CHARrrY REGISTRAnoN NO. 1032305 COMPANY REGISTRATfoN NO.02796002 IEnglanLl•lW￿e$} KIRKLEESCOMMUNITYASSOCIATION TRUSTEES, REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 MARCH 2024 KIRKLEES COMMUNrrY ASSOCIATION CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 PaBeS Trusteès. Rep)rt or￿didated Statew￿¢Of Finanri& PLb 10 Chwity Balarte Sho8t 12 Notes to the Fin8rKial Ststtrm8nts 13-30 KIRKLEES COMMUNITY ASSOCIATION TRUSTEES, REPORT {INCLUDING OIRECTORS. REPORTI FOR THE YEAR ENDED 31 MARCH 2024 The trustees. %*ho are atso directors olthe thatityfurthtr KxJfTK)ses ofthe Conwank88 Act 2006, have ￿eaSUr9 in submitbry their repcfft 8rKI a￿jitéd a(xx)unts f(Ythe year erM*d 31 Match 2024. The acc¢unts have bpÈn prqjared ￿ a(wttsnce the Compan￿& Act 2006. tt* ChatitsÈ% SORP IFRS1021 'AccwntiryJ and Rew)rting by Charitses: Statement of R￿x￿Mend&I Pracl¢8 arp1kab￿ to thartbes preparir their acctyjnts in accordar￿e %*ilh the Finarri* Reporbro Standard aWA1(￿￿e In the UK and Republic tsf Ireland IFRS 1Q21 leffécbve 1 JaFKJary 20191. and FinarKJal Rewrtmg Starxlatd 102 'The Finanual ReFKJrhrvJ StaThJard sP￿1¢ab￿ in the UK arKI RepthI￿of Irew. 15 a Benefft Entity as defined by FRS 102. Company Status The ct)mpany. r￿ter￿ nurrts 02798(K)2. i5 8 registerwl chariiy (Charity Regi5trdtion No. 10323051, is miled by 9uaranlee without Share￿[11a1. TherorFWy is by tsymmingdocument, the Mèmornndum and Aroc￿$ of As￿8￿0￿. Organilational Stru¢lure A Management Board (x)mprisirvJ of up to 12 DireL*or5 the A%sc*iati￿. in&uding UP trj 6 IndividL￿18 norninated by Kitklees Met[0￿11￿ coun￿ IKMCI, mErnts￿5 of thE Fxivate s&tor. aTrJ membets oflhe vc4untary ctor. Board maetng8 ¥8 hdd ona regU￿rba81$, and $ut*ccmmitte8sareccfflvened lo deal with specffjc issues as required. DurlTrJ yearttE ¢ornparry ts $ubsKlkiry ￿rkletS AssooalK)n ￿mited (KHAI. fourofthe trustees makiig up thÈ nwrityof the Board of KH Gordon mtirris￿. a communty DIT￿r. re￿ne￿ frtyn eoard in Feb￿ry 2024. In Jun8 2024 *th￿￿￿cOuncAI adwsed of the rwnatiort of c￿ Eric Firth and the apwntrnenL% ol Cl￿$ Tyler Ha￿knn8 and Munir Al)med. Tha Board *ishes to rèc*rd rts Ihanks to Gor&)n fOrh￿ 10 ye*s of seNce &icfef his 15 years ol seNce. Stattsupport has Nnproved during ttEJEarwce apw1nth￿ ofRadwd Reni(Mi, as P[DjeLtOffi￿r, in autumn 2023. Thè B(wd remains gratehjl for the continued supsx)rt provKIBd to Organ￿8￿0￿ by the dedi(zled and enthusrastic work of Cart*right and Mikt Francè and in parboJL9r ihwr o>operabon in tskiTrJ on additionvj workload. Mike toc* Ihe d￿S1￿ to slep down ￿th KCA in spmg 2024 and has Ihe thank5 ofthe Board for hi5 overthe year5. With ragard to induc*on arvj training of trustees a clxrwrehensive ii(kntion ccfitaining specific Klrf¢lo8S Cornrnunity Assoo*on Inforn￿kn and Comftw5sitsI inforynation has been prepared for all new tntstees. T￿lStee5 ryeNe IBIr￿ through rfonnakn briefirys as partof Board meetit¥J5. Pdn¢lpal Aetivilies The principal ot¥8c*v8softhe gr￿par•tO a (•￿￿C¢ffin￿Otyts0￿beS ￿dud1r1j hyJsir%J. educational. reL*eaknal. CLknJral and geThwd ccfflrr4Jnity benefits In the Kirkl885 area. The group has contsnu￿ to wovhle knw<¥)st and aNordai4e rented a￿)￿K•S8￿0n for iTrJividuals famlies through its of sooal housiNJ aThJ hcw>NJ ltrs¢xia benafit dwekpments around Kirtlees. These i￿ude Imfirth. PaddodE. G￿eT581. &)IcAr. mInsbnd￿. Ravenslh(rfpe. C*itheDley. Mirfield and Bir5tall. The group atso has a Smaller proparty irNestment whwa Il rents prcwty•A to ilwd wbes cn a rnavthl rent ba515. The staffiThJ SituatKJfi has impact8d on Ihtr abilty of the Board trj t*th revi*w wsb.ng FoJlo"es 8TrJ dav61op initiatNes which has been 8 s(xJrce OffruSt￿ to the Board. U5sors remaln In pmgressTr*fth ￿r1deaS ov6r the arrarojements betsveen the paibes and Ihe fil￿re acti￿t￿$ of KCA The pnl ola KCA Propl Offi(xr 15 5oen as a very p05itNe step in devdopng future Han8 Ortd kty oblgctlv•s forth• The Board will G￿tinue io seek ar￿ Greate 0pwrtUr￿e5 arxl thp key obi&** i% ￿ be In a rx)sibon to use ils flexibility lo takè up opp[KI￿lti￿s as Ihey arisè ar￿ to dernonstrate Uwt they a￿ actively supporting councl in achiewrvJ their housir¥J wAKxes. Thp key FXKxibES fortt￿ fijlure *e". Idents"ts"rE partnership eppubJnthes'. Providing I￿(&81n9 lo wjlneratle grryjps.. MaintsiniTrJ KCA'S ability to resrthl swffjto rw cy￿r￿Mit￿s.' Maintsini the ¥¥isli slod( to a h. h Standard. KIRKLEES COMMUNITY ASSOCIATION TRUSTEES, REPORT {CONTINUEO) {INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Publlc ben•fft We have ￿ferred to the gUKlan￿ cLfftkned in ble ChartyCthThmissth'sgeneral gIdan￿On pJNic benefftwhen rewewng our airf* and otpthes. W￿l￿g farthe wblK t)enefrtofKJ"rkk88s U￿j￿￿7$ fi)r Kc￿ Pff4xts are t￿￿alY 8irn￿ al enhanThng th8 qualtyof lrfèfor w)KAB. PHrtiaAarty those in no•Y. The provisiw 0faffo￿ab￿ htyJ&r#J to IndfvpJua15 and lamm￿$ in need of hO￿1rVj is a public b•iefil. KCA housing a55et50farouTrJ 200unit8provide sw)od qulty. arr(xdaNe houwrywhKh w0￿d0the￿Il$e Th)tbeavaik8bk and hdp5 tackle soryal exdu5*M and p)V8ty. Atkxxims to thg priyertE5 are based on need primarity usiry the cai aLrthority c￿te Based Lelting 5y5tern. Rents are set to b8 artyJnd the Li)cal Housing AJk)%Yance levels or are re9Jlated by Ihe Hcffl88 8ThJ Con*nurai*S ￿ h) make sure Ihat th8y are aff¢jfdab￿ to Ihose in ne&J. The wider regweration work that KCA is undarithng, paTtiLwlarty in the Fiddhead area. 15 of pjblr benefft by enhanclng the Physi(￿ envirt￿￿ent arO lrfe tharK8s oflh8 rtsidents ofthe area. Fundrnlstng The group does notGarry wt lunthw Flnancial ra￿eW the year the pri￿PaI swrce of Alfx￿ IX)ntinu&l to be frt¥n the of hr*￿r￿J, with Ihis inco rÈmainirKJ ste￿Y in ¢otJ year£￿ year. The repc¥ts a dafitst for the i*ar etKled 31 2024 of £326k 12023- Su[pl￿ £79kl. Th6 d8ficN is Tesuh of the irnpact of the revalL481ion of fixed assets. whK* is Ik)ne ¥nu•. This year indudes tota reductions in Ydlueof£387k with increases L￿Ye￿of£I47 Other variances compared the prior year 1Th￿￿de a reductyon in propety repairs and &xp8ThJitur8 ￿nkIng fund property rep8ir5 of £205k and an ¥Kr8858 in ￿nk l(*n and ¢wgrdraft nterosl costs of £68k. At 31 March 2024 thtrgfrMJP had fixed assets of£17.879k12023- £18.YJ3kl*ilh tt￿ deLT8a5e tnairty ari5irvJ from the revaluation of propèrties in the year. Repa￿en15 trove madè against th& bank loans in the year Mlh Ihese reduory in by £215k. Thè 9fDUP hJl * bank ol £204k12Q23- ￿02k} and an ov8rdr8ft of £303k12023- £347kl- Rlsk Managomftt The Board undertakes re9uk8r rtsk ev*uatK¥1. 1fftslm￿ are {r￿￿7￿j anb"cipat8d due to a lad( of proieGt Tn8nageffEnt rewjrce a¥alat4è. The rith of [￿11rVj b*ind rewired ¥wesknent is ￿ng kepl in mind. Theclher main loKCAas hlentified bylhetruSfeesa￿ mpxt1￿lfar0 r8f¢Th has on tenantsand the￿Ore their rental paYr￿ntS aTrJ ger*ral financial ¢￿sK￿at￿5 due to the ojrrent volatslity of the UK 8conomy and th8 pressure of huga rises in eth8rli￿r￿j c(tst> on wrterwnl's financial kyJSi￿￿. Th8 *ifar8 imparts are mitigated ty links with k)cal authOtya￿ Ihew urxlerwritrro ofs0￿* r￿ts. as￿1 as processes to SUPWtagana8s ID SUN)ul tenants fina￿al ￿es. There k5 a stsndiro it*n for finan￿ update5 and deci5m￿S al the KCA rnonthly Board r￿ling5. Heath arnl safety faling5 and buildirrfJ falures are a ri&k frem a kndk)rrfs wtnt of *iew. Such risks are rnitigafr throu￿ the use of a manageffEnt agreement with IQTklees H(xnes & NaghbourtK¥)ds ¥*0 pro¥￿e day lo day tnanagement via a 24 ￿)￿r to tenants *•lh tMJrfditVJ Landlord aThY buihying insurance is also Ifb place and is reviewed regulaty. The Assotiation ￿ awe oflhe issues that Inc*eaS￿ regulat￿ of ragBtered al landlords re8pM*t4￿"eS a￿j kept Underr8*7￿ by Ihe Beard. Th6 Board tak88 account of nati￿al Issues around the dT•rted htyJgng such as fire safetyand m(AJld reM￿labtsn and add￿6$83 thèsè ssues throuyh tsryeted investswt *there rwlred. Cijrrenl signrfrant increases in interest ratss we a fin**ial risk atKI the Board Cc￿s￿lerS the balanced lory lerrn risk of interest rate mo¥ements versus L¥JSts fred rates where aFyropnat8. They continu8 to consider such mks en an orwng b￿. KIRKLEES COMMUNITY ASSOCIATION TRUSTEES. REPORT (CONTINUED) (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Reserves Poticy The trustees aim to build up ￿¢1 retain IKiuMI rv$er￿ to th? S￿ng fiJTrJ provi&on th8 properbes. L￿U￿] restrrves, afterf￿e￿ assets, k￿$ 8rMI (T4erdAi are £209,53912023.£169.7541. Al Ihe year end the grwp is ￿dIr0 unrestsKlag reserves c1£10.763.82112023- £11.028.3401. This indLKl8s th8 de5vJnated *nknng fund of £239.819 12023 £158.8121 and a revaluatKffi re5wve of £2.533.873 12023 £2.579.2891. The trustees intend to US8 any su￿ll￿eS io cCntr￿la lo the fijnthro d fijture sthemes and deb*kJpments. partKvlarfy the ￿￿Ded rnaintenarce, and to proWthe Trust agansl identffied risks. Funds D&signated lunds arè unreslrkied fvnds are determlned by a spedk to selds￿e fvnds to fund future ry>sts ￿thin the charity. The 4Yeswated lurKI i5 3 %nknng fijnd s81 as*J8 to cover any necatsary siz*Wcapitsl ' repair5 expKted on an agewvJ pothK). En¢￿￿ment fijnds reptesent inthne r8ceNed fc¢ th8 puttkne of properties where there is an obluation on Ihe tharity to hold these assets fuuse in fvffillirmj the charitys ctyecths. If thè ptopeities are sokj orno long8r used as seoal htyjsing. thi8 (￿j r8pay&4e. Dlr•¢to The Llrectors of th6 ¢￿￿F￿nY￿￿rir*j the yw**re.' E Firth Ires¥ned 27 June 20241 DMFirth R C Iredale P Johnsc N t4nnDth.Harn•ton P W Rc¢k Ichairl P D McBride C Patti8￿ {re8￿ned on 16Juthe 20231 P P Moore lappointsd w 16 June 2023. res￿￿1 l9knj￿t 20241 G M¢yrison Ire5wJned on 2 Febnjary 20241 T C H8wkSns. M Nhmed M FrarK8 ww8 as dl¥ectorsaftèr31 Marth 2024 tMrtw￿rl9 fv d*e ofth reporL appointed 17 June 2024. 27 JurE 2024 arxl 16 September2024 ￿5￿. ltirklees Metropolitan Cwnol nimninate men*)Brs"."Apwinted (x)mpany ￿bers. are ap￿inted by a majorty of membets. Thè D￿￿terS ar8 Ml *Jt¥e¢t to T8tirÈmÈnt by Roloron￿ and admlnlstrathio detsW¥ Règi5ter￿ Offico 20 M(K)rfatKI Rtse Mettham Hdmfirth Dg SNA prtnclpal Office 1° Fbc Centrt 3 High Street HLMldersfieh1 HD12TG Company Socretsry Paul Kemp Audltor DJH Audit LinNted Chartered Acc¢xJntsnts Ststuw knts)r5 Bates Mil Colne Road H￿ade￿fi￿d HD13AG KIRKLEES COMMUNITY ASSOCIATION TRUSTEES, REPORT {CONTINUED} {INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Bank•rs Leeds Corrmte Centrt 14 Street LS1 2HL Solldtors Ramsdens Soliritots LLP 0a￿eY House 1 Hungerflyd Rcod Huddersfidd HD3 3AL AudttOfB The aLk1itors. DJH Au(It Linrt•J. *ll be wcp)sed fc¢ wpw4nlm8nt8tthe forthccffliry AmLkg1 Ge￿ra1 Mggbng. Statement ol d¥losure to audhor In $0 far as the Iruslees arE a4Rre" bl trustees have l*en all st9PS Ihat ttw (whl to hav8 taken b) make thems￿￿8 aware of any re￿TrI audit inlorwtim *d lo e#2blish that the 8￿J1￿￿ *e a¥we dthat ￿format￿)n. This rwNt has téen prepared . sm*1 ￿￿pa￿s. Vlilh sp￿￿1 of the CompanRs 2W6 rdating to Approved by ord .. and swed on its behawby.. Mr P R¢Jd¢- Chalrof th• Bowd ofT￿￿••$ KIRKLEES COMMUNITY ASSOCIATION STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The tnEtees. are a*0 ts dirE(kn5 of Crynmwwty Assooattyx Ihtr wrpcse ofthmpany knw, are re5Wns1b￿ for preparing thè Trustees, R8t¥Kt arKI Ih& finarthl ststements in acwrdance applIC*J￿ law and United ￿￿Jd0rn Acctyjntng stsndard5 IUThted f*rEralty Accepted A¢ctyJnt"NJ Practi￿1. Company W rg4uires the tFUSEees lo Fwar• a(xx)unls far each financial year. Under cc*npany law the IN5tees musl not approve the finarKaal statements they are satssfied that give a true and fair view of kne stste of affairs of the charitable COTnpany and the g￿xIP. of kne ir￿(￿nIf¥j a)d aP￿iCation of resources. inclvdiry lrtome and eXpend￿re. of the gr(￿P pwent c*adtst48 wmpany for that p￿K￿l. In preparirvj - select suitable &twnting po¥ci88 aThJ then appty them cNs•. . obserwe Ihtr m8th(xls arNI pr1rK4￿8S In tt)e Charitss SORP.. . makeiudgernètrts and e51irnates Ihat are reascffjabk and prudent". . stale *￿ther appli¢￿e UK Nu)>JntiThJ Slandards have fdkNv*l, suE¥ed to any rnaierial departtwes dK8dosed and explaned in Ihe stat￿￿ts. . Pfepare thÈ a￿Unts on the basis unless ir4pwate to Pr?￿rre that the chadtabla o)mpany (x)ntinue in I)us.￿s* The trustees arè raSw￿51bIe for keer*¥J pvoper accwnb"rvJ r￿ordS that arp suffKaent to show and etyain th8 charf￿￿ company'5 and the grwp's IransaclKms arK1 vl*L* disLlose ¥￿th reasonaNe accuracy at aty time thtr finanua position of the Charitable Cempany aThJ lh8 grixp. and to enaNe them to ￿5￿re Ihat the finar￿al statements comFAy ¥Yith the Comp**s Act 2￿. Thay ar8 also re$F*￿i1Ae for safeguarding Ihe assets of tha Charitab￿ coryany and the wup. and henGe fortskry rea8￿8b￿ steps lorlhe prwkn and detectsoft offratsd and irregdaribes. KIRKLEES COMMUNrrY ASSOCIATIQN REPORT OF THE INDEPENDENT AUDThORS TO THE MEMBERS OF KIRKLEES COPAMUNITY ASSOCIATION Opinion We have audited finarKial *aterwtsoflr￿e8S CcrnrMityAs5(Kaation lth? ￿rent¢0MPanY) and its sUbs￿laneS lthe'9roup'l for the year wled 31 March 2￿24 r(KnW￿e Ihe CmsdNlated Stat8menl of FinanG￿l Acbvits8S, COn8d￿ated and ChèTity balanc8 sheets. the C￿S￿1d8[ed Cashfiow Statement 8fKI rK)lé$ to the finanoal statement8. induding sUrbth￿l rA)I¢￿5. The ffflanual rewjrtw ftamewort that ha5 been appKed in Ihtir weparJti¢)n atWKzIAe law aThJ Uorted ￿nglOr￿ AoxyJntirvJ siarwJ*ts. indL*Jiry Financlal Reporting Standard 102 The Financial ReF￿r￿j Standard aWKaFJe ￿ the UK arKI RewLlic of IrelaThY (United Kiw(*)m Generdty A￿&pIed AcrTh1n￿9 PraGi*6I. In ryjropnion. ts finanoal staternerrt5". gNe a truè and f￿r ￿ewOfthe slate ofthe grwps aTrJ the pa￿￿t d*Jiiable 1xx))￿n￿S affairs as at 31 Marrh 2024 and oflhe wps i￿x￿nINj f8styms and of restxJr¢8s. i￿￿jir￿j its irwr and eXP￿rtU￿. the year then er￿￿￿., have been properfy prepared aaX)n1￿ with Uniled Generaly A(￿pt*￿ Atttyjntir F¥actice, In￿L￿1￿j Finanual Retxxbng Standard 1D2'The Finanaal Rewbng Standard app¢ic8b4e in the VK aThJ Rtrpubliccl Irdand.: atKI have iw prepared in accordwcewth IhÈ wuirements ofthe Cr5 of Ihe cfvaritab￿ ￿MPanYf(xY the purpw ofcomwy law. are forth* marati¢)n of the finan(aal statements and for being sabsfied b)at Uw gNe a tsue and fairview. aThJ forsLth intemal e¢ntrd as the tnjstees detemine is necessary lo eroble th8 prepa￿￿On of fin30ual stateM￿ts that8￿ free frcrn material misstatem8nL whelherdue to fraud N effor. In prepanry Ihe finanaal stslernents. Ihe trustees ate Te5ry)nwt48 ref ass8s8iw the grwp's and the parent tharitab￿ compan￿$ ability to continua as a wirvJ ￿￿￿ern, disckngng. as apKAK*blp. matters re￿Ied lo gt>i rA)ncem and using Ihe concern bas￿ ofac£X)￿tir¥j w*ss th8 tsustses trther intend to liqU￿ate the grijup or the parent dwritab￿ company orb) ceast cFerations. or have Th) realistic atternatwe lo do so. Audl¢orfs rosponsbilitrs fvrtho audlt of thè tlnancial ¥talements Our obJ"ectives a￿ lo obtain reas(￿bIP assurdrtt at￿￿*thether Ihe finan(xal stat¥nents as a whole are fr88 frorn materi81 tnisstslerrenl. wtiether due to fraud ar￿ lo i%sue an auditorfs rep)rt that indudes ¢)ur opinbn. RÈasonaNe assurance b a high of assuw￿ but ts rM)t a guarwitee thatan audit conducted in aco)rdancè Vlith ISAS IUKlwill a￿ayS detect a rnateri* rnisstaten*nt vjhèn it e￿$ts. Misstatsmenls can ar from fraud or ￿rand are CO￿*18r8d Materi￿ rf. 1￿1¥MIUalty or in ts agyregate. Ihey rèasonabty be expectsj to lnfiuer￿ the ecc￿￿￿￿8¢￿sth$ of useTrtsken basis ofttjese f￿an￿￿ st8t*nents. Irregulantes. includiry fraud. are Instar￿ of *7lh alld regulations. We desiw t￿￿￿ureS line wlith Ourresponsib￿thes, outlined abtsve. to detect material misstatements in resp*tef irregularitie5. indudirYJ traud. The gxtent to wt¥*thJrp5 capgt48 ofd8ts£tsg W1￿￿ritEs, in￿dI19 frdud is detailed behyw.. A8 Part ofd8signffw tyJraudK deterrni￿d matsrialty aThJ risk ol materw M￿5￿*9m8nt in Ihe frnantt￿ stslemenb. vthetherdue to Ir3ud Ore￿¢￿. aThJ than deSp3n￿ and perforn*d *Jdit procedures ponsNe to tw ttsks. In pwtitythr. we ￿￿[8d atw*ere ￿ dweclors Tr)adfr *"thejudgements such a$ In idenlfying ar￿ a559S5wy risks cd material nmssiaterwrt in r8SP8Ct ind￿1￿j fraul ar￿ r COM￿￿1n¢6 with bws re9j￿ti￿￿. our WamiNJ prvcethres YKhJd&J. Gaining an untsrs1￿dln9 of the entity and its environment in(*Jdiry the enlJ"Vs leg21 and reg￿atery fra￿￿wO￿(. any fraud Ir￿lcat0rs and Intern￿ Contr￿ system both dscUssi￿$ amro5t the engagement leatn and wlh managerwt", Enquinng of man￿jernent ththerthefe was any knowm. ￿Jsp￿*d oral￿￿Al fraud.. Evaluatiry Man￿eMenr$ ¢ncentives and forfrwjdulent rnaniwktK￿ oflhe flnan¢o1 statements indu(liw the risk cl ov?mde of corrt￿s.. aThJ The engagernenl ￿rtne1*n$Urir¥￿ that Ihe erya9￿nent team had the appropriate npetence. capabilths aThJ skrfls to or rectyJnise rKxHx￿n￿ydrCe wth appI*￿e law5 and regul*0￿. KIRKLEES COMMUNtrY ASSOCIATION REPORT OF THE INDEPENDENT AUDETORS TO THE MEMBERS OF KIRKLEES COMMUNITY ASSOCIATION Based ￿ (xjr understsndiTrJ Oft￿ o)mpany aThY its irKI￿try, the key (aws regUlati￿ts tonside¥8d incl￿ed Ihe UK C(x))pani8s kt. Charit￿8 IX)111 and r*vJrttsx ba￿atiOn. EvaluatirYJ and Cp8￿ th￿￿ne$S0frn8rWJeM￿s ¢￿tr￿S deS1￿*d to prevent and det&t irregulant"es.' oi%xJs￿n9 th•dnClO￿ lh8 procedu￿ in regardiry Ilenbf￿n9 and comptyi wilh laws arK1 re￿lat￿n$ and ¥thelherthry ￿anY r*tancesof r¥xH￿￿￿iarts'. ReTrAèwng rdev8nt me8b"w minutss.. Idenbfwng and ttstsrvJ jLyJm81 entri8s.' Desig￿rI￿ audit prc¢edLYes to incorpc** urYBL￿'lty the nalyre. oraxtsntof ryJr tesbng", and Rewewm9 and tssbTrJ Ihe acoyjnty estimate5 b ffdnvni%e KKJt6ntial bsH5. The prirnary respThllsitMhty forthe pr8ventrJn aTrJ detecl*Jn of ¥regthr*es I￿udi[￿j fraud ￿15 Vlilh both Ihc68 tharged wth govemarte aThS man•Jerr￿1. Thwe are Inherent limitatK)ns in the ¥￿it proLYdures descnbed atx>ve and the further￿MoVed regulations is frun ts events and trar&actions refiected ￿ the financk81 statements ￿$$ l*dy woukl b￿ne aware of such noncixnplianctr. ￿S0. the risk of notdetecting a matenal msswement (*Je to fraud is htyjher than Ihe risk of not delectiw one resuknw trom error. as fraud tnay invo￿* ddiberate ¢)JX8al¥f￿ by. forexJntAe. f￿&y, mi5representatsO￿ or CdlU5￿n. A furtherdesffipti￿ Ol￿r respOn￿b￿ltieS is avawe on the Fir*ntial RewrtsrMJ Counryl's website at. httpSJA￿￿.frc.ory.ukJaLYlrtor$r0spw*bllts"e$. Ths d8scrptirffi fonns p*t ofour aLh4itofs tw)ort U$• of our report Thi5 rep￿ i% mad8 to tho crffjpanvs m￿berS. as a Imxly, in xcJ)rdancewith Chapter 3 of Part 16 ofthe ompanies Acl 2￿. Our autht w(xk ha5 been ￿mIert￿en s) that nyghl 5t*e trj the compaws rn￿berS those matter5 we are required lo state to them in an audilorfs rewt and for no other purtrtw. To the ful￿t extent perFnitted by law, wè do Thjt ￿1 re¥￿S1￿*￿t08ny￿* otherttsn company and the CQrnPgnV5 rnembets as 8 t*)ty, fortyJr wdrt IOT thi5 reporL ryfor Ihe we havt fom)ed. Karon Bor¢)wJki FCA IS•nKrStaiuwAud For and on behalf of DJH Audit Llmlt•d Aceountants Statutory Audltor D81e'. Bates Mill Cdne Road Hudd&rsf*ld Unrted HD13AG KIRKLEES COMMUNrrY ASSOCIATION CONSOUDATED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDTURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Total Totsl funts 2024 2024 2024 2023 Donath*s ar￿ P2041 161.3481 183.5521 153.8241 IncomiTrJ res￿[￿$ from ¢bwitable a¢￿¥￿$ 75T,170 757.170 732.628 Income fiY)m in¥e5trr* 241.094 241.094 239,142 39.529 34,933 Totsl irKorno 1,035.589 161,3481 974.241 952.879 Expend1￿￿• on: Charitable adiwbe5 940.924 940,924 1.106.703 Nèt Ikxsesygth ￿ irNestrwts 1313.7681 1313,7681 415.378 Net IdÈficttysuTrlus 1219.1031 161.3481 1280.4511 261,554 Other re¢ogn6std gauullkn¥e¥l: Losses on revaluation offixed assets 145.4161 145,4161 1182.6621 Net mov•merrt In fvnds 1264,5191 161.3481 1325.8671 78,892 R•eonGili4llon of funds: BroughtfoThMrd 11.028,340 4.265.973 15.294.313 1S.215.421 Totsl funds c￿10$d forwartl 10.763,821 4.JA.62S 14.968.446 15,294,313 KIRKLEES COMMUNITY ASSOCIATION {COMPANY NUMBER 027960021 CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2024 20Z4 2023 Fixed a8s•ts TangiNe assets Inve5trnent Kryety 12 13.LW.010 4,879.1Y)1 17,879,011 13,321.993 5.181,501 18,503.494 12 Currènt •888ts Debtots Cash at bank and ¢n Pond 13 116.813 204.035 111.706 201.957 320.848 313,663 Cr8dhor¥ Amount5 falling d￿￿thIn ore 14 1567,3091 1618.1181 Not currerrt asspNILablllliesl {246.4611 1304,4551 Totsl ass¢ts kn8s curr•n¢ 1wbi1￿•S 17.632,550 18,199,039 Creditors Amounts f*lng dua after more I￿ on8 year 15 P.864.1041 12.W.7261 N•t a¥set¥ 14.968.446 15,294.313 Funds Endowmentfunds 17 4.204.625 4.265,973 Unrestsicw fijnds.. Designated fut G8ner& unrestri(thd fur%ts RevaluatK)n reserve 18 239.819 7.W.129 2,533.873 158.812 8.2g),239 2.579.289 18 10.7&1,821 11.028,340 14.968.446 15.294,313 These finanrial sts18r￿n1S have been prepared ￿ x£J)rdartt the aw11￿ to charitable cornpani25 5ubiècl lo Ihe srnall Th8 finanGi& Stslem re appr by ￿ tr￿*0$ on .. MrpR￿( Chalrof ¢he Board ot The r#)tes fonn partofth8se fin￿al Statem￿(8 io KIRKLEES COMMUNITY ASSOCIATION (COMPANY NUMBER 02796002) CHARITY BALANCE SHEET AS AT 31 MARCH 2024 2023 a$5ets TarvJilSe a55ets Investrnent property 12 12 12.185,010 3.%7.001 16.f52,011 12.486.493 4.021.501 16.507.994 Cuvrent ￿lets Deblar5 falling due ¥Ythin ore year Debtors fallltag due after yaar Cash at bank and in hand 370.814 796.895 201.987 1.369. 349.747 796,895 179,020 1.325.662 13 Credltors Amounts f&ln9 due wrthin one 14 1&54,9911 IPA)6.8161 Not curront a81èts1lMabHIt1*81 814.705 718.846 Totsl assets h88 cuffent IOab11611es 18,￿.716 17.226.640 Crgdttors Amounts falling due after more lh￿ £* year 15 {2.664.1041 12.904.726) assets 14.302.612. 14.322.114 In¢om funds Endowmwrt furxts 17 3.758.125 3,819,473 Unr8slricbJ funds.. Designat￿ fvnds General unrestrirted fvnds 18 18 239.819 7.806.235 2.498.433 158.812 7,801,422 2.542,407 Revaluath￿ reserve 18 10,$44,487 10.502.641 14.302.612 14,322,114 Company's (h￿sy￿r￿S for the finaro 119.W21 1314.0561 These financial sta¢ements have been prepa￿d in a¢tJ)rdarts with th8 kw¥￿10n5 apph'i*ble trj th8ri*able cDmpanEs subittt to the small c(Thpanies r The financial statements were Mr P Rock ChaSrof the Brmrd 0fTn￿te&S The notes forn part of Ihese finarwial ststen*nts li KIRKLEES COMMUNITY ASSOCIATION CONSOLIDATED CASHFLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 2023 Net cash pruvided by (used inl(yvatiry xbwib8S 371,737 459.360 Purchase of larVJib￿ [￿ed asse15 PToceed$ on disKx)sal Of lar￿lAt fixed assets Nrt ￿$h provid￿ by inl irwesung actIv￿e& 131,146) 136.( 1599.8921 116.(M) 104.854 1483.8921 Cashllows fin*King actith: 1258.8301 1215.6831 1193.9671 1148,8541 Interest paid Net Cash pmvithd by lu¥ed Inl finoDGiry a¢tlvttl88 {474,S131 1342.8211 Change in Cash and ctsh •qulY*luts ￿ th• r•porbn9 Period 1078 1367,3531 Cash and cash eqUNa￿nts althe bsJinniry ofthe rewrbng peric*J Cash and ¢ash eq￿Valents at lh• end of thé rnporting period 201.957 569.310 204.035 201.957 R¢kting to.. Cash at b8mk aTrJ in haThJ 204.035 201,957 KIRKLEES COMMUNrfY ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting Polici85 1.1 Accountlng convontlon The financial statements have been prepared in acc¢rdanL* With Ihe (x)rry)anls g)vemiw (kxurnenl, the CornpaThes Act 2006, Ihe Char7tres SORP IFRS1021 Ac(x)￿l￿ arKI Retvb'ng by ChatTbÈS." Ststernent of Recommended Pr*tre app1Kzb￿ to preparing th￿r aLXX)unts ITr accordarte ￿lIh the Financial Reportiry StaNJatd in the UK and ft8pLd￿ of treland IFRS 1021 leffectivt 1 January 20191. and Finanaal Repornng Stand*d 102 'TIE FInar0￿ ReFortiNJ Skndard aptAicable in the UK and Republr of Ireland,. The ¢crfn￿y i8 8 KxJblK benefft 8ntityas dthed ty FRS 102. The ffinarKi￿ stste￿nts have been kyepared urxjer Ihp historic￿ c051 conveniw)n. rn(xlrfwl to ndude th8 revauatron of fre￿d pro￿rbe$ and lo investment Fwoperbes at fairval￿. The prinripal aco)unling s adopw a￿ set OLrt bekw. 1.2 Goln9 COIKern The IDJstees have a reas1￿ eXpeCtsth￿ that the (xxnpary has adequate reS¢YJt￿ to c(ffttinue in operatsonal existen￿ forthe f(Ye5eeab* fubJre. Thus. Ihe tru5teesix)ntirwe toa(*Jplthe wing corKErn basis olarxounting ￿ Prepar￿￿) ts financial slatements. 1.3 Ba$1$ ol consolldatSon TheCon$olidaled Statementof FinarK1￿ Acti¥itie8, Cr*tsdwJated Bakne Sheetand Cofisuniing P8riCAJ wthen the cumdatsve itnpact on the stAiloffunds bel%￿￿ Ihe Revaluati(￿ reseivtr arNI the Genernl unrestricted fund reach&1 a matenal le¥d. Therefore. depretAaith was Imp￿menIed [rr￿n the PTW)r perKkl. Thje to the I￿￿t￿la1 amount5 assessed as affectirwJ earf*r WriC¥Js. rt was cms*JergJ and of ￿ ¥￿ue to the users ofthe accounts to make adju51rr%nts to those perK¥l5. 1.8 Imf¢slD*nl prop¢rtles Investment properb8s are indwjed in Ihe b?kn￿ slwt at cc6t and at tsrtsT valua. No ¢J8preuatirm Frfovthd rfft the inveslment FKoperbe5. Jthough this acts)￿*"ng in ao)ydJKe *ith FRS 102. it ts adeparbJr8 from the gerernl requirem*)I ofthe C(Thpan*$ Act2006foraU taryth assets lo be depref1a1￿. In the ¢¥>iniM ofthetru5ts8s. wilh FRS 102 is npossary lor the finarhyal statements lo giwe a twe and fair viaw. DaprecK8tion is only one of the many tsctors reflecled li lh8 Valuatic￿ and the amctht oflhi% whK* mvJht othemse have been dwryed Gannot be separatèly thntified or quantiw. There is aTh annu* reV￿uatiOn of the investrent properties. 1.9 Cash and ush equival¢nts Cash and cash equi￿ents i￿￿de cash in h•d. ¢Jew5its hehl at t￿1 banks. Olher short4errn Iv4ukl Investrnents wrth original maluiitses of Ihree rrKmts ￿1&$5. arml bank (wardrafts. Bank overdraft5 are shown ithin in ojrrenl Ikit¥"Iities. 14 KIRKLEES COMMUNrrY ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 1.10 Financial instnmients The o)mpany ha5 eleth1 to lh8 pr￿paThs of Sethi 11 EasK Firn4nri& Instruments, to èll of finar￿lar InstDJments. Financsa instDJments are rwnised in th& bala￿ sh88t the company becrynes party to th8 contractual prO￿lc￿8 ol the inslnJm8nL Finanua assets aThJ liat¥liti8s are offset. n8t presented in the financid statements, %¥￿n there is a WIIY enforceable TrJht to set off the rewjrnsed ￿¢)Jnts and there an intsntion to settte on a net to realise ts ￿et and setlle the liaw Smul￿a)Is￿. Basic fvJ8rt1818&¥è1s Bas￿ 85sets, deb￿ and (ash arKI b*nkba¥K*s. are measured attran58ctrJn pri In¢￿di￿ transaction cc6ts ￿$8 any impaim)*)L Basic short tetm finartfal IkbWI￿s. Ind￿J? c¥wJitors, ¥e rec¢gn￿l at tran5acbon priGe. Debt inslruments are mea$uTèd iThiialty 81 t[an￿bOTh pri￿. r)Èt of tt8nsa¢tion ￿￿ts. and are measured Trade creditots are obligations to payforg￿￿￿rservx%s Ihal have been acqUi￿j in the ordinarywurse of op8rations from suppliets. ATh￿jnt$ payat48 art dassrf*d as ¢yJrent &at4th"es rf p￿ent is due within one yÈarw lèss. Irw ltrware Kmesentsd as liablrfitss. FinarK>al liabrfities *e dere¢(¥1¥88d the cOmpn￿$ thlvjations ex￿re or a￿ dI5thaTyed or 1.11 Company infonnatio Kirklees C¢wDmunty i% a PliWatÈ tompany li￿￿￿ by guar*rtee InttJrp)rat8d in England and wa￿5. The registered office Is 20 Ri%e. Mdb)am. ￿rnfith. En9land, HD9 SNA. The wanys islered nurnber is 02796002. 2 Crltlcal accountlng •stlmates and ludgements In the of the companvs auxNJnbrKJ t￿￿e$. trus￿ are required to make ILhJgement5. estimate5 and assufflptions abDuI Ihe (zr￿ng an(xJnt of assets ar￿ liatNlthes that are not readly apparent from other swrces. The estimates and a55(riated assumFknns are based en hffstorical expenence aTrJ other fHcl(xs that arp (X￿￿K1ered to be releYdnL resutls rnay dilFerfrDm I￿s& è8timat8S. The e51¥nate5 ￿lj undedyiry arv rEVie*￿ on an t*i& Re￿S￿￿s to ac0)￿tir estimates are wnised in in the estimate is Msed. The rwture of the estimates and aSsumpt￿)nS Ihat hav* a sgnfficant r￿* of a rnat8ri￿ afjustment to the Garrwng amounts of assets and liabilrties *￿h1n the next financ#￿ year are addressed The arrrtxjnt of the es*matÈs and assumptv)ns ai thè yèarend ar8 dtsc*)s*J ￿ Ihe r816vani the acwunts. Properbps that are held to earn (xmmertial Mlals fDr aN)reQat￿. cf both. are categ0ri5ed a5 inve51rnenl pr(yrbes. Prr)perttes r£nt￿ to WDvKle 5roal tkYJ5iry ￿e dassed as ￿sIng. Other properbe5 rented as Wcost ac(xxnr￿xj*K￿ are classed a5 fvr ￿nefit. Investment propety(s [r￿uded ￿ th8 Wance she81 al fair value. Th? knJ5tee5 estinthelhis based on annual prolesS￿nal valuations prepared on a markelvalue basis atxl Valuat￿nS kyepared on an equDialwl u% value Iws¢)tsal Musing bass for wilh a silbrwj tenanL Itw c¥Jr*bYer to be equNalent to tsir value. For the subs￿￿ry CCffl￿Y. ￿ of Ihe rrwket value is r&x)gnised. they c))nsidw lo be ￿u￿alent to fair value. Thi5 is a change frorn fv txK)r year of the market VJUÈ %Yas rwnised in the consolidated accwnts. This change has resumed in a de￿eaSe 01 £232.￿0. re￿ti￿ to value brougm foA¥ard this year, bthng reeojniwj in these accourts. 15 KIRKLEES COMMUNITY ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 2 Crlllcat accountlng estimates and judgements Icontlnuedl Free￿d pr(werbes acquir￿1 are ether Ixjugry or for tenefiL Freehc4d proparties ar8 induded on the balartt sheet at f*rv7Jue. The (wstees esbmate fairvalue based on ann￿[ t￿OfeSsi{]n valuations prepared equwalent use vdue ts swal trjusing basis. ¥*tKh the tDJste&s consider to be uivaknl to w4lug. Useful 8conoffltc INes of tangNe fixe(lassets The annualdepreciabor4 Char￿lor laroibk fixed assets (￿lh* Ir88W land and investrnent pr￿￿5 1$ sensitive to tharye5 in the e5tirnated usthl ecory)ffic fves aThJ resbyual ¥¥Jes of the assets, which are r& a$5essed annuathy. They are ￿ended r￿Cessary to ￿rrent estimates. based on e￿￿0[￿1¢ ublisabon. Fkny5Kal of ￿ assets. fubjre irwestments. the mti of C￿￿￿1*)ts maknrvj up the assets. 3 Donation8 and legacles 2024 2023 Grant repa￿ tr) Plms EnglaTrJ 53,824 4 In¢omlng r•sow¢•$ fr4)m ¢harll•bl• a¢llvlll•s 2024 2023 757,170 731628 S Other iwKoThe 2024 2023 39.529 34.933 39.529 34.933 16 KIRKLEES COMMUNITY ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 6 Charilable actlvlues costs 2024 2023 AdministratKin gov8marK* cos18 ProFessiDnal lees 125.668 82.984 59.391 Bankfe8S 9.857 11.883 Insurnnce 38.158 31,341 129,962 170.247 Bank kjan inlergst payat4e Repalrs trj propety Property 8yTrJibJ Hausng managewent fees 190.264 139.gJS ,203 72.139 73.188 22,769 Net (gain￿$ ￿ dBpwl oflangitrle fixed assets I36.0￿) 14.IKIOI FIX￿ &8s81 impaimients and r8lat8d dekYetsalb)n mTr•*m￿lS Depre(xati Mixdla￿ous ?xpens8s Bank overdraft inleresl 27.398 85.srhl 169.047 169,833 7.941 2.451 24.022 16,114 180,897 Sinknng fund Epwr5 to w(weriy 45.267 940.924 1.1[￿.703 Govèmarr* cos15 In￿￿e5 payrnwts tottE aulit(xsof £a),4Th)12023-£18,160lfoTwdtt fees and £44.371 12023- £39.4021 for ￿￿auditfeeS. 7 Trustees None of the tnL%lees lor ary perSOr￿ C￿r￿ded ￿￿th them) r￿9& any remurwabon during the year. Tn15t￿$ had exper￿ of £Nil rwrrt)wwl to (hjriry yew g023-£5571. 8 Employees g Surpluslld•fi¢itl of parent tharfty As pernitt•J by SecOon 40B ￿the *£t 2l￿ aThJ the In p*•3raFth 397 of the charit￿ SORP. a Staiernenl ol Flnantsal Actsvmes Ihe knL*me and Expenditure Actowt of thp parent charrty is noi present￿ as part of thesefinarKAal stsiemenTS. The parent d*rity'S ft)r the thancil year, r￿t irKhJding gans on rv4aluation off￿e￿ assets. £24.47212023- L￿5 £133.394k 17 KIRKLEES COMMUNtTY ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 10 Comparatives trthè cons￿MIated ¥tatement of financial activits lund$ nd5 Income and 2ndowrn*nts from: Donalths and Incoming re50vrce5 fr(Th dJ4rilablB aC1w￿e$ 53,8241 153.8241 732.628 732.628 Inec•ne from kNe$trf*rts 239.142 239.142 Other Incolr 34.9&1 952.879 Total incom8 1.¢￿,703 153.8241 Charitat48 adMti6S 1,106.703 1.10S.703 Nel galis en knv8skn8nts 415.378 415.378 Net income 315.378 153,8241 261,554 OlhDr recogn￿1 g￿n5]llo$se5). IL0888sygains 0nyev￿utiton of assets 1182.6tr21 1182.6621 TwslBf5 beknn fuTrJ5 24.414 124.4141 Not mov•m•nt In lunds 157.130 178.2381 78.8W2 ReCO￿lI1a￿￿n offvnd&" Brought foThvwd 10.871.210 4.344.211 15.215.421 Total fvNIs caryied f¢>rnard 11.028.340 4.285.973 15.294.313 18 KIRKLEES COMMUNITY ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 IAARCH 2024 11 Sub￿dIary ¢oMpany "rkl8es Housing A$$￿1#￿0n IKHAI 15 deemed to be a subsKliary of wnpany by wrbje of Kirklee5 Ccffimunity A$S(￿ation wntrdling KFiA. AI th8 year end four of seven members of KHA were trustees of Kirkw C(xnrnuntyAs5LK*alion. KHA is a registerd wrofitqnèking H￿sing Association. th registered nuthr IP031705. Its registered Offi￿ 1$ 1° Fkxy. Civic Centre 3, High Street, Huddersfield H01 2TG. KHA disapklied th8 requir8ment to have an audit of ts ffinanlyal statery￿ts in accordance with the C¢werabve and CommuTrty Benefit s￿eties Ad 2014. A surrmrary of its ￿SU￿S. which are ￿￿e4￿rated in the consolida￿ financi￿ ststements. 15 shown below. The arnounts induded in the consdidated SOFA dtrteT from the 2024 published resutts of KHA due to a prioryear adju5tmentprocessed in KHA'S 2￿24 stattjtory accounts. The balance sh881 positi 8¢ 31 Mar¢h 2024 is the Sa￿￿. The piior year adjustment is not material to the COrn5Llidated accounts. 2024 2023 66.122 82,041 154.1211 426,803 183.0911 1248,(XKJI 11.4421 139,9541 I3[￿,365) (Lossygan ￿ r8valualv)n orvwe51￿￿nt ￿￿p Loss on rèvauatiw offixed assets 12.0001 139.7751 392.948 Interest payab ILc68ysurplus for the 2024 2023 1.734.852 2.023,585 11,069.0111 11.051.379) ,841 972,206 T¢xal liabiithes Share capilal T¢)tsl rèstrrvts 665.634 972,199 e65.841 972.206 19 KIRKLEES COMMUNrrY ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 12 Fixed assets Group Housln9 for Fixtur kn¥¢Stn￿ Sotial So¢lal FSWng$ & Pmpertles Hou8lr4 BÈnthlt EqulpThnt Totsl Cost or valuatlon At 1 Aw"12Q3 Additicns 5.181.501 6,807.5￿* 6.514.493 19.878 675 18,504,169 11,2&8 31,146 Dis￿>Sa Impaimi*)t R8valualKJn 1100,(M)QI 1119.gX> 1436,1291 179.5001 140.OLX)I 1g.IJLKII 1113.3611 6.619.C¥JO 6.381.010 1313.7681 At 31 March 2024 4.879.rK$1 675 f7,879,686 "Dèpreciallon At 1 2Q3 675 675 Chyrge for the year ElWrN￿ttd ¢)n r&valuatron 83.659 &fj.388 1&7,6591 185.3881 169.047 1169.0471 At 31 Mwr¢h 2024 675 675 At 31 Alarch 2024 4.879.IXTr1 6,619,riJo 6.381.010 17.879,Q11 At 31 Marc* 21Y23 5.181,501 6.807,￿0 6.514.493 18.503,494 Company Houslng for Flxture4 Soclal FHUng$ & Benefft Eoulpment Total Cost or¥a￿a￿On At 1 N)rl 2023 4.021.501 5,972,COJ 6.514.493 19,878 675 16.508.669 11268 31,146 1100.IxY)I I102.0￿} 1185,1291 Oisw>sab Imp3irrnw Revaluatioft I62.[￿) 140,0(NJI 16.OCKII 1113.3611 5,804,(MJO 6.381.010 165.7681 At 31 March 2024 3.￿7.0￿1 675 16,152.686 Oeprecioty At 1 April 2023 675 675 Chafge for y*r Eliminated M reval￿￿( At 31 March 2024 73,080 (rJ.0801 158.468 1158,4681 675 185.3881 675 Carrylng amount At 31 MaKh 2024 5.804.IWO 6.381.010 18.152,011 At 31 March 2(r23 4.021.501 5.972.(K>O 6,514.493 16.507.994 20 KIRKLEES COMMUNITY ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 12 Flxed assets {cOn￿nUed) The valuakns We￿ carried out by Bra￿￿eY$. Valuaticnswert pThNl8d ￿ a martet ¥￿￿& basis as defined by the Royal Insts￿￿On of Chartered Surweyrxs valu*1￿ - Glcthl sta￿ards 2022. c￿pIlance with Ihtr RICS Professrenal Stsndards aThJ Valuatth Prthe stat￿￿nts givas aSSu￿nCe aso of compkance %vith the Inlemali￿I Valuab(m StsThJards IIVSI. The vJuation has been un￿r￿ken USI￿ tsle cc¥nparable and inveslrnenl approth ￿ trar￿acti￿5 olother gmitsrtype and qU￿lty ofpropety in locatSty having been taken hilo co￿deratiOn and an in¥esbnent yiekl ha5 been aptyi8d. The wehj and Iher8fore ValUat￿n refiect5 Ihe naurè althe and the rent￿ prcOJc•J. Investment prep0￿8$ were vdued on a mwket Val￿ ba￿$. EUVSH {Existv￿ Use HwsirvJl ott￿pEd by a srtb.ng tenant Soryal HrrtJsrvJ F&xl￿ng trSr¥i* Benefft wets ¢)n EUV-SH (Exi5bw U50for Soual Hou8irvJl. Braml8ys eonsiderEd the drffer￿ n EUV-SH ol Val￿ trol the Fwrty I￿1 conts"nL* to be let by a bcty pursuant to delNery of a seMc• f(K IhÈ use that the ve￿￿Or wruld only ba ab￿ to dispose of ts property to ¢ryan￿al￿S intending to maw the housing 5toc* in acccrtane8 I regulatory ￿Y'S rEquiremenL This deffnilh)n of is therefDre 07 Ihe basi5 of the exksting ￿86 for s(KAal ho￿n9 and ret*s the renlal infX)me stream. th8 re¥￿Ue￿ assets had not rey￿ued. they ha* carri*J at thefc4kMNJ historic (x)5t'. Group npHny 2023 2024 2023 Investment prope￿5 3.3fkn.701 3.295.433 2.779.938 2,768.670 s￿la1 HO￿ 7.348389 7.545.674 6.425,669 6,612.375 H￿￿n9 Bengfft 4.180.957 4.246.467 4,180,957 4,246,467 Fiyed assets with a to1￿ carryiw ar￿fil of £13.953.00012023- £14,305,CIJOl have been sAedged to secur& botrowngs oftke cL¥rpany. (*mwy ￿ not lo tr￿8$$￿ts as seuJrrtyftrothertN)rrowing8 *) sell them to aTh)therenbty. H(xJsiry for Soo* Bentrfit wth a carrwng wwnt of £786,5￿[2D23- £7552501 r*t&5 to shared ownership tryerbes. Tha carrwru a￿UnI is 50% Oftr*pm￿rt[eS'tl*a?rdIUe.ajrreSt￿d￿ tothe crrfnpany's DWr￿hIP The woperties at 19-23 Dale Vw. Long￿ were tr￿sferra to cornpany al na cosL bjtwere intsodwj al a mark8tv8luÈ of £375.QC¥I in accordarte with IhÈ (xMpan￿s aCC￿l￿n9 OKY. 21 KIRKLEES COMMUNITY ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS {CONTINVEDI FOR THE YEAR ENDED 31 MARCH 2024 13 Debtors Group Company 2024 Z023 2024 2023 Am¢)urts faling ￿￿WIthIn 47M YW. Amounts owed by subsidiary undertAkw5 Trade debtrms 178,978 23.371 178.726 17.464 9,053 10.548 prePa￿ts arxl a(xxued irK¥)m8 99.349 102.653 168.467 160,473 116.813 111.7L 370.814 349,747 2023 2024 2023 Arnounts falling due after moro than one Jw. knounL% ¢)wed by subsidkqry underWThJs 796.895 796,895 Total debtorn 116,813 111.IL 1.1£7,709 1,146,642 The c(xnpanyhasprevKusly wo¥thdalw to Iti￿ee5 Fkxjsw￿ L*mthJ m thesum5 of£431.095, £50,300, £245.(hJO and £100.LKM). The kws are of hventy five years and interest 15 charged at 5% per annum. The total amunt oulslan(*ng at the Y￿ was £796.895 12023.. £7*,89SI. ts security the company hdds a legal charge ¢w la ¢0 le. 28a aThJ 28b Btan*ll Avenue. Bayey. 1 *arT Greèn Clos8. Mtrth*)), and ValW Garden5. padd{￿We$LYOrkshlrè. The loar* are repayable by 30 Septembèr 2037, 24 SÈptembef 2039 and 11 March 2047. 14 Credttor8.' amounts falllng wlthln one y Group Company 2024 2023 2024 2023 Bank bans arNJ overtlrHft1$86 not• 161 Trade credito 474208 456,000 27.910 4Td,208 31.566 40.057 37,461 Ofvr ttsdilo AcuL4qls and defeThed irKXX 79,743 103.853 71.081 95,147 567.309 618,118 554.991 606.816 Induded wittrin creditor5 above ks defwred *r￿ANne as frAicttts: Company 2024 202J 2024 2023 Defer￿ in(x)me 19259 5,778 19.259 5,778 Deter￿d inwme has artsen (kje to rEnlal b*ng p8vJ in *JwKe. Al of ts ¢jefeTh￿ inrxxne in the prior yearwas rdeased In the ￿rr￿lt year. 22 KIRKLEES COMMUNITY ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (COIrnNUEDI FOR THE YEAR ENDED 31 MARCH 2024 15 Cr8dltors: amounts falliny due after rnore than ono year Compny 2024 2023 2024 2023 k108ns aTrJ ovwdraft (see note 161 2.664.1 2,9)4.726 2.664.104 2,904.726 16 Loan$ artd overdraft8" Group and company The se01￿ debts are induded ￿thin ueditors.. 2024 2023 B￿k lows aThl overdraft 3.120.104 3.378.934 Amoun¢¥ intludbd abov• whlch fall due aft•rfT¥• yews: Ptyable by lnsts1w￿nts 2.￿6,￿5 2,355.527 The CTroperative Bank hclds a fir* Wl ¢hwg8 o¥erlhe pr¢)pertips at ac6e. RaVer￿th￿p8, FiÈldhead, Birstal aThJ Oth Roal, G￿nersal. The Fydldhead prep8rty loans are repaYa￿e up lo ￿ yeaF5. All loans are repayable en an annul basts, ar￿ rapital repaymnts are variable ovèr th8 tem of the li￿n. Interest tseharged at 1.875% atrA)ve knbar, is 5Ptdf¢ to the F*lthead k>Hn agreem8nL The Llnity Trust Bank hc*J a first tyl thar￿ ¢>4er 13 properbes1(xztedthnxhJ1￿t ￿rk￿e5. The Unty Trust Bank is repardble over 10 year5. The k)an 1$ wyabk ￿ an anfiuity basis, and ¢2pttal repaymÈnts are vari*J overth8 term o1th8 k)an. Intw85t i% tharg￿l at 1.75% above itte bank¥ ovth base HandeL%banken h￿1 a fvst tharye ovèr 19 prcfeths at H￿IderS￿dd Road and Marf(et StreeL Holmfirth. 23 KIRKLEES COMMUNITY ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 17 Endowm•nt funds Endowmwrt fijnds represent irK¥)rne rece￿ forlhe p￿tha$e of prowties wherg there Is an obligalb)n on the te hold these assets for use In futfiuhig the cknarity's obJ"ec*b*s. Ifthe tyrpertyes are sdd or rw) kngerused as s￿181 1Kx￿ry. t1*5 is repayat4e. Duriry tolh thè yearand pnor year repayrn￿t ofa 9r8nt has been m•Je in resp&dof8 property that has been scdd. In the ww)r year the repaymwl arrthii 4teed less than the w*)unt hèld in Ihe erthwment fund th8r8tsT* the r￿n8￿11￿j of£24.414 Vts&tran*￿ to general UN8StrItt￿l fund5. In funds Incomir Re￿1￿CeS Transfers Bala￿e ai 31 I￿OUr¢•¥ expènded belweon funds March 2024 Grotsp B*n¢¢at 1 Aprll 2023 ETrlowmentfur 4.265.973 161.3481 4.2Q4.625 ovement In funds R￿Our¢e$ Transh Bafanco at 31 oxp8nd•d botwe•rb fur￿ Ma￿h 2024 Company Balance at 1 Awil 2023 Incomlng EThjo￿nt fvnd 3.819.473 16f.3481 3,758.125 Comparatives for endcwm8ntlun&. Group Alovement In fvnds 8alarKe at 1 April 2022 Balanc• at 31 resources vxp•nded ljgtsoen fund8 March 2023 E￿￿[￿t frjnd 4,344.211 153.824 124,4141 4,265.973 Company Ilovoment In lunds Resou￿*5 Tran8fo Balan¢e at 31 oxpendod between funds March 2023 Bthnu at I Aprll 2022 kn¢omlThJ ETrJowmentfvnd 3,897,71t 153,824) 124.4141 3.819.473 24 KIRKLEES COMMUNITY ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS ICONllNUED) FOR THE YEAR ENDED 31 MARCH 2024 18 Unroslrfcted fund$ Group Balan￿ at 1 Aprfl 2023 Transhrs Balan￿ at 31 Ma￿h 2024 in fund funds Designatsd l￿d General unre51ricted luThJ 158.812 145,267 1173.8361 145.4161 1264.5191 126,274 239.819 8.290.239 1126,2741 7.9￿.129 Reyaluaton reserye 2,579,289 2.533,873 11,￿8.340 10,763,821 Net rr￿￿t in fuThY5. wKluded in the above. are as fdl In¢¢)mihy Resour￿ Net los￿ on Losses on sourcts expondèd Inve51ments revaluation offix•d m0￿ment in fvnds DesI￿al8d furvj Gerwal unrestrictsd IWKI 145,2671 1895,657) 145.2671 1173.8361 145,4161 145.4161 1264.5f91 1.035￿89 1313.7681 Rav7JuatK)n reserw6 145.4161 1,035.589 1940.W241 1313.7681 Comparati¥e5 for Tr￿Ment in ￿￿tr￿ted knds". Balan¢• at 1 April 2022 Iktt Transfers Balon¢o at 31 March 2023 in fvnd funds DesI￿ated fvnd Gèneral unrestricted fund 3&3.317 1180.8971 4￿.275 158.812 7.775.gt2 18.022 8.290.239 Revaluation reserve 2.761.951 1182.6621 f32.716 2,579,289 10,87t.210 24,414 11,028,340 25 KIRKLEES COMMUNITY ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS ICONTINVEDI FOR THE YEAR ENDED 31 MARCH 2024 18 Unre$trlcted funds Iconlinuèd} C(xnparative net n￿¥8￿t in funds. irK*Jded in Ihe abtr4•. as fc4cAY5: Incom¥vJ R•sourt•s Net9￿￿ Lossès *)n Not r•valuatlon movomert of fix•d In funds ass¢t¥ DeswJThated fvnd Genèrd ￿lestr￿ted fuThY 1180.8971 I.￿6.703 1925.8th1 1180,8971 4%,275 415.378 Revaluat￿ reserye 11B2.6621 1182.6621 1182.6621 132.716 1.C¢J6.703 11.106.703) 415.378 company BalanM ¥1 N•t Tr4n51￿ Balan¢• at 31 Ma￿h 2024 2023 in fund funds DeSi￿at*d fvnd Ge￿r￿ wrestrided fuThl 158012 145.2671 131.087 126.274 239,819 7.806.235 7.801.422 1126.2741 Revaluatm re88The 2.542.407 143.9741 41.846 2,498,433 10.X12.641 10,S44,487 Net movewt in furKls, nduded in the ab(NÈ. are as f￿hy￿.. Incoming Resourc•$ Not l¢)5s•s on LOS￿ on Net r8¥our￿S expended investrnents rgvaluation movement offix in lund$ ass•ts De5yated lund Gweral unrestrta8d fm 145.26n 1835.6911 145.2671 131,087 1.1)32.546 {65,7681 Revduatron r8seNe 143.9741 143,9741 41.846 1.032.546 1880.9581 165.7681 143,9741 26 KIRKLEES COMMUNITY ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 18 Unre8trlet•d lunds (contin￿￿) Ccmp8raUves for m¢)vemgnt in unreslrk*l fvThts BaFonc• at Tr•n$fvrs 8alan¢o at 31 March 2023 2022 in fund fund8 D8siwated fund General unresliicted fuTrJ 333.317 1180.897) 101.327 6.392 158,812 7.682.073 18.022 7.801.422 RÈvaluatK)n reserve 2.723.￿9 IIPAI,6621 12&J,2321 2,542.407 10.738.459 24,414 10,XJ2.641 Ineomlng RowJrce8 Net galvt81 Galnsl Net rosour¢es ¢yporKlvd 11058051 on I10$5os1 ot) mo¥èmont inVOslm•nts I￿aluatIOn in funds of fixod assets D85ignotsd knd Genèral unre5tricled fvTrJ 1180.8971 1891.6251 1180.8971 101.327 1180.6621 1180,6621 1180.6621 1260.2321 1.004,37T 111,4251 R8vahJ*N)n restrrve 1.(MJ4.371 11.072.522) 111.4251 The dwgnaleJ fun¢s of the tharty have been set asth ¢yJt of unr&st￿t￿ frjnds by lh& tntslees In order to bwld a Sin￿￿9 fund. A transfer into the snkiry fund locover malnten*cé aThJ raffijrb*￿l*nt of proptrties hdd is made annuaty based ￿ 1% of th8 fLw*ued c£6tofthe prowties. General unresiitted furK15 are aYdita>JE usè at the of the trustees in furtheran￿ of their tharftab￿ obJ'eL*we5. The revaluatK￿ reserve reF¥e58nts fv excesse5 ariwng frryn the reval￿￿￿ of fv freehold proFeities over the 0[￿l￿al cost kn aCcumu￿ted de￿￿ation. 27 KIRKLEES COMMUNITY ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS {coKllNUEDI FOR THE YEAR ENDED 31 MARCH 2024 19 Analysi5 01 net assets betrween funds Group Unr•strKtgd Endovmi•nt lunds lut)d8 Total FU￿ ￿18￿￿ at 31 Marth 2024 are rewesented ty. TarVJlb￿ assats Investment property Current 8ssetsiiii8bfjsti8sI Long term lk9bik.ties &795.385 4,204.625 13.OW.Q10 4.879.￿)1 4,879,001 1246.4611 12.664.104) 1246,4611 12.664.1041 10,763,821 4.204.625 14.*8.446 Total funds fvnd$ Fund baLwc8s at 31 March 2024 are rtyreSen￿ by. T8rMJible as88ts Investh￿￿t wopwty Curr8nl asseisllliailrfiesl Long tsrni IL9￿&￿eS 8.426.885 3,758.125 12.185.010 3.967.fy)1 3.967,001 814.705 814,705 12.664,1141 12,664.1041 10,544.487 3,758.125 14.3Q,612 20 L¢a$ing agr•ements At 31 March 2024 the sub5hliary ojfflpany has miNmum payments under rKTrcanc*IL￿1e operating 18as8s f811ing due WEthin yearof £10,51512023- £8.9701. The lease 15 in re5peGt of o woperty it renls from Kirk188s Ccffinvjnity AsscKaab"on. 21 Related party transactions Group lQrWees MetrOpcdi￿ CounLS 11(MCI is rela￿ tts ttje gr(xJp. KMC rnarw9pd Ihe company and group's properbes undera managerrtnt ¢￿traCt. KMC akn mainte￿ce and otherrnis(%4aneous sathc*s. KMC guarantees the Cfmpanys rent on Ihe F￿￿he￿a proFert*s to a level of 97.5%. For the Cur￿￿[ year this repre%nts approximalely 32% 01 lotsl Ir￿ for the gtDUP. KMC provides to the Homes and ommunttEs Agency a ￿rformI￿ warantee ihat KCA wll d1$tha￿ and wlorni the grant wrKlitsons attthed to any of thè Sorial Grant may be ￿￿￿[ded the redeveW))èM of the Fieldhead eststs. At th8 y8ar8nd thi8 g￿rantee o)vers r¥rwnirwJ ryant irKluLW Vb the enthm*)I hjnd. Kirklaes StsdwJm IKSDLI i5 reL3tffjd a5 it prrrrfides key man*3￿1 per50nnd services to the group. KIRKLEES COMMUNITY ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 21 Ralatsd party transaclions Icorrtlnuedl Group Transactionswith the dirtC*)Is are dtscl£sèd in fK)tÈ 7. £ durlng 2024 £ durfng 2023 BalaThce at 31.0324 88lanc8 at 31.03.23 KMC_ Prwerty managempnt KMC- Ffousiry maintanarte KMC-Admin and govemance suwort KSOL-Admin arvj 68.925 106.559 35.954 16.140 70.739 161.9TT 16,￿0 13,046 17,710 57.948 14.3J9 857 1.326 Company Th& company Womdes fi￿ar￿a￿ aYman￿81￿8 5UPPffft to lQkJees H¢yJ5ry AsS￿>ab￿ IKHAI. the c¢mpany's sub*Yiary ￿mpanY. DuThrq the year the o)mpany also prowJ8d day to day finanoal 85sstsr a8 in prevKus yea￿. The company L5 owed further k)ar6 frr*n l(HA in r8st*d of caytal purchases. Finally. ttjmpany ranted a preFerty to ilthen renled txrt lo a ￿"rd pwty. £ ￿ring 2024 £ durfn9 2023 8alan¢• •t 31.0324 Balan￿ at 31.0323 KHA- Finanual and aikninistrative SUPKK)rt KHA- Day to day finanual ass￿larKe Cost pa Costs re1rD¥￿r5ed Total outstsnd* KHA- Loans Interest wei¥￿0 Loan balance 2.￿0 2.857 2,607 345 322 2.412 1T8,976 178.726 39.775 74.915 796,89S 1.495 62.961 796.895 1,495 21.125 17,940 29 KIRKLEES COMMUNrrY ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 22 R•¢tsnciliati¢)n of net incornell•xp8ndlturel to net ca$h Ilowfrom operdtlng acllvtbes Group 2024 2023 Net irKome for the r8F¥Jfbng K*r*)d18s the statsment offin￿￿al acbMtie51 4uslments for. 1280.4511 261.554 Net ksssesl(gainsl ￿ inv6$1Mts 313,768 1415.3781 FKx&l asset impairments and r*ted d6w8dab)n mo¥*nents Depreoath)n Interest payable bank l)an¥ aThJ cNerdrafd Gain of tan￿￿e fixed assets Ilnrmaseydecraase in deL*or5 Increase11d￿asa}in Creditois 27,398 169.047 169.833 214.286 146.076 I36.L￿) 15.1071 131.2041 14.0(Ql 182,082 33.689 Net tssh WD￿1ded by Iu88d inl acthlb88 371,737 459.360 23 Analysls of changes In n•t debl Group At end of y•Hr Changes Net eash: Cash 201￿7 2.078 204,035 207￿$T 2.078 204,035 Debtr. B8nk overdraft 1346.fjWI 1127.5481 IIW.7261 13.378.934) 43.eAJ3 1303,0571 1152,9431 12.664.1041 13.120.1041 Loans falling due year Loans faling the dft8f4Th year 127.548 1152,9431 152.943 87.679 258.8J) 13,176,97n I2.916.(￿9) 30