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Registered number: 06795877
Charity number: 1128057
STACEY BUSHES MEETING PLACE LIMITED
(A company limited by guarantee)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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STACEY BUSHES MEETING PLACE LIMITED
(A company limited by guarantee)
CONTENTS
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Reference and administrative details of the Company, its Trustees and advisers
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Independent examiner's report
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Statement of financial activities
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Notes to the financial statements
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STACEY BUSHES MEETING PLACE LIMITED
(A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 MARCH 2022
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Ms V Brasted-Castle (appointed 4 March 2022, resigned 10 November 2022)
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Mrs B Lewis (appointed 27 April 2022)
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Company registered number
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Charity registered number
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Stacey Bushes Meeting Place
Briar Hill
Stacey Bushes
Milton Keynes
MK12 6HX
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MHA MacIntyre Hudson
Chartered Accountants
Moorgate House
201 Silbury Boulevard
Milton Keynes
Buckinghamshire
MK9 1LZ
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STACEY BUSHES MEETING PLACE LIMITED
(A company limited by guarantee)
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 MARCH 2022
The Trustees present their annual report together with the financial statements of the Stacey Bushes Meeting Place Limited for the 1 April 2021 to 31 March 2022. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Structure, Governance and Management
a. Governing Document
The Charity is controlled by its governing document, a deed of trust, and constitutes a company limited by guarantee as defined by the Cmpanies Ac 2006.
b. Objectives and Activities
The company was incorporated to promote the benefit of the inhabitants of Stacey bushes and the surrounding neighbourhoods.
c. Public Benefit
In Planning our activities for the year, we kept in mind the charity commission’s guidance on public benefit at our trustees meeting.
Achievements and performance
a. Main achievements of the Company
The charity has provided services and a venue in line with its objectives.
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STACEY BUSHES MEETING PLACE LIMITED
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
Achievements and performance (continued)
b. Financial Review
Following the closure of the centre due to covid restrictions, 2021 was a difficult year for everyone. Due to being non operational during covid, a number of our user groups folded due to loss of revenue. Stacey Bushes Meeting Place Limited made an arrangement with our user groups to reduce their rents for a period of three months to enable them to restructure. Unfortunately this was not enough to help some users and the groups closed.
In September 2021 things started to get better as restrictions were lifted for all and we were able to rebuild the business. We took on 3 new groups, one of which was a nursery that would be operating 5 days a week sa fils income was welcomed.
We were fortunate to have been able to obtain grants from Milton Keynes Council which were used to cover the costs we incurred during lockdown as well as to enable us to subsidise the reduced rent we offered our groups.
As the committee's longest serving member who took care of all aspects of the business was considering retirement, Paul, the chairman, took the opportunity to restructure the business and simplify how It operated. New trustees joined the committee and we also elected a new treasurer.
Costs incurred included the salary of one employee.
The reserves held at 31st March 2022 were £37,200.
c. Plans for future periods
As of 31st January 2023 the building we operate from will transferred to be under the ownership of Wolverton and Greenleys Town Council, the management committee will cease to operate from the building after this date.
The management committee were hoping to work with the parish council but found this wasn’t possible. We were hoping to be able to find another community centre that we could take over and run, but this has not been possible.
Under the objectives of the charity we are using our remaining available funds to support other groups in the fields of sport, education, health and well being and through offering grants. This has been implemented and the charity have helped and supported a number of initiatives in the parish.
Financial review
a. Going concern
At this time, we are working with other organisations to provide funding and once all our obligations have been met, we will be dissolving the company and the charity.
Any funds left over at the time of dissolution will be given to another management group with the same objectives as ours, the beneficiary of these remaining funds has been named as Millmead Hall.
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STACEY BUSHES MEETING PLACE LIMITED
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
∙select suitable accounting policies and then apply them consistently;
∙observe the methods and principles of the Charities SORP (FRS 102);
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
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Mr P Fussell
(Chair of Trustees)
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STACEY BUSHES MEETING PLACE LIMITED
(A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT
FOR THE YEAR ENDED 31 MARCH 2022
Independent examiner's report to the Trustees of Stacey Bushes Meeting Place Limited ('the Company')
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I report to the charity Trustees on my examination of the accounts of the Company for the year ended 31 March 2022.
Responsibilities and basis of report
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As the Trustees of the Company (and 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 the Company's accounts 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
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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:
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accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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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
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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)].
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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.
This report is made solely to the Company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Company's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Company and the Company's Trustees as a body, for my work or for this report.
Signed: Dated: 23 March 2023
Elizabeth Newell BA (Hons) FCA
MHA MacIntyre Hudson
Chartered Accountants
Milton Keynes
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STACEY BUSHES MEETING PLACE LIMITED
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 MARCH 2022
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Total funds brought forward
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Total funds carried forward
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The Statement of financial activities includes all gains and losses recognised in the year.
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The notes on pages 9 to 17 form part of these financial statements.
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STACEY BUSHES MEETING PLACE LIMITED
(A company limited by guarantee)
REGISTERED NUMBER: 06795877
BALANCE SHEET
AS AT 31 MARCH 2022
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Net assets excluding pension asset
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STACEY BUSHES MEETING PLACE LIMITED
(A company limited by guarantee)
REGISTERED NUMBER: 06795877
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2022
The Company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
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Mr P Fussell
(Chair of Trustees)
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The notes on pages 9 to 17 form part of these financial statements.
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STACEY BUSHES MEETING PLACE LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
Stacey Bushes Meeting Place Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Stacey Bushes Meeting Place, Briar Hill, Stacey Bushes, Milton Keynes, MK12 6HX.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Stacey Bushes Meeting Place Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
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STACEY BUSHES MEETING PLACE LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
2.Accounting policies (continued)
Government grants relating to tangible fixed assets are treated as deferred income and released to the Statement of financial activities over the expected useful lives of the assets concerned. Other grants are credited to the Statement of financial activities as the related expenditure is incurred.
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Tangible fixed assets and depreciation
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Tangible fixed assets costing £NIL or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
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Liabilities and provisions
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Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
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STACEY BUSHES MEETING PLACE LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
2.Accounting policies (continued)
The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.
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Critical accounting estimates and areas of judgment
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Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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Income from donations and legacies
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Income from charitable activities
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STACEY BUSHES MEETING PLACE LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
5.Income from charitable activities (continued)
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Analysis of expenditure by activities
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STACEY BUSHES MEETING PLACE LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
6.Analysis of expenditure by activities (continued)
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Analysis of support costs
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Depreciation & impairment
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Depreciation and impairment
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STACEY BUSHES MEETING PLACE LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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The average number of persons employed by the Company during the year was as follows:
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No employee received remuneration amounting to more than £60,000 in either year.
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Trustees' remuneration and expenses
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During the year, no Trustees received any remuneration or other benefits (2021 - £NIL).
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During the year ended 31 March 2022, expenses totalling £868 (2021 - £NIL) were reimbursed to Mr P Fussell, Chair, for the purchase of fixed assets on behalf of the charity.
Of the £868, £12 is still owed to Mr P Fussell, Chair, at the year end.
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STACEY BUSHES MEETING PLACE LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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STACEY BUSHES MEETING PLACE LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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Financial assets measured at fair value through income and expenditure
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Balance at 1 April 2021
£
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Balance at 31 March 2022
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General Funds - all funds
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STACEY BUSHES MEETING PLACE LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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Balance at 1 April 2021
£
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Balance at 31 March 2022
£
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Analysis of net assets between funds
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Creditors due within one year
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Related party transactions
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The Stacey Bushes Meeting Place Limited has not entered into any related party transaction during the year, other than those reported, nor are there any outstanding balances owing, other than those reported, between related parties and Stacey Bushes Meeting Place Limited at 31 March 2022.
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