REGISTERED COMPANY NUMBER: 03271465 {England and Wales) REGISTERED CHARtTY NUMBER. 1058938 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR MICHAELS LIMITED Carter & Coley Chartered Accountants 3 Durrant Road Bournemouth Dorset BH2 6NE
MICHAELS LIMITED CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Page Report of the Trustees Independent Examiner's Report Statement of Flnanclal Actlvities Balance Sheet Notes to the FlnAnclAI Statements 8 to 14 DetAlled Statement of Flnanclal Actlvltles 15 to 16
MICHAELS LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Th¢ trust¢¢s who are also directors of ihe charity for the purposes of Ihe Companies Act 2006, present their report with the financial stalcmcnts of ihe charity for ihe year ended 31 MaKh 2024. The trustees have adopted the provisions of Accounting and Rcporting by Charities: Statcmcnt 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 l January 2019). OBJECTIVES AND ACTIVITIES Objectives and sims The object of the company is th¢ r¢lief of poverty panicularly amongst homeless people in South East Dorset, and elsewhere in the United Kingdom. by the provision of temporary accommodation, food, clothing, advice and resettlement. It also provides facilities for recreation and other leisure time occupation for such persons with the object of improving their condition of life. Slgnitlcant actfivltles It became apparent during the year that it was going to take a lon8 time to be able to afford to buy th¢ three-bedroom property that we aspired to in last year's Report, We therefore changed our focus to the purchase of another one-bedroom flat. W¢ found the ideal property in February and completed the purchase in May 2024. FINANCIAL REVIEW Reserves policy The Charity seeks to retain sufficient reserves ihat allows it to conlinu¢ lo carry out it's charilable activilies for a period of four months. STRUCTURE, GOVERNANCE AND MANAGEMENT Governfing document The charity is controlled by its goveming document. a deed of trust, and constitutes a limited companyj limited by guarantee. as defined by the Companies Acl 2006. Organisational structure A Committee of Management run5 the company. It has close links with local ¢oun¢ils, health providers and national charitable oiganisalions. REFERENCE AND ADMIIYISTRATIVE DETAILS Registered Company number 03271465 (England and Wal¢s) Registered Charlty number 1058938 Regbtered offlce 46 Grosvenor Gardens Boscombe Bournemouth Dorset BHI 4HH Page I
MICHAELS LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Trustee5 Mr J Coulston Mrs R E Veale Mr M Clarke {resigned 131912023) Mrs H C Hender Mrs M E Randell MrNSBeal Ms J Kelly Mr M G Slade Mrj C Malins Mr J D Ralcliffe Ms C D Palmer Company Secretary Mrs R E Veale Independent Examlner Anihony Cooke FCA Carter & Coley Chartered Accountants 3 Durrant Road Bourneinouih Dorset BH2 6NE Approved by order of the boaTd of trustees on 17 June 2024 and signed on its behalf by: Mr J C Malins- Truslee Page 2
INDEPENDENT EXAMIIYER'S REPORT TO THE TRUSTEES OF MICHAELS LIMITED Independent examiner's report to the trustees of Mlchaels Llmlted ('the Company,) I report to the charity tn]st¢es on my examination of the accounls of ihc Company for the year ended 31 March 2024. Responslblutles and basis of report As the charity's trustees of the Company (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 2LK)6 ('the 2006 AcV>. Having satisfied myself that the aceounts of the Company are not required to be audited under Part 16 of ihe 2006 Act and are eligible for indep¢ndent examination, I teport in respect of my examinati¢)n of your charitys accounts as carried out under Section 145 of the Charilies Act 2011 ('the 2011 A¢t'). In carrying out my examination I hav¢ followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act. Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MICHAELS LIMITED Independent examlner'$ $tatement Since your Charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confimi that l am qualified to undertake the examinalion because I am a member of the Institule of Chartered Accountants in England and Walcs, which is one of ihe listed bodies. I have completed my examination. I confirnl that no Matte have come to my attention in connection with the eXaInatiOn giving me cause to believe: accounting records were not kept in r¢sp¢d of the Company as required by Scction 386 of the 2006 Act: or the a¢¢ounls do not accord with those records. or 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 ftve and fair view which is not a matter considered as part of an independent examination. or the accounts have not been prepared in accordance with tlie methods and principles of the Statement of R¢commended Practice for a¢¢ounting and r¢porting by chatitie5 (applicable to charities preparlng their accounts in accordance with the Financial Reporting Standard applicable in ihe 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 underslanding of the accounts to be reach¢d. eFCA & Coley ered Accouiilants 3Du nt Road Bournemouth Dorset BH2 6NE 17 June 2024 Page 4
MICHAELS LIMITED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 2024 Total funds 2023 Total funds Unrestricled Restri¢t¢d funds Nol¢s INCOME AND ENDOWMENTS FROM Donations and legacies 4174 41,574 109.989 Other trading activilies Investment income 40S,826 4,405 405,826 4,405 320,322 852 Total 451005 451805 431,163 EXPENDITURE ON Charitable actlvltles Supporting people 383,464 383864 388,086 NET INCOME 68,341 68J41 43,077 RECONCILIATION OF FUNDS Total fijnds broughi forward 948,180 948,180 905,103 TOTAL FUNDS CARR]ED FORWARD 1,016J21 1,016,521 948,180 The notes fonn part of these financial statements Page 5
MICHAELS LIMITED BALANCE SHEET 31 MARCH 2024 2024 Total funds 2023 Total funds Unreslricled fidS Restricted funds Note5 FIXED ASSETS Tangible assets 731,621 731.621 739,756 CURRENT ASSETS Debtors Cash at bank and in hand 10 30,479 268,297 30,479 268,297 23,994 200,902 298,776 298,776 224,896 CREDITORS Amounts falling due within one year (13.876) (13,876) (16,472) NET CURRENT ASSETS 284,900 284,900 208,424 TOTAL ASSETS LESS CURRENT LIABILITIES 1,016,521 ,016,521 948,180 NET ASSETS 1,016,521 1,016,521 948,180 FUNDS Unrestricted funds 12 I,OA6,521 948,180 TOTAL FUNDS 1,016,521 948,180 The charitable company is entitled to exemption frotn audit under Seclion 477 of the Companies Act 2006 for thc ycaT cndcd 31 March 2024. The members have not required the company to obtain an audit of ils financial statements for the year ended 31 March 2024 iii accordance with Section 476 of the Companies Act 2006. The tnjstees acknowledg¢ their iesponsibilitie5 for (a) ensuring that the charitable company keeps accounting records that comply wilh Sections 386 and 387 of the Companies Act 2006 and (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at thc end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relaling to financial statements, so far as applicable to the haritable comwiy. The notes fomi part of these financial statements Page 6
MICHAELS LIMITED BALANCE SHEET - contlnued 31 MARCH 2024 These financial stakm¢nts have been prepared in accordance wlth the provisions applicable to charitable companies subject to the small companies regime. The financial statements were approved by the Board of TNstees and authorised for issue on 17 June 2024 and werc signcd on its behalf by: Mr J C Malins - Trustee P f locj Mrs R E Veale - Trustee The notes fom] part of these financial stat¢m¢nts Page 7
MICHAELS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES BA$is of prepAring the finAncial slydtements The financial stalemcnts of thc charitablc company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charilies SORP (FRS 102) 'Accounting and Reporting by Charities: Sialement of Recommcndcd Practice applicable to charities Preparing their accounts in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS I02) (effective l January 2019),. Financial Rep)rting Standard 102 'The Financial Reporting Standard appli¢abl¢ in th¢ UK and Republic of Ircland, and the Companies Aci 2006. The financial stateinenls have been prepared under the historical cost convention. Income All income is recognised in th¢ Stat¢tn¢nt of Financial Activities once the charity has ¢ntitlement to the funds, it is probable that the income will be r¢c¢iv¢d and the amount can be mcasur¢d r¢liably. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or construclive obligation comniltting 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 b&sis and has been classified under headings that aggr¢gat¢ all Cost related io the category. Where cosls cannot be direcily attributed to particular headings they have been allocated to activities on a basis consistent with the us¢ of r¢sourc¢s. Tanglble flxed assets Deprccialion is provided at the following annual rates in order to write off each asset over its estimated useful life. Freehold property Long leasehold Fixftires and fittings Motor v¢hicles 2./0 on cost in accordance with the lem) of ihe lease 150/0 on reducing balance 25Vo on dcIng balanc¢ Taxatlon Th¢ charity is ¢x¢mpt from co0[all0n lax on its charitabl¢ a¢tivitl¢5. Fund accounting Unr¢stricl¢d thnds can be used in accordanc¢ with the ¢haritabl¢ objectives at the discretion of th¢ trustees. Resiricted funds can only be used for particiilar restricted purposes within the objects of the charity. Restrictions arise whcn spccificd by the donor or whcn funds are raiscd for particular restricted purposes. Further explanation of ih¢ nature and purpose of each fund is included in the notes to the financial statements. Page 8
MICHAELS LIMITED NOTES TO THE FINANCIAL STATEMEIYTS- continued FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES- Contlnued Penslon cosls and other p05t-retfirement benefits The charitable company operates a defined contribution pension scheme. Contributions payable to the charitsblc company's pension scheme are charged to the Statement of Financial Aclivilies in the period to which they relate. OTHER TII4DING ACtIVlTIES 2024 2023 Housing benefit Rent 334,358 71.468 248,368 71,954 405,826 320.322 INVESTMENT INCOME 2024 2023 Deposit accounl interesl 4,405 852 NET INCOMEI(EXPENDITURE) Net incomel(expenditure) is stated after charginW(crediting): 2024 2023 Depreciation - owned assels Independent examiners fee 10,434 1,810 10,030 1.710 TRUSTEES, REMUNERATION AND BENEFITS There were no tNstees' remuneration or other benefits for the yeai ended 31 March 2024 nor for the year ¢nded 31 March 2023. Trustees, expenses There were no trustees, expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. Page 9
MICHAELS LIMITED NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 STAFF COSTS The average monthly number of employees during the year was as follows.. 2024 2023 Administration Support 10 10 No employees received emoluments in excess of £60,000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted funds funds Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 105,379 4,610 109,989 Other tradin8 activities Investment income 320,322 852 320,322 852 Tolal 426.553 4.610 431,163 EXPENDITURE ON CharltAble actlvltles Supporting people 383,476 4.610 388,086 NET INCOME 43,077 43,077 RECONCILIATION OF FUNDS Tolal funds brought forward 905,103 905,103 TOTAL FUNDS CARIUED FORWARD 948,180 948,180 Page 10
MICHAELS LIMITED NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 INTANGIBLE FIXED ASSETS Goodwill COST At l April 2023 and 31 March 2024 15.000 AMORTISATION At l April 2023 and 31 March 2024 15,OIK NET BOOK VALUE At 31 Mah 2024 At 31 March 2023 TANGIBLE FIXED ASSETS Fixtures and fittings Freehold property Long leasehold Motor vehicles Totals COST At l April 2023 Additions 632.327 133,708 21J58 2.299 20,760 808,153 2,299 At 3 l March 2024 632,327 133,708 23.657 20,760 810,452 DEPRECIATION At l April 2023 Charge for year 27,417 7,244 636 1,078 15.726 1,576 18,618 536 68J97 10,434 At 31 March 2024 34,661 7.7J4 17J02 19,154 78,831 NET BOOK VALUE At 31 March 2024 S97,666 125,994 6,355 1,606 731,621 At 31 March 2023 604,910 127,072 5,632 2,142 739,756 A grant of £118,795 wa5 received from the National Lottery Charities Board in 1998 to fund the purchase of addilional Charitable accommodaiion. The total cost of ihe freehold property before deduction of granls is £148.544. In the opinion of the trustees the fair value of the charitys propety is in exces5 of £1.200.000, Pagell
MICHAELS LIMITED NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31 MARCH 2024 10. DEBTORS: AMOUIYTS FALLING DUE WITHIN ONE YEAR 2024 2023 Prepayments and accrued income 30,479 23.994 11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade creditors Social security and Oth taxes Pertsion control account Accrnals and deferred income 973 1,791 1,027 10,085 2,224 1,691 432 12.125 13,876 16,472 12. MOVEMENT IN FUNDS Net movement in funds At 3113124 At 114123 Unrestricted funds General fund Short term projects Running costs fund Bike Project 871,804 10,000 50,000 16J76 84,717 956,521 10,000 51).000 (16J76) 948,180 68,341 1.016,521 TOTAL FUIYDS 94&180 68,341 1.016,521 Net movement in funds, included in the above are as follows: Incoming resourccs Resoiirces expended moVnent in funds Unrestrlcted funds General fund Bike Project 446,139 5,666 (361,422) (22,042) 84,717 {1&376) 451105 (383,464) 68J4l TOTAL FUNDS 451805 (383,464) 68J41 Page 12
MICHAELS LIMITED NOTES TO THE FINANCIAL STATEMEIYTS- continued FOR THE YEAR ENDED 31 MARCH 2024 12. MOVEMENT IN FUIYDS- conllnued Comparatives for mov¢ment In funds Net movement in funds At 3113 123 At 114122 Unrestrlcted funds General fund Short temi projects Running costs fund Bike Project 836,730 10,0 50,000 8,373 35,074 871,804 10,000 50,000 16,376 8,003 905.103 43,077 948,180 TOTAL FUNDS 905,103 43,077 9411,180 Comparative net niovement in fvnds, included In the above are as follows,. Incoming resources Resources expended Movement in funds Unrestrlcted funds General fund Bike Project 418,015 8,538 (382,941) (535) 35,074 8,003 426,553 (383,476) 43,077 Restrleted funds The Valentine Trust Residents grants 2,500 2,110 (2,500) (2,110) 4,610 {4,6AO) TOTAL FUNDS 431,163 (388.086) 43,077 Page 13
MICHAELS LIMITED NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 13. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 March 2024. 14. COMPANY LIMITED BY GUARAIYTEE In the event of the company being wound up, its members at the time together with those who ceased lo be member5 Wlthin a year of the winding up, are required to contribute an amount not exceeding £10 per niember towards any liabilities of the company. Page 14
MICHAELS LIMITED DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR EIYDED 31 MARCH 2024 2024 2023 INCOME AND ENDOWMENTS DonAtion$ and legAcies Donations Gift aid Legacies Grants Sundry receipts 37.491 2J73 247 780 54,197 3,273 46.676 4.610 1,233 41,574 109,989 Olher trading activities Housing benefit Rent 334J58 71,468 248,368 71,954 405,826 320,322 Investment Income Deposit account inter¢5t 4,405 852 Total Incoming resourees 451,805 431,163 EXPENDITURE ChArltable actlvltles Wages Social Security Pensions Rates and water Insurance Lighi and heat Telephone Office costs Sundrics 202,008 10,551 4,366 8,201 6,738 25,043 1,939 433 3,718 26,913 5,652 305 1,413 30,079 327,359 186,417 10,403 3,571 8,047 6,525 30.721 1,914 506 6,311 25,442 6,340 840 636 44.429 332.102 Rent Garage renl Residents activities Repairs and maintenance Carried forward This page does not fonn part of the statutory fmanclal statements Page 15
MICHAELS LIMITED DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Charilable Activities Brought forward Motor and travel Cleaning Training Bike project 327J59 3,604 5,429 5.075 4,214 332.102 4,959 5,850 874 7.165 345.681 350,950 Support costs Other Wages Social securily Pensions Bank charges Professional fees Aceounlancy Motoi and travel Office expenses Sundry D¢preciation of tangible fixed assets 14,80S 1200 500 86 5,130 1,810 480 1,298 13.961 1,173 558 75 4,595 1.710 551 1,778 2,705 10,030 37,783 37,136 Total resources expended 383.464 388,086 Net in¢ome 68J41 43,077 This page docs not fonn part of the statutory financial statements Page 16