Company registration number. 04187356 Cljarity rcgistratioll Dumber. 1092043 Kielder Ltd (A company limited by share capital) Annual Report and Financial Statements for the Year Ended 31 March 2025 TYNEREDE '.Ic
Kielder Ltd Contents Reference and Administrative Detsils Strdtegic Report Trnstees, Report 3to4 IndependEnt Exatnlncrfs Report Stat¢ment of Financial Activiti¢s Balance Sheet Notes to the Ftnancial Statements 8t016
Kielder Ltd Reference and Administrative Detalls ChArity Registration Number 1092043 Company Registration Number 04187356 The charity is incorporated in England and Wales. Unit 5 Rivern]ead Butterhaugh Hexharn Northumberland NE48 IHX Registered Office Principal Offiee Unit 5 Rivetmead Buttethaugh HexhaTn Northumberland NE48 1 HX tndependent Examiner TyneRede Accountancy Ltd Lloyds Bank House Bcllingham Hexham Northumlxriand NE48 2AZ Page I
Kielder Ltd Trustees, Report The trustees, who are directors for the purposes of company law. present the annual report together with the rinancial State1ts of thc charitsble company for th¢ year endcd 31 Mawh 2025. Objectives and Activitfies Obje¢ts andaim5 The promotion for public benefit of nwal regeneration in areas of social and economic deprivation particularly with the Parisb of Kielder. Objectivu, slrattgies and acliwiies Througb our trading company, Kielder Valley Services we provide low0St accommodation for visitors lo the arc& and ¢tllployinent for local pcople by running a ¢ampsitc leasd from the Forcsty Commission. The campsite is popular and gettiug good reviews with a lot of repeat trade. We own and a Garage dispensitig el which is the only SOUTCC of Petrol and Diesel open seven days a week in the surrounding area. Il continu¢s to rneet its sustainable income target. The attached premises are le&scd to a tenant who operates a 8arage workshop and local vehicle ttcovery seryice, as 1] as n]nning a small shop providing cssential groceries. W¢ lease a workshop which acts as our office and is also ed as a tIng plaec for the local community. As Irustees we continu¢ to explore other opportunities to benefit the area and its people. Public benefit The trteeS confirni that tlw have complied wtth the Tequiremenls of section 17 of thc Charities Act 2011 to have due regard to the public benefit guidhnce published by the Charity Conal10n for Eng]aDd and Wales. Trnste¢$ and oleeTS The tTUStees and officers serving during th¢ year and since thc year end werc follow$: Trustees: MiGhael Ryan Stepben Webb Carl EaTsman Julie Haffison (appointed 4 June 2024) Secretary.. S Riley Structurey governance and maDagement Nathré ofgoverning documen¢ The Charity is a company Limiled by guarante4 tntss are volunleers from the local area and receive no bencfits for th¢ir role itE the Charity. Statement of Trnstees, Responsibilitie5 The trustees (who are also the directo of Kielder Ltd for the purposes of company law) are respoDsible for prcparinE Ibe tr(LSt¢es' report and the fllwncial sLqleJn¢Dts in accordance wiib the Uniled Kingdom Accounting Standards (Unitcd Kitlgdom Gcllerauy Accept¢d Accounting Prnttice) and applicablc law alld regulations. Page 3
Kielder Ltd Trustees, Report Company law requiT¢S the trustees to prepare financial ststements for each financial year. Under cornpany 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 cbaritable company and of its incomirLg resources and application of resources, including its income and expenditure. for that period. In Prepillg the filloncial statements. the trus*es are required to: sele¢t suitabl¢ accounting policies and apply them consistentty. observe the methods and principles in the Charities SORP. make judgements and estimates that arc rea8onable and pnKlenL state whethcr applicable UK Accounting Standards have been followe(L subject to any Mattal departures disclosed and explained in the financial 81¢ents. at)d prcwdre th¢ filn¢]81 statements on the going LThcern basis un[LS it is inappropriat¢ to Presu that thc ¢haritsble company will continue in business. The tnjstees are responsible for keeping adequat¢ accounting records that are sufficient to show and explain the charitable company's transaction5 and disclos¢ with reasonable accuracy at any tim¢ the financial position of thc charitablc Company and enable thcm to ensure that the financial statements Comply wilh the Companies Act 2006. They are also responsible for safeguarding the assets of thc charilable company and henc¢ for taking reasonabl¢ steps for the pr¢vention and delectiOD of fraud and other irre8utsritics. Iqlo8)25 The unaual rcport was approvcd by the trustees of Ibe dlty Oll ..... alld signed on its khalf by: Michael Ryan Trn5tee Page 4
Kielder Ltd Independent Examiner's Report to the trustees of Kielder Ltd ("the Company") I r¢port to the charity trustees OTJ my eXamItion of the a¢nts of the Company for the year ended 31 MaTch 2025. Responsibilities aod basis of report As the charity's Itee$ of the Company (and also its directots for the puOseS of company law) you are responsible for the prepttrdtion of the accounts in accordance with the requirements 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 Aet and are eligible for independent examinatio I report in respect of my examination of your Charity's accounts as carried out under section 145 of the Cbarities Act 2011 ('the 2011 Act.). In catryin8 Out my exnmination I have followed the Directions given by the Clwity Commission undcr section 145(5)Ib) of the 2011 Act. Independent examlner's $tatem¢nt I have completed Tny examination. I confirni that no matters have come to my att¢ntlOD in connection with the examination giving me ¢ausc to bel]c. accoulltiDg records were not kept in respect of Kielder Ltd as required by s¢clion 386 of Ihc 2006 Act. or 2. the accounts do not accord with thos¢ rccords: or 3. the accounts do not comply with the accounting requirements of section 396 of ihe 2006 Act other than any requircment that the accounts give a 'trne and fair view which is not a matter considered as part of an ind¢p¢ndcnt exarnination; or 4. the accounts have not beea prepared in accordance with the mcthods and principles of the Statement of Recomrnellded Practice for accountiog and reportin8 by cbarities [applicable to Charities preparing their accounts in ac¢ordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)]. I have DO concerns and bave come across no other mattets in ¢onDcction with the examination to which attention should be drawn in this rcport in ordcr to eaable a proper understanding of the accounts to be rcachc Cbristopher Gil FCCA ie Lloyds Bank House Bellingham HexI]am Northumberland NE48 2AZ Iql oq I lol¥ Page 5
Kielder Ltd Statement of Flnaneial Activities for the Year Ended 31 March 2025 Uncluding Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Total 2025 Unrestricted Note Income and Endowments from: Donations elld legacies Jnvestmejjt income 16.897 8.778 16,897 8.778 Total Inconle 25,675 25,675 Expenditure on: Raising fi]nds (28,115) 28,115 Total Expenditure (28,115 (28.115) Net expenditUTe Net movement ID funds (2,440 (2.440 (2,440) (2.440) Recon¢iliation of funds Total fimd$ brought forward Total funds carried forward 440,575 440,575 13 438,135 438,135 ToÉ21 2024 Unrestricted Nole Income 2nd Endowments from: Donations and legacies Investn]ent income 50.185 7.909 50,185 7.909 Total Income 58.094 58.094 Expendfiture on= Raising fimds Totsl Expenditure Net income 11,623 I l.623) 11,623) 11,623 46.471 46.471 Net movement iti fimds 46,471 46,471 Reconeiliation of funds Total fidS brought forward Total funds caryicd fonvaul 394.104 394,104 13 440,575 440,575 All of tbe clwity's activities derive from continuing operations during the above two petiod& The fullds breakdowD for 2024 is shown in note 13. The notes on pages 8 to 16 forni an integral part of these financial statements.
laelder Ltd (Registration number: 04187356) Balance Sheet as at 31 March 2025 2025 2024 Note Fixed assets Taugible assets lrtvestments 524 50.000 699 50,000 io 50,524 50.699 Current Debtors Cash at bank and in hand 364,689 22,922 354,(M)7 35,869 12 387.611 389,876 Net a55ets 438,135 440.575 Funds of the charity: Unrestricted Income funds Unrestricted fimds 438,135 440,575 Totsl fund5 13 438.135 440.575 FOT the financial year ending 31 March 2025 the chartty entitled to exemption from audit under section 477 of the Companies Act 2006 relating lo small companies. Directors, responsibilitics." The members have not required the charity to obtain an audit of its accounts for the year in question in ac¢ordan¢e with section 476" and The directors acknowledge their Tesponsibilities for complying with the requirements of the A¢t with respect to accounting r¢¢ords and the preparntion of accouDts. Thc financial slatetncnts on pagcs 6 ts 16 were approved by the truslees, and authorised for issuc on . and signed on thcir behalf by". Thomas Trustcc The notes on pages 8 to 16 foTm an infrgral part of these fmancial statements. Page 7
Kielder Ltd Notes to the Financial Ststements for the Year Ended 31 March 2025 I Charity stalvs The charity is limited by sharc capitsl. incorporatcd in England and Wales. The address of its registered office is: Unit 5 Rivermead Butterhaugh Hexham Northumb¢rland NE48 IHX 2 AccouDting policies Summary of slgDificant aeeounling pollcie5 and key acconnting estlnutes The principal accounting policies applied in the prepaTaiion of these financial slalements are Set out below. These policics have been ¢ODSiStently applied to all the years preseotc4 unlc&s othcrwise stated. Statement of eompli2nce The fmancial statem¢nts bave been prepared in accordance with Accounting and Reporting by Charities: ststcmcnt of Recommendcd Practice (applicable to charitics preparing thcir accounts in accordance with th¢ Financial Reporting Stsndard applicable in the UK and Republic of Ircland (FRS 102)) (issued in Oclob¢r 2019) - (Cbarities SORP (FRS 102)), the Financial Reporting Slandard applicable ID the UK aud RepublAC of Ireland (FRS 102) and thc Compallics Act 2006. Ba$ls of preparadon Kielder Ltd meets the derllion of a public benefit entity under FRS 102. Assets and liebilities are initially rccogDiscd at bistorirAI cost or transaction value unless othcnvisc slated in Ibe rclcvtfftt accounting policy noles. Going Concern Tbe trustees cOlder tbat the are no material unccrlainties about the ¢barity's ability to continue as a goin8 Couccm lloi any SiLfiCant arcas of unccrtaiaty that affecl th¢ catrying value of fL8sets hcld by thc chatity. Exemption fronj preparing a easb flow ststement The charity opted to trdrly adopt Bulletin I published on 2 February 2016 and have therefore Dot included a cash flow stalernelll in these fuwicial statem¢llts. Income and endowments All income 15 rccognised ODce the clmrity has entitletnent to the income, it is probable that the income wiu be rec¢ived and the amount olthe income receivable can be measured reliably. Donaiions andlegacies Donations are r¢cognised when the chlty been notified ia writing of both the amount and settlement date. In thc event that a donation is subject to wnditions that require a Icvcl of perforniancc by the cbatiiy bcfore the charity is entitled to the fund4 the inwme is deferred and not recognised until either those ¢onditions are fully meL or the fiilfilment of those conditions is wholly within tbe control of the charity and it is probable that these conditions will bc fuIfillcd in the teporting pcriod. Page 8
Kielder Ltd Notes to the Financial Statements for the Year Ended 31 March 2025 Expenditure All exp¢ndAture is Tecognised once there is a legal or constsuctive obligation to that expenditure, it is probable settlent is rcquired and the amount be nieaswd reliably. All costs are allocated to ihe applicable expeuditure heading that aggregate similar costs to that calegory. Where costs camioi be directly attsibuied to particular headings they have been allo¢ed on a basis consistent with the use of resources, with central staff costs allocatcd on thc b&sis of tim¢ spcDL and deprcciatton allocated on thc portion of the ass¢t's us¢. Other support costs are allocated based on the spread of staff Sts. RsIngfundS Thes¢ are costs incurr&l in atttactiDg voluntary incom4 the manw¢nt of Investents and those iUlTed in trdding activities that rdise fund& Taxatlon The charity is considered to pass the tcsts s¢t out ID Paragrdpb I Schcdule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporntion tax purposes. Accordtngly, the charity is pot¢ntially ¢xempt from taxation in respect of income or capttsI gains received wtthin categorics covered by Chapter 3 Part l E of the Corpordtion Tax Act 2010 or Section 256 of the T8xation of Chargeable Gains Act 1992. to the extent that such income or gains are applied exclusively to ¢kntable puTpos¢s. Tanglble fixed assets Individual fixed assets ¢osting £100.00 or rnore are initially rOrded at cos4 less ally subsequent accumulated depre¢iation and subsequent accumulatcd impairnicnt losses. Depreeiation and amortisatlon Depreciation is provided on tsngiblc fixed assets so as to write off the cost or Valuatio less any estimated residual valu4 over their expt useful e¢onomic life as follows: Asset cla$5 Campsitc improvements Plalll and m3cbin¢ry Deprttlation method and rate IOY• straight line basis 25Yo rcducing balance basis 200A straight line basis Investment properties Invesimcnt property Ès carried at f&ir value, derived from the current market prices for comparable real estate detemiined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any diffettnce in the naturc, location or condition of the sp1C 3sseL Changes ill fair valuc are recogni5ed in profit or loss. Trade debtors Trade debtors are amounts due from customers for merchandise sold or services perfornied in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised c05t using the effective interest rn¢thoQ less Provision for impainnent. A provision for the impainnent of trade debtors is cstablisbed whm there ts objective evidence that the clwity will not b¢ able to ¢ollect all amounts du¢ according to th¢ original tern of th¢ receivabl¢& Pagc 9
Kielder Ltd Notes to the Financial Statements for the Year Ended 31 March 2025 Cash 2nd cash equivalents Cash and casb equivaknts comprise cash on IWMI and call deposi and other short-terni bigbly 14uid invcsljnents that atc readily c4)nvertible to a IllWn amount of casb and are subject to an insignificant risk of change in value. Fund stnteture Unrestricted income funds are generdl that are av2i]able for use at the trustees dIsCtion in fierance of thc objectives of thc CIlty. FinaneAg1 instruments Cla&flfieahon Financial ossets and financial liabilities are r¢¢ognised when the clwity becomes a paty to th¢ Contractual provisions of the instrument. Financial ITabiliti&s and equity instrumcrtts are classificd according to the substance of the contractuul Tangements entered into. An equity instTument is any contract that evid¢nces a residual interest in the a55ets of the charity after dethicting all of its liabilities. Recognition and measuremtmt All financial assets and liabilities are initially measured at transaction price (including transaction costs), exccpt for thosc financial asscts classified as at fair valuc through profit or loss, which arc initially me8sur¢d at fair V21ue (which is nom)ally the trdnsaction price excluding transaction eosts}. unless the arrgement constiMle$ a financitig transa¢tion. Ef ao arrdngement CODSlitutL% a financing transactio the fiDanci asset or financial liability is me8sured at the prcsent valuc of the futyre paents discounted at a market rate of intercst for similar debt instrumenL Financial &sscts and liabiliiics arc only offiei in the slatctncnt of financial position Whe and only when there exists a legally enforceable right to sel off the recognised amounts and the clwity intcnds citber to settlc on a net bgsis. or to r¢alise thc asset and settlc the liabTlity simultsncously. Financial assets are dcrecol8ed when and only when a) the contrnctual rights to the c&8h flows from the financial asset expire or are settled. b) the clwity traDsfers tt> another paty substantially all of tbe risks alld revrards of owncrship of the financiat asscL or ¢) the charity, despit¢ baving rctaincd som4 but not all. Si80ificant risks and rewards of ownership. bas trallSfeed CODtrol of the asset to another paty. Financial liabilities are dereCOlsed only when the obligation Splfied in the eontrnct is discharge canc¢ll¢d or expires. Derxvativefinan¢i41instruments The charity uses derivative financial instruments to reduce exposure to foreign exchange risk and interest T&te movelnents. Th¢ chlty do not hold or i55ue derivative financial insttuments for Speculative purposes. Derivatives are initially Tecognised at fair value at the date a derivative contract is entered into ana are subsquently rerneasured to their fair value at each reporting dat& The resulting gain or loss is recognised in statem¢nt of financial activities immediately unless the derivzttve is designatcd and effe¢tivc as a hedging instrument, in whtch event the timing of the reco8tiition in 51atement of financial activities depends on the naturc of the hedge relationship. Page 10
Kielder Ltd Notes to the Financial Ststements for the Year Ended 31 March 2025 Fair value measurement The best ¢vidence of fair value is a qvoted pricc for an identical asset in an active markeL When quoted pri¢es are unavailable. the pricc of a r¢ccllt transaction for an identical a&sct provides evidcnce 0£ fair value as long as there has not been a signifiwit cbange in economic circumstauces or a significant lapse of time since the transaction took place. If the nwket is Dot active and recent transactions of an id¢ntical at on their own are not a good estimate of fair v8lu¢, the fair value is estillted by using a valuation tc¢hniqu¢. 3 Income from donations and leBacl¢s Unrestrieted Total 2025 Total 2024 General Donations and legacies. DoDatlOD5 16,897 16,897 16,897 16,897 50.185 50,185 4 KDvestment ineome Unrestricted nds General Total 2025 Total 2024 tncome from rents 8,778 8.778 7,909 Page 11
Kielder Ltd Notes to the Financial Statements for the Year Ended 31 March 2025 5 Eend1tllre on raising futsds a) Costs of generathig doDations aDd legades Unrestricled Totsl 2025 Total 2024 General Note Donations ReTht Rates Lighl heat and power Insurance Repairs and renewa15 Telephone and fax Depreciation of plant and machinery 250 1,860 157 439 6214 13,653 1,125 175 250 1,860 157 439 6,214 13.653 1,125 175 250 1,395 158 515 5,622 320 307 233 23.873 23,873 8,800 b) IDvestmellt ManageuDt eosts Unrestrided Tot21 2025 Totsl 2024 Ceneral Note Other investment management costs: Property overhead charges 4242 4,242 4.242 2.823 4.242 2.823 6 Trnstecs remuneration and expenses No trsteeS. llor aoy petsons Connected witb ha received any remunerdtion from the charity during the No truste havc rcceivcd any rcImbucd penSeS or any other b¢fits from thc charity during the year. 7 Staff costs The monthly average number of persoDs (ineludillg senior management I leadership t&un) cmployed by thc clwity dwing the year expressed as filll time equivalents was as follows: 2025 2024 No Number of company officers Page 12
Kielder Ltd Notes to the Financial Statements for the Year Ended 31 March 202S No employee received cmolumcnts of morc than £60,IK)O during the year. 8 Taxltion Th¢ charity is a rcgistcred charity and is therefore exempt from tsxalioJL 9 Tanglble rued assets Furniture and equipment Total Cost At l April 2024 21,874 21,874 At 31 March 2025 21,874 21.874 Depreclatlon At l April 2024 Charge for the year At 31 March 2025 21,175 175 21.175 175 21,350 21.350 NeÉ book value At 31 March 2025 524 524 At 31 Marcb 2024 699 699 10 Fixed asset investments 2025 2024 Tnvestment properties 50,000 50.000 Page 13
Kielder Ltd Notes to the Financial Statements for the Year Ended 31 March 2025 15 Related party transactions During thc year the charity made th¢ following related paty traDsaclions: Kielder Valley Serviee5 Ltd (a trading company limited by guergntee under the control of the directo[5 Thornas Grimwoo4 Michael Ryan and Carl Earsman.) The company received donations from Kielder Valley servic Ltd totalling £16,897. At the balance sheet date the amount duc from Ki¢Eder Vall¢y Services was £364,689 (2024- £354,006). Page 16