2020-12-31-accounts

CRAIGMYLE GLEBE LIMITED

DIRECTORS' REPORT AND ANNUAL ACCOUNTS

YEAR ENDED 31 DECEMBER 2020

COMPANY NUMBER: 283997 CHARITY NUMBER: 305147

CRAIGMYLE GLEBE LIMITED: YEAR ENDED 31 DECEMBER 2020 DIRECTORS’ REPORT

The directors present their report and the annual accounts for the year ended 31 December 2020. This report and the attached annual accounts comply with current statutory requirements, with the Company's Memorandum and Articles of Association and with the requirements of the Statement of Recommended Practice for Accounting and Reporting by Charities.

DIRECTORS

The directors of the Company during the year were: William Brain, Chris Higson (Chairman), Charmain Manning (appointed 1st Oct. 2020), Beth Stuart (appointed 20th June 2020), Ian Tansley, Michael Thurgood, Robin Tozer

STRUCTURE, GOVERNANCE AND COMPANY MANAGEMENT

Craigmyle Glebe Limited (The Company) was incorporated on 24th January, 1934 as a company limited by guarantee established to hold some four acres of freehold land in the centre of Woldingham. The land was conveyed to it by the late Hon. Alexander Shaw, a former resident of Woldingham, in memory of his father, the first Lord Craigmyle. The land, commonly known as The Glebe, is to be used in perpetuity as a recreation and sports ground for the benefit of the inhabitants of Woldingham and the surrounding district.

The Company was originally incorporated under the provisions of The Companies Act 1929 but, following the appropriate Special Resolution being passed, its Memorandum and Articles of Association now accord with The Companies Act 2006. The Company has been a registered charity since its formation and its directors are the trustees of the charity.

The responsibility for the day to day running of the Company vests with the Council of Management, consisting of at least three directors appointed and re-appointed by the Company members in General Meeting. One third of the directors retire by rotation at the Annual General Meeting.

OBJECTIVES AND ACTIVITIES

In accordance with the Company's main objects clause, we continue to provide sports and recreational facilities to the local community and its surrounding area. Among the major users of the Glebe's facilities are Woldingham's cricket and tennis clubs. These clubs are run by volunteers and no payment is made to either players or officials. Woodlea School, a primary school for children from 4 to 11 years old, uses the Glebe facilities during term time to provide its pupils with a wide range of sports, including cross-country running, football training sessions, cricket, athletics and rounders.

There are many informal users of the Glebe. The children's playground was enhanced a few years ago and families with young children continue to enjoy the facilities. In most years, the community uses the Glebe in the summer for a village picnic and for special events. The recreation ground is used by many members of the community to relax and to walk their dogs.

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Company number 283997 Charity number 305147

The Woldingham community has created a development plan that was approved by referendum on 17th March 2016 and will guide the Woldingham Parish Council in responding to planning and development proposals for the next fifteen years. The detailed plan is available on both the village's and on Tandridge District Council's web sites. The plan covers the community's needs for social and recreational facilities, of which Craigmyle Glebe is a major part.

FINANCIAL REVIEW

The financial statements show a surplus on ordinary activities of £4,199 (2019, £6,077). The Trustees reinvest operating surpluses to improve the natural and physical environment of the Glebe. In 2020 we invested £7,313 (2019, £9,686) in capital expenditure to improve our environment and facilities.

Financially, the most significant event in 2020 was an arson attack that destroyed the run of trees in the middle of The Glebe and a newly installed bench. The trees were irreplaceable in their existing form, but by the end of the year and thanks to the characteristic generosity of Woldingham residents we were able to plant approaching 20 mature native flowering trees of differing varieties that will enhance The Glebe for decades to come. The Statement of Financial Activities on page 5 reflects additional donations of around £6,200 in response to the tree appeal, and additional maintenance costs of £6,760, comprising clearance and replanting costs of £3,500 and £3,260 for the purchase of the new trees.

The natural environment of our grounds, and the built structures of our two pavilions and the children's playground, all need regular maintenance. The most pressing need is to renew the shingle roof of the Glebe Pavilion, which was last restored over 40 years ago. This work will begin in 2021. In addition, there are other large projects under consideration to improve our facilities for the benefit of the Woldingham community. We therefore continue to steward the company's resources carefully and allocate them prudently in pursuit of our charitable objects.

MARKET VALUE OF LAND AND BUILDINGS

The directors do not consider that there is any benefit from incurring the cost of a professional valuation of the Company's freehold land and buildings, since these are owned by the Company as a registered charity solely for the benefit of the residents of Woldingham and the surrounding district. There are restrictions in the gift of the land which prohibit its development for profit purposes.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

Company law requires the directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Company and of the surplus or deficit of the Company for that period. In preparing those financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and estimates that are reasonable and prudent;

• state whether applicable accounting standards have been followed;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

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Company number 283997 Charity number 305147

The directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company, setting investment policy and monitoring the Company's investment managers, and for taking reasonable steps for the prevention and detection of fraud and other irregularities.

AUDITORS

The directors have taken advantage of the exemption for small companies conferred by section 447 of the Companies Act 2006 from having their financial statements audited and, accordingly, auditors have not been appointed. The Company is however required to have an independent examination of its records and we are again grateful to Mr Tim Salmon FCA for completing this task.

BANKERS

The Company's bankers are Lloyds Bank plc, Caterham Valley Branch, Caterham, Surrey.

INVESTMENT MANAGERS

The Company's funds were invested during 2020 in an exempt unit trust. The unit trust is constituted as a common investment fund under the Charities Act 1993 and managed by CCLA lnvestment Management Limited, which is regulated by the Financial Conduct Authority. The funds are invested so as to obtain a sustainable return above the inflation rate over the long term.

By Order of the Board

C J Higson PhD FCA Chairman

Registered office: The Spinney, Station Road, Woldingham Surrey CR3 7DD

Dated 22nd September 2021

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Company number 283997 Charity number 305147

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CRAIGMYLE GLEBE LIMITED. YEAR ENDED 31 DECEMBER 2020 I report to the charty trustees on my examination of the accounts of the Company for the year ended 31 December 2020. Responsibilities and basis of report As the charity's truslees (and also its directors ft)r the purposes of company law) you are responsible for the preparation of the accounts in accordance with th6 requirements of the Companies Act 2006 (Ihe 2CK)6 ACV). Having satisfied myself that the accounls of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charty's accounts as carrled out under section 145 of the Charities Act 2011 Cthe 2011 ACV). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145{5) (b} of the 2011 Act. Independent examlnerfs statement I have completed my examination. I confim that no matters have come to my attention in connection with the examination gNing me causè to believe: 1. accounting records V￿re not kept in respecl of the Company as requlred by section 386 of the 2006 Act. or 2. the accounts do not accord with tho58 records; or 3. the a¢counts do not comply with the accounting requiiemenls of section 398 of the 2C(6 Act other than any requirement that the accounts give a 'true and fair view which is not a matter consider8d as part of an independent examination- or 4. the accounts have not been prepared in accordan￿ with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to Charities preparlng their accounts in accordance with thè Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102). I have no ¢oncems and have come across no other matters in connection with the examinati n to which attention should be drawn in this report in order to enable a proper underst g of the accounts to be reached. TJ Salmon FCA Woodside, Slin8s Oak Road, Woldingham Suffey CR3 78H 27th September 2021 Company numbgr 283997 Charity number 305147

CRAIGMYLE GLEBE LIMITED

STATEMENT OF FINANCIAL ACTIVITIES: YEAR ENDED 31 DECEMBER 2020

Club rental contributions Hire of pavilion and grounds Subscriptions & donations Tenant rental income Deferred capital grants Income Depreciation Water, electricity Other administration Rates & insurance Maintenance Expenditure Operating surplus (deficit) Income from investments Surplus on ordinary activities Net movement in funds Fund balances at 1 January Surplus on ordinary activities Gains (losses) on investments Fund balances at 31 December	2020 £ 2,475 1,950 7,026 9,233 15	2019 £ 2,500 1,950 1,141 8,976 15
	20,699	14,582
	(8,409) (730) (881) (3,105) (19,924) (33,049) (12,350) 16,549 4,199 2020 614,472 4,199 34,634 653,305	(8,881) (866) (591) (2,768) (11,619)
		(24,726)
		(10,144) 16,221
		6,077
		2019
		526,545 6,077 81,850
		614,472

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Company number 283997 Charity number 305147

CRAIGMYLE GLEBE LIMITED

BALANCE SHEET: YEAR ENDED 31 DECEMBER 2020

Fixed assets Tangible assets Investments Current assets Debtors and prepayments Cash at bank and in hand Creditors: amounts due within one Net current assets Fixed assets plus net current assets Deferred income Net assets Capital and reserves General fund Long term investments Total capital and reserves	Total Funds Total Funds 2020 2019 £ £ 27,552 28,648 573,744 539,110 601,296 567,758 1,297 879 50,868 46,888 52,165 47,767 (80) (962) 52,085 46,805 653,381 614,563 (76) (91) 653,305 614,472 79,561 75,362 573,744 539,110 653,305 614,472

The notes on pages 7 to 9 form part of these accounts.

The directors are satisfied that the Company is entitled to exemption under Section 447 of the Companies Act 2006 and that no member or members have requested an audit pursuant to section 476 of the Act.

Approved by the directors/trustees on 27th September 2021.

CJ Higson

Chairman

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Company number 283997 Charity number 305147

CRAIGMYLE GLEBE LIMITED

NOTES TO THE ACCOUNTS: YEAR ENDED 31 DECEMBER 2019

1. ACCOUNTING POLICIES

Basis of accounting

The financial statements have been prepared in accordance with FRS 102, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland, including the Statement of Recommended Practice for Accounting and Reporting by Charities. ·

The accounts have been prepared under the historical cost convention as adjusted for the inclusion of investments at market value.

Compliance with accounting standards

The accounts have been prepared in accordance with applicable accounting standards and with the requirements of the Statement of Recommended Practice for Accounting and Reporting by Charities.

Depreciation of tangible fixed assets

Fixed assets are being depreciated so as to write them off over their anticipated useful lives by equal annual instalments at the following rates: Additions to freehold buildings 10% Fixtures and fittings 20% Improvements to grounds 10% - 20%

Investments

Investments are stated at market value. The gain or loss during the year is included in the Statement of Financial Activities for the year.

2. TURNOVER AND SURPLUS ON ORDINARY ACTIVITIES

The surplus (deficit) on ordinary activities has been arrived at after charging depreciation on fixed assets of £8,409 (2019, £8,881).

The directors of the Company hold honorary positions and receive no remuneration for their services.

A deferred capital grant of £300 is being recognised over 20 years on a straight-line basis, the period being the expected life of the asset acquired, with the unrecognised balance treated as deferred income in the balance sheet.

3. TAXATION

There is no liability to corporation tax as the Company is a Registered Charity. As a charity the Company is able to reclaim tax under the Gift Aid scheme and this is done each year.

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Company number 283997 Charity number 305147

4. TANGIBLE FIXED ASSETS

Cost At beginning of year Additions At end of year Accumulated depreciation At beginning of year Charge for the year At end of year Net book value At beginning of year At end of year	Fixtures & Fittings Land & Buildings Grounds TOTAL £ £ £ £ 17,959 9,600 52,300 79,859 77 7,236 - 7,313 18,036 16,836 52,300 87,172 11,199 5,760 34,252 51,211 3,491 2,407 2,511 8,409 14,690 8,167 36,763 59,620 6,760 3,840 18,048 28,648 3,346 8,669 15,537 27,552

In addition to the tangible fixed assets noted above, the Company also owns freehold land and playing grounds, tennis courts and two pavilions. In view of the objects of the Company, as expressed in the Memorandum of Association and because these properties and land are for the benefit of the residents of Woldingham and the surrounding district, the directors do not consider that any useful purpose would be served by estimating their market value.

5. INVESTMENTS AND RESERVES

The investments comprise a portfolio of units in funds managed by CCLA (Churches, Charities and Local Authorities) Investment Management Limited. CCLA is one of the UK’s largest charity investment managers, operating with a long-term investment mandate to reflect the needs of the charity sector. The accounting standards that apply to charities require that the investment portfolio is carried at market value in the balance sheet, as follows.

	2020	2019
	£	£
Unit trusts at market value	573,744	539,110
Cost of investment in unit trusts	274,408	274,408

The investments are marked to their bid price on the 31[st] December each year, and their valuation necessarily reflects financial market conditions on those dates. The consequent gain or loss in the year has then to be shown in the Statement of Financial Activities. In the year to 31 December 2020 the Surplus on Ordinary Activities and the Gain on Investments, and the corresponding movements in the General fund and the Long-term investment fund,

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Company number 283997 Charity number 305147

were as follows:

General fund Long term investments Total Funds	2020 movement in the year 2019 £ £ £ 79,561 4,199 75,362 573,744 34,634 539,110
	653,305 38,833 614,472

The Trustees consider that the annual distribution by CCLA represents a prudent measure of the Glebe’s sustainable investment income. In 2020 this income was £16,549 (2018, £16,221) and it is included within Income from ordinary activities.

6. LIABILITY OF MEMBERS

The Company is registered in England and Wales, is limited by guarantee, and does not have any share capital. The liability of members is limited to an amount not exceeding £1 per member. In the event of winding up, any assets remaining must be transferred to the Church Commissioners or such other body as is specified in the Memorandum of Association of the Company.

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Company number 283997 Charity number 305147