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REGISTERED COMPANY NUMBER: 03271465 (England and Wales)
REGISTERED CHARITY NUMBER: 1058938








REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

MICHAELS LIMITED

MICHAELS LIMITED

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025










Page

Report of the Trustees 1 to 2

Independent Examiner's Report 3 to 4

Statement of Financial Activities 5

Balance Sheet 6 to 7

Notes to the Financial Statements 8 to 14

MICHAELS LIMITED (REGISTERED NUMBER: 03271465)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2025



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 March 2025. 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
The object of the company is the relief of poverty particularly amongst homeless people in South East Dorset, and elsewhere in the United Kingdom, by the provision of temporary accommodation, food, clothing, advice and resettlement. It also provides facilities for recreation and other leisure time occupation for such persons with the object of improving their condition of life.

Significant activities
As reported in last year's accounts, we purchased another one-bedroom flat in Bournemouth in May 2024. This flat was duly occupied in November 2024 after some refurbishment work was completed, enabling another resident to get closer to the end of their journey.

We are now able to accommodate up to 29 homeless people, both male and female.

FINANCIAL REVIEW
Reserves policy
The Charity seeks to retain sufficient reserves that allows it to continue to carry out it's charitable activities for a period of four months.

STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Organisational structure
A Committee of Management runs the company. It has close links with local councils, health providers and national charitable organisations.

REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
03271465 (England and Wales)

Registered Charity number
1058938

Registered office
46 Grosvenor Gardens
Boscombe
Bournemouth
Dorset
BH1 4HH


MICHAELS LIMITED (REGISTERED NUMBER: 03271465)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2025


Trustees
Mr J Coulston
Mrs R E Veale
Mrs H C Hender
Mrs M E Randell
Mr N S Beal
Ms J Kelly
Mr M G Slade
Mr J C Malins
Mr J D Ratcliffe (resigned 9/10/2024)
Ms C D Palmer (resigned 10/7/2024)

Company Secretary
Mrs R E Veale

Independent Examiner
Anthony Cooke FCA
Carter & Coley
Chartered Accountants
3 Durrant Road
Bournemouth
Dorset
BH2 6NE

Approved by order of the board of trustees on 4 June 2025 and signed on its behalf by:





Mr J C Malins - Trustee

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF
MICHAELS LIMITED


Independent examiner's report to the trustees of Michaels Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2025.

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 REPORT TO THE TRUSTEES OF
MICHAELS LIMITED


Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

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.








Anthony Cooke FCA

Carter & Coley
Chartered Accountants
3 Durrant Road
Bournemouth
Dorset
BH2 6NE

4 June 2025

MICHAELS LIMITED

STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 MARCH 2025

2025 2024
Unrestricted Restricted Total Total
funds funds funds funds
Notes £    £    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 29,645 20,421 50,066 41,574

Other trading activities 2 415,218 - 415,218 405,826
Investment income 3 6,138 - 6,138 4,405
Total 451,001 20,421 471,422 451,805

EXPENDITURE ON
Charitable activities
Supporting people 440,547 20,421 460,968 383,464

NET INCOME 10,454 - 10,454 68,341


RECONCILIATION OF FUNDS
Total funds brought forward 1,016,521 - 1,016,521 948,180

TOTAL FUNDS CARRIED FORWARD 1,026,975 - 1,026,975 1,016,521

MICHAELS LIMITED (REGISTERED NUMBER: 03271465)

BALANCE SHEET
31 MARCH 2025

2025 2024
Unrestricted Restricted Total Total
funds funds funds funds
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 885,253 - 885,253 731,621

CURRENT ASSETS
Debtors 10 39,357 - 39,357 30,479
Cash at bank and in hand 114,970 - 114,970 268,297
154,327 - 154,327 298,776

CREDITORS
Amounts falling due within one year 11 (12,605 ) - (12,605 ) (13,876 )

NET CURRENT ASSETS 141,722 - 141,722 284,900

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,026,975

-

1,026,975

1,016,521

NET ASSETS 1,026,975 - 1,026,975 1,016,521
FUNDS 12
Unrestricted funds 1,026,975 1,016,521
TOTAL FUNDS 1,026,975 1,016,521

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.


The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 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.


MICHAELS LIMITED (REGISTERED NUMBER: 03271465)

BALANCE SHEET - continued
31 MARCH 2025

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 4 June 2025 and were signed on its behalf by:





Mr J C Malins - Trustee





Mrs R E Veale - Trustee

MICHAELS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025


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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.


Freehold property - 2% on cost
Long leasehold - in accordance with the term of the lease
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

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.


MICHAELS LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2025


1. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

2. OTHER TRADING ACTIVITIES
2025 2024
£    £   
Housing benefit 352,193 334,358
Rent 63,025 71,468
415,218 405,826

3. INVESTMENT INCOME
2025 2024
£    £   
Deposit account interest 6,138 4,405

4. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2025 2024
£    £   
Depreciation - owned assets 20,200 10,434
Deficit on disposal of fixed assets 3,458 -
Independent examiners fee 1,900 1,810

5. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024.


Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024.



MICHAELS LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2025


6. STAFF COSTS

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

2025 2024
Administration 1 1
Support 9 9
10 10

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

7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted Restricted Total
funds funds funds
£    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 41,574 - 41,574

Other trading activities 405,826 - 405,826
Investment income 4,405 - 4,405
Total 451,805 - 451,805

EXPENDITURE ON
Charitable activities
Supporting people 383,464 - 383,464

NET INCOME 68,341 - 68,341


RECONCILIATION OF FUNDS
Total funds brought forward 948,180 - 948,180

TOTAL FUNDS CARRIED
FORWARD

1,016,521

-

1,016,521


MICHAELS LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2025


8. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2024 and 31 March 2025 15,000
AMORTISATION
At 1 April 2024 and 31 March 2025 15,000
NET BOOK VALUE
At 31 March 2025 -
At 31 March 2024 -

9. TANGIBLE FIXED ASSETS
Fixtures
Freehold Long and Motor
property leasehold fittings vehicles Totals
£    £    £    £    £   
COST
At 1 April 2024 632,327 133,708 23,657 20,760 810,452
Additions 168,695 - - 8,595 177,290
Disposals - - - (20,760 ) (20,760 )
At 31 March 2025 801,022 133,708 23,657 8,595 966,982
DEPRECIATION
At 1 April 2024 34,661 7,714 17,302 19,154 78,831
Charge for year 16,020 1,078 953 2,149 20,200
Eliminated on disposal - - - (17,302 ) (17,302 )
At 31 March 2025 50,681 8,792 18,255 4,001 81,729
NET BOOK VALUE
At 31 March 2025 750,341 124,916 5,402 4,594 885,253
At 31 March 2024 597,666 125,994 6,355 1,606 731,621

A grant of £118,795 was received from the National Lottery Charities Board in 1998 to fund the purchase of additional charitable accommodation. The total cost of the freehold property before deduction of grants is £148,544.

In the opinion of the trustees the fair value of the charity's property is in excess of £1,400,000.

MICHAELS LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2025


10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£    £   
Prepayments and accrued income 39,357 30,479

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£    £   
Trade creditors 234 973
Social security and other taxes 2,111 1,791
Pension control account 523 1,027
Accruals and deferred income 9,737 10,085
12,605 13,876

12. MOVEMENT IN FUNDS
Net
movement At
At 1/4/24 in funds 31/3/25
£    £    £   
Unrestricted funds
General fund 956,521 6,866 963,387
Short term projects 10,000 - 10,000
Running costs fund 50,000 - 50,000
Bike Project - 3,588 3,588
1,016,521 10,454 1,026,975
TOTAL FUNDS 1,016,521 10,454 1,026,975

MICHAELS LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2025


12. MOVEMENT IN FUNDS - continued

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

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 445,445 (438,579 ) 6,866
Bike Project 5,556 (1,968 ) 3,588
451,001 (440,547 ) 10,454
Restricted funds
The Valentine Trust 10,000 (10,000 ) -
Talbot Valley Trust 10,421 (10,421 ) -
20,421 (20,421 ) -
TOTAL FUNDS 471,422 (460,968 ) 10,454


Comparatives for movement in funds

Net
movement At
At 1/4/23 in funds 31/3/24
£    £    £   
Unrestricted funds
General fund 871,804 84,717 956,521
Short term projects 10,000 - 10,000
Running costs fund 50,000 - 50,000
Bike Project 16,376 (16,376 ) -
948,180 68,341 1,016,521
TOTAL FUNDS 948,180 68,341 1,016,521

MICHAELS LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2025


12. MOVEMENT IN FUNDS - continued

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

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 446,139 (361,422 ) 84,717
Bike Project 5,666 (22,042 ) (16,376 )
451,805 (383,464 ) 68,341
TOTAL FUNDS 451,805 (383,464 ) 68,341

13. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2025.

14. COMPANY LIMITED BY GUARANTEE

In the event of the company being wound up, its members at the time together with those who ceased to be members within a year of the winding up, are required to contribute an amount not exceeding £10 per member towards any liabilities of the company.