REGISTERED CHARITY NUMBER: 1193889
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 August 2024
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 2024
| 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 | 14 |
| Detailed Statement of Financial Activities | 15 | to | 16 |
The Chipstead Players Reference and Administrative Details for the Year Ended 31 August 2024
| TRUSTEES | B Adams |
|---|---|
| J Cumbo | |
| A Franks | |
| D Perry | |
| M Ricot | |
| A Thorn | |
| P Wright | |
| J Shepherd | |
| O Horle (appointed 13.6.24) | |
| J Laws (appointed 13.6.24) | |
| S Laws (appointed 13.6.24) | |
| 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 2024
The trustees present their report with the financial statements of the charity for the year ended 31 August 2024. 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 2024
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
This year the theatre has presented a full programme with several performances sold out.
The shows we put on generated a good surplus, however the theatre made a loss of £12,441 during the year. This was mainly due to the purchase and installation of a new fire alarm system and related hardware and software.
The net assets at the end ot the year totalled £443,105 (2023: £455,546).
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 £443,105 at the balance sheet date although £373,247 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.
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.
Page 3
The Chipstead Players
Report ofthe Trustees for the Year Ended 31 August 2024
cn Approved by order ofthe board of trustees on onB{ DADS ceseeees 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 2024.
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 cometo my attention in connection with the examination giving me causeto believe that in any material respect:
-
accounting[records] were not keptin 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 concems and have comeacross no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding ofthe accounts to be reached.
Mulberry[Place]
Pinnell Road Eltham London SE9 6AR
Page[5]
The Chipstead Players
Statement of Financial Activities for the Year Ended 31 August 2024
| 31.8.24 | 31.8.23 | ||
|---|---|---|---|
| Unrestricted | |||
| fund | Total funds | ||
| Notes | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||
| Donations and legacies | 2 | 11,811 | 6,137 |
| Charitable activities | 4 | ||
| Theatre income | 75,149 | 73,507 | |
| Investment income | 3 | 1,716 | 1,599 |
| Other income | 9,079 | - | |
| Total | 97,755 | 81,243 | |
| EXPENDITURE ON | |||
| Raising funds | 5 | 549 | 873 |
| Charitable activities | 6 | ||
| Theatre operating costs | 106,844 | 104,224 | |
| Other costs | 3,691 | 8,734 | |
| Other | 3,631 | - | |
| Total | 114,715 | 113,831 | |
| Net gains on investments | 4,519 | 3,118 | |
| NET INCOME/(EXPENDITURE) | (12,441) | (29,470) | |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 455,546 | 485,016 | |
| TOTAL FUNDS CARRIED FORWARD | 443,105 | 455,546 | |
The notes form part of these financial statements
Page 6
The Chipstead Players
Balance Sheet 31 August 2024
| 31.8.24 | 31.8.23 | ||||
|---|---|---|---|---|---|
| Unrestricted | |||||
| fund | Total funds | ||||
| FIXED ASSETS | Notes | £ | £ | ||
| Tangible assets Investments |
‘ | 10 11 |
375,224 50,108 |
378,561 63,809 |
|
| } | } | ||||
| 425,332 | 442,370 | ||||
| CURRENT ASSETS | |||||
| Stocks Debtors Investments Cash at bank |
12 13 14 |
2,020 7,367 1,781 13,953 |
1,948 6,249 2,915 5,827 |
||
| 25,121 | 16,939 | ||||
| CREDITORS | |||||
| Amounts falling due within one year | 15 | (5,372) | (3,763) | ||
| NET CURRENT ASSETS | 19,749 | 13,176 | |||
| TOTAL ASSETS LESS | CURRENT | ||||
| LIABILITIES | 445,081 | 455,546 | |||
| NET ASSETS | 445,081 | 455,546 | |||
| FUNDS | 16 | ||||
| Unrestricted funds | 445,081 | 455,546 | |||
| TOTAL FUNDS | 445,081 | 455,546 |
The financial statements were approved by the Board of Trustees and authorised for issue on ee[a][[RLA] So rerrrecsenn and weresigned onits behalf by:
A[Thorh] -[Tastes]
The notes form part of these financial statements
Page[7]
The Chipstead Players
Notes to the Financial Statements for the Year Ended 31 August 2024
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 exemption 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 2024
| 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 Programme advertising 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 |
31.8.24 £ 6,448 5,363 11,811 31.8.24 £ 1,716 31.8.24 £ 65,581 7,300 833 1,135 300 75,149 31.8.24 £ 549 Support Direct costs (see Costs note 7) £ £ 106,844 - - 3,691 106,844 3,691 |
31.8.23 £ 82 6,055 6,137 31.8.23 £ 1,599 31.8.23 £ 63,698 9,074 588 - 147 73,507 31.8.23 £ 873 Totals £ 106,844 3,691 110,535 |
|---|---|---|
continued...
Page 9
The Chipstead Players
Notes to the Financial Statements - continued for the Year Ended 31 August 2024
7. SUPPORT COSTS
| SUPPORT COSTS | |
|---|---|
| Governance | |
| costs | |
| £ | |
| Other costs | 3,691 |
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 August 2024 nor for the year ended 31 August 2023.
TRUSTEES' EXPENSES
There were no trustees' expenses paid for the year ended 31 August 2024 nor for the year ended 31 August 2023.
9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM | Unrestricted fund £ |
|---|---|
| Donations and legacies | 6,137 |
| Charitable activities | |
| Theatre income | 73,507 |
| Investment income | 1,599 |
| Total | 81,243 |
| EXPENDITURE ON | |
| Raising funds | 873 |
| Charitable activities | |
| Theatre operating costs | 104,224 |
| Other costs | 8,734 |
| Total | 113,831 |
| Net gains on investments | 3,118 |
| NET INCOME/(EXPENDITURE) | (29,470) |
| RECONCILIATION OF FUNDS | |
| Total funds brought forward | 485,016 |
| TOTAL FUNDS CARRIED FORWARD | 455,546 |
continued...
Page 10
The Chipstead Players
Notes to the Financial Statements - continued for the Year Ended 31 August 2024
10. TANGIBLE FIXED ASSETS
| Freehold Workshop property extension £ £ COST At 1 September 2023 and 31 August 2024 120,000 247,983 DEPRECIATION At 1 September 2023 - - Charge for year - - At 31 August 2024 - - NET BOOK VALUE At 31 August 2024 120,000 247,983 At 31 August 2023 120,000 247,983 11. FIXED ASSET INVESTMENTS MARKET VALUE At 1 September 2023 Additions Disposals Revaluations At 31 August 2024 NET BOOK VALUE At 31 August 2024 At 31 August 2023 There were no investment assets outside the UK. Cost or valuation at 31 August 2024 is represented by: Valuation in 2024 If the listed investments had not been revalued they would have been included at the Cost |
Fixtures and fittings Totals £ £ 26,569 394,552 15,991 15,991 5,314 5,314 21,305 21,305 5,264 373,247 10,578 378,561 Listed investments £ 63,809 11,803 (30,023) 4,519 50,108 50,108 63,809 Listed investments £ 50,108 following historical cost: 31.8.24 31.8.23 £ £ 52,973 74,222 |
|---|---|
Fixed asset investments were valued on an open market basis on 31 August 2024 by Quilter Cheviot.
continued...
Page 11
The Chipstead Players
Notes to the Financial Statements - continued for the Year Ended 31 August 2024
| 12. STOCKS Stocks 13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Prepayments and accrued income 14. CURRENT ASSET INVESTMENTS Cash held by investment mngr 15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors 16. MOVEMENT IN FUNDS At 1.9.23 £ Unrestricted funds General fund 455,546 TOTAL FUNDS 455,546 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 97,755 (114,715) TOTAL FUNDS 97,755 (114,715) |
31.8.24 £ 2,020 31.8.24 £ 7,367 31.8.24 £ 1,781 31.8.24 £ 5,371 Net movement in funds £ (12,441) (12,441) Gains and losses £ 4,519 4,519 |
31.8.23 £ 1,948 31.8.23 £ 6,249 31.8.23 £ 2,915 31.8.23 £ 3,763 At 31.8.24 £ 443,105 443,105 Movement in funds £ (12,441) (12,441) |
|---|---|---|
continued...
Page 12
The Chipstead Players
Notes to the Financial Statements - continued for the Year Ended 31 August 2024
16. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Net | ||||
|---|---|---|---|---|
| movement | ||||
| At 1.9.22 | in funds | At 31.8.23 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 485,016 | (29,470) | 455,546 | |
| TOTAL FUNDS | 485,016 | (29,470) | 455,546 |
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 | 81,243 (113,831) |
3,118 | (29,470) |
| TOTAL FUNDS | 81,243 (113,831) |
3,118 | (29,470) |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds | At 1.9.22 £ |
Net movement in funds £ |
At 31.8.24 £ |
At 31.8.24 £ |
|---|---|---|---|---|
| General fund | 485,016 | (41,911) | 443,105 | |
| TOTAL FUNDS | 485,016 | (41,911) | 443,105 |
A current year 12 months and prior year 12 months combined 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 | 178,998 (228,546) |
7,637 | (41,911) |
| TOTAL FUNDS | 178,998 (228,546) |
7,637 | (41,911) |
continued...
Page 13
The Chipstead Players
Notes to the Financial Statements - continued for the Year Ended 31 August 2024
17. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 August 2024.
Page 14
The Chipstead Players
Detailed Statement of Financial Activities for the Year Ended 31 August 2024
| INCOME AND ENDOWMENTS Donations and legacies Donations Subscriptions Investment income Income from listed investments Charitable activities Productions and festivals Bar surplus Social events Programme advertising Hire/sale of costumes/props Other income Centenary Year Compensation from Lloyds Bank Total incoming resources EXPENDITURE Investment management costs Portfolio management Charitable activities Telephone Postage and stationery Publicity Sundries Production expenses Property expenses Software and website costs Social event costs Health and Safety Depreciation of tangible fixed assets Other Centenary Year |
31.8.24 £ 6,448 5,363 11,811 1,716 65,581 7,300 833 1,135 300 75,149 8,992 87 9,079 97,755 549 1,017 9 2,262 562 23,187 72,706 1,076 471 240 5,314 106,844 3,631 |
31.8.23 £ 82 6,055 6,137 1,599 63,698 9,074 588 - 147 73,507 - - - 81,243 873 819 - 5,294 946 21,593 72,128 2,135 628 514 5,314 109,371 - |
|---|---|---|
This page does not form part of the statutory financial statements
Page 15
The Chipstead Players
| Detailed Statement of Financial Activities for the Year Ended 31 August 2024 Support costs Governance costs Independent Examiners fee Bank charges Total resources expended Net expenditure before gains and losses Realised recognised gains and losses Realised gains/(losses) on fixed asset investments Net expenditure |
31.8.24 £ 3,500 191 3,691 114,715 (16,960) 4,519 (12,441) |
31.8.23 £ 3,420 167 3,587 113,831 (32,588) 3,118 (29,470) |
|---|---|---|
This page does not form part of the statutory financial statements
Page 16