CRAIGMYLE GLEBE LIMITED
DIRECTORS' REPORT AND ANNUAL ACCOUNTS
YEAR ENDED 31 DECEMBER 2022
COMPANY NUMBER: 283997, CHARITY NUMBER: 305147
CRAIGMYLE GLEBE LIMITED: YEAR ENDED 31 DECEMBER 2022
DIRECTORS’ REPORT
The directors present their report and the annual accounts for the year ended 31 December 2022. 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: Robin Tozer, Ian Tansley, Chris Higson (Chairman), Charmain Manning, Ann Anderson, Elaine MacCormack, and Sarah Boomars.
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. 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 provide recreational facilities to the local community and its surrounding area. Among the users of the Glebe are Woldingham's cricket and tennis clubs, which are run by volunteers with no payment made to either players or officials. Woodlea School, the local 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 activities. The Glebe pavilion provides a meeting place for village groups.
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 and the Glebe is used by many members of the community to relax and to walk their dogs.
Woldingham has a development plan that was approved by referendum on 17th March 2016 and guides the Woldingham Parish Council in responding to planning and development proposals. The detailed plan is available on both the village's and on Tandridge District Council's web sites and covers the community's needs for social and recreational facilities, of which the Glebe is a major part.
FINANCIAL REVIEW
On 22 May, 2022, the Company acquired Madeira Walk and Woodlands. Madeira Walk is around 11 acres in extent and is an important remnant of the chalk grassland that was once a dominant habitat along the North Downs. The final consideration was £78,073, which was funded by a generous gift from Coral and George Burne. 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.
The natural environment of our grounds, and the built structures of our two pavilions and the children's playground, all need regular maintenance. The Trustees are engaged in a major project of refurbishment. In 2022 we completed the two-year project to renew the shingle roof of the Pavilion, which was last restored over 40 years ago. This cost £9,235 in 2021 and £27,114 in 2022, £36,349 in total, which was charged to maintenance expenditure. Principally due to this and other maintenance expenditures, the financial statements show a deficit on ordinary activities of £5,373 in 2022 (2021, surplus £3,544).
The Trustees continue to invest substantially to improve the natural and built environment of the Glebe. In 2022 capital expenditure was £14,122 (2021, £2,839), including new washrooms in the Pavilion, and footpaths and benches in connection with the new Jubilee Garden. 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 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:
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select suitable accounting policies and then apply them consistently;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed;
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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
Company number 283997 Charity number 305147
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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 are invested 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 4[th] September 2023
Company number 283997 Charity number 305147
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INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF CRAIGMYLE GLEBE LIMITED, YEAR ENDED 31 DECEMBER 2022
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2022.
Responsibilities and basis of report
As the charity's trustees (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('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 independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). 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 examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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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 considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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.
TJ Salmon FCA
Woodside, Slines Oak Road, Woldingham Surrey CR3 7BH 4[th] September 2023
Company number 283997 Charity number 305147
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CRAIGMYLE GLEBE LIMITED
STATEMENT OF FINANCIAL ACTIVITIES: YEAR ENDED 31 DECEMBER 2022
| Club rental contributions Hire of pavilion and grounds Subscriptions & donations Tenant rental income Deferred capital grants Total Income & Endowments Depreciation Water, electricity Other administration Rates & insurance Maintenance Total Expenditure Operating surplus (deficit) Income from investments Surplus (deficit) on ordinary activities Gain (loss) on investments Net movement in funds Fund balances at 1 January Fund balances at 31 December |
Restricted Funds £ - - 78,073 - - 78,073 - - - - - - 78,073 - 78,073 - 78,073 - 78,073 |
Unrestricted Total Funds Total Funds Funds 2022 2021 £ £ £ 3,300 3,300 3,200 1,950 1,950 1,950 20,300 98,373 11,988 9,504 9,504 9,409 15 15 15 35,069 113,142 26,562 ~~0~~ (8,303) (8,303) (9,149) (1,224) (1,224) (1,040) (2,025) (2,025) (2,828) (2,465) (2,465) (2,376) (43,747) (43,747) (24,503) (57,764) (57,764) (39,896) (22,695) 55,378 (13,334) 17,322 17,322 16,878 (5,373) 72,700 3,544 (76,204) (76,204) 81,744 (81,577) (3,504) 85,288 738,593 738,593 653,305 657,016 735,089 738,593 |
Unrestricted Total Funds Total Funds Funds 2022 2021 £ £ £ 3,300 3,300 3,200 1,950 1,950 1,950 20,300 98,373 11,988 9,504 9,504 9,409 15 15 15 35,069 113,142 26,562 ~~0~~ (8,303) (8,303) (9,149) (1,224) (1,224) (1,040) (2,025) (2,025) (2,828) (2,465) (2,465) (2,376) (43,747) (43,747) (24,503) (57,764) (57,764) (39,896) (22,695) 55,378 (13,334) 17,322 17,322 16,878 (5,373) 72,700 3,544 (76,204) (76,204) 81,744 (81,577) (3,504) 85,288 738,593 738,593 653,305 657,016 735,089 738,593 |
Unrestricted Total Funds Total Funds Funds 2022 2021 £ £ £ 3,300 3,300 3,200 1,950 1,950 1,950 20,300 98,373 11,988 9,504 9,504 9,409 15 15 15 35,069 113,142 26,562 ~~0~~ (8,303) (8,303) (9,149) (1,224) (1,224) (1,040) (2,025) (2,025) (2,828) (2,465) (2,465) (2,376) (43,747) (43,747) (24,503) (57,764) (57,764) (39,896) (22,695) 55,378 (13,334) 17,322 17,322 16,878 (5,373) 72,700 3,544 (76,204) (76,204) 81,744 (81,577) (3,504) 85,288 738,593 738,593 653,305 657,016 735,089 738,593 |
|---|---|---|---|---|
| 113,142 |
26,562 | |||
| ~~0~~ (8,303) (1,224) (2,025) (2,465) (43,747) (57,764) 55,378 17,322 72,700 (76,204) (3,504) 738,593 735,089 |
(9,149) (1,040) (2,828) (2,376) (24,503) (39,896) (13,334) 16,878 3,544 81,744 85,288 653,305 738,593 |
Company number 283997 Charity number 305147
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CRAIGMYLE GLEBE LIMITED
BALANCE SHEET: YEAR ENDED 31 DECEMBER 2022
| Note Fixed assets Tangible assets 4 Investments 5 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 Madeira Walk Total capital and reserves |
Restricted Funds 2022 £ 78,073 - 78,073 - - - - - 78,073 - 78,073 - - 78,073 78,073 |
Unrestricted Funds 2022 £ 27,061 579,284 606,345 22,855 30,774 53,629 (2,912) 50,717 657,062 (46) 657,016 77,732 579,284 - 657,016 |
Total Funds 2022 £ 105,134 579,284 684,418 22,855 30,774 53,629 (2,912) 50,717 735,135 (46) 735,089 77,732 579,284 78,073 735,089 |
Total Funds 2021 £ 21,242 655,488 |
|---|---|---|---|---|
| 676,730 | ||||
| 4,059 57,865 |
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| 61,924 - |
||||
| 61,924 | ||||
| 738,654 (61) |
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| 738,593 | ||||
| 83,105 655,488 - |
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| 738,593 |
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 4[th] September 2023
CJ Higson Chairman
Company number 283997 Charity number 305147
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CRAIGMYLE GLEBE LIMITED
NOTES TO THE ACCOUNTS: YEAR ENDED 31 DECEMBER 2022
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 other than land are 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% - 20% Fixtures and fittings 20% Improvements to grounds 10%
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 £8,303 (2021, £9,149).
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.
Company number 283997 Charity number 305147
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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 £ £ £ £ 20,875 16,836 52,300 90,011 8,532 5,590 78,073 92,195 29,407 22,426 130,373 182,206 17,148 10,574 41,047 68,769 3,316 2,966 2,021 8,303 20,464 13,540 43,068 77,072 3,727 6,262 11,253 21,242 8,943 8,886 87,305 105,134 |
|---|---|
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.
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Unit trusts at market value | 579,284 | 655,488 |
| 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 2022 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:
Company number 283997 Charity number 305147
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| Unrestricted funds General fund Long term investments Restricted funds Madeira Walk fund Total Funds |
2022 movement in the year 2021 £ £ £ 77,732 (5,373) 83,105 579,284 (76,204) 655,488 78,073 78,073 - |
|---|---|
| 735,089 (3,504) 738,593 |
The Trustees consider that the annual distribution by CCLA represents a prudent measure of the Glebe’s sustainable investment income. In 2022 this income was £17,322 (2021, £16,878) 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.
Company number 283997 Charity number 305147
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