REGISTERED COMPANY NUMBER: 03271465 (England and Wales) REGISTERED CHARITY IYUMBER: 1058938 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 FOR MICHAELS LIMITED Carter & Coley Chartcrcd Accountants 3 Durrant Road Bournemouth Dorset BH2 6NE
MICHAELS LIMITED CONTEIYTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Page Report of the Truslees Independenl Examlner's R¢port Statement of FinAnel81 Actlvldes Balance Sheet Notes to the Financial Statements 8 10 14 Detailed Statement of Flnan¢lal Activities 15 to 16
MICHAKLS LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 The tNstees who are also directors of the charity for the purpr)ses of the Companies Act 2006) presenl their report with the financial statements of the charity for the year ended 31 March 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Rccommended Practice applicable to charities preparing their accounls in accordance with the Financial Reporting Siandard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). 0ECTIVEs AND ACTIVITIES Objectives and 4ims The object of ihe company 15 the relief of poverty particularly amongst homeless people in South East Dorset, and elsewhere in the United Kingdom, by the provision of temporary accommodation, food, cloihingj advice and resettleinent. It also provides facilities for recreation and other leisure time oc¢upation for such persons wilh the object of improving their condition of life. Slgnlficant actlvltles As reported in last year's accounts, we purchased another on¢-bcdroom flat in Bournemouth in May 2024. This flat was duly occupied in November 2024 after some refurt)ishment work was completed, enabling another resident to get closer lo the end of their journey. We are now able to accommodate up to 29 homeless people, both male and feniale. FINANCIAL REVIEW Reserves pollcy The Charity seekb to relain sufficient reserves that allows it to ¢ontinue to carry out il's charilable activities for a period of four months. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governins document, a deed of trusl, and constilules a limited company, liiiiiled by guarantee, as defined by the Compani¢s Act 2006. Organlsatlonal structure A Comniiltee of Manag¢m¢nt nins the company. It has close link5 Wlth local councils. health providers and national charitable organisations. REFERENCE AND ADMINISTRATIVE DETAILS Reglstered Company number 03271465 (England and Wales) Reglstered Charlty number 1058938 Registered office 46 Grosvenor Gardens Boscombe Bourncmouth Dot BHI 4HH Page I
MICHAELS LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 Trustees Mr J Coulslon Mrs R E Veale Mrs H C Hender Mrs M E Randell MrNSBeal Ms J Kelly Mr M G Slade Mrj C Malins Mr J D Ratcliffe (resigned 9110,:2024) Ms C D Palmer (resigned 101712024) Company Secretary Mrs R E Veale Independent Examlner Anthony Cooke FCA Caner & Coley Chartered Accountants 3 Durrant Road Boumemouih Dorset BH2 6NE Approved by order of the board of trustees on 4 June 2025 and signed on its behalf by: Mr J C Malins- Trustee Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MICHAELS LIMITED Independent eiamlner's report to the tnistees of Mlehaels Limited {'the Company,) report to the charity trustee5 on my examination of the accounts of the Company for thc year ended 31 March 2025. Responslbllllles and basts of report As the charity's trustccs of the Company (and also its directors for the puSeS of company law) you are responsible for the preparation of the accounis in accordance with the Tequirements of the Companies Acl 2006 {'Ihe 2006 Act,). Having satisfied myself that the accounts of tlie Company are nol required to be audited under Part l6 of ihe 2006 Act and are eligible for independent examination, I report in respexl of my examinalion of your charity's accounls as Caled oul under Section 145 of the Charities Act 2011 ('the 201 l Act,). In carrying out my examination I have followed th¢ Directions given by the Charity Commis¥ion under stion 145(51 (b) of the 2011 Act. Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MICHAELS LIMITED Independent examfiner's statement Since your charity's gross income exceeded £250,000 your examiner must b¢ a member ot" a listed body. I can confirn] that l am qualified io undertake ihe examination because l am a member of the Institute of Chartered Accountanls in England and Wales, which is one of the listed bodie5. I have completed my examinalion. I confirni that no matters have come to my attention in connection with the examination giving me cause lo believe: accounting records were not kept in respect of the Company a5 required by SeLlion 386 of the 2006 the accounls do not accord with those records. or the aecounls do not comply with the accounting reqiiiTem¢nts of Section 396 of the 2006 Act other than any requirement that the accounls give a true and fair view which is not a maller considcred as part of an independent examination- or the accounts have not b¢¢n prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities {applic3ble lo charities preparing their accounls in accordance wilh th¢ 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 examinatiM to which attenlion should be drawn in this report in order to enable a proper underslanding of tlie accounls to be reached. th & Coley ered Accountants nt Road Bou emouth Dorset BH2 6NE 4 June 2025 Page 4
MICHAELS LIMITED STATEMEIYT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025 2025 Total funds 2024 Total funds L'nrestrict¢d Restricted funds funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 29,645 20,421 $0,066 41,574 Other trading activities Invcstmcnt incomc 415,218 6,138 415,218 6,138 405,826 4,405 Total 451,001 20.421 471,422 451,805 EXPENDITURE ON Charitable activities Supporting people 440,547 20,421 460,968 383,464 NET INCOME 10,454 10,454 68.341 RECONCILIATION OF FUNDS Total funds brought foNard 1,016,521 1,016,521 948,180 TOTAL FUNDS CARRIED FORWARD 1,021975 1,026,975 1,016,521 The notes fom) part of these financial statements Page 5
MICHAELS LIMITED BALANCE SHEET 31 MARCH 2025 2025 Total funds 2024 Total nd5 Unrestricted fund5 Restricted funds Notes FIXED ASSETS Tangible assets 885,253 885,253 731,621 CURRENT ASSETS Debtors Cash at bank and in hand 10 39,3S7 114,970 39,357 114,970 30,479 268,297 154J27 154,327 298,776 CREDITORS Amounts falling diie within one year (12,605) (12.605) (13,876) NET CURRENT ASSETS 141,722 141.722 284,900 TOTAL ASSETS LESS CURRENT LIABILITIES 1,026,975 1,026,975 1,016,521 NET ASSETS 1,026,975 1,026,975 ,016,521 FUNDS Unrestricted funds 12 1,026,975 1,016,521 TOTAL FUNDS ,026,975 ,016,521 The charitable company is entitled ro exemption from audit under Section 477 of tlie Compaiiies Act 2006 for the year ended 31 March 2025. The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance wilh Section 476 of Ihe Companies Act 2006. The tru51ee5 arknowledge their responsibilities for (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and (b) preparing financial staiements which give a true and fair view of the state of affairs of the chariiable company as at the end of each financial year and of its SUTplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with ihe requir¢ments of the Companies Act 2006 relating to financial statement5, $0 far as applicable to the charitable company. The notes forni part of ihe5e financial slalements Pag¢ 6
MICHAELS LIMITED BALANCE SHEET- continued 31 MARCH 2025 These financial statements have been prepaTed in accordance with the provisions applicable to charitable companies subject to rhe small companies regime. The financial statements were approved by the Board of Truslees and authorised for issue 011 4 June 2025 and were signed on its behalf by.. Mr J C Malins - Tntee ¢£(oc Mrs R E Veale - Truslee The notes fomi part of thes¢ financial statements Pag¢ 7
MICHAELS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES Basls of prepAring the financlal statements The financial statements of the charitable company* which is a public benefil entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounling and Reporting by Charities: Statement of Recommended Practice applicable to ¢harilies preparing their accounts in accordance wilh the Financial Reporting Standard applicablc in ihe UK and Rcpublic of Ireland {FRS 102) (effective l January 2019),. Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and ihe Companies Act 2006. The financial statements have been prepared under the historical cosl convention. Income All Income is reeognised in the Siatement of Financial Activities once the charity has entitlement to Ihe nds, it is probable Ihal the Income will bc received and the amount can bc measured reliably. Expendlture Liabilities are recognised as expenditure as S¢)on as there is a Icgal or constructive obligation committing the Lhtirily lo that expenditure, il is probable that a transfer of economic benefits will be reqiiired in s¢iilement aiid the amount of the obligation can be measiired reliably. Expenditu is accounted tor on an accNals basis and has been classified under headings that aggregate all cost related to th¢ category. Where cosls cannot be direeily atiribuled to particular headings they have been allocated to activities on a basis consistent wilh ihe use of r¢sources. Tinglble Ilxed ASSets Dcprecialion is provided at the following annual raies in order lo write off each asset oiler its estimated useful lifc. Freehold property Long lcaschold Fixttires and filliiigs Motor vehicles 20/0 on cost in accordance willi the lem of the lease 151J/o on reducing balance 250/0 on reducing balance Taxatlon Thc charity 18 exempt from con)oration tax on 115 charitable activities. Fund Aecountlng Unrestricled funds cali be used iii accordance with tlie charilable objectives at the discretton of the Irustees. Restri¢t¢d funds can only be used for particular restricted purposes within the objects of the ¢harily. Restrictions arise when specified by the donor or when funds are raised for particular restrictcd purposes. Further explanation of th¢ nature and pU0$e of each fund is included in the notes to the financial statements. Page 8
MICHAELS LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES- continued Pension eosts Vdnd other post-retlrement benefits The charitable company operates a defined contribution pension scheme. Contributions payable to the chanlable Companls pension scheme are charged to the Statement of Financial Actlvities in the period to which they relate. OTHER TRADING ACTIVITIES 2025 2024 Housing benefit Rent 352,193 63,025 334,358 71,468 415,218 405,826 INVESTMENT INCOME 2025 2024 tkposit account interest 6,138 4,405 NET INCOMEIEXPENDITURE) Net incoine/(expenditure) is stated after charginW(crediting)'. 2025 2024 Deprecialion - owned assets Deficit on disposal of fixed assels Independent examiners fee 20,200 3,458 1,900 10,434 1,810 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration OT Other benefils for the y¢ar ended 31 March 2025 nor for the year ended 31 March 2024. Trustees, expenses There were no tnist¢es' ¢xp¢ns¢s paid for the year ended 31 March 2025 nor for the year ended 31 March 2024. Page 9
MICHAELS LIMITED NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025 STAFF COSTS The average inonthly niiinber of employtts during the year was as follows: 2025 2024 Administration Supp)rt 10 10 No einployees received etnolutnents in cxcess of £60,000. COMPARATIVES FOR THE STATEMENT OF FIIYANCIAL ACTIVITIES Unieslrict¢d Restricted funds funds Total funds INCOME AND ENDOWMENTS FROM Doimtions and legacies 41,574 41,574 Other trading activities Investment income 405,826 4,405 405,826 4,405 Tot&1 451,805 451,805 EXPENDITURE ON Charltable actlvltles Supporting people 383,464 383,464 NET INCOME 68,341 68,341 RECONCILIATION OF FUNDS Total funds brought foThvard 948,180 948,180 TOTAL FUNDS CARRIED FORWARD 1,016.521 1,016,521 Page 10
MICHAELS LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025 INTANGIBLE FtXED ASSETS Goodwill COST At l April 2024 and 31 March 2025 15,000 AMORTISATION At l April 2024 and 31 March 2025 Is,000 NET BOOK VALUE At 31 March 2025 At 31 March 2024 TANGIBLE FIXED ASSETS Fixtures and fittings Freehold property Long leasehold Motor vehicles Totals COST Al l April 2024 Additions Disposals 632J27 168,69S 133,708 23.657 20,760 8,595 (20,760) 810,452 177,290 (20,760) Al 31 March 2025 801,022 133,708 23,657 8595 966,982 DEPRECIATION At l April 2024 Charge for year Eliminated on disposal 34,661 16,020 7,714 1,078 17J02 953 19,154 2,149 (17J02) 78.831 20,200 (17J02) At 31 March 2025 50,681 ,792 I8,2S5 4,001 81,729 NET BOOK VALUE At 31 March 2025 750J41 124,916 5.402 4,594 885,253 At 31 March 2024 597,666 125,994 6,355 1,606 731,621 A grant of £118.795 was received from the National Lottery Charities Board in 1998 to fund the purchase of additional charitable accommodation. The total cost of the freehold property before deduction of granis is £148,544. In the opinion of the trustees the fair value of the charity's property is in excess of £1,400,000. Pagell
MICHAELS LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025 10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Prepayments and accrued income 39,357 30,479 11. CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Trade creditors Social security and other taxes Petision control accouiit Accruals and deferred incon 234 973 ,791 ,027 10,085 523 9,737 12,605 13,876 12. MOVEMENT IN FUNDS Net movement in fuiids At 3113125 At 114124 Unreslrlcted funds General fund Short tcmi projects Running cosls fund Bike Project 956,521 io,ooo 50,01)0 6,866 963J87 10,000 50,000 3,588 3,588 1,016521 10.454 1,026,975 TOTAL FUNDS 1,016,521 10,454 1,026,975 Page 12
MICHAELS LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR EIYDED 31 MARCH 2025 12. MOVEMENT IN FUNDS- contlnued Nel Inovenienl in fuiids, included in the above are as follows-. Incoming resources Resources expended Movement in funds Unrestricted funds General fund Bike Project 445,445 5,556 (438J79) (1,968) 6,866 3,588 451,OOJ (440,547) 10,454 Restrlcted funds The Valenline Trust Talbot Valley Tnjst 10,000 10,421 (10,000) (10,421) 20,421 (20,421) TOTAL FUNDS 471,422 (460,968) 10,454 Comparatlves for movement in funds Nel movement in funds At 3113124 At 114123 Unrestricted funds General fund Short temi projects Running costs fund Bike Project 871,804 i 0,000 50,000 16,376 84,717 956,521 10,000 50.000 (16,376) 948,180 68,341 1,016,521 TOTAL FUNDS 948,180 68,341 1,016,52l Page 13
MICHAELS LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025 12. MOVEMENT IN FUNDS - continued Coinparative net moven)¢nt in funds. included iii the above are as follows., In¢oming resources Resourccs expended Movcment in fund5 Unrestrlcted funds General fund Bike Project 446,139 5.666 (361,422) (22.042) 84.717 (16,376) 451,805 (383,464) 68,341 TOTAL FUIYDS 451,805 (383,464) 68,341 13. RELATED PARTY DISCLOSURES There were no related party transactions for thc year ended 31 March 2025. J4. COMPANY LIMITED BY GUAIL4NTEE In the event of the Company being wound up, its members at Ilie lime logether with those wlio ceased to be m¢mb¢rs within a year of ihe winding up, are required to coThlribute an amount not exceeding £ l O per inember towards any liabilities of the coinpany. Page 14
MICHAELS LIMITED DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 INCOME AND ENDOWMENTS Donations and legaeies Donations Gift aid Legacies Grants Sundry receipts 25,483 1,191 37,491 2.373 247 780 683 20,421 2,971 50,066 41,574 Other trading aclivitie8 Housing benefit Rent 352,193 63,02S 334,358 71,468 415,218 405,826 Investment Income Deposit accouijt interesl 6,138 4,405 Total incomlng resour¢eg 471,422 451.805 EXPENDITURE ChAritAble actlvltle$ Wages Social security Pensions Rates and water Insurance Light and heat Telephone Office costs Sundries Food Rent Garage rent Residents activities Repairs and maintenance Carried forward 218,892 13,564 4,192 7,326 6,864 21,191 2.216 447 7,221 9.176 10,634 1,545 964 59,191 363,423 202,008 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 This page does not forni part of th¢ statutory fmancial statements Page 15
MICHAELS LIMITED DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Charltable activities Brought fonvard Property refurbishment Motor and travel Cleaning Training Bike project 363,423 26,680 6J83 7,403 1,052 2,051 327,359 3,604 5,429 5.075 4.214 406,992 345.681 Support costs Other Wages Social security Pensions Bank charges Professional f¢¢s Accountancy Motor aiid travel Office expenses Sundry Depieciation of tangible fixed assets Loss on sale of tangible fixed assels 15,165 1,638 385 60 5,067 2.140 709 2,060 3,094 20,200 3.458 14,805 1,200 500 86 5.130 1,810 480 1,298 2,040 10,434 53,976 37.783 Total resources expended 460,968 383,464 Net Income 10,454 68,341 This page does not fonn part of the statutory financial statements Page 16