REGISTERED CHARITY NUMBER: 1193889
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 August 2023
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 Year Ended 31 August 2023
| 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 | ||
| Notes to the Financial Statements | 8 | to | 13 |
| Detailed Statement of Financial Activities | 14 | to | 15 |
The Chipstead Players Reference and Administrative Details for the Year Ended 31 August 2023
| TRUSTEES | B Adams |
|---|---|
| R Bottomley (resigned 17.7.23) | |
| L Bygraves (resigned 17.7.23) | |
| J Cumbo | |
| A Franks | |
| D Perry | |
| M Ricot | |
| A Thorn | |
| P Wright (appointed 22.9.22) | |
| J Shepherd (appointed 17.7.23) | |
| 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 Year Ended 31 August 2023
The trustees present their report with the financial statements of the charity for the year ended 31 August 2023. 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. 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
Report of the Trustees for the Year Ended 31 August 2023
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 local 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. This year the theatre has presented a full programme with many performances sold out.
The theatre made a loss of £29,470 during the year and but this was mainly due to investment in improving the car park and refurbishment of the toilets The net assets at the end of the year totalled £455,546 (2022: £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 £455,546 at the balance sheet date although £378,561 relates to the theatre and equipment. 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
The trustees 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 Year Ended 31 August 2023
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 four 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.
Approved by order of the board of trustees on 31 January 2024 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 year ended 31 August 2023.
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
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:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
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 FCA, CTA
Nichols & Co ( Accountancy ) Limited Chartered Accountants Unit 7 Mulberry Place Pinnell Road Eltham London SE9 6AR
2 February 2024
Page 5
The Chipstead Players Statement of Financial Activities for the Year Ended 31 August 2023
| Period | |||
|---|---|---|---|
| 22.3.21 | |||
| Year Ended | to | ||
| 31.8.23 | 31.8.22 | ||
| Unrestricted | |||
| fund | Total funds | ||
| Notes | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||
| Donations and legacies | 2 | 6,137 | 503,806 |
| Charitable activities | 4 | ||
| Theatre income | 73,507 | 64,843 | |
| Investment income | 3 | 1,599 | 1,416 |
| Other income | - | 350 | |
| Total | 81,243 | 570,415 | |
| EXPENDITURE ON | |||
| Raising funds | 5 | 873 | 1,588 |
| Charitable activities | 6 | ||
| Theatre operating costs | 104,224 | 56,039 | |
| Other costs | 8,734 | 5,370 | |
| Total | 113,831 | 62,997 | |
| Net gains/(losses) on investments | 3,118 | (22,402) | |
| NET INCOME/(EXPENDITURE) | (29,470) | 485,016 | |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 485,016 | - | |
| TOTAL FUNDS CARRIED FORWARD | 455,546 | 485,016 |
The notes form part of these financial statements
Page 6
The Chipstead Players
Balance Sheet 31 August 2023
| 31.8.23 | 31.8.22 | ||
|---|---|---|---|
| Unrestricted | |||
| fund | Total funds | ||
| Notes | £ | £ | |
| FIXED ASSETS | |||
| Tangible assets | 10 | 378,561 | 378,592 |
| Investments | 11 | 63,809 | 93,259 |
| CURRENT ASSETS | 442,370 | 471,851 | |
| Stocks | 12 | 1,948 | 1,932 |
| Debtors | 13 | 6,249 | 4,295 |
| Investments | 14 | 2,915 | 6,621 |
| Cash at bank | 5,827 | 6,248 | |
| CREDITORS | 16,939 | 19,096 | |
| Amounts falling due within one year | 15 | (3,763) | (5,931) |
| NET CURRENT ASSETS | 13,176 | 13,165 | |
| TOTAL ASSETS LESS CURRENT | |||
| LIABILITIES | 455,546 | 485,016 | |
| NET ASSETS | 455,546 | 485,016 | |
| FUNDS | 16 | ||
| Unrestricted funds | 455,546 | 485,016 | |
| TOTAL FUNDS | 455,546 | 485,016 | |
The financial statements were approved by the Board of Trustees and authorised for issue on 31 January 2024 and were signed on its behalf by:
A Thorn - Trustee
The notes form part of these financial statements
Page 7
The Chipstead Players
Notes to the Financial Statements for the Year Ended 31 August 2023
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.
FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS
The charity has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':
- the requirements of Section 7 Statement of Cash Flows.
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
Depreciation is provided on a straight line basis.
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 8
The Chipstead Players
Notes to the Financial Statements - continued for the Year Ended 31 August 2023
| 2. DONATIONS AND LEGACIES Year Ended 31.8.23 £ Donations 82 Subscriptions 6,055 6,137 3. INVESTMENT INCOME Year Ended 31.8.23 £ Income from listed investments 1,599 4. INCOME FROM CHARITABLE ACTIVITIES Year Ended 31.8.23 Activity £ Productions and festivals Theatre income 63,698 Bar surplus Theatre income 9,074 Social events Theatre income 588 Hire/sale of costumes/props Theatre income 147 73,507 5. RAISING FUNDS INVESTMENT MANAGEMENT COSTS Year Ended 31.8.23 £ Portfolio management 873 |
Period 22.3.21 to 31.8.22 £ 498,887 4,919 503,806 Period 22.3.21 to 31.8.22 £ 1,416 Period 22.3.21 to 31.8.22 £ 56,270 7,692 611 270 64,843 Period 22.3.21 to 31.8.22 £ 1,588 |
|---|---|
continued...
Page 9
The Chipstead Players
Notes to the Financial Statements - continued
for the Year Ended 31 August 2023
6. CHARITABLE ACTIVITIES COSTS
| Theatre operating costs Other costs 7. SUPPORT COSTS Theatre operating costs Other costs |
Support Direct costs (see Costs note 7) Totals £ £ £ 104,057 167 104,224 5,314 3,420 8,734 109,371 3,587 112,958 Governance costs £ 167 3,420 3,587 |
|---|---|
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 August 2023 nor for the period ended 31 August 2022.
TRUSTEES' EXPENSES
There were no trustees' expenses paid for the year ended 31 August 2023 nor for the period ended 31 August 2022.
9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Donations and legacies Charitable activities Theatre income Investment income Other income |
Unrestricted fund £ 503,806 64,843 1,416 350 |
|---|---|
| Total | 570,415 |
| EXPENDITURE ON Raising funds Charitable activities Theatre operating costs Other costs |
1,588 56,039 5,370 |
| Total | 62,997 |
| Net gains/(losses) on investments | (22,402) |
continued...
Page 10
The Chipstead Players
Notes to the Financial Statements - continued for the Year Ended 31 August 2023
9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
| NET INCOME TOTAL FUNDS CARRIED FORWARD 10. TANGIBLE FIXED ASSETS COST At 1 September 2022 Additions At 31 August 2023 DEPRECIATION At 1 September 2022 Charge for year At 31 August 2023 NET BOOK VALUE At 31 August 2023 At 31 August 2022 11. FIXED ASSET INVESTMENTS MARKET VALUE At 1 September 2022 Additions Disposals Revaluations At 31 August 2023 NET BOOK VALUE At 31 August 2023 At 31 August 2022 |
Freehold Workshop property extension £ £ 120,000 247,983 - - 120,000 247,983 - - - - - - 120,000 247,983 120,000 247,983 |
Unrestricted fund £ 485,016 485,016 Fixtures and fittings Totals £ £ 21,286 389,269 5,283 5,283 26,569 394,552 10,677 10,677 5,314 5,314 15,991 15,991 10,578 378,561 10,609 378,592 Listed investments £ 93,259 10,680 (43,248) 3,118 63,809 63,809 93,259 |
|---|---|---|
There were no investment assets outside the UK.
continued...
Page 11
The Chipstead Players
Notes to the Financial Statements - continued for the Year Ended 31 August 2023
11. FIXED ASSET INVESTMENTS - continued
Cost or valuation at 31 August 2023 is represented by:
| Listed | ||||||
|---|---|---|---|---|---|---|
| investments | ||||||
| £ | ||||||
| Valuation in 2023 | 63,809 | |||||
| If the listed investments had not been revalued they would have been included at the following | historical cost: | |||||
| Cost | 31.8.23 £ 74,222 |
31.8.22 £ 112,931 |
||||
| Fixed asset investments were valued on an open market basis on 31 August 2023 by Quilter Cheviot. | ||||||
| 12. | STOCKS | |||||
| Stocks | 31.8.23 £ 1,948 |
31.8.22 £ 1,932 |
||||
| 13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||||
| Prepayments and accrued income | 31.8.23 £ 6,249 |
31.8.22 £ 4,295 |
||||
| 14. | CURRENT ASSET INVESTMENTS | |||||
| Cash held by investment mngr | 31.8.23 £ 2,915 |
31.8.22 £ 6,621 |
||||
| 15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||||
| Other creditors | 31.8.23 £ 3,763 |
31.8.22 £ 5,931 |
||||
| 16. | MOVEMENT IN FUNDS | |||||
| Unrestricted funds | At 1.9.22 £ |
Net movement in funds £ |
At 31.8.23 £ |
|||
| General fund | 485,016 | (29,470) | 455,546 | |||
| TOTAL FUNDS | 485,016 | (29,470) | 455,546 |
continued...
Page 12
The Chipstead Players
Notes to the Financial Statements - continued for the Year Ended 31 August 2023
16. 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 | 81,243 | (113,831) | 3,118 | (29,470) |
| TOTAL FUNDS | 81,243 | (113,831) | 3,118 | (29,470) |
| Comparatives for movement in funds | ||||
| Unrestricted funds | Net movement in funds £ |
At 31.8.22 £ |
||
| General fund | 485,016 | 485,016 | ||
| TOTAL FUNDS | 485,016 | 485,016 |
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds | Incoming Resources resources expended £ £ |
Gains and losses £ |
Movement in funds £ |
|---|---|---|---|
| General fund | 570,415 (62,997) |
(22,402) | 485,016 |
| TOTAL FUNDS | 570,415 (62,997) |
(22,402) | 485,016 |
17. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 August 2023.
Page 13
The Chipstead Players
Detailed Statement of Financial Activities for the Year Ended 31 August 2023
| Year Ended 31.8.23 £ INCOME AND ENDOWMENTS Donations and legacies Donations 82 Subscriptions 6,055 6,137 Investment income Income from listed investments 1,599 Charitable activities Productions and festivals 63,698 Bar surplus 9,074 Social events 588 Hire/sale of costumes/props 147 73,507 Other income Compensation from Lloyds Bank - Total incoming resources 81,243 EXPENDITURE Investment management costs Portfolio management 873 Charitable activities Telephone 819 Publicity 5,294 Sundries 946 Production expenses 21,593 Property expenses 72,128 Software and website costs 2,135 Social event costs 628 Health and Safety 514 Depreciation of tangible fixed assets 5,314 Training - 109,371 Support costs Governance costs Legal fees - Carried forward - |
Period 22.3.21 to 31.8.22 £ 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 56,039 696 696 |
|---|---|
This page does not form part of the statutory financial statements
Page 14
The Chipstead Players
Detailed Statement of Financial Activities for the Year Ended 31 August 2023
| Year Ended 31.8.23 £ Governance costs Brought forward - Other professional fees - Independent Examiners fee 3,420 Bank charges 167 3,587 Total resources expended 113,831 Net (expenditure)/income before gains and losses (32,588) Realised recognised gains and losses Realised gains/(losses) on fixed asset investments 3,118 Net (expenditure)/income (29,470) |
Period 22.3.21 to 31.8.22 £ 696 540 3,960 174 5,370 62,997 507,418 (22,402) 485,016 |
|---|---|
This page does not form part of the statutory financial statements
Page 15