MJDHURST CLT LIMrrED (A COMPANY LIMITED BY GUARANTEE) UNAUDITED TRUSTEI ESY REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 COMPANY REGISTERED NUMBER: 10887222 CHARrry REGISTERED NUMBER: 1199829
MtDHURST CLT LIMITED (A COMPANY LIMITED BY GUARANTEE) INDEX TO THE REPORT AM) FII¥4ANCIAL STATEMENTS FOR THE YEAR EIYDED 31 JULY 2025 Page Trustees, Report Independent Examinevs Report Stat¢ment 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 2025 The Trustees present their Annual Report together wtth the financial statements of Midhurst CL T Limited for the year ended 31 July 2025. Th¢ Annual Report s¢rv¢s the Purpose of both a trnstees, report and a directors, report under company law. The Trustees confirni that the Annual Report and financial statements of the charitsble company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recornmended Prdctice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporfing Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). Since the Charity qualifies as small under section 382 of the Companies Act 2006, the Stralegic Report required of mediurn 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 Registered oifiee address: Greens CourL West Street. Midhurst. GU29 9NQ Trustees and Directors: P A Collins D F Coote G L Dixon (resigned 21 March 2025) P R Gibbon JNHart G V McAra P A Mellings A B Moore P J Watt (appointed 21 March 2025) BAnker$: HSBC Independent Examiner: A R Mardle FCA
MIDHURST CLT LIMrrED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES? REPORT FOR THE YEAR ENDED 31 JULY 2025 (CONTINUED) STRUCTURE, GOVERNANCE AND MANAGEMENT Cons¢ilution Midhurst CLT Limited w&8 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 governed by its Articles of Association which were adopted on 25 January 2025. In the event of the Company being wound up each member may be required to contribute an amount not exceeding £1 for the payment of any debts and liabilities of the Company contracted before he or she ceased to be a member. Methods of appoin1nnI or eleclion of Trustees The directors of the Company are also charity trustees for the PUTpose of charity law. The management of the Charity is the responsibÉlity of the Truste¢s who are elected or co-opted under the tenns of its Articles of Association. The Company's Articles of Association state that the board shall not be less than tIee in number. The usual tenn of office for a Director shall be three years, at the end of which they shall Tetire. Subject to article 15.1 I, a Director shall be eligible for reappointment by the Directors for up to a further two tern, each of three years. No Director shall serve for more than nine consecutive y¢ars. unless the Directors consider it would be in the best interests of the Charity for a particular Dtrector 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 tÉme freely and no iemunerdtion 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. Organisalionalslruclure The TnteeS convene as and when the need arises. Policies adopledfor the induction and Iraining of the Trxylees The existing Trustees are already familiar with the work of the Company. An agreed process of induction and briefmg is provided for new thstees to whom d¢tails of the operational framework of the Company and the latest published report and financial statements are also provided. TTUStees are advised of their obligations.
MIDHURST CLT LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES? REPORT FOR THE YEAR EIYDED 31 JULY 2025 (CONfiNUED) RiFk MIgent The Trustees have identified and conducted a review of the majoT risks to which the Company is exposed and has established systems and procedures to mitigate and manage those Tisks. 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 objectiv The Trustees are mindful of the Charity Commission's 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 Chaiity Commission Telating to public benefit, including the guidance "Public benefit: running a charity (PB2)" ACHIEVEMENTS AND PERFORMANCE Main achievements of Ihe Chdrity Midhurst Community Land Trust (MCLT) is a not-for-profit organisation who's overdrching aim is to make available a long-terni stock of genuinely affordable housing to rent in the Midhurst area for local people and key workers who are important to the fabric of the town. It seeks io eitheT own land or at least have very long leases and control such things as the rent and design of hous¢s OT flats. A community land trust is a social enterprise set up to benefit a specific community by owning xmportani local assets. Midhurst CLT was set up in 2017 and in July 2022 was granted cl]aritable status. MCLT forms part of a nattonal network of cornmunity land trusts. MCLT currently owns two semi-detached 2-bedroorn houses in Midhurst and a block of 8 apartments (six I bedroom and two 2 bethoom) in Easeknurne all bought with generous grants from Chichester District Council, South Downs National Park Authority, some local charities and the balance being borrowed. The rent from these 10 units Covers the booWIng costs and communal servicing of the properties. A strong allocation policy is in pla¢¢ which has been used for the fair allocation of tenancies to local people and will continue to be the backbone of fijture allocalion of leases. Unfortunately, in April 2025 we suffered a burst pipe which resulted in flooding two ofthe apathents at Farriers Court in Easebourne. The remedial work is still ongoing and should be complefrd by the end of 2025. An insuTance claim has been made and we expect the costs to be fully met by insurers. MCLT continues to seek out local opportunities and at present has a nurnber of future options In the pipeline. More detailed inforniation is available from MCLT'S website whose address is hll s.'Ilwivw.iiiidliiir%'lcli.()I'<F/
MIDHURST CLT LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT FOR THE YEAR ENDED 31 JULY 2025 (CONTINUED) FINANCIAL REVIEW Going concern After making appropriate enquiries, the Trustees have a reasonable expectation that the Cl]arity has adequate r¢sources to continue in operational existence for the foreseeable future. For this reason. they continue to adopt the going concern b&8is in preparing the financial statements. Further details regarding the adoption of the going concern basis may be found in the accounting polici¢s which fonn part of the notes to the financial statements. Resultsfor Iheyear The Company operated suesSlY during the year and maintained a sound fllW]cial position at the year end. Total income amounted to £74,504 (2024: £26,448) and toial expenditure amounted to £48,083 (2024: £13,170). This resulted in net income of £26.421 (2024: £13,278). The Balance Sheet at 31 July 2025 showed Total Funds of £65,722 (2024.. £39,301). Reserves Policy The Trustees conttnue to review the Company's Reserves Policy in order to ensure that th¢ level of Free Reserves held on an ongoing basis will be adequate to fulfil the Company's obligations and to maintain its financial stsbility. Environmental, Social and Corporate Govern4nee (ESG), Stewardfhip and Climale Change ESG has come sharply into focus having been driven further and faster by the climale change crisis and recently by the Coronavin pandemic. The Board believes that ESG factors are likely to have a material impact on inve5trnent risk and return outcomes and that good stewardship can create and Preserve value for companies and invesknent maTkets as a whole. The Board also recogni5es that long-terni sustainability issues. particularly the climate change crisis. present risks and opportunities.
MIDHURST CLT LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT FOR THE YEAR ENDED 31 JULY 2025 (CONTINUED) FINANCIAL REVIEW (CONTINUED) STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees, who are also the directors of the Chatity for the puryoses of company law. are responsible for preparing the Trusl¢¢s' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accowiting Practice). Company law requires the Trustees to prepare financial statements for each fmancial year. Under company law, the Trustees must not approv¢ 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 resour¢es and application of resources, including its income and expenditure, for that period. In preparing these financial statements. the Trustees are required to: (a} select suitable accounting policies and then apply them consistently. (b) observe the methods and PTinciples of the Charities SORP (FRS 102). (c) make judgments and accounting estimates that are reasonable and prudent: (d) slate whether applicable UK Accounting Standards (FRS 102) have been followed. subject to any material 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 res)nsIble for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with Teasonable accurdcy at any time the financial position of the Charity 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 Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregulaTities. Approved by order of the Trustees on 12 September 2025 and signed on their behalf by: A B MooTe Trustee and Chairnian
MIDHUILST CLT LIMITED (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT EXAMJYIER'S REPORT TO THE TRUSTEES OF MtDIIURST CLT Li1[[ED I report to the Trustees on the accounts of the Charity for the year ended 31 July 2025 which are set out on pages 7 to 14. Respective responsibililies of trustees andaKapmner The Trustees (who are also the directors of the Company for the purpos¢s of company law) are responsible for the preparation of the accounts. The Charity's trustees consider that an audit 15 not required for this year under section 144 of the Charities Aci 2011 (the 2011 Act) and neither is an independent ¢xamination required under section 145 of the 2011 Act. However, the Charity's trustees have elected for the accounts to be examined by an independent examiner. l am qualified to undertak¢ the examination by being a member of the Institut¢ of Chartered Accountants in England and WaIes and it is My responsibility to: examine the a¢counts under section 145 of the 2011 Act,. to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. and to slate whether particul8r matt¢rs have come to my attention. Basiw oflndependeniEraminer's S¢eMen¢ My examination was Caled out in accordance with the general Directtons given by the Charity Commission. An examination includes a review of the accounting records kept by the Charity and a comparison of lh¢ accounts presented with those records. It also includes consideration of any unusual itcms or disclosures in the accounts and seeking explanation5 from you as truste¢5 concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and Consequently no opinion is given as to whetherthe a¢counts present a'true and fair view. and the report is limited to those matters set out in the statement below. Independeni Exanner'S stalennI In connection with my examination. no matters have come to my attention which gives me cause to lIeVe that in any material respect= accounting records were not kept in accordance with section 386 of th¢ Companies Act 2006" or the accounts do not accord with such records; or the accounts do not comply with relevant accounting requirements under section 396 ofthe Companies Act 2006 other than any requirements that the accounts give a "true and fair viw" which is not a matter considered as part of an independent examination. or the accounts have not been pffpared in accordance wtth the Chariti¢s SORP (FRS 102). I have come across no other matters in ¢onnection with the examination to which attention should be drawn in this report in order to ¢nable a proper understanding of the accounts to be reached. This rerM)rt is made solely to the Charity's trustees, as a body, in a¢¢ordanee 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 tru5tces those matters I am required to stst¢ to them in an Independent Examiner's report and for no other purpose. To the fullest extent perniitted by law. I do not accept or assume r¢sponsibility to anyone other than the Charity and the Charity's trustees. as a body, for my work for this report. Signed: Alain Mardle FCA Chartered A¢countant Greens COUJL West Street MidhursL West Susse4 GU29 9NQ Dats:
MIDHURST CLT LIMITED (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVIES {ineorporaling In¢ome & Expenditure Account) FOR THE YEAR EIYDED 31 JULY 2025 UTrrt5tric led fuDds DesigThated (llthds Restricted funds Tot31 2025 Total 2024 Notes IDcome from: Charitable activities & investn]ent income 623 Expenditure on: Charitable activities & support costs Net incoming (outgoing) resources for the year b¢for¢ transfers (9,922) 21,543 14,800 26.421 13.278 Transfers between funds io Net incoming (outgoing) resources for the year 1,548 59.114 (34,241) 26,421 13,278 Fund balances brought forward Fund balances Carried forward io This Statement of Finan¢ial Activities includes all gains and losses recognised in the year. All incoming re50urc¢s and resources ¢xp¢nded w¢re derived from continuing operations. The notes on pages 9 to 14 ftimi part of these financial statetnents.
MIDHURST CLT LIMrrED (A COMPANY LIMITED BY GUARAf4TEE) BALANCE SHEET AT 31 JULY 2025 2025 2024 Iyote FIXED ASSETS Tangible assets 1,586,566 350,000 CURRENT ASSETS Debtors Cash at bank 13,390 135,356 172 017 Creditors: amounts falling due within one year NET CURRENT ASSETS 161946 TOTAL ASSETS LESS CURRENT LIABILITIES 1,603.760 511.946 Creditors: amounts falling due after more than one year 1538 038 472 645 NET ASSETS RESERVES UnT¢stricted funds Designated funds Restricted fimds 3,942 61,780 2,394 2,666 TOTAL FUNDS io 722 The Company was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not Tequired the Company to obtain an audit in accordance with section 476 of the Companies Act 2006. The Trustees acknowledge their reSnsIbIlitIeS for cornplying with the Tequirements of the Companies Act 2006 with respect to accounting records and preparation of fmancial statements. These financial statements have been prepared in a¢¢ordance with the provisions applicable to entities subject to the small companies, regime. The financial statements were approved and authorised for issue by the Trustees on 12 September 2025 d signed on its behalf by: Neil Hart Tntee and Deputy Chairman The notes on pages 9 to 14 forni part olthese financial ststements.
MIDHURST CLT LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENfs FOR THE YEAR ENDED 31 JULY 2025 GEIYERAL 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 address 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 Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicabl¢ in the UK and Republic of Ireland (FRS 102) (effective l January 2019) and the Companies Act 2006. Midhurst 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. Going Concern At the time of approving the financial statements, the Trustees have a reasonable expectation that the company has adequate Tesources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preping the fmancial statements. Charitabl¢ 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 are 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 has entitlement to the income or it is probabl¢ that the incoffle will be received, and the amount of the income receivable is able to be measured reliably.
MIDHURST CLT LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 (CONTINUED) Government grants The company ha5 adopted the ac¢nl model for government grants. Grants relating to assets are recognised as income on a systematic basis over the ¢xp¢cted use] life of the asset. The deferred part of grants relating to assets is recognised &$ d¢fetred income and not deducted from the carying amount of the asset. Expenditure Expenditure is ttcognised once there is a legal or constructive obEigation to transfer economic benefit to a ihird 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 iTrecovetable VAT. Tangible fixed assets Depreciation is provided at the following annual Tates in order to WTite off each asset over its estimated useful life. Land and buildings- 00/0 Fixtures and fittings- 25 % on cost No depreciation is provided on freehold land and buildings. The directOTS consider that the buildings are maintained to an extent such that any depreciation charge would not be material. Cash at bank Cash at bank is held on a current account which pays no interest. Liabilities Liabilities are reco8nised when there is an obligation at th¢ Balance Sheet date as a result of a past event and it is probable that a transfer of economic benefiL which it is POSSAble to estimate reliably, will be required in settlement. Liabilities are recognised at the amount the Charity anticipates it will pay to settle the debt. io
MIDHURST CLT LIMITED (A COMPANY LIMITED BY GUARAIYTEE) NOTES TO THE FINANCIAL STATEMENfs FOR THE YEAR ENDED 31 JULY 2025 (CONTINUED) 2.10 Critical accounting estimate5 and judgements n the application of the company's accounting policies, the Trustees are required to make judgements, estimates 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 factors that are considered to be relevant. Actual results may dAffer from these estijnates. The estimates and underlying 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 fiJtrJre periods where tb¢ revision affects both current and future periods. JNCOME Unrestrieted Designated funds funds Restricted fijnds Total 2025 Totsl 2024 Charitable activities: Grants receivable Deferred grants carried forward Release deferred grants Rcnt receivable Interest receivable 605,000 605,000 135,000 0 (590,200) (590,200) (135,000) 3,200 3,200 3.200 53,874 53,874 22.442 2,007 2,630 806 74,504 623 Total income 623 14.800 EXPENDJTURE Unrestricted Designated fund% fi]nds Restricted funds Total 2025 Total 2024 Charitable activities: Property expenses Depreciation Support costs Finance costs 9.836 3,468 1,217 23,017 37,538 9,836 3,468 11,762 23,017 48,083 2,786 10,545 2,802 7,582 13,170 Total expenditure 10.545
MIDHURST CLT LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMEIYTS FOR THE YEAR ENDED 31 JULY 2025 (CONTINUED) FIXED ASSETS Land and Fixtmres buildings Total fittings Cost: At l August 2024 Additions Disposals At 31 July 2025 350,000 1,226,167 350,000 13,867 1.240,034 13 867 1 590 Depreciation: At l August 2024 Charge for the year Disposals At 31 July 2025 3,468 3.468 Net book value: At 31 July 2025 10399 L At 31 July 2024 DEBTORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Other debtors & deposits paid 390 CREDITORS: AMOUNTS FALLING DUE WITHIIY ONE YEAR 2025 2024 Bank loans Other creditors & deferred incom¢ 13.816 5.851 12
MIDHURST CLT LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 (CONTINUED) CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2025 2024 Bank loans Other creditors & deferred income 683,638 854 400 190,445 282 200 1538 038 The Company has received government and other grants of £900.000 towards the acquisition of ten freehold properties. These have been treated as defeLTed income and are being amortised over the estimated useful life of the properties of 50 years. SECURED DEBTS The followAn8 secured debts are included within creditors." 2025 2024 Baok loans The bank loans are secured on the freehold properties of the company. The charges are registered at Companies House under refer¢nces 108872220001, 108872220002 and 108872220003. io. STATEMENT OF FUNDS Atl August 2024 Income Expenditure TTansfers At31 July 2025 General fund 2,394 623 (10,545) 11,470 3,942 Designated funds: Midhurst & Easeboume sites 2,666 59.081 (37.538) 37,571 61.780 Restricted fimds". Potential new sites 34,241 14,800 0 (49,041) Total fijnds 39 301 74 504 48,083 65,722 13
MIDHURST CLT LIMITED (A COMPANY LEMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENfs FOR THE YEAR ENDED 31 JULY 2025 (CONTINUED) ii. AIYALYSIS OF NET ASSETS BETWEEN OF FUNDS Unrestricted Designated Restricted Total 2025 Fixed assets Current assetsAiabilities Long terni liabilities 1,586,566 3,942 13,252 0 (1.538,038) 1.586,566 17.194 0 (1.538,038) Total funds 3,942 61.780 65,722 The company has received restricted grants towards the acquisition of freehold properties in Midhurst and Easebourne. By acquiring those properties the company has met the tern)s of the grants and the restriction on those funds has been lifted. 12. STAFF NUMBERS No staff were employed during the yeaT (2024: 0 staffj. 13. TRUSTEES, RE1uNERATIoN AND EXPENSES During the year ended 31 July 2025 no TNstee received any forni of remwieration or other benefits (2024- £Nil). During the yeaT no trustee expenses have been incurred (2024: £Nil). 14. POST-BALANCE SHEET EVENTS There have been no amending post-balance sheet events. 14