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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 2023

FOR

MEDINA VALLEY CENTRE LIMITED

MEDINA VALLEY CENTRE LIMITED

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










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

MEDINA VALLEY CENTRE LIMITED (REGISTERED NUMBER: 00809637)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2023



The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of 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 2019).

OBJECTIVES AND ACTIVITIES
Objectives and aims
Historically the charity has been an outdoor education centre but since August 2019 is has ceased to operate as such. The site has been 'mothballed' whilst awaiting either a takeover by another charity or the sale of the premises and closure of the charity.

Significant activities
The main income generating activity in the year has been the short term leasing of buildings while deciding the future of the charity.

Public benefit
The directors confirm that, in its objectives, strategies and activities, the company has complied with is duty under section 4 of the Charities Act 2006 to have due regard to the public benefit guidance published by the Charity Commission.

FINANCIAL REVIEW
Financial position
The Charity generated income of £43,394 during 2023, which is an increase of £2,447 when compared to the previous year. The overheads have increased by £1,816 during 2023 to £38,671, creating an overall surplus of £4,723 (2022 : £4,092).

Reserves policy
The charity maintains minimal cash reserves but has access to loans, if required, to meet the day to day 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
Medina Valley Centre Ltd is a company limited by guarantee and governed by its Memorandum and Articles of Association dated 18 June 1964 and revised 23 July 2004. The company is registered as a charity with the Charity Commission. The trustees of the company are its members and referred to as directors throughout this report.

Recruitment and appointment of new trustees
New directors are invited by members to stand for election to the post. One third of the board of directors retire by rotation at the annual meeting, those retiring being directors who have been longest in office since their last appointment. Retiring directors may be re-elected.

Any current director may nominate a person for election to the board. The suitability of new directors is considered with respect to the skills they may have to offer the charity, their prior involvement with the charity, 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
236153

MEDINA VALLEY CENTRE LIMITED (REGISTERED NUMBER: 00809637)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2023


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 6 September 2024 and signed on its behalf by:





J Wells - Trustee

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')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2023.

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 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)).

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.








Mr J Palmer FCCA
The Association of Chartered Certified Accountants

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

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

MEDINA VALLEY CENTRE LIMITED

STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Unrestricted Total
fund funds
Notes £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 254 5,811

Charitable activities
General 43,135 35,136

Investment income 2 5 -
Total 43,394 40,947

EXPENDITURE ON
Charitable activities
General 38,671 36,855

NET INCOME 4,723 4,092


RECONCILIATION OF FUNDS
Total funds brought forward 194,606 190,514

TOTAL FUNDS CARRIED FORWARD 199,329 194,606

MEDINA VALLEY CENTRE LIMITED (REGISTERED NUMBER: 00809637)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Unrestricted Total
fund funds
Notes £    £   
CURRENT ASSETS
Stocks 6 573,116 573,116
Debtors 7 1,749 1,749
Cash at bank and in hand 1,182 3,961
576,047 578,826

CREDITORS
Amounts falling due within one year 8 (2,049 ) (1,334 )

NET CURRENT ASSETS 573,998 577,492

TOTAL ASSETS LESS CURRENT LIABILITIES 573,998 577,492

CREDITORS
Amounts falling due after more than one year 9 (374,669 ) (382,886 )

NET ASSETS 199,329 194,606
FUNDS 11
Unrestricted funds 199,329 194,606
TOTAL FUNDS 199,329 194,606

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.


The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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.


MEDINA VALLEY CENTRE LIMITED (REGISTERED NUMBER: 00809637)

BALANCE SHEET - continued
31 DECEMBER 2023

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.


The financial statements were approved by the Board of Trustees and authorised for issue on 6 September 2024 and were signed on its behalf by:





J Wells - Trustee

MEDINA VALLEY CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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 applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete 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.

Restricted funds can only be used for particular restricted purposes within the objects of the 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
2023 2022
£    £   
Deposit account interest 5 -


MEDINA VALLEY CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


3. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.


Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.


4. STAFF COSTS

The average monthly number of employees during the year was as follows:

2023 2022
Charitable activities 1 1

No employees received emoluments in excess of £60,000.

5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
fund
£   
INCOME AND ENDOWMENTS FROM
Donations and legacies 5,811

Charitable activities
General 35,136
Total 40,947

EXPENDITURE ON
Charitable activities
General 36,855

NET INCOME 4,092


RECONCILIATION OF FUNDS
Total funds brought forward 190,514

TOTAL FUNDS CARRIED FORWARD 194,606

MEDINA VALLEY CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


6. STOCKS
2023 2022
£    £   
Stocks 573,116 573,116

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 1,749 1,749

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors - 485
Accrued expenses 2,049 849
2,049 1,334

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Other loans (see note 10) 333,715 333,715
Other creditors 40,954 49,171
374,669 382,886

10. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due in more than five years:

Repayable otherwise than by instalments:
Other loans more 5yrs non-inst 333,715 333,715


MEDINA VALLEY CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


11. MOVEMENT IN FUNDS
Net
movement At
At 1.1.23 in funds 31.12.23
£    £    £   
Unrestricted funds
General fund 194,606 4,723 199,329

TOTAL FUNDS 194,606 4,723 199,329

Net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 43,394 (38,671 ) 4,723

TOTAL FUNDS 43,394 (38,671 ) 4,723


Comparatives for movement in funds

Net
movement At
At 1.1.22 in funds 31.12.22
£    £    £   
Unrestricted funds
General fund 190,514 4,092 194,606

TOTAL FUNDS 190,514 4,092 194,606

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 40,947 (36,855 ) 4,092

TOTAL FUNDS 40,947 (36,855 ) 4,092

MEDINA VALLEY CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


11. MOVEMENT IN FUNDS - continued

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

Net
movement At
At 1.1.22 in funds 31.12.23
£    £    £   
Unrestricted funds
General fund 190,514 8,815 199,329

TOTAL FUNDS 190,514 8,815 199,329

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 84,341 (75,526 ) 8,815

TOTAL FUNDS 84,341 (75,526 ) 8,815

12. EMPLOYEE BENEFIT OBLIGATIONS

The charity participates in a TPT Multi-employer scheme which provides benefits to some 950 non-associated participating employers. The scheme is a defined benefit scheme in the UK, but it is not possible for the trustees to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme, therefore it is accounted for as a defined contribution scheme. The trustees are aware that there is a shortfall within the scheme which the charity is currently paying towards, and while a liability of £40,954 is being reported in the accounts, the trustees do not have sufficient information to be able to confirm if this is a true representation of the actual liability that is payable by the charity.

13. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 December 2023.