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 2024

FOR

MEDINA VALLEY CENTRE LIMITED

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

12

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 2024. 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 £43,912 during 2024, which is an increase of £518 when compared to the previous year. The overheads have decreased by £4,133 during 2024 to £34,538, creating an overall surplus of £9,374 (2023 : £4,723).

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

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 (resigned 12.5.25)

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 18 September 2025 and signed on its behalf by:

J Wells - Trustee

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 2024.

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 ACA

The Institute of Chartered Accountants in England and Wales

Bright Brown Limited

Chartered Accountants

Exchange House

St. Cross Lane

Newport

Isle of Wight

PO30 5BZ

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

2024

2023

Unrestricted

Total

fund

funds

Notes

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

554

254

Charitable activities

General

43,351

43,135

Investment income

2

7

5

Total

43,912

43,394

EXPENDITURE ON

Charitable activities

General

34,538

38,671

NET INCOME

9,374

4,723

RECONCILIATION OF FUNDS

Total funds brought forward

199,329

194,606

TOTAL FUNDS CARRIED FORWARD

208,703

199,329

2024

2023

Unrestricted

Total

fund

funds

Notes

£

£

CURRENT ASSETS

Stocks

6

573,116

573,116

Debtors

7

-

1,749

Cash at bank and in hand

2,751

1,182

575,867

576,047

CREDITORS

Amounts falling due within one year

8

(780

)

(2,049

)

NET CURRENT ASSETS

575,087

573,998

TOTAL ASSETS LESS CURRENT LIABILITIES

575,087

573,998

CREDITORS

Amounts falling due after more than one year

9

(366,384

)

(374,669

)

NET ASSETS

208,703

199,329

FUNDS

11

Unrestricted funds

208,703

199,329

TOTAL FUNDS

208,703

199,329

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 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.

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 18 September 2025 and were signed on its behalf by:

J Wells - Trustee

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

2024

2023

£

£

Deposit account interest

7

5

3.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023.

4.	STAFF COSTS

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

2024

2023

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

254

Charitable activities

General

43,135

Investment income

5

Total

43,394

EXPENDITURE ON

Charitable activities

General

38,671

NET INCOME

4,723

RECONCILIATION OF FUNDS

Total funds brought forward

194,606

TOTAL FUNDS CARRIED FORWARD

199,329

6.

STOCKS

2024

2023

£

£

Stocks

573,116

573,116

7.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Other debtors

-

1,749

8.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Accrued expenses

780

2,049

9.	CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Other loans (see note 10)

303,725

333,715

Other creditors

62,659

40,954

366,384

374,669

10.

LOANS

An analysis of the maturity of loans is given below:

2024

2023

£

£

Amounts falling due in more than five years:

Repayable otherwise than by instalments:

Other loans more 5yrs non-inst

303,725

333,715

11.	MOVEMENT IN FUNDS

Net

movement

At

At 1.1.24

in funds

31.12.24

£

£

£

Unrestricted funds

General fund

199,329

9,374

208,703

TOTAL FUNDS

199,329

9,374

208,703

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

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

43,912

(34,538

)

9,374

TOTAL FUNDS

43,912

(34,538

)

9,374

Comparatives for 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

Comparative 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

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 £32,659 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 2024.