Company registration number: 04187356 Charity registratiou number. 1092043 Kielder Ltd (A company limited by share capital) Annual Report and Financial Statements for the Year Ended 31 March 2024 ACCA TYNERIDE .rv(}tl*4 IA.'4t' Kielder Ltd Contents Referenc¢ and Admintstrdtive Details Strdtegic Report Tn￿te¢s, Report 3to4 Independent Examinerfs Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 81016 Kielder Ltd Reference and Administrative Details Charity Regi$tra*lon Number 1092043 Comp2ny Rwstration Number 04187356 The ¢haTity is in¢oTpoTated in England and W8le5. Unit 5 Rivermead Butterhaugh Reglstered Office Northumberland NE48 IHX Princip21 Office Unit 5 Riv¢Tmead Butterhaugh Hexham Northumberland NE48 IHX Independent Examiner T￿eRede Accountancy Ltd Lloyits Bank House Bellingham Hexham Northumberland NE48 14Z Page I Kielder Ltd Strategic Report for the Year Ended 31 March 2024 The tsustees. who are directors for the PUTPOSCS of Company law. present their strategic report for the year ended 31 March 2024. in compliance with s414C of the CompaDi&s Act 2fX)6. Achievemeot5 and performance Our campsite is popular aud getting good reviews with a lot of Tepeat trade. (h)r garage continues to Meet its fuel tsrgets and the premises are leased to tsnant who operdtes a gardge workshop and recovery services locally as well as n2nning a small shop providing essential groceriu. As tTUStees we continue to explore other opportunities to benefit the area and its people. The Strategic report Wds approved by the trustees of the charity on .. 051121.14and signed on its behalf by: Michael Ryan Tn￿lee Page 2 Kielder Ltd Trustees, Report The tn￿te¢s, who ar¢ directors for the purposes of company law. present the annual report together with the financial statements of the charilable company for the year ended 31 March 2024. Objectives and actlvAtie5 Objects and aims The pro￿￿tiOn for public benefit of n￿21 regeDeration in areas of social and economic deprivation particularly with the Parish of knelder. Objeclive4 strategies and ortwitses Though our trading company. Kielder Vall¢y Service& VK provide Iow-eost accommodation for visitors to the area and emplo￿nent for local people through nllming a campsite which is leas¢d from th¢ Foresty Con)mission. Wc own and run a GaTage dispcllsing ￿e1 which is the only source of Petrol aud Diesel open seven days a week in the surrounding area. We provide workspace and land on favourablc tern]s to local businesses, and we lease a workshop wbich acts as our office and is also used as a meeting place for the local ommunity. Public benefit The trusteeg c.onfimy that they have complied with the requirements of s¢ction 17 of the Charities AL'I 201 I t have due regard to tbe publi¢ benefit guidance published by the Charity Commission for England and Wales. Trustees and officers The trustecs and officers serving during the year and SiDce the year end were as follows: Michael Ryan Thomas GrAmwood Stephen Webb Carl Earnn8n Julie HArrison (appointed 4 June 2024) Secretary: S Riley Struttur4 governanee and management Nathré ofgoverning documell¢ The Charity is a company limited by guardntee. Itustees aTE volunteers from the local area and receive no benefits for th¢ir role in the Charity. Statement of Truste￿, Responsibilities The trustees (who are a150 the directors of Kielder Lid for the purposes of company law) are responsible for preparing the tn￿tee$, report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Prdctice) and applithle law and regulations. Company law requires the trust¢e5 to prepare financia] statements for financial year. Under company law the t￿￿te¢S 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 charitable company and of its incoming rtsources and application of resources, including its income and expenditu￿, for that period. In preFwin8 these financial statements. the twstees are quired to: Page 3 Kielder Ltd Trnstees, Report 8¢le¢t suitable accounting policies and apply them consistently; obsetve the rnethods and principles in the CR)arities SORP; make judgenwits and estimates thal are reasonable and prudenL state whether applicable UK Accounting Stsndards bave been followed. subject to any material departures disclosed and explained in the financial statetnents. and prepare the fmancial statemeDts on the going concern blsis unless it is inappropriate to presume that the haritable company will continue in business. The trustces are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disc105e with reasonable accuracy at any time th¢ financial position of the charitable company and ellable them to etLsure that the fmancial slatetnents comply with the CO￿PanieS Act 2006. They are also rtsponsible for safeguarding the assets of the cbaritsble company and hence for tsking reasonable steps for th¢ prevention and detection of fraud and other irregularities. The annual report was 8pprovcd by the t￿￿te&S of the charity OD 0sJI212:1' and signed on its behalf by." Michael Ryan Trustee Page 4 Kielder Ltd Independent Examiner's Report to the trustees of Kielder Ltd ("the Company") I report to the ¢harity trustees on my cxamination of the accounts of the Company for the year ended 31 March 2024. Re5ponsibilitie8 and basis of report As the charity's trustees of the Company {and also its di￿¢￿ for the PUTposes of company Iaw) you aTe responsible for the preparation of the accounts in acconknce with the Tequirements of the Companies Act 2006 ('the 2006 Act.). Having satisfied myself that the accounts of Kielder Ltd are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the ChaTities Act 2011 ('the 2011 Act,). In carrying out my examination I have followed the Directions given by the Charity Commi55ion under section 145(5)(b) of the 2011 Act. Independent examiner's statement I have completed my examiDatioth I confirm that no matters bav¢ come to attention in connection with the examination giviog cause to bcli¢ve". a¢¢ountiDg records We￿ not kept in respect of Kielder Ltd as required by section 386 of tbe 2006 Act. OT 2. the accounts do not accord with those records" or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any reqUi￿rnent that the accounts give a 'true and fair view, which is not a matter considered as part of an independent examination; or 4. the accounts have not been preparal in accordance with the methods and PTinciples of the Slatemeni of Recommended Practice for accounting and reporting by charities [appli¢abl¢ to cbarities preparing their accounts in accordance with the Financi￿ Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)]. bave llo concerns and have come icross no other matte[5 in comie¢tioD with the examtnation to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Christopher Gilli FCCA Lloyds Bank House Bellingham Hexham Northumberland NE48 2AZ fj.l.,. [. Page 5 Kielder Ltd ststement of Financial Activities for the Year Ended 31 March 2024 ncluding Income and Expenditure Account and Statsment of Total Recognised Cains and Losses) Total 2024 Unrestricted Note Income and Endowments from: Donations aDd legacies Investment income 50,185 7,909 50,185 7,909 Total Income 58,094 58,094 Expenditure on: Raising funds (11.623) 11.623 Total Expendilure Net Income (11.623) (11,623) 46.471 46,471 Net movement in fimds 46,471 46,471 Recon¢iliation offunds Total funds brought fonydrd Total funds Ca￿led forward 394,104 394,104 14 440,575 440,575 Total 2023 Ullrestrf¢ted Restricted Note Income and Endowments from: Donation5 and legacics Investment income 54,840 7.005 54.840 7,005 Total Income 61,845 61,845 Expcndithre on: Raising fijnds ,195 (6,699) 6.699) (13.894) Total Expenditure Net in¢omel(¢xpenditure) Net movement in fimds (7,195) (13.894) 54.650 (6,699) 47,951 54.650 (6.699) 47,951 Reeonclliation of funds Tolal fund5 brought foThvard Total fi￿dS carried forward 339,454 6.699 346,153 14 394,104 394,104 All of the chatity's activities derive fmm continuing operdtions during the above two periods. The fuads breakdown for 2023 is shown iu note 14. The notes on pagas 8 to 16 fonn an integrdl part of these financial statements. Page 6 Kielder Ltd (Registration number: 04187356) Balance Sheet as at 31 March 2024 2024 2023 Note Fixed assets Tangible assets Investhients 699 50,000 932 50.000 io 50,699 50,932 CurreDt assets Debtors Cash at bank and in hand li 12 354,007 35,869 309.444 33.728 389,876 343,172 394,104 Net assets 440,575 Funds of th¢ charlty: Unrestricted income funds Unrestricted funds. 440,575 394.104 Total funds 14 440,575 394,104 For the financial year ending 31 March 2024 thc charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small eompanics. DI￿torS, responsibilities: The members have not required the charity to obtain an audit of Tts aecounts for the year in questlon in accordance with section 476" and The directors acknowledge their responsibilities for complying with the requirements of the Acl with respect to accounting record5 and the preparation of accounts. The financial ststements on pages 6 to 16 were approved by the trustees. and authorised for issue on Q.￿1.1.11.¥.*8nd signcd on their behalf by: Thomos Trusteg ritnwood The notes OD pages 8 to 16 form ao iDkgtal part of these financial statements. Page 7 Kielder Ltd Notes to the Financial Statements for the Year Ended 31 March 2024 I Charity stats$ The charity is limited by share capitsl. in¢oq)ordted iu England and Wales. The address of its Tegistered office is: Unit 5 Riverniead Butterhaugh Hexham Northumberland NE48 IHX 2 Accounting policies Summary of SigDifieant accouutlng policies and key accounting estlm8tes The principal accounting policies applied in the preparation of these financial Ststen￿￿ts are set out below. Tbese policies have been consistcntly applied to all the years presented. utsless otherwise ststed. Statement of complianee The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice (applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applieabl¢ ID the UK and Republic of Ireland (FRS 102)) (issued in October 2019) - (Charities SORP (FRS 102)), the FAnanci21 Reporting standa￿ applicable in the UK and Republic of Ireland (FRS 102) and the Compallics A¢t 2006. BASIS of prepAratioD Kielder Ltd meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historicaE eo$t or transaction value Unless otherwise slated in the ￿leVant accounting policy notes. Going ¢oncer The tn￿tee8 consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainly tha( affect the ca￿ying value of ass¢ts beld by the ¢I￿lty. ExemptioD from prepAriDg a eash Ilow statement The charity optcd to early adopt Bulletin i published on 2 February 2016 and have therefore not included a flow statenlent in these finallcial statements. Zncome and eDdowmeDts All income is ￿CognISed once the cbxrity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably. DoNatlofts and leg4cies Donations are recognised when the cbaTity has been ootified in wrAiing of both the amount and settlement date. Ill the event that a donalion is subject to conditions that tequire a level of perfonnance by the charity before the charity ig entitled to the fimds. the income is deferred and not recogni5ed until ¢ither those conditions are fully met, or the fulfiltuent of those conditioLs is wholly witbin the control of the charity and it is probable that these conditions will be fulfilled in the reporting peTiOd. Page 8 Kielder Ltd Notes to the Financial Statements for the Year Ended 31 March 2024 Grnnts receivable Grants aTe recognised when Ibe charity bos an eotitlem¢nl to the fimds and any conditions linked lo the grants have been met. Where pertOTmance conditions are attached to the grant and are yet to be llLel the income is recognised as a liability and included on the balance sheet as deferred incorne to be released. Exp¢nditurc All expenditure is recognised once there is a legal or consiThctive obligatioll to that expenditure, it 15 probable settlement is required and the amount can be mwured reliably. AII costs are allocated to the applicable cxpenditure hcading that agg￿gate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources. with Central staff costs allocated on the basis of time spenL and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on thc spread of staff Costs. Rdisingfuii& These are costs incurred in attra¢ting voluntary incom4 the management of investments and those incurred in trading activities that Yaise fimds. Taxatir)n The charity is considcrcd to pass the tests set out in Pardgraph I Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a Charitable Company for UK COTporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories eovered by Chapter 3 Part I l of the Corporntion Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. Tangible Ilxed assets Individual fixed assets costing £100.00 or more are initially recorded at ¢osE less any subsequent accumulated depreciation and subsequent accumulated impaimient losses. Depreclation and amortisation Depreciation is provided on tangible fixed assets so as to WTite off the cost or valuation, less any estimated r¢sidulll value, over their expect￿ useful economic life a5 follows.. Asset elasj Campsite irnprovements Plant and machinery Caravans Depreciation method and rat¢ 10/9 Straight line basis 250/0 reducing balance basis 20V/• straight line basis Investment propertie5 Investment propety is Ca￿led at fair value, dertved from the current market prices for compardble real estate detern)ined annually by extcrnal valuers. The valuers use observable market price4 adJ￿ted if necessary for any diffe￿￿¢¢ in the nature, location or condition of the $￿IfiC asset. Changes in fair value are recognised in profit or loss. Page 9 Kielder Ltd Notes to the Financial Statements for the Year Ended 31 Marcb 2024 Trade debtor5 Trade debtots are amounts due from custom￿S for merchandise sold or S￿viceS perforn]ed in the ordinary ourse of business. Trade debtoTr are recogntsed initially at the IrdDsaction price. Th¢y subsequently measured at amortised cost using the effective interest method. less provision for impaiTmenl. A provision for the itopainn¢nt of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original tern]s of the receivables. Cash aDd Cash equivalents Cash and casb equivalents comprise casb on hand and call deposits and other short-tern) highly liquid investtnents that are readily converttl)le to a known amount of easb and are sUbJ￿r to an insignificant risk of ¢han8e in value. Fund structhre Unrcstrictcd income funds are general funds that are available for ￿ at the tTUStees discretion in fijrtherance of the objectives of the charity. Fittanci21 instruments Classification Financial assets and financial liabilities are recogaised when the charity becomes & party to the contractual provisions of the instDJment. Financial liabilities and equity instruments are classified according io the substance of the contrathal arrdngements entered into, An equity instrument is any Contract thar evidences a Tesidual interest in the assets of the charity after dedu¢ling all of its liabilitiw. Recognition and measurement All financial assets 2nd liabilities are initially measured at tr2nsa¢tlOD price (includillg transaction costs). excepi for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is nomially the transaetion pricc excludin8 transaction costs), unless the arrangement constitutes a financing transa¢tion. If an a￿angement constitutes A fiDancing transaction. the financial asset or fmancial Itability is measured at the present value of the future payments discounled at a maikei rat¢ of int¢rc8t' for a similar debt instnunent. Financial assets and liabilities are only offset in the ststwnent of financial position when. and only when there exists a l¢gally enforceable right to set off the TecogDised amounts and the ch￿lty illtend5 either to settle on a net basis, or to realise the asset aad settle the liebility Simultaneo￿Ly. Financial assets are derecognised when and only wben a) the contrdctual rights to the cash flows from the f￿anCIal asset expire or are settle(L b) the charity trdnsfers to another paty substantially all of th¢ risks and rewards of ownership of the financial asseL or c) the charity. despite having retsÈned some, but not all, significant risks and Tewards of ownership* bas transferred control of the asset to another party. Financial liabilities are deMgnised only when the obligation spectfied in the contract is dischar8ed, ¢an¢elled or expires. Page 10 l