Company registration number: 06209593 Charity registration number: 1153817
# **BUCKLAND NEWTON CPT LIMITED (A COMPANY LIMITED BY SHARE CAPITAL) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2022**
Chartered Accountants
**BUCKLAND NEWTON CPT LIMITED**
## **CONTENTS**
|Reference and Administrative Details|1|
|---|---|
|Trustees' Report|2 to 3|
|Statement of Trustees' Responsibilities|4|
|Independent Examiner's Report|5|
|Statement of Financial Activities|6|
|Balance Sheet|7|
|Notes to the Financial Statements|8 to 14|
**BUCKLAND NEWTON CPT LIMITED REFERENCE AND ADMINISTRATIVE DETAILS**
**Trustees** Ms J A Cuff Mrs S N Barker Mr A G Stone Mrs G Watkin Mr L Parsons Mrs S M Pollard Mr A J T Parson Mr T Leyland (appointed 23 September 2021 and resigned 26 May 2022) **Secretary** Ms J A Cuff **Principal Office** Sunnyside Buckland Newton Dorchester Dorset DT2 7BX **Registered Office** Unity Chambers 34 High East Street Dorchester Dorset DT1 1HA The charity is incorporated in England and Wales. **Company Registration Number** 06209593 **Charity Registration Number** 1153817 **Independent Examiner** Howard Jones BA FCCA Edwards & Keeping Chartered Accountants Unity Chambers 34 High East Street Dorchester Dorset DT1 1HA
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**BUCKLAND NEWTON CPT LIMITED**
## **TRUSTEES' REPORT**
The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements and auditors' report of the charitable company for the year ended 30 April 2022.
## **Objectives and activities**
## _**Objects and aims**_
The objects of the Buckland Newton Community Property Trust as stated in the company's articles are:-
• To provide or assist in the provision of affordable housing accommodation for persons who are in conditions of need, poverty or distress,
• The maintenance, improvement or provision of public amenities,
• The provision of facilities for recreation or other leisure time occupation in the interest of social welfare with the object of improving the conditions of life for the residents of the area of benefit,
• The advancement of education and vocational training amongst the residents of the area of benefit, and the creation of training and employment opportunities by the provision of workspace, buildings and/or land for use on favourable terms.
## _**Public benefit**_
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales and also the Affordable Home Ownership guidance when reviewing the charity’s aims and objectives and in planning future activities. The area of benefit is Buckland Newton and the surrounding area in West Dorset.
## **Achievements and performance**
These objects have been met through the development and provision of five assured tenancy homes for rent and five shared ownership (part equity) homes in Buckland Newton, financed primarily through a loan from West Dorset District Council, with grants from the Homes and Communities Agency, the Council and a charitable trust.
## **Financial review**
Rental income of £52,161 (2021 - £53,227) was received, property management being carried out by Magna Housing Ltd.
Costs directly attributable to the provision of housing totalled £45,347 (2021 - £39,238), including £22,117 depreciation and £1 loan interest. Governance costs solely comprise accountancy and independent examination fees of £1,483 (2021 - £1,309).
Net income for the year was £6,964 compared with £13,990 in the prior year, funds standing at £874,925 at 30 April 2022.
## _**Policy on reserves**_
Owing to funds deployed in fixed assets or otherwise committed, the charity has no free reserves, day-to-day working capital needs are met by careful management of short-term liquid resources. The trustees consider that ideally free reserves of two months expenditure, would be expedient in order to cover the risks and uncertainties of operations.
## **Plans for future periods**
## _**Aims and key objectives for future periods**_
The objectives going forward are to continue to provide homes for those in need.
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**BUCKLAND NEWTON CPT LIMITED**
**TRUSTEES' REPORT**
## **Structure, governance and management**
## _**Nature of governing document**_
The Buckland Newton Community Property Trust was incorporated on 11 April 2007 as a charitable company limited by guarantee. The affairs of the company are governed by its articles, updated on 7 August 2013, under which the trustees control the company and its property and funds. Formal registration with the Charity Commission was confirmed on 16 September 2013.
## _**Recruitment and appointment of trustees**_
Trustees, who must be members of the charitable company, are elected by the members up to a maximum of twelve. No specific policies for the induction and training of trustees are considered to be necessary. Membership of the charitable company is open to any individual or organisation interested in promoting the objects who applies for membership and is approved by the trustees.
## **Small companies provision statement**
This report has been prepared in accordance with the small companies regime under the Companies Act 2006.
The annual report was approved by the trustees of the charity on 23 January 2023 and signed on its behalf by:
Mr A G Stone Trustee
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## **BUCKLAND NEWTON CPT LIMITED**
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES**
The trustees (who are also the directors of Buckland Newton CPT Limited for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the trustees of the charity on 23 January 2023 and signed on its behalf by:
Mr A G Stone Trustee
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## **BUCKLAND NEWTON CPT LIMITED**
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF BUCKLAND NEWTON CPT LIMITED**
I report to the charity trustees on my examination of the accounts of the charity for the year ended 30 April 2022 which are set out on pages 6 to 14.
## **Respective responsibilities of trustees and examiner**
As the charity’s trustees of Buckland Newton CPT Limited (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 Buckland Newton CPT Limited 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:
1. accounting records were not kept in respect of Buckland Newton CPT Limited 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 considered as part of an independent examination; or
4. 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.
Howard Jones BA FCCA Edwards & Keeping
Unity Chambers 34 High East Street Dorchester Dorset DT1 1HA
23 January 2023
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## **BUCKLAND NEWTON CPT LIMITED**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 APRIL 2022 (INCLUDING INCOME AND EXPENDITURE ACCOUNT AND STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES)**
|**Note**
**Income and Endowments from:**
Rental income
Other
Interest on cash deposits
Total income
**Expenditure on:**
Property Insurance
Property repairs and maintenance
Property council tax
Computer software and maintenance costs
Trade subscriptions
Sundry expenses
Accountancy and independent examination
Management fees
Legal and professional fees
Loan interest
Depreciation of housing properties
Total expenditure
Net income
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward
10|**Total**
**2022**
**£**
52,161
150
-
52,311
679
16,245
239
14
350
204
1,483
3,895
120
1
22,117
45,347
6,964
6,964
867,961
874,925|**Total**
**2021**
**£**
53,227
-
1|
|---|---|---|
|||53,228|
|||1,310
9,538
-
-
350
35
1,309
4,062
-
517
22,117|
|||39,238|
|||13,990|
|||13,990
853,971|
|||867,961|
All of the charity's activities derive from continuing operations during the above two periods.
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## **BUCKLAND NEWTON CPT LIMITED**
## **(REGISTRATION NUMBER: 06209593) BALANCE SHEET AS AT 30 APRIL 2022**
|**Note**
**Fixed assets**
Tangible assets
6
**Current assets**
Debtors
7
Cash at bank and in hand
**Creditors: Amounts falling due within one year**
8
**Net current (liabilities)/assets**
**Total assets less current liabilities**
**Creditors: Amounts falling due after more than one year**
9
**Net assets**
**Funds of the charity:**
**Unrestricted income funds**
Unrestricted funds
**Total funds**
10|**2022**
**£**
922,312
8,768
23,990
32,758
(32,930)
(172)
922,140
(47,215)
874,925
874,925
874,925|**2021**
**£**
944,429
3,951
30,266|
|---|---|---|
|||34,217
(33,470)|
|||747|
|||945,176
(77,215)|
|||867,961|
|||867,961|
|||867,961|
For the financial year ending 30 April 2022 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
## Directors' responsibilities:
- The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476; and
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements on pages 6 to 14 were approved by the trustees, and authorised for issue on 23 January 2023 and signed on their behalf by:
Mr A G Stone Trustee
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**BUCKLAND NEWTON CPT LIMITED NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 30 APRIL 2022**_
## **1 Charity status**
The charity is limited by share capital, incorporated in England and Wales. The address of its registered office is: Unity Chambers 34 High East Street Dorchester Dorset DT1 1HA The principal place of business is: Sunnyside Buckland Newton Dorchester Dorset DT2 7BX
## **2 Accounting policies**
## **Summary of significant accounting policies and key accounting estimates**
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
## **Statement of compliance**
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement 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 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). They also comply with the Companies Act 2006 and Charities Act 2011.
## **Basis of preparation**
Buckland Newton CPT Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
The accounts are presented in £ sterling.
## **Going concern**
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.
## **Exemption from preparing a cash flow statement**
The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.
## **Income and endowments**
All income is recognised when the charity has entitlement to the income, there is sufficient certainty of receipt and so it is probable that the income will be received, and the amount receivable can be measured reliably.
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**BUCKLAND NEWTON CPT LIMITED NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 30 APRIL 2022**_
## _**Donated services and facilities**_
No amounts are included in the accounts for services donated by volunteers.
## _**Other trading activities**_
Gross rental income received from the letting of the charity's housing properties is recognised on a receivable basis.
## _**Investment income**_
Investment income is recognised on a receivable basis.
## **Expenditure**
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources and depreciation charges allocated on the portion of the asset’s use.
## **Taxation**
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
## **Tangible fixed assets**
Housing properties are stated at cost less depreciation. Cost includes the cost of acquiring land and buildings, development costs, interest charges incurred during the development period and expenditure incurred in respect of improvements.
## **Depreciation and amortisation**
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
**Asset class Depreciation method and rate** Land Not depreciated Buildings 2% Straight Line Depreciation
## **Trade debtors**
Trade debtors are rents due and are recognised at the settlement amount.
## **Prepayments**
Prepayments are valued at the amount prepaid after taking account of any trade discounts due.
## **Cash and cash equivalents**
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
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**BUCKLAND NEWTON CPT LIMITED NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 30 APRIL 2022**_
## **Trade creditors**
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
## **Borrowings**
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
## **Provisions**
Provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
## **Fund structure**
The charity's funds comprise solely general, unrestricted income funds, which are available for use at the trustees' discretion in furtherance of the objects of the charity. Such funds may be held in order to finance both working capital and capital investment.
## **3 Net incoming/outgoing resources**
Net incoming resources for the year include:
|Depreciation of fixed assets|**2022**
**£**
22,117|**2021**
**£**
22,117|
|---|---|---|
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**BUCKLAND NEWTON CPT LIMITED NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 30 APRIL 2022**_
## **4 Trustees remuneration and expenses**
During the year the charity made the following transactions with trustees:
## **Mr L Parsons**
£150 (2021: £Nil) of expenses were reimbursed to Mr L Parsons during the year.
Expenses related to postage, envelopes and consumables.
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
No trustees have received any other benefits from the charity during the year.
## **5 Independent examiner's remuneration**
|**5**
**Independent examiner's remuneration**|||
|---|---|---|
|**Other fees to examiners**
Examination-related assurance services
All other services|**2022**
**£**
420
1,063
1,483|**2021**
**£**
360
949|
|||1,309|
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**BUCKLAND NEWTON CPT LIMITED NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 30 APRIL 2022**_
## **6 Tangible fixed assets**
|**6**
**Tangible fixed assets**|||
|---|---|---|
|**Cost**
At 1 May 2021
At 30 April 2022
**Depreciation**
At 1 May 2021
Charge for the year
At 30 April 2022
**Net book value**
At 30 April 2022
At 30 April 2021|**Land and**
**buildings**
**£**
1,158,222
1,158,222
213,793
22,117
235,910
922,312
944,429|**Total**
**£**
1,158,222|
|||1,158,222|
|||213,793
22,117|
|||235,910|
|||922,312|
|||944,429|
Included within the net book value above is a cost of £52,392 in respect of land which is not depreciated and is pledged as security for the West Dorset District Council loan. The remaining balance is freehold properties.
## **Capitalised borrowing costs**
Within Land and buildings are capitalised borrowing costs of £42,170 (2021 - £42,170). The capitalisation rate used to determine the amount of finance costs capitalised during the period was 5%. The amount capitalised in the period was £Nil (2021 - £Nil).
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**BUCKLAND NEWTON CPT LIMITED NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 30 APRIL 2022**_
## **7 Debtors**
|**7**
**Debtors**|||
|---|---|---|
|Trade debtors
Prepayments|**2022**
**£**
7,195
1,573
8,768|**2021**
**£**
3,383
568|
|||3,951|
## **8 Creditors: amounts falling due within one year**
|Trade creditors
Other loans
Accruals|**2022**
**£**
1,490
30,000
1,440
32,930|**2021**
**£**
2,180
30,000
1,290|
|---|---|---|
|||33,470|
## **Other borrowings**
West Dorset District Council Loan with a carrying amount of £77,215 (2021 - £107,215) is denominated in £ Sterling with a nominal interest rate of 5%. The final instalment is due on 31 March 2021.
The loan is secured on the housing properties at Buckland Newton which have a carrying value of £966,545.
The loan is repayable by monthly instalments of £2,500. Interest at 5% p.a. is calculated by reference to the daily balance. The charity agrees to pay the Council the net proceeds of sale of each unit sold in permanent reducton of the loan outstanding. The loan may be repaid at any time and any part repaid may be re-borrowed with no penalty or discount.
## **9 Creditors: amounts falling due after one year**
Other loans
|**2022**|**2021**|
|---|---|
|**£**|**£**|
|47,215|77,215|
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## **BUCKLAND NEWTON CPT LIMITED NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 30 APRIL 2022**_
## **10 Funds**
|**10 Funds**|||||
|---|---|---|---|---|
|**Unrestricted funds**
General
**Unrestricted funds**
General|**Balance at 1**
**May 2021**
**£**
867,961
**Balance at 1**
**May 2020**
**£**
853,971|**Incoming**
**resources**
**£**
52,311
**Incoming**
**resources**
**£**
53,228|**Resources**
**expended**
**£**
(45,347)
**Resources**
**expended**
**£**
(39,238)|**Balance at**
**30 April 2022**
**£**
874,925|
|||||**Balance at**
**30 April 2021**
**£**
867,961|
## **11 Analysis of net assets between funds**
|Tangible fixed assets
Current assets
Current liabilities
Creditors over 1 year
Total net assets|**Unrestricted**
**funds**
**General**
**£**
922,312
32,758
(32,930)
(47,215)
874,925|**Total funds**
**£**
922,312
32,758
(32,930)
(47,215)|
|---|---|---|
|||874,925|
## **12 Related party transactions**
There were no related party transactions in the year.
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