CRAIGMYLE GLEBE LIMITED
DIRECTORS' REPORT AND ANNUAL ACCOUNTS
YEAR ENDED 31 DECEMBER 2021
COMPANY NUMBER: 283997 CHARITY NUMBER: 305147
CRAIGMYLE GLEBE LIMITED: YEAR ENDED 31 DECEMBER 2021 DIRECTORS’ REPORT
The directors present their report and the annual accounts for the year ended 31 December 2021. 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, Beth Stuart, 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, the village primary school for children from 4 to 11 years old, uses the Glebe’s 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 £3,442 (2020, £4,199). The Trustees reinvest operating surpluses to improve the natural and physical environment of the Glebe. In 2021 we invested £2,839 (2020, £7,313) in capital expenditure to improve our environment and facilities.
The directors gratefully acknowledge a pandemic remediation grant of £8,000 from Tandridge District Council, accounted for within subscriptions and donations in the Statement of Financial Activities on page 5. In 2020, this account reflected additional donations of around £6,200 in response to the tree appeal.
The natural environment of our grounds, and the built structures of our two pavilions and the children's playground, all need regular maintenance. During the year we commenced the major project to renew the shingle roof of the Glebe Pavilion, which was last restored over 40 years ago. This cost £9,235 in 2021 and was accounted for within maintenance expenditure. The cost to complete, in 2022, is expected to be a further £35,000. 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.
Subsequent to the 2021 financial year-end, on 22 May, 2022, the Company acquired Madeira Walk and Woodlands. The consideration was £76,806, which was funded by a generous gift from Coral and George Burne. Madeira Walk is around 11 acres in extent and is an important remnant of the chalk grassland that was once a common habitat along the North Downs. This gift will ensure that this important, historic and very special land will remain a public space for recreation and respite and will be held in perpetuity for the benefit of all.
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 community of Woldingham. 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;
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Company number 283997 Charity number 305147
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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.
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 2021 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 11th September 2022
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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 2021 I report to the charity Iruslees on my examination of the accounts of the Company for the year ended 31 December 2021. Responsibilitios and basis of report As the charity's trustees land also its directors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 I'the 2006 Act,). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independenl examination. I report in respect of my examination of your charity's a¢wunts as carried out under seclion 145 of the Charities Act 2011 I'lhe 2011 Act'l. In carrying out my examination I have followed the Directions given by Ihe Charity Commission under sedion 145151 Ibl of ihe 2011 Act. Independent examiner's ststement I have completed my examination. I confirm that no matters have come to my attention in Connection wrth the examination giving me cause to believe.. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act., or 2. the accounts do not accord with those records., or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view which is not a matter mnsidered as part of an independent examination; or 4. the a¢¢ounts have not been prepared in accordance with the methods and principles of the Statemenl of Recommended Practice for accounting and reporting by charities applicable to charities preparing Iheir accounls in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102). I have no concerns and have come across no other matters in connection with the examinatio to which attention should be drawn in this report in order to enable a proper understa f Ihe accounts lo be reached. TJS FCA Woodside, Slines Oak Road. Woldingham Surrey CR3 7BH 11th September 2022 Company number 283997 Charity number 305147
CRAIGMYLE GLEBE LIMITED
STATEMENT OF FINANCIAL ACTIVITIES: YEAR ENDED 31 DECEMBER 2021
| 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 on investments Fund balances at 31 December |
2021 2020 £ £ 3,200 2,475 1,950 1,950 11,988 7,026 9,409 9,233 15 15 |
|---|---|
| 26,562 20,699 |
|
| (9,149) (8,409) (1,040) (730) (2,828) (881) (2,376) (3,105) (24,503) (19,924) (39,896) (33,049) (13,334) (12,350) 16,878 16,549 3,544 4,199 2021 2020 653,305 614,472 3,544 4,199 81,744 34,634 738,593 653,305 |
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Company number 283997 Charity number 305147
CRAIGMYLE GLEBE LIMITED
BALANCE SHEET: YEAR ENDED 31 DECEMBER 2021
| Fixed assets Tangible assets Investments Current assets Debtors and prepayments Cash at bank and in hand Creditors: amounts due within one year 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 2021 £ 21,242 655,488 676,730 4,059 57,865 61,924 - 61,924 738,654 (61) 738,593 83,105 655,488 738,593 |
Total Funds 2020 £ 27,552 573,744 |
|---|---|---|
| 601,296 | ||
| 1,297 50,868 |
||
| 52,165 (80) |
||
| 52,085 | ||
| 653,381 (76) |
||
| 653,305 | ||
| 79,561 573,744 |
||
| 653,305 |
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 11th September 2022
CJ Higson Chairman
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Company number 283997 Charity number 305147
CRAIGMYLE GLEBE LIMITED
NOTES TO THE ACCOUNTS: YEAR ENDED 31 DECEMBER 2021
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, based on the bid price. 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 £9,149 (2020, £8,409). This year’s depreciation includes a charge of £2,059 for additional depreciation for certain assets that the directors identified as having no continuing value.
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
| Fixtures & Fittings Cost £ At beginning of year 18,036 Additions 2,839 At end of year 20,875 Accumulated depreciation At beginning of year 14,690 Charge for the year 2,458 At end of year 17,148 Net book value At beginning of year 3,346 At end of year 3,727 |
Land & Buildings £ 16,836 - 16,836 8,167 2,407 10,574 8,669 6,262 |
Grounds TOTAL £ £ 52,300 87,172 - 2,839 52,300 90,011 36,763 59,620 4,284 9,149 41,047 68,769 15,537 27,552 11,253 21,242 |
|---|---|---|
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.
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Unit trusts at market value | 655,488 | 573,744 |
| 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 2021 the Surplus on Ordinary Activities and the Gain on Investments, and the corresponding movements in the General fund and the Long-term investment fund, were as follows:
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Company number 283997 Charity number 305147
| General fund Long term investments Total Funds |
2021 movement in the year 2020 £ £ £ 83,105 3,544 79,561 655,488 81,744 573,744 |
|---|---|
| 738,593 85,288 653,305 |
The Trustees consider that the annual distribution by CCLA represents a prudent measure of the Glebe’s sustainable investment income. In 2021 this income was £16,878 (2020, £16,549) 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.
7. SUBSEQUENT EVENTS
Subsequent to the 2021 financial year-end, on 22 May, 2022, the Company acquired Madeira Walk and Woodlands. The consideration was £76,806, which was funded by a generous gift from Coral and George Burne. Madeira Walk is around 11 acres in extent and is an important remnant of the chalk grassland that was once a common habitat along the North Downs. This gift will ensure that this important, historic and very special land will remain a public space for recreation and respite and will be held in perpetuity for the benefit of all.
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Company number 283997 Charity number 305147