Company registration Iiumber.. 04187356 Charity registration number.. 1092043 Kielder Ltd (A company limited by share capital) Annual Report alld Financial Statements for the Year Ended 31 March 2022 ACCA TYNEREDE ACCOUNIANCY Kielder Ltd Contents Reference and Administrative Details Strategic Report Twstees, Report Statement of Trustees, Responsibilities Independent Examiner'5 Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 8t016 Kielder Ltd Refer¢n¢¢ and Administrative D¢t#ils Tru5t¢es Fiona Hall Michael Ryaii Thomas Grimwood Stephen Webb Carl Earsman John Anthony Kirsop Secretary Heatl)er Boi)d Prineipal O￿le¢ Unit 5 Rivermead Butterhaugh Hexham Northumberland NE48 IHX Registered Office Uiiit 5 Rivemiead Butterhaugh Hexham Northumberland NE48 IHX The charity is incorporated in England and Wales. 04187356 Company Registration Number Charity Registration Number 109204J Independent Examiner T￿leRede Accountan¢y Ltd Lloyds Bank House Bellingham Hexham Northumberland NE48 2AZ Page I **SIGNED SECURELY** **25/07/2022 at 11:51:15 AM UTC** **SIGNED SECURELY** **25/07/2022 at 11:51:15 AM UTC** **SIGNED SECURELY** **25/07/2022 at 11:51:15 AM UTC** **SIGNED SECURELY 25/07/2022 at 11:51:15 AM UTC** **SIGNED SECURELY** **25/07/2022 at 11:51:15 AM UTC** **SIGNED SECURELY** **25/07/2022 at 11:51:15 AM UTC** Kielder Ltd Ind¢p¢ndent Examiner's Report to the Irust¢¢s of Kield¢r Ltd I report to the charity trustee5 on my examination of the accounts of the charity for the year ended 31 March 202? which are set out oli pauFes 6 to 16. Respeetiwe responsibilities of trustees and examiner As the charity s trustees of Kielder Ltd (ai)d a150 It5 director5 for the purpose5 of compaiiy law) you are responsible for the preparatioii of the account5 in accordance with the requirement5 of the Companies Act 2006 {'the 2006 Act,). Having satisfied InJ'5elf that the account5 of Kielder Ltd are not required to be audited under Part 16 of the 2006 Act and are eligFible for indepei)dei)t examinatioii, I report in respect of my exainination of yoiir charit) 5 accounts as carried out under sectioi) 145 of the Charities Act 2011 {'the 2011 Act,). In tarrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)Ib) of the 2011 Act. Independent examiner's statement I havc complctcd my examination. I confim) that no matters have come to my attention in connection with the examination giviiig me cause to believe.. accounting records were iiot kept in respect of Kielder Ltd as iequired by sectioii 386 of the 2006 Act; or 2. the accounts do not accord with those records,. or 3. the accounts do not coinply with the accoiinting requirements of section 396 of the 2006 Act other than any requiremeiit that the accounts give a 'true and fair view, which 15 not a tnatter 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 Prnctice for accounting and reporting by charities lapplicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 10211. I have no concern5 and have come across no other Matte￿ in connectioii w."ith the exainiiiation to which attention should be drawn in this report in ordei to enable a propel undtrstanding of the accounts to be reached. Christopher Gillie FLCA l.loyds Bank House Bellingham Hcxham Northumberland NE48 2AZ Date.. Page 5 Kielder Ltd Statement of Finaneial Attivities for the Year Ended 31 March 2022 (Ineluding Income and Expenditure Account and Statement of Total Reeognised Gains and Losses) Total 2022 Unrestricted Restrieted Note Income and Endowments fro￿. Donations and legacies Investment income 83,025 4,049 20,000 103,025 4,049 Total Income 87.074 20,000 107,074 Expenditure on.. Raising tunds (4.567) (13,301} (17,868} Total Expenditure 14.567) (13,301} (17,868) Net income 82,507 6,699 89,206 Net movemeiit in funds 82,507 6,699 89,206 Reconciliation of funds Total funds bn)ught forward 256,947 256,947 Total funds carried forward 13 339.454 6,699 i46,15i Total 2021 Unrestrieted Note Income and F.ndoivments from: Doiidtions aiid legacies Investtnent incoine 14,4i8 5,304 14,4i8 i,304 Total Income 19,742 19,742 Expenditure on: Raising funds 18,091) 18,091) Total Expendi￿re 18,091) 18,091) Net income Net mov¢m¢nt in funds Reconciliation of funds Total ￿ndS brought fonward 245,296 245,296 Total ￿ndS catTied fonvard 13 ?56,947 256,947 All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 20? l is shown in note li. The notes on pages 8 to 16 foTn) ali iiitegrnl part of these financial statements. Page 6 ## **SIGNED SECURELY** **15/07/2022 at 6:34:51 PM UTC** ## **SIGNED SECURELY** **15/07/2022 at 6:34:51 PM UTC** Kielder Ltd Notes to th¢ Financial Statements for th¢ Year Ended 31 Mar¢h 2022 Charity status The charity is limited by shar¢ capital, incorporated in England and Wales. The address of its registered office is.. Unit 5 Riwerniead Butterhaugh I lexham Northumberland NE48 IHX 2 Accounting policies Sumrnary of significant accounting policies and key accounting estimates The principal accouniing policies applied in the preparaiion of these financial siatemenis are sei out below. These policies have been consistently applied to all ihe years presented. unless oiherwise stated. Statement of compliance The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing iheir accounts in accordance wilh the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2015) - (Charities SORP (FRS 1021), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). They also comply with the Companies Act 2006 and Charities Act 2011. Basis of preparatio Kielder Ltd meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cosi or transaction value unless otherwise stated in the relevant accounting polic). notes. Going eoneern The trnstees consider that there are no matcrial uncertainties abolit the charity's ability to continiie as a going concern nor any significant areas of uncertainty that affect the Carying value of ass¢ts held by th¢ charity. Exemption from preparing a eash floiTr stAtement The charity opted to early adopt Bulletin I piiblished on 2 Febrnary 2016 and hav¢ therefore not in¢luded a cash flow statement iii these financial statements. Income and endowments All income is recog511ised once the charity has entitleineiit to the income. it 15 probable that the income will be received and the amouiit of the income receivable can be Inea5ured reliably. Dontsilons andlegtseles Donaiions are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions thai require a level of performance by the charity before the chariry is eniitled to ihe funds. the income is deferred and not recognised until either those conditions are fully meL or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these condiiions will be fulfilled in the reporting period. Page 8 Kielder Ltd Notes to th¢ Financial Statements for th¢ Year Ended 31 Mar¢h 2022 Gramts receivftble Grants are recognised when the charity has an entitlement to the funds and any condition5 linked to the grants have been inet. Where perfotynance condition5 are attached to the gFrant aiid are yet to be tnet, the income 15 recogni5ed as a liability and included 011 the balance sheet as deferred income to be released. Expenditure All expenditure is recogniged once there is a legal or constructive obligation to that expenditure. it is probable settleinei)t is required and the amount can be Ineasured reliably. All costs are alloLated to the applicable expenditure heading that aggregate sin)ilar costs to that categonj. Where costs cannot be directly atiributed to particular headings they have been alloLated 01) a basis coi)sigtent with the use ol. resources. w'ith central staff Losts allocated on the basis of time spent. and depreciatioii charges allocated 01) the portion of the asset's use. Other support costs are allLKated based on the spread of stsff costs. Rai.suigfunds 'l-hc%e are costs incurred in attracting voliintary income, the management of investments and those incurred in trading activities Ihat raise ￿nds. Taxation The charity is considered to pas5 the test5 Set out iii Para(Traph I Schedule 6 of the Fina]ice Act 2010 and therefore it Ineets the definitioii of a charitable company for UK corporation tax purposes. AccordiiibFly, the charity is potentially exempt from taxation in respect of income or capital gFains received within categTories covered by Chapter 3 Part I l of the CoTporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gaiiis Act 199? to the extent that such income or gFains are applied exclusively to charitable purposes. Tangible fixed assets Individual fixed assets costing £1 00.00 or n)ore are iiiitially recorded at cost, less any subsequent accumulated depreLiatioii and subsequent accumulated impaimient losses. D¢preciation and amortisation Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual Value. over their expeLttd useful economic life as folloNws'. Asset £la$s Campsite improveinei)ts Plant and machinery Caravans Depreciation method and rate l O % stiaight line basis 250/0 reducingF balance basi5 200/0 Straight line basis Investment properties Investment property is carried at fair value, derived from Ihe current market prices for comparable real esiate deteTmined at]niially by external valuers. The valuers use observable niarket prices, adjusted if iiecessElly for any differeiice in the Jiature, location or conditioii of the specific asset. Changes in fair value are reco(Tni5ed in profit or loss. Page 9 Kielder Ltd Notes to th¢ Financial Statements for th¢ Year Ended 31 Mar¢h 2022 Trade debtors '[ radc dcbtor% ar¢ amounts due from customers for merchandise sold or services perfomi¢d in th¢ ordinary ¢ourse of biisin¢ss. Trade debtors are recognised initially at th¢ transaction price. They ar¢ subsequently measured at amortised ¢ost using the effectivc iiiterest method, less provision for impaimient. A provision for the impaimient of trade debtors is established when there is objective evid¢nc¢ that thc charity M'ill not be able to Collert all amounts due according to the origFinal tern]5 of the receivables. Cash and cash equivalents Cash and cash equivaleiits comprise cash on hand and call deposits, and other short-temi highly liquid investmeiits that are readily convertible to a knowi amount of cash and are subject to an insignificant risk of changFe in value. Fund structure Unrestricted inctsme funds are generdl funds that are available for use at the trustees's discretion in furtheranee of the objectives of the charity. Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to thai area or purpose. Financial in5trument5 Clussifica¢io Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual aTrangements entered into. An equit), in5t1￿ment is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities. Recogniliun All financial assets and liabilities are initially Ineasured at transactioi) price (including transaction costs), exeept for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is nomally the transaciion price excluding transaction costs). unless the arrangement constituies a financing transaction. If an arrangement constitutes a financing transaction. the financial asset or financia] liability is measured ai Ihe present value of the future payments discounted at a market rate of interest flir a similar debt instrumeni. Financial assets and liabilities are only offset in the statement of financial position when, and only M'hen there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis. or to realise the assei and settle the liability simultaneously. Financial asseis are derecognised when and only when a) the contractual rights to the cash flows from the finaiicial asset expire or are settled. b) the charity transfers to anothcr party substsntially all of the risks and re￿ardS of ownership of the financial asset. or c) the charity, dcspite having retained some, but not all: significant risks and rewards of ownership, has transferred control of the asset to another party. Financial liabiliti¢s are derecognis¢d only when the obligation specified in the ¢ontract is dis¢harged, canc¢lled or expires. Page 10 Kielder Ltd Notes to th¢ Financial Statements for th¢ Year Ended 31 Mar¢h 2022 DeriV￿liVefinu￿c1￿l inslruments The charity uses derivative financial iiistruments to reduce exposure to foreign exchan¥e risk and interest rate ovetnents. The charity does not hold or issue derivative financial inslnjmeiits for speculative purposes. Derivatives are ii)itially recognised at fair value at the date a derivative contract is entered into and are subsequei)tly remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in statement of finai)cial activities immediately unless the derivative is designated and effective as a hedging instnjment, in which event the timii)g of the recognition in statement of finantial activities depends on the nature of the hedge relationship. Fair volue measurenienl The best evidence of fair value is a quoted Price for an identical as%et in pn active market. When quoted prices are unavailable, the price of a re¢ent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a signifi¢ant lapse of time since th¢ transaction took place. If the market is not active and recent trdll5action5 of an identical asset on their owi are iiot a gFood estimate of fair value. the fair value 15 e5tiinated by using a valuation technique. 3 Income from donations and legacies Unrestrieted Total 2022 Total 2021 Gentral Restrieted Donations and legacies. Dojiations Grants, including ¢apital grants., Grants from other charities 83,025 83,025 14,438 20,000 20,000 8i,025 20,000 103,0?5 14,438 4 InveSt￿ent income Unrestricted lunds General Total 2022 Total 2021 Income from rents 4.049 4,049 5,304 Page 11 Kielder Ltd Notes to th¢ Financial Statements for th¢ Year Ended 31 Mar¢h 2022 5 Expenditure on raising funds a) Costs of generating donations and legacies Unrestrieted Total 2022 Total 2021 General Restrieted Note Doi)ations 250 250 Relit 1,295 1,295 34i Rates Light, heat and power Insurance Repairs and renewals Telephone and fax Depreciatioii of plant and mathinery 143 (194) 1,554 (194) 1,554 13,301 752 1,186 13,301 752 616 414 414 551 4,214 13.301 17,515 3,991 b) Investment management Costs Unrestricted Total 2022 Total 2021 General Note Other investment management cosis: Property oveihead Charges i53 35i 4,100 353 353 4,100 6 Trustees remuneration and expenses No trustees. iior any persons coniieLted with them, have received ai)y remuneration from the charity during the year. No irustees have received any reimbursed expenses or any other benefits frL)m the charity during the year. 7 Staff eosts The monthly average number of persoi)s (including senior management team) employed by the charity during the year expregsed as full time equivalents was as follows.. Page 12 Kielder Ltd Notes to th¢ Financial Statements for th¢ Year Ended 31 Mar¢h 2022 2022 No 2021 No Number L)f company officers No employee received emoluments of more than £60,000 during the year. 8 Taxation The charity is a registered chariry and is therefore exempt from tsxaiion. 9 Tangible fixed as5et5 Furniture and equipment Total C05t At l April 2021 21,874 21.874 At i l March 2022 ?1,874 21,874 Depreciatio At l April 2021 Charge for the year 20,218 414 20.218 414 At 31 March 2022 20,632 20,632 Net book value At 31 March 2022 1,242 1,242 At 31 March 2021 1,656 1,656 10 Fixed asset investments 2022 2021 Investment properties 50,000 50,000 Page 13 Kielder Ltd Notes to th¢ Financial Statements for th¢ Year Ended 31 Mar¢h 2022 Investment properties Jnvestment properties C05t or Valuation At l April 2021 50,000 Provisio At i l March 2022 Net book value At i l March 2022 50,000 At i l March 2021 50,000 The t￿Stee5 of the company have iiot enlisted the services of ali independent valuer for the investtnent property held. The trL15tee5 consider tliat the value has not inaterially changed from earlier valuations. There has been t)0 valuation of investment property by an independent valuer. The investment properry held by the company is freehold. 1 l Debtors 2022 2021 Trade debtors Other debtors 43 173,3i2 254,639 254,645 173,375 12 Cash and cash equivalents 2022 2021 Cash at bank 40,266 31,916 13 Funds Balance at I April 2021 Incoming resources Resource5 expended Balance at 31 March 2022 Unrestricted General 256,947 87,074 14,567) 339,454 Restricted 20,(100 13,301 6,699 Total funds 256,947 107,074 (17,868) i46,15i Page 14 Kielder Ltd Notes to th¢ Financial Statements for th¢ Year Ended 31 Mar¢h 2022 Balance at I April 2020 Incoming resources Resource5 expended Balance at 31 March 2021 Unrestricted General 245,296 19,742 18,091) 256,947 14 Analysis of net assets between funds Unrestrieted funds General Total funds at 31 March 2022 Restrieted funds Tangible fixed assets Fixed asset inv¢sttnents Current assets 1,242 50.(X)O ?88,212 1,242 50,000 294,911 6,699 Total net assets i39,454 6,699 346,153 Unrestricted funds General Total funds at 31 March 2021 Tangible fixed assets Fixed asset investments Current assets 1,656 50,000 205,291 1,656 50,000 205,?91 Total net assets 256,947 256,947 15 Analysis of net funds At l April 2021 FinaDeing casb flow5 At 31 March 2022 Cash at bank and in hand 31,916 8,350 40,266 Net fiinds 31,916 At l April 2020 40,266 Al 31 March 2021 Finaneing cash now5 Cash at bank and in hand 34,414 (2,498) 31,916 Net funds 34,414 12,498} 31,916 Page 15 Kielder Ltd Notes to th¢ Financial Statements for th¢ Year Ended 31 Mar¢h 2022 16 Related party transaetions During the }'ear the charit), made th¢ following related paty transartions.. Kielder Valley Serl'ices Ltd {a tiading company limited by guarantee under the control of the directors Thomas GrimNwood. Michael Ryan and Carl Earsman.) The coinpany received donations from Kielder Valley Services Ltd totalling £81,i07. At the balance sheet date the amount due from Kielder Valley Services Ltd M'as £254.640 {?021- £17i,3331. Page 16