**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:
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 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