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 eXa￿InatiOn 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
41￿74
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
fi￿dS
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 ￿d￿cIng balanc¢
Taxatlon
Th¢ charity is ¢x¢mpt from co￿0[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 Ma￿h 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
moV￿nent
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