10,610|Totals
£
119,227
270,043
389,270
4,257
6,420
10,677
378,593| |---|---|---|---| ## **10. FIXED ASSET INVESTMENTS** |**FIXED ASSET INVESTMENTS**|| |---|---| ||Listed| ||investments| ||£| |**MARKET VALUE**|| |Additions|194,470| |Disposals|(260,865)| |Revaluations|(22,402)| |Transfer from Charity|182,056| |At 31 August 2022|93,259| |**NET BOOK VALUE**|| |At 31 August 2022|93,259| There were no investment assets outside the UK. continued... Page 11 The Chipstead Players ## Notes to the Financial Statements - continued for the Period 22 March 2021 to 31 August 2022 ## **10. FIXED ASSET INVESTMENTS - continued** Cost or valuation at 31 August 2022 is represented by: |||||Listed| |---|---|---|---|---| ||||investments|| |||||£| ||Valuation in 2022|||93,259| ||If the listed investments had not been revalued they would have been included|at the following|historical cost:|| |||||£| ||Cost|||112,931| ||Fixed asset investments were valued on an open market basis on 31 August 2022 by Quilter Cheviot.|||| |**11.**|**STOCKS**|||| |||||£| ||Stocks|||1,932| |**12.**|**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|||| |||||£| ||Prepayments and accrued income|||4,295| |**13.**|**CURRENT ASSET INVESTMENTS**|||| |||||£| ||Cash held by investment mngr|||6,621| |**14.**|**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|||| |||||£| ||Other creditors|||5,932| |**15.**|**MOVEMENT IN FUNDS**|||| |||Net||| |||movement||| |||in funds|At 31.8.22|| |||£||£| ||**Unrestricted funds**|||| ||General fund|485,016||485,016| ||**TOTAL FUNDS**|485,016||485,016| continued... Page 12 The Chipstead Players Notes to the Financial Statements - continued for the Period 22 March 2021 to 31 August 2022 ## **15. MOVEMENT IN FUNDS - continued** Net movement in funds, included in the above are as follows: ||Incoming|Resources|Gains and|Movement| |---|---|---|---|---| ||resources|expended|losses|in funds| ||£|£|£|£| |**Unrestricted funds**||||| |General fund|570,415|(62,997)|(22,402)|485,016| |**TOTAL FUNDS**|570,415|(62,997)|(22,402)|485,016| ## **16. RELATED PARTY DISCLOSURES** There were no related party transactions for the period ended 31 August 2022. ## **17. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES** |**Net income for the reporting period (as per the Statement of Financial**
**Activities)**
**Adjustments for:**
Depreciation charges
Losses on investments
Finance costs
Dividends received
Transfer in of fixed assets from Charity
Increase in current asset investments
Increase in stocks
Increase in debtors
Increase in creditors
**Net cash provided by operations**|£
485,016
4,257
22,402
174
(1,416)
(445,679)
(6,621)
(1,932)
(4,295)
5,932
57,838| |---|---| ## **Net cash provided by operations** ## **18.. ANALYSIS OF CHANGES IN NET FUNDS** |At
**Net cash**
Cash at bank
**Liquid resources**
Deposits included in cash
Current asset investments
**Total**|22.3.21
Cash flow
At
£
£
-
6,248
-
6,248
-
-
-
6,621
-
6,621
-
12,869|31.8.22
£
6,248
6,248
-
6,621
6,621
12,869| |---|---|---| Page 13 The Chipstead Players Detailed Statement of Financial Activities for the Period 22 March 2021 to 31 August 2022 £ ## **INCOME AND ENDOWMENTS** |**Donations and legacies**
Donations
Subscriptions
**Investment income**
Income from listed investments
**Charitable activities**
Productions and festivals
Bar surplus
Social events
Hire/sale of costumes/props
**Other income**
Compensation from Lloyds Bank
**Total incoming resources**
**EXPENDITURE**
**Investment management costs**
Portfolio management
**Charitable activities**
Telephone
Publicity
Sundries
Production expenses
Property expenses
Software and website costs
Social event costs
Health and Safety
Depreciation of tangible fixed assets
Training
**Support costs**
**Governance costs**
Legal fees
Other professional fees
Independent Examiners fee
Carried forward|498,887
4,919
503,806
1,416
56,270
7,692
611
270
64,843
350
570,415
1,588
683
1,010
161
15,945
31,476
1,268
423
696
4,257
120
56,039
696
540
3,960
5,196| |---|---| This page does not form part of the statutory financial statements Page 14 The Chipstead Players |Detailed Statement of Financial Activities
for the Period 22 March 2021 to 31 August 2022
**Governance costs**
Brought forward
Bank charges
Total resources expended
**Net income before gains and losses**
**Realised recognised gains and losses**
Realised gains/(losses) on fixed asset
investments
**Net income**|£
5,196
174
5,370
62,997
507,418
(22,402)
485,016| |---|---| This page does not form part of the statutory financial statements Page 15