Michaels Limited - Charities report

REGISTERED COMPANY NUMBER: 03271465 (England and Wales)

REGISTERED CHARITY NUMBER: 1058938

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

FOR

MICHAELS LIMITED

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

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 2026. 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

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

Company Secretary

Mrs R E Veale

Independent Examiner

Andrew Clark FCA

Carter & Coley

Chartered Accountants

3 Durrant Road

Bournemouth

Dorset

BH2 6NE

Approved by order of the board of trustees on 16 July 2026 and signed on its behalf by:

Mr J C Malins - Trustee

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 2026.

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

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.

Andrew Clark FCA

Carter & Coley

Chartered Accountants

3 Durrant Road

Bournemouth

Dorset

BH2 6NE

16 July 2026

2026

2025

Unrestricted

Restricted

Total

funds

Notes

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

104,312

-

104,312

50,066

Other trading activities

2

398,971

-

398,971

415,218

Investment income

3

4,838

-

4,838

6,138

Total

508,121

-

508,121

471,422

EXPENDITURE ON

Charitable activities

Supporting people

435,810

-

435,810

460,968

NET INCOME

72,311

-

72,311

10,454

RECONCILIATION OF FUNDS

Total funds brought forward

1,026,975

-

1,026,975

1,016,521

TOTAL FUNDS CARRIED FORWARD

1,099,286

-

1,099,286

1,026,975

2026

2025

Unrestricted

Restricted

Total

funds

Notes

£

FIXED ASSETS

Tangible assets

9

866,196

-

866,196

885,253

CURRENT ASSETS

Debtors

10

21,628

-

21,628

39,357

Cash at bank and in hand

288,775

-

288,775

114,970

310,403

-

310,403

154,327

CREDITORS

Amounts falling due within one year

11

(77,313

)

-

(77,313

)

(12,605

)

NET CURRENT ASSETS

233,090

-

233,090

141,722

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,099,286

-

1,099,286

1,026,975

NET ASSETS

1,099,286

-

1,099,286

1,026,975

FUNDS

12

Unrestricted funds

1,099,286

1,026,975

TOTAL FUNDS

1,099,286

1,026,975

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2026.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2026 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 16 July 2026 and were signed on its behalf by:

Mr J C Malins - Trustee

Mrs R E Veale - 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.

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.

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

2026

2025

£

Housing benefit

324,199

352,193

Rent

74,772

63,025

398,971

415,218

3.	INVESTMENT INCOME

2026

2025

£

Deposit account interest

4,838

6,138

4.	NET INCOME/(EXPENDITURE)

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

2026

2025

£

Depreciation - owned assets

19,057

20,200

Deficit on disposal of fixed assets

-

3,458

Independent examiners fee

2,500

1,900

5.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2026 nor for the year ended 31 March 2025.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2026 nor for the year ended 31 March 2025.

6.	STAFF COSTS

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

2026

2025

Administration

1

Support

10

9

11

10

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

7.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

Restricted

Total

funds

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

29,645

20,421

50,066

Other trading activities

415,218

-

415,218

Investment income

6,138

-

6,138

Total

451,001

20,421

471,422

EXPENDITURE ON

Charitable activities

Supporting people

440,547

20,421

460,968

NET INCOME

10,454

-

10,454

RECONCILIATION OF FUNDS

Total funds brought forward

1,016,521

-

1,016,521

TOTAL FUNDS CARRIED
FORWARD

1,026,975

-

1,026,975

8.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2025 and 31 March 2026

15,000

AMORTISATION

At 1 April 2025 and 31 March 2026

15,000

NET BOOK VALUE

At 31 March 2026

-

At 31 March 2025

-

9.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Long

and

Motor

property

leasehold

fittings

vehicles

Totals

£

COST

At 1 April 2025 and
31 March 2026

801,022

133,708

23,657

8,595

966,982

DEPRECIATION

At 1 April 2025

50,681

8,792

18,255

4,001

81,729

Charge for year

16,020

1,078

810

1,149

19,057

At 31 March 2026

66,701

9,870

19,065

5,150

100,786

NET BOOK VALUE

At 31 March 2026

734,321

123,838

4,592

3,445

866,196

At 31 March 2025

750,341

124,916

5,402

4,594

885,253

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.

10.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

Prepayments and accrued income

21,628

39,357

11.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

Trade creditors

641

234

Social security and other taxes

894

2,111

Pension control account

963

523

Accruals and deferred income

74,315

9,737

Accrued expenses

500

-

77,313

12,605

12.	MOVEMENT IN FUNDS

Net

movement

At

At 1/4/25

in funds

31/3/26

£

Unrestricted funds

General fund

966,975

74,019

1,040,994

Short term projects

10,000

(3,000

)

7,000

Running costs fund

50,000

-

50,000

Bike Project

-

1,292

1,026,975

72,311

1,099,286

TOTAL FUNDS

1,026,975

72,311

1,099,286

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

Incoming

Resources

Movement

resources

expended

in funds

£

Unrestricted funds

General fund

502,103

(428,084

)

74,019

Short term projects

-

(3,000

)

(3,000

)

Bike Project

6,018

(4,726

)

1,292

508,121

(435,810

)

72,311

TOTAL FUNDS

508,121

(435,810

)

72,311

Comparatives for 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

1,016,521

10,454

1,026,975

TOTAL FUNDS

1,016,521

10,454

1,026,975

Comparative 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

13.	RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2026.

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.