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← Buckland Newton Community Property Trust

2024-04-30-accounts

Company registration number: 06209593 Charity registration number: 1153817

BUCKLAND NEWTON CPT LIMITED (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024

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
Secretary Ms J A Cuff
Charity Registration Number 1153817
Company Registration Number 06209593
The charity is incorporated in England and Wales.
Registered Office Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA
Principal Office Sunnyside
Buckland Newton
Dorchester
Dorset
DT2 7BX
Independent Examiner Howard Jones BA FCCA
Edwards and Keeping Limited
Chartered Accountants
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

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 of the charitable company for the year ended 30 April 2024.

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 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 fromthe Homes and Communities Agency, the Council and a charitable trust.

Financial review

Rental income of £60,573 (2023 - £55,765) was received, property management being carried out by Magna Housing Ltd. Investment income received was £25 (2023 - £9).

Costs directly attributable to the provision of housing totalled £43,254 (2023 - £53,698), including £22,235 depreciation. Governance costs solely comprise accountancy and independent examination fees £1,939.

Net income for the year was £17,344 compared with £2,076 in the prior year, with funds standing at £894,345 at 30 April 2024 (2023 - £877,001).

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.

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.

BUCKLAND NEWTON CPT LIMITED

TRUSTEES' REPORT

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 28 January 2025 and signed on its behalf by:

Mr A G Stone Trustee

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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". The report and accounts have been prepared in accordance with the provisions in the Companies Act 2006 relating to small companies.

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 the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that can 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.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Approved by the trustees of the charity on 28 January 2025 and signed on its behalf by:

Mr A G Stone Trustee

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 Company for the year ended 30 April 2024.

Responsibilities 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 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:

  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 and Keeping Limited Chartered Accountants Unity Chambers 34 High East Street Dorchester Dorset DT1 1HA

29 January 2025

BUCKLAND NEWTON CPT LIMITED

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 APRIL 2024 (INCLUDING INCOME AND EXPENDITURE ACCOUNT AND STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES)

Note
Income and Endowments from:
Rental income
Interest on cash deposits
Total income
Expenditure on:
Property Insurance
Property repairs and maintenance
Trade subscriptions
Sundry expenses
Accountancy and independent examination
Management fees
Legal and professional fees
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
2024
£
60,573
25
60,598
3,758
10,491
375
35
1,939
4,421
-
22,235
43,254
17,344
17,344
877,001
894,345		 Total
2023
£
55,765
9
55,774
1,424
22,001
350
35
1,609
4,184
1,860
22,235
53,698
2,076
2,076
874,925
877,001

All of the charity's activities derive from continuing operations during the above two periods.

BUCKLAND NEWTON CPT LIMITED

(REGISTRATION NUMBER: 06209593) BALANCE SHEET AS AT 30 APRIL 2024

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 assets/(liabilities)
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		 2024
£
883,748
7,432
23,879
31,311
(20,714)
10,597
894,345
-
894,345
894,345
894,345		 2023
£
905,983
12,578
8,979
21,557
(33,324)
(11,767)
894,216
(17,215)
877,001
877,001
877,001

For the financial year ending 30 April 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

The financial statements on pages 6 to 14 were approved by the trustees, and authorised for issue on 28 January 2025 and signed on their behalf by:

Mr A G Stone Trustee

BUCKLAND NEWTON CPT LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024

1 Charity status

The charity is limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.

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)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

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.

BUCKLAND NEWTON CPT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024

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.

BUCKLAND NEWTON CPT LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024

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 2024
£
22,235		 2023
£
22,235

BUCKLAND NEWTON CPT LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024

4 Trustees remuneration and expenses

During the year the charity made the following transactions with trustees:

Mr L Parsons

£Nil (2023: £Nil) of expenses were reimbursed to Mr L Parsons during the year.

No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.

No trustees have received any reimbursed expenses or 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		 2024
£
456
1,483
1,939		 2023
£
456
1,153
1,609

BUCKLAND NEWTON CPT LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024

6 Tangible fixed assets

6
Tangible fixed assets
Cost
At 1 May 2023
At 30 April 2024
Depreciation
At 1 May 2023
Charge for the year
At 30 April 2024
Net book value
At 30 April 2024
At 30 April 2023		 Land and
buildings
£
1,164,128
1,164,128
258,145
22,235
280,380
883,748
905,983		 Total
£
1,164,128
1,164,128
258,145
22,235
280,380
883,748
905,983

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 (2023 - £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 (2023 - £Nil).

BUCKLAND NEWTON CPT LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024

7 Debtors

7
Debtors
Trade debtors
Prepayments		 2024
£
4,018
3,414
7,432		 2023
£
10,665
1,913
12,578

8 Creditors: amounts falling due within one year

Trade creditors
Other loans
Accruals		 2024
£
1,939
17,215
1,560
20,714		 2023
£
-
30,000
3,324
33,324

Other borrowings

West Dorset District Council Loan with a carrying amount of £17,215 (2023 - £47,215) is denominated in £ Sterling with a nominal interest rate of 5% (2023 - 5%). The final instalment is due on 21 November 2024.

The loan is secured on the housing properties at Buckland Newton which have a carrying value of £905,983.

The loan is repayable by monthly instalments of £2,500. The charity agrees to pay the Council the net proceeds of sale of each unit sold in permanent reduction 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.

As of 21 February 2021 the capital element of the loan has been repaid and the remainder relates to interest accumulated over the course of the loan, the balance of which does not accrue further interest.

9 Creditors: amounts falling due after one year

2024 2023 £ £ Other loans - 17,215

BUCKLAND NEWTON CPT LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024

10 Funds

Unrestricted
General
Unrestricted
General		 Balance at 1
May 2023
£
877,001
Balance at 1
May 2022
£
874,925		 Incoming
resources
£
60,598
Incoming
resources
£
55,774		 Resources
expended
£
(43,254)
Resources
expended
£
(53,698)		 Balance at 30
April 2024
£
894,345
Balance at 30
April 2023
£
877,001

11 Analysis of net assets between funds

11 Analysis of net assets between funds
Tangible fixed assets
Current assets
Current liabilities
Total net assets
Tangible fixed assets
Current assets
Current liabilities
Creditors over 1 year
Total net assets		 Unrestricted
funds
General
£
883,748
31,311
(20,714)
894,345
Unrestricted
funds
General
£
905,983
21,557
(33,324)
(17,215)
877,001		 Total funds
at 30 April
2024
£
883,748
31,311
(20,714)
894,345
Total funds
at 30 April
2023
£
905,983
21,557
(33,324)
(17,215)
877,001

12 Related party transactions

There were no related party transactions in the year.