2022-12-31-accounts - Medina Valley Centre Limited

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REGISTERED COMPANY NUMBER: 00809637 (England and Wales)
REGISTERED CHARITY NUMBER: 236153

`REPORT OF THE TRUSTEES AND`

`UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022`

`FOR`

`MEDINA VALLEY CENTRE LIMITED`

Bright Brown Limited
Chartered Accountants
Exchange House
St. Cross Lane
Newport
Isle of Wight
PO30 5BZ

MEDINA VALLEY CENTRE LIMITED

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

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Page
Report of the Trustees 1 to 2
Independent Examiner's Report 3
Statement of Financial Activities 4
Balance Sheet 5 to 6
Notes to the Financial Statements 7 to 11
Detailed Statement of Financial Activities 12
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MEDINA VALLEY CENTRE LIMITED

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2022

ThetrusteeswhoarealsodirectorsofthecharityforthepurposesoftheCompaniesAct2006,presenttheir report
withthefinancialstatementsofthecharityfortheyearended31December2022.Thetrusteeshaveadopted the
provisionsofAccountingandReportingbyCharities:StatementofRecommendedPracticeapplicableto charities
preparingtheiraccountsinaccordancewiththeFinancialReportingStandardapplicableintheUKandRepublic of
Ireland (FRS 102) (effective 1 January 2019).

`OBJECTIVES AND ACTIVITIES`

`Objectives and aims`

Historicallythe charityhas been an outdooreducationcentrebutsinceAugust2019is has ceasedto operateas such.
Thesitehasbeen'mothballed'whilstawaitingeitheratakeoverbyanothercharityorthesaleofthepremises and
closure of the charity.

`Significant activities`

The main incomegeneratingactivityin the year has been the shortterm leasingof buildingswhile decidingthe  future
of the charity.

`Public benefit`

Thedirectorsconfirmthat,initsobjectives,strategiesandactivities,thecompanyhascompliedwithisduty under
section4oftheCharitiesAct2006tohavedueregardtothepublicbenefitguidancepublishedbythe Charity
Commission.

`FINANCIAL REVIEW`

`Financial position`

The Charity generated income of £40,947 during 2022, which is an increase of £12,642 when compared to the previous
year.Theoverheadshavedecreasedby£12,261during2022,creatinganoverallsurplusof£4,092(2021:deficit of
£20,811).

`Reserves policy`

Thecharitymaintainsminimalcashreservesbuthasaccesstoloans,ifrequired,tomeetthedaytoday expenses.
These loans are provided at very low interest rates by the charity supporters pending the sale of transfer of the charity.

`STRUCTURE, GOVERNANCE AND MANAGEMENT`

`Governing document`

MedinaValleyCentreLtdisacompanylimitedbyguaranteeandgovernedbyitsMemorandumandArticles of
Associationdated18June1964andrevised23July2004.Thecompanyisregisteredasacharitywiththe Charity
Commission. The trustees of the company are its members and referred to as directors throughout this report.

`Recruitment and appointment of new trustees`

Newdirectorsareinvitedbymemberstostandforelectiontothepost.Onethirdoftheboardofdirectorsretire by
rotationattheannualmeeting,thoseretiringbeingdirectorswhohavebeenlongestinofficesincetheir last
appointment. Retiring directors may be re-elected.

Anycurrentdirectormaynominateapersonforelectiontotheboard.Thesuitabilityofnewdirectorsis considered
withrespecttotheskillstheymayhavetoofferthecharity,theirpriorinvolvementwiththecharity,and their
commitment to the Christian Faith. A broad mix of skills and experience is sought.

`REFERENCE AND ADMINISTRATIVE DETAILS`

`Registered Company number`

00809637 (England and Wales)

`Registered Charity number`

Page 1

MEDINA VALLEY CENTRE LIMITED

`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022`

Registered office
Dodnor Lane
Newport
Isle of Wight
PO30 5TE

Trustees
J Wells
R C Ganly
Rev D J Holbird
Mrs H J Whitley
J W Topping

Company Secretary
J Wells

Independent Examiner
Bright Brown Limited
Chartered Accountants
Exchange House
St. Cross Lane
Newport
Isle of Wight
PO30 5BZ

Approved by order of the board of trustees on ............................................. and signed on its behalf by:

........................................................................
J Wells - Trustee

Page 2

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF
MEDINA VALLEY CENTRE LIMITED

`Independent examiner's report to the trustees of Medina Valley Centre Limited ('the Company')`

IreporttothecharitytrusteesonmyexaminationoftheaccountsoftheCompanyfortheyear ended
31 December 2022.

`Responsibilities and basis of report`

As the charity'strusteesof the Company(andalsoits directorsfor the purposesof companylaw)youare 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 accountsof the Company are not required to be audited under Part 16 of the 2006 Act
andareeligibleforindependentexamination,Ireportinrespectofmyexaminationofyourcharity'saccounts as
carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examinationI have  followed
the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

`Independent examiner's statement`

Ihavecompletedmyexamination.Iconfirmthatnomattershavecometomyattentioninconnectionwith the
examination giving me cause to believe:

1. accounting records were not kept in respect of the Company 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)).

Ihavenoconcernsandhavecomeacrossnoothermattersinconnectionwiththeexaminationtowhich attention
should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Mr J Palmer FCCA

Bright Brown Limited
Chartered Accountants
Exchange House
St. Cross Lane
Newport
Isle of Wight
PO30 5BZ

Date: .............................................

Page 3

MEDINA VALLEY CENTRE LIMITED

`STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022`

2022
Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
5,811
Charitable activities
General
35,136
Investment income
2
-
Total
40,947
EXPENDITURE ON
Charitable activities
General
36,855
NET INCOME/(EXPENDITURE)
4,092
RECONCILIATION OF FUNDS
Total funds brought forward
190,514
TOTAL FUNDS CARRIED FORWARD
194,606 2021
Total
funds
£
6,144
22,118
43
28,305
49,116
(20,811)
211,325
190,514

The notes form part of these financial statements

Page 4

`MEDINA VALLEY CENTRE LIMITED`

`BALANCE SHEET 31 DECEMBER 2022`

2022
Unrestricted
fund
Notes
£
CURRENT ASSETS
Stocks
5
573,116
Debtors
6
1,749
Cash at bank and in hand
3,961
578,826
CREDITORS
Amounts falling due within one year
7
(1,334)
NET CURRENT ASSETS
577,492
TOTAL ASSETS LESS CURRENT LIABILITIES
577,492
CREDITORS
Amounts falling due after more than one year
8
(382,886)
NET ASSETS
194,606
FUNDS
10
Unrestricted funds
194,606
TOTAL FUNDS
194,606 2021
Total
funds
£
573,116
2,463
12,121
587,700
(8,919)
578,781
578,781
(388,267)
190,514
190,514
190,514

The charitablecompanyis entitledto exemptionfrom audit under Section 477 of the CompaniesAct 2006 for the year
ended 31 December 2022.

Themembershavenotrequiredthecompanytoobtainanauditofitsfinancialstatementsfortheyear ended
31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

The notes form part of these financial statements

continued...

Page 5

MEDINA VALLEY CENTRE LIMITED

`BALANCE SHEET - continued 31 DECEMBER 2022`

Thesefinancialstatementshavebeenpreparedinaccordancewiththeprovisionsapplicabletocharitable companies
subject to the small companies regime.

ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissue on
............................................. and were signed on its behalf by:

.............................................
J Wells - Trustee

The notes form part of these financial statements

Page 6

MEDINA VALLEY CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

`1. ACCOUNTING POLICIES`

`Basis of preparing the financial statements`

The financialstatementsof the charitablecompany,whichis a publicbenefitentityunderFRS 102,have been
prepared in accordancewith the Charities SORP (FRS 102) 'Accountingand Reportingby Charities:Statement of
RecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththe Financial
ReportingStandardapplicablein the UK and Republicof Ireland(FRS 102) (effective1 January2019)', Financial
ReportingStandard102 'The FinancialReportingStandardapplicablein the UK and Republicof Ireland'and the
Companies Act 2006. The financial statements have been prepared under the historical cost convention.

`Income`

All income is recognised in the Statementof FinancialActivitiesonce the charityhas entitlementto the funds, it
is probable that the income will be received and the amount can be measured reliably.

`Expenditure`

Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructiveobligationcommitting the
charitytothatexpenditure,itisprobablethatatransferofeconomicbenefitswillberequiredin settlement
andtheamountoftheobligationcanbemeasuredreliably.Expenditureisaccountedforonanaccruals basis
andhasbeenclassifiedunderheadingsthataggregateallcostrelatedto thecategory.Wherecostscannot be
directlyattributedtoparticularheadingstheyhavebeenallocatedtoactivitiesonabasisconsistentwith the
use of resources.

`Stocks`

Stocksarevaluedatthelowerofcostandnetrealisablevalue,aftermakingdueallowanceforobsolete and
slow moving items.

`Taxation`

The charity is exempt from corporation tax on its charitable activities.

`Fund accounting`

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsofthe charity.
Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

`2. INVESTMENT INCOME`

`INVESTMENT INCOME`
	`2022`		`2021`
	`£`		`£`
`Deposit account interest`		`-`	`43`

continued...

Page 7

MEDINA VALLEY CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

`3. TRUSTEES' REMUNERATION AND BENEFITS`

There were no trustees'remunerationor other benefitsfor the year ended 31 December 2022 nor for the year
ended 31 December 2021.

`Trustees' expenses`

Therewerenotrustees'expensespaidfortheyearended31December2022norfortheyear ended
31 December 2021.

`4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES`

`COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES`
	`Unrestricted`
	`fund`
	`£`
`INCOME AND ENDOWMENTS FROM`
`Donations and legacies`	`6,144`
`Charitable activities`
`General`	`22,118`
`Investment income`	`43`
`Total`	`28,305`
`EXPENDITURE ON`
`Charitable activities`
`General`	`49,116`
`NET INCOME/(EXPENDITURE)`	`(20,811)`
`RECONCILIATION OF FUNDS`
`Total funds brought forward`	`211,325`
`TOTAL FUNDS CARRIED FORWARD`	`190,514`

continued...

Page 8

MEDINA VALLEY CENTRE LIMITED

`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022`

`5.` `STOCKS` `Stocks` `6.` `DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR` `Other debtors` `Prepayments` `7.` `CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR` `Trade creditors` `Accrued expenses` `8.` `CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR` `Other loans (see note 9)` `Other creditors` `9.` `LOANS` `An analysis of the maturity of loans is given below:` `Amounts falling due in more than five years:` `Repayable otherwise than by instalments:` `Other loans more 5yrs non-inst`	`2022` `£` `573,116` `2022` `£` `1,749` `-` `1,749` `2022` `£` `485` `849` `1,334` `2022` `£` `333,715` `49,171` `382,886` `2022` `£` `333,715`	`2021` `£` `573,116`	`2021` `£` `573,116`
		`2021` `£` `1,749` `714` `2,463` `2021` `£` `5,297` `3,622` `8,919` `2021` `£` `329,947` `58,320`	`2021` `£` `1,749` `714`
			`2,463`
			`2021` `£` `5,297` `3,622`
			`8,919`
		`388,267`
		`2021` `£` `329,947`

continued...

Page 9

MEDINA VALLEY CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

`10. MOVEMENT IN FUNDS`

At 1.1.22
£
Unrestricted funds
General fund
190,514
TOTAL FUNDS
190,514
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
40,947
TOTAL FUNDS
40,947
Comparatives for movement in funds
At 1.1.21
£
Unrestricted funds
General fund
211,325
TOTAL FUNDS
211,325
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
28,305
TOTAL FUNDS
28,305 Net
movement
At
in funds
31.12.22
£
£
4,092
194,606
4,092
194,606
Resources
Movement
expended
in funds
£
£
(36,855)
4,092
(36,855)
4,092
Net
movement
At
in funds
31.12.21
£
£
(20,811)
190,514
(20,811)
190,514
Resources
Movement
expended
in funds
£
£
(49,116)
(20,811)
(49,116)
(20,811)

continued...

Page 10

MEDINA VALLEY CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

`10. MOVEMENT IN FUNDS - continued`

A current year 12 months and prior year 12 months combined position is as follows:

`Unrestricted funds` `General fund` `TOTAL FUNDS`	`At 1.1.21` `£` `211,325` `211,325`	`Net` `movement` `in funds` `£` `(16,719)` `(16,719)`	`At` `31.12.22` `£` `194,606`
			`194,606`

Acurrentyear12monthsandprioryear12monthscombinednetmovementinfunds,includedinthe above
are as follows:

	`Incoming`	`Resources`	`Movement`
	`resources`	`expended`	`in funds`
	`£`	`£`	`£`
`Unrestricted funds`
`General fund`	`69,252`	`(85,971)`	`(16,719)`
`TOTAL FUNDS`	`69,252`	`(85,971)`	`(16,719)`

`11. RELATED PARTY DISCLOSURES`

There were no related party transactions for the year ended 31 December 2022.

Page 11

MEDINA VALLEY CENTRE LIMITED

`DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022`

	`2022`	`2021`
	`£`	`£`
`INCOME AND ENDOWMENTS`
`Donations and legacies`
`Gifts`	`3`	`1`
`Donations`	`673`	`743`
`Legacies`	`5,135`	`5,400`
	`5,811`	`6,144`
`Investment income`
`Deposit account interest`	`-`	`43`
`Charitable activities`
`Rental income`	`35,136`	`22,118`
`Total incoming resources`	`40,947`	`28,305`
`EXPENDITURE`
`Charitable activities`
`Wages`	`3,710`	`16,489`
`Rent and rates`	`9,977`	`10,774`
`Insurance`	`3,090`	`3,392`
`Light and heat`	`6,110`	`12,084`
`Telephone`	`630`	`654`
`Postage and stationery`	`-`	`25`
`Advertising`	`-`	`25`
`Sundries`	`209`	`564`
`Repairs and maintenance`	`732`	`190`
`Bank charges`	`96`	`86`
`Accountancy`	`600`	`185`
`Legal and professional`	`3,149`	`-`
`Loan interest`	`8,552`	`4,648`
	`36,855`	`49,116`
`Total resources expended`	`36,855`	`49,116`
`Net income/(expenditure)`	`4,092`	`(20,811)`

This page does not form part of the statutory financial statements

Page 12