MIDHURST CLT LIMITED (A COMPANY LIMITED BY GUARANTEE) UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 COMPANY REGISTERED NUMBER: 10887222 CHARITY REGISTERED NUMBER: 1199829
MIDHURST CLT LIMITED (A COMPANY LIMITED BY GUARANTEE) INDEX TO THE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Page Trustees, Report Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 9-14
MIDHURST CLT LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT FOR THE YEAR ENDED 31 JULY 2024 The Trustees present their Annual Report together with the financial statements of Midhurst CLT Limited for the year ended 31 July 2024. The Annual Report serves the purpose of both a trustees, rewrt and a directors, report under company law. The Trustees confinn that the Annuat Report and financial ststements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's goveming document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicabl¢ in the UK and Republic of ITeland (FRS 102) (effective l January 2019). Since the Charity qualifles as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors. Report) Regulations 2013 has been omitted. REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS Charity registered number: 1199829 Company registered number: 10887222 R¢gisl¢red Olee address: Greens Court, West Street, Midhurst, GU29 9NQ Trustees and Directors: P A Collins D F Coote G L Dixon P R Gibbon JNHart G V McAra P A Mellings A B Moore Bankers: HSBC Independent Examiner: A R Mardle FCA
MIDHURST CLT LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT FOR THE YEAR ENDED 31 JULY 2024 (CONTINUED) STRUCTURE, GOVERNANCE AND MANAGEMENT Contrtilulion Midhurst CLT Limited was incorporated on 27 July 2017, limited by guarantee and without a share capital. It was registered as a charity on 27 July 2022. The Company is govemed by its Articles of Association which were adopted on 25 March 2022. In the event of the Company being wound up each member may be required to contribute an amount not exceeding £ I for the payment of any debts and liabilities of the Company contracted before he or she ceased to be a member. Melhods of appointpnent or election of Trustees The directors of the Company are also charity trustees for the purpose of charity law. The management of the Charity is the responsibility of the Trustees who are elected or co-opted under the tem)s of its Articles of Association. The Company's Articles of Association state that the board shall not be less tljan three in number. The usual tenn of office for a Director shall be three years, at the end of which they shall retire. Subject to article 15.1 I, a Dire¢tor shall be eligible for reappointment by the Directors for up to a fi]rther two ternis, each of three years. No Director shall serve for more than nine consecutive years, unless the DiTectors consider it would be in the best interests of the Charity for a particular Director to continue to serve beyond that period and that Director is reappointed in accordance with the Articles. All the members of the Governing Body give of their time freely and no remuneration or expenses were paid to them during the year. No member of the Governing Body, or person connected with a member of the Governing Body, received any benefit from the Company. Organisational struclure The Trustees convene as and when the need arises. Policies adopledfor the induction and truining ofthe Trustees The existing Trustees are already familiar with the work of the Company. An agreed process of induction and briefing is provided for new trustees to whom details of the operational framework of the Company and the latest published report and financial statements are also provided. Trustees are advised of their obligations.
MIDHURST CLT LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT FOR THE YEAR ENDED 31 JULY 2024 (CONTINUED) RiFk Management The Trustees have identified and conducted a review of the Major risks to which the Company is exposed and has established systems and procedures to mitigate and manage those risks. It is recognised that these systems and procedures are only able to provide reasonable but not absolute assurance that major risks are being adequately managed. OBJECTIVES AND ACTIVITIES Policies and objectives The Trustees are mind1 of the Charity Commission'5 guidance on public benefit and takes it into account when making decisions. In setting objectives and planning activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit. including the guidance "Public benefAt.' running a charlty {PB2)" ACHIEVEMENTS AND PERFORMANCE Main achievemenls of Ihe Charity Midhurst Community Land Trust (MCLD is a not-for-profit organisation who's overarchAng aim is to make available a long-tertn stock of genuinely affordable housing to rent in the Midhurst area for local people and k¢y workers who are important to the fabric of the town. It seeks to either own land or at least have very long leases and control such things as the rent and design of houses or flals. A community land trust is a social enterprise set up to benefit a specific community by owning important local assets. Midhurst CLT was set up in 2017 and ill July 2022 was granted charitable status. MCLT fonns part of a national network of community land trusts. MCLT currently owns two houses, both bought with generous grants from Chichester District Council and South Downs National Park Authority with the balance being borrowed. The rent covers the borrowing costs and the servicing of the properties. A strong allocation policy is in place and this was used for the fair allocation of tenancies to local people and will b¢ the backbone of future allocation of leases. MCLT continues to seek out local opportunities and at present has a robust pipeline. It is in negotiation to obtain a long lease and refurbish a large building, Éo purchase fannland on which 30 plus units could be built and various other propositions that are more long tern). More infonnation is available from MCLT'S website whose address is .' https:l/www.midhurstclt.orgl
MIDHURST CLT LIMITED (A COMPANY LIMITED B Y GUARANTEE) TRUSTEES, REPORT FOR THE YEAR ENDED 31 JULY 2024 {coNfiNUED) FINANCIAL REVIEW Going concern After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For ihis rea50n, they continue to adopt the going concern basis in preparing the fxnancial slatements. Further details regarding the adoption of the going concern basis may be found in the accounting policies which fonn part of the notes to the financial statements. Resultsfor Iheyear The Company operated successfully during the year and maintained a sound fll]ancial position at the year end. Total income amounted to £26,448 (2023: £29,208) and total expenditure amounted to £13,170 (2023: £16,298). This resulted in net income of £13,278 (2023: £12,910). The Balance Sheet at 31 July 2024 showed Total Funds of £39.301 {2023: £26,023). Reserves Policy The Trustees continue to review the Company's Reserves Policy in order to ensure that the level of Free Reserves held on an ongoing basis will be adequate to fiJlfIl the Company's obligations and to maintain its financial stability. Environpnenlal. Social and Corporate Governance IESG), SÉewar(Lwhip and Climale Change ESG has come sharply into focus having been driven further and faster by the climate change crisis and recently by thc coronavirus pandemic. The Board believes that ESG factors are likely to have a material impact on investment risk and return outcomes and that good stewardship Can create and preserve value for companies and investment markets as a whole. The Board also recognises that long-tenn sustainability issues, particularly the climate change CTISIS, present risks and opportunities.
MIDHURST CLT LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT FOR THE YEAR ENDED 31 JULY 2024 (CONTINUED) FINANCIAL REVIEW (CONTINUED) STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees, who are also the directors of the Charity for the purposes of company law, are responsible for preparing the Trustees. Report and the financia] statements in accordance with applicable law and United Kingdom Accounting Standards (Uniled Kingdorn Generally Accepted Accounting Practice). 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 Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these fuclaI statements. the Trnstees aTe required to: (a) select suitable accounting policies and then apply them consistently. (b) observe the methods and principles of the Charities SORP (FRS 102}. (c) make judgments and accounting estimates that are reasonable and prudent. (d) state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any rnaterial departures disclosed and explained in the financial statements. (e) prepare the financial statements on the going concern basis unless it is appropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping adequate accounting Tecords that are sufficient to show and explain the Charily's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. Th¢y are also responsible for safeguarding the assets of the ChaTity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the Trustees on 13 September 2024 and signed on their behalf by.. A B Moore Trustee and Chairnian
MIDHURST CLT LIMITED (A COMPANY LIMITED B Y GUARANTEE) INDEPENDENT EXAMINER'S REPORT TO TItE TRUSTEES OF MIDHURST CLT LllklITED I report to th¢ Trustees on the accounts of the Charity for the year ¢nded 31 July 2024 which are set out on pages 7 to 14. Respeclive responsibililies oJiruslees and &¥aminer The Truslees (who are also the directors of the Company for the purposes of mPanY law) are responsible for the preparation of the accounts. The Charity's trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (th¢ 201 l Act) and neither is an independent examination required under section 145 of ihe 2011 Act. However. the Charity's trustees hav¢ el¢¢ted for the accounts to b¢ examined by an independent ¢xaminer. l am qualified to undertake the examination by being a member of the Institute of Chartered Accountants in England and Wales and it is my responsibility to.. examin¢ th¢ accounts under section 145 of the 2011 Act. to follow thc procedures laid down in the general Directions given by the Charity Commission under s¢ction 145(5)(b) of the 2011 Act; and to state whether partieular mattcrs have come to my attention. BéESiS ofJndependent ExrtmiHer's Sialemenl My examination was carried out in accordance with the general Directions given by the Charity Cornmission. An examination includes a review of the accounting records kept by the Charity and a compari50n of th¢ accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and se¢king explanations from you as trustee5 concerning any such matters. The procedures undertaken do not provid¢ all the evidence that would be required in an audit and consequcntly no opinion is given as to whether the Ount5 present a 'trne and fair view. and the report is limited to those matters set out in the statement below. Independent Examiner's Sialemenl In ¢onne¢tion with tny examination, no matters have come to my attention which gives me cause to believ¢ that in any material respect.. accounting records were not kept in accordance with section 386 of the Compani¢s Act 2006,. or the accounts do not accord with such r¢cords' or the aOunt$ do not comply with relevant accounting requirements under section 396 of the Cotnpanies Act 2006 other than any requirem¢nts that the accounts give & "tru¢ and fair view" which is not matter ¢onsidered as part of an independent examination; or the accounts have not be¢n prepared in accordance with the Charities SORP (FRS 102). I have come across no other matters in connection with the examination to which attention should be drawn in this report in order lo enable a proper understanding of tl)e accounts to be r¢a¢hed. This report is mad¢ solely to the Charity's trustees, as a body, in accordanc¢ with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's trustses those matters l am required to state to them in an Independent Examiner's report and for no other purpose. To the fullest extent pernjitted by law, I do not a¢cept or assume responsibility to anyone other than the Charity and the Charity's trustees, as a body, for my work for this rewrt. Signed.. Alain Mardle FCA Chartered Accountant Greens Court, West Street Midhurst, West Sussex. GU29 9NQ Date..
MIDHURST CLT LIMITED (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVIES (iMcorporating Income & Expenditure Aecount) FOR THE YEAR ENDED 31 JULY 2024 Unrestric ted funds Designated funds Re5tri¢ted funds Total 2024 Total 2023 Notes Income from: Charitable activities & inveslment income 806 Expenditure on: Charitable activities & support costs Net incoming (outgoing) r¢sources for the year before transfers {1,996) 15.274 13,278 12,910 Transfers between fund5 io Net incoming (outgoing) resources for the year (201) 666 12.813 13.278 12,910 Fund balances brought forward Fund balan¢¢s carried fonvard 10 This Ststement of Financial Activities includes all gains and losses r¢¢ognised in the year. All incoming resources and resources expended were derived from continuing operations. The notes on pages 9 to 14 form part of th¢s¢ financial statements.
MIDHURST CLT LIMITED (A COMPANY LIMITED BY GUARANTEE) BALANCE SHEET AT 31 JULY 2024 2024 2023 Nol¢ FIXED ASSETS Tangible assets 350,000 350,000 CURRENT ASSETS Debtors Cash at bank 135.356 1,366 172 017 Creditors: amounts falling due within one year NET CURRENT ASSETS TOTAL ASSETS LESS CUIiRENT LIABILITIES 511.946 372,719 Creditors: amounts falling due after more than one year 472 645 NET ASSETS RESERVES Unrestricted fimds Designated funds Restricted fimds 2.394 2.666 2,595 2,000 TOTAL FUNDS io The Company was entitled to exernption from audit under section 477 of the Companies Act 2006. The members have not required the Company to obtain an audit in accordance with section 476 of the Companies Act 2006. The Trustees acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with Tespect to accounling records and preparalion of financial statements. These financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies, regime. The financial statements were approved and authorised for issue by the TnteeS on 13 September 2024 and signed on its behalf by.. P A Mellings The notes on pages 9 to 14 forni part of these financial statements.
MIDHURST CLT LIMITED (A COI¥IPANY LIMITED BY GUARAf+lTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 GENERAL INFORMATION The Company is a private company limited by guarantee registered in England and Wales and. additionally. a registered charity in England and Wales. The addTess of the registered office is shown on Page l. ACCOUNTING POLICIES Basis of preparation of the financial statements The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recornmended 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) and the Companies Act 2006. MidhuTSt CLT 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. 22 Going concern At the time of approving the financial statements, the Trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of a¢¢ounting in preparing the financial statements. Charitable funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives. Some of the unrestricted funds held by the Charity aTe treated as designated funds. Restricted funds are subject to specific conditions by donors as to how they may be used. The Purposes and uses of the restricted funds are set out in the notes to the financial statements. Income All income is recognised once the Charity h&$ entitlement to the income or it is probable that the income will be received and the amount of the income receivable is able to be measured reliably.
MIDHURST CLT LIMITED (A COIKPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENfs FOR THE YEAR ENDED 31 JULY 2024 (CONTINUED) Government grants The company has adopted the accrual model for government grants. Grants relating to ass¢ts are recognised as income on a systematic basis over the expected useful life of the asset. The deferred part of grants relating to assets is recognised as deferred income and not deducted from the carrying amount of the asset. Expenditure Expenditure is recognised once there is a legal OT cOnStctive obligation to transfer economic benefit to a third party, or it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation is able to be measured reliably. All expenditure is inclusive of irrecoverable VAT. Tangible fixed 2SS¢ts Depreciation is provided at the following annual rates in order to MTite off each asset over its estimated use1 life. Land and buildings - 20/0 on cost Cash at bank Cash at bank is held on a current account which pays no interest. Liabilities Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event and it is probable that a transfer of economic benefit. which it is possible to estimate reliably, will be required in settlement. Liabilities are recognised at the amount the Charity anticipates it will pay to settle the debi. 2.10 Critical a¢¢ounting estimates and judgements In the application of the company's accounting policies, the Tntee$ are required to make judgements, estÉmates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other fa¢tOTS that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlytng assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and tUre periods where tb¢ revision affects both current and tUre periods io
MIDHURST CLT LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENfs FOR THE YEAR ENDED 31 JULY 2024 {CONTINUED) INCOME Unrestricted Designated fund5 funds Restricted fijnds Total 2024 Total 2023 Charitsble activities: Grants receivable Deferred grants Release deferred grants brought forward Rent receivable Interest receivable 135.000 135,000 0 (135.000) (135,000) 4,800 3,200 22,442 3,200 22,442 806 3,200 21,011 197 806 806 26,448 29,208 EXPENDITURE Unrestricted Designated funds funds Restricted fjjnds Total 2024 Total 2023 Charitable activities: Property expenses Site research costs Property purchase costs Support costs Finance costs 2,786 2,786 2,315 4,800 2.802 2,802 7,582 13,170 1,391 7,792 16,298 7.582 10,368 Total expenditure
MIDHURST CLT LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 (CONTINUED) FIXED ASSETS TotaI Cost: At l August 2023 Additions Disposals At 31 July 2024 350.000 Depreciation.. At l August 2023 Charge for the year Disposals At 31 July 2024 Net book value.. At 31 July 2024 At 31 July 2023 350 000 DEB TORS: AMOUNTS FALLING DUE WITHIN OINE YEAR 2024 2023 Other debtors & deposits paid 135 356 CREDITORS: AMOUNfs FALLING DUE WITHIN ONE YEAR 2024 2023 Bank loan Other creditors 5,851 5,633 82 12
MIDHURST CLT LIMITED (A colPArly LIMITED BY GUARAf4TEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 (CONTINUED) CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2024 2023 Bank loan Other creditors 190,445 282 200 196,296 150400 472 The company has received government grants of £160,000 towards the acquisition of two freehold properties. These have been treated as deferred income and are being amortised over the estimated useful life of the properties of 50 years. SECURED DEBTS The following secured debts are included within creditors.. 2024 2023 Bank loan 196 296 The bank loan is secured on the freehold properties of the company. The charges are registered at Companies House under references 108872220001and 108872220002 io. STATEMENT OF FUNDS Atl August 2023 Income Expenditure Transfers At31 July 2024 General fijnd 2,595 806 (2,802) 1.795 2,394 Designated funds: Wyndham Mews 2,000 25,642 (10,368) (14,608) 2,666 Restricted fLds.. Potential new sites 21,428 12,813 34,241 Total funds 26 023 26,448 13
MIDHURST CLT LIMITED (A COMPAIYY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 (CONTINUED) ii. ANALYSIS OF NET ASSETS BETWEEN OF FUNDS Unrestricted Designated Restricted Total 2024 Fixed assets Cuent assetslliabililies Long tenn liabilities 350,000 350.000 (9,689) 169,241 161,946 (337,645) (135,000) (472,645) 2,394 Total funds 2.394 2,666 34.241 12. STAFF NUMBERS No staff were employed during the year (2023.. 0 stafi). 13. TRUSTEES, REMUNERATIOIY AND EXPENSES During the year ended 31 July 2024 no Trustee received any fonn of remuneration or other benefits (2023: £Nil). During the year no trustee expenses have been incurred (2023.. £Nil). 14. POST-BALANCE SHEET EVENTS There have been no post-balance sheet events. 14