Charity Number. 1133321 Company Nwnbef.. 06972673 KEELPAAN HOMES LIAITED (a c(ynp8ny limited by •ranie8 and Th)1 having Sha capilal Firkincaal Statwnents for ts year endeil 31 March 2022 111, •ABDKQ75kl' 29ffj9r2022 COMPANIES HCLISE A16
Keelman Homes Limit•d (a ¢ompany limited by gu¥ant•• and not havir4 a sharn capital) Strat•gic R•port For the year ended 31 March 2022 Page Strategic Report Statement of Trustees 14 Independent audittys rewt 15-18 Stslement of Conprehensive Irwne Balance Sheet 20 Staternent in charoes in reserves 21 Slalement d Cash fl¢)WS 22 Notes to FIrr1 Statements 23-33
Keelman Homes Limited {• company limited by guaranto0 and not IwviNJ a sharo capital) Strat8gi¢ Report For th• year eThl•d 31 Mar¢h 2022 Report of the Board The Board present tsr report and financial slatementsfor the period ended 31 Marth 2022. Princlpal activitiès The prini?pal ad.vity of the Company is de10)ent ol affOrdae Pwgng and landloryl respongbillties as a regiStereL1 piovidef for affofdable housin9. The Ccrfnpany contsacts with deltvwy partners to increase Ihe levels of affordable ho wlhin the Gateshead has into a managanenl agreement with Gateshead Coun¢il lo deliver housir#J managwnent servios lo Kedman H¢5 0portieS lolloNng their practi¢* COM"0n. Al 31 hA8rch 2022 there We 188 rwi build promies iTrJuded in the portfc4io. Al 31 Mar¢h 2022 there Mere 120 properb.es acw.red as part of the Empty Homes Pur¢haw and Repair PILYrnme induded in the p¢yffti0. At 31 March 2022 Ke4man Hc¥nes were managirKJ 116 woperties on behalf of Thirteert Housing Group. A summary ol a¢bvty and st(Kk nthibers are idenlTrfied in table Ye•r end FY20121 Additions Yeai end FY21122 (actual in yoar Ixtual) Y•ar end FY22123 {forocastl Kwlman Horn•s own•d properties New Homes affordable rent New Homes (shared, ownership) New Homes.{rent to buy) New Build total. 159. 160 160 11 24 24 176 12 New,Build'Empty Homes Purchase and',Repair. ', EHPaR:total 106 14 120 120 14 120 120 Thirtee HousingF 116 116 manaqed 308
Keelman Honws Limited la c¢>mpany limite4J by guarante¢ ¥md haviry a shar• capital) Strategic Report For the y•ar ended 31 March 2022 Now build activi in FY 21122 81each Green (safes nan 'Huh View) Keelman Homes are in conlracl Kee0a1 Hunes to purchase 27 rw build ¢hIlIng$ on Ihe fomer Bleach Grn gte loeated in aYdC0TYne. A loan Gateshead Cwil and Hunes England grant fvnding w85 5e(xJre(1 for the xheme. In FY21122 12 properties We pra¢D¢ally tsjnpleied handed over to Kedman Homes. Trys marked Comleti) of the new build prcsramme. During the course of the devdoFrfnent. variatiorts made to ihe mix of ter¥Jres.' the find mix across the development includes 12 affordable rent prwbe& 11 thared ownership arld 4 rent lo buys. NJI shwed ownership properties were successfully levsold undef a thared ovmerthip lease. The final accounl (less retention) was 5etUed fcf the sthrne in Mar¢h 2022. Form r New Buld Det Kibblewrth- 94 ¢tsellings181 affordable rent. 13 shared ffftrship) Runhead E5tate- 9 dwl1r1JS laffordable rent) Heddon View~ 6 dwellirKJs laffordable renll Strathmore Road - 2 ¢jtIllros (affordable rent) Nugent Row- 6 dlIngS laffOrdae fent) Dunn Court- 6 llingS (affordable rent) Lonnen- 14 Ltsellings laff¢xdable rent) West Park- 17 tJwellirKJs laffcydatye renll Marion Court- 1 dwdling (affordable rent) Lyndhurst {sales rame Valley bfjeWI - 6 thellir¥Js (affCtsble rent) ments Em Empty Homes Purchase and Repar Prcwmtr Prior to FY 21122 106 propwb'es had been acquired refurbithd with the use of various Homes EnglaThJ grant funding programme5 for Empty Homes. In FY21122 an addibonal 14 pr¢¥)erbes were practs"¢aly wnpleted and handed over to Keelman Fknmes. TS conduded the empty hrynes prograrnme and the total nLwnber of SOAHP 201&21 empty proFerties brought back into use by Keelrnan Hcmes is 74. In total auoss all empty hcmes prtsJrammes 120 properties have been brwJhl bad( in lo use. In additi lo the devdwent of new affc(dae housing. Kee1rn Homes had a contractual arrangement with another regsted provider lThirteen HoJsing Group). to rnar 116 of th&r properbes el) their behalf.
Keelman Homes LlnNted la company limited by gu4r•ntse not haviThJ a share ¢apilal) Strategic Report For the year &nd•d 31 March 2022 The Contract end dale was 31 March 2022 and at that time Tlirteen HcyJsng Group made a strategic decision to lake back rnanagemenl of Ih&r properb"e5. Kedman H(mes ¢eased manag¢fit of Thirteen Plousing prOpe.e$ on 31 Mwch 2022. Corporate governan¢e The Cornpany agrees lo the k>fiwF4es ¢A NHF CodE of G(wemance relabve lo an organisation of its size and structure. The Keelman Homes Board age to ccdes of conduct thich are in line Voith the Charity Ccmmissons 'Guide to the Essential Trustee. ICC3) and the Company has a Rith PAanagement Pc4iry in Flace thich underpins its key de¢igons. The Company has a main Board of 8 Truslees is gjitable for all current activity. The 8oard Members who are Directors for the purpose of comparby law and Trustees for the purpose of diarity 18w, who held office at the date of approval of this Board reskn confirm thaL so far as they are each aware, there is no rant audit infonnation thich the Ccwnpanys auditor is unaware, an¢J each Board Member has taken all the steps that he or she ought to have tsken as a 8oar¢J Member to make himself or herself aware of any relevant audit information and to establish that the Ccrfnpas auditix Is aware of th irformation. In line wth the statutry requiranents for a limited ccffipw. a copy of these 8c(¥xJnts 7MlI t¢ filed Ctsnpanies House. Structurn. Governane• and Managem•nt Gov•rn•ng document Keelrnan Homes is a Cttaritae ccThpany limi1 by guarantee.. il ¥YdS iwporaled as a private company on 25 July 2009 and received charitae status on 16 December 2C()g. The orgarM5ation was establi4 under a Memorandum of Assouation vthich established the c p(hvers of the ccfflpany and is governed under the Arbdes of AsSlatiOn. During the 2014115 finanaal year Ihefe was a sgnrficant change in the membership ol Keelman Homes wilh The Gateshead Hougng Company re99nirg and the rAArrent iruslees of Kedman Home5 being appointed 8$ members. The ownership of Kedman HCe5 changed to bwrvJ owned by the Board of Tftjstees of Keelman Homes, rather Ih8n being owned by The Gateshead Houng Cornpany. As a gjbsidiary of The Gateshead Housing Company, Kedman H¢ynes dS preduded Ircrn awtwng for funding Homes England's (HEI ¥ff<xdable homes guarantee programme. Changing ihe memberthip cl Keelman Homes all¢Thd it access lo nvw potential fuTraing resources frryn HE and the private sector. and wtt) this there is the polttial to in¢yease it amount d new affcrfdable homes the Company can ddiver. In the event ol the Charity bang dissolved, evuy m&nber must pay up to £10 tchvards the o)st of dissdulion and the liabilities incurred by the Charity. Recruitment and •pp¢intm¢n¢ of Tru$tees The Trustees as tharity Iru5tees ¢ontToI ihe C(mpany and its prokwty and funds antj are known as the Board. The Trustees shall consist of at least six and not more Ihan aght individuals, compriyng one indwidu31 nominated by ihe Managing Agent tn accorda with artide 11.3.2 Ithe Managing Agent Trustee) and seven individuals appointed or elecled in aCC(dan artide 11.3.3 Ilhe Ordinary Trustees} All Trustees appointed in accordance with 11.3.2 to 11.3.3 V+ill be apptynled land where applicable re- appoinledl in accordance with an agreed prccess rdating to the recruitsnenl sele¢b"on of Trustees sel by the Truslees from lime lo b"me. In setting the pdicy, Ihe Trustees shall endeavour to ensure that prospective candidates undergo a due selectson and awssmenl p(rKess to establish their sjitability and that the Trustees ¢ollecbvely posses5 the range of ski115. ccffnpelencies, and experience that they might require.
Keelman Homes Limited {a company limit by guarantee not ha¥lThJ a sharn capital) Str•tegi¢ Rèport For year ended 31 Mar¢h 2022 The Managing Ageni Trustee shall be appoinled by Ihe Managing Agent in accor¢Jance Mth the policy set by the Tnjstees under artide 11.3.2. A written tr"¢e delrvwed by the Ch'ef ExeoJbve lor such other authmsed individuall of the Managing to the Secretary of Keelman Hunes shall be condugve as to who has been appointed as a Managing Agent Trustee. The Mana9irYJ Agent may remrNe ar¥J replace the Managing A91 Trustee at any tirne provided vrritten noth.ce is given lo ihe Secfetary. The Charity's focuses on the build d new hcrfne5 aThJ the subsequent management of these homes once they have bw) lel. Thefef(xe Trustees have been sought ¥Mth the appropriate skill set5. The Managing Agent Trustee has skills in relation to the management of gxial h(xA%ng and performarte management: we have also ensured that the Ordinary Trustees hav a good mix of skills induding delivery, finance management and tenant invdvnel. Board suc¢esgon planning will be LTh1wtaken to ensLffe that four of the existir#J trustees, were all appointed in Ihe same year. do noi all step dovm Ihe Board at the same time after serving the maximun 6 years of office. lThluction arKI training ol Twstees Once the Tru51ees have been apwnted. thty e irNit8d lo meel with the Cc¥npany Secretary to familiarise themselves with the work of the Charity. Ihe Gtext in which it operates and the role of the Trustee. TW are also provided wth the Memorandum aThJ Artides of Asscclation for Ihe Charity. 8$ well as tt)e CL%Je of Conduct for the Trustees and Probity Policy. TnJees are alg) ccffjtinually beiThJ offered the oppclunIty to urKlertake IraiThng that they feel is rcessary to their role& Prob•ty Policy A Probity Poli¢y is in and is based cyi National 'n9 Federation guidance. There tre no ggnrficanl breaches reported durirYJ the year in rdatWi lo prots"ty. Code of Govarnar• GOVernae arrangements are OtinOuSlY withved lo enwre the Twls of the organisation are being met effe¢ts"vely and in February 2022 a setl-assessmenl against the revised NHF 2020 Code of G0Veman was conducted., the assessment sho%%ed that Keelman H(xnes wefe compliant for the most part but that there were few areas whith would improve ccffnpany goveman¢e.' bdtr•V Ihe aa$ suggested for improvement are listed and tt)e subsequent acb.ons taken lo Y V•ith Ihe revisej cule.. 1. Company StandiThJ OrdefS- Keelman H(eS does not have a dear set of Trustee Governance Instructions kno1 as 'standing derS.: it is propwd these are devd¢)ped and imF4wnenled in FY22123 2. ReqU1ment for a new 5 year BsinesS Plan- the r#Jrrent busness rAan was relaird fr(Jn 2017-2021.. an updated an is to be tsdoped for ye8r$ 2022-2027. 3. Keelm8n H(Mnes Ltd th"d nol have an eXUtive tifector actiThJ as the operational Lead- It is proposed that a Managiry Direct¢N is apwinte(110 ctnpany in FY22123. 4. A review of the Boartj Apprwsal prrxess is required- it is proposed that a review 11 take place in FY22123 5. In the Memryandum aThJ Artides of AswK"atiM a Board m•nber tenn of office vras 9 consecutr've years 13 terms); this should be amended wth the Intenti to allow each membw to serve only 6 wnsecutive years12 terms) of office, with the opb.on to seNe 3 tefflis ClY by exception - In March 2022 the Articles were amended to reflecl this recrynmendab.on and filed to Companies House. It is proposed that before the current servin9 trustees re¥h th&r 6th AGM. a trustee gxces&on plan is devdcyed.
K¢elman Homes Limit (a Company lirnited by guarantsfr •KI not havin9 a share capilal) Strateglc Report For the year endad 31 March 2022 6. There is a recommendation Ihat the extemal auditors have access to the Board cl Trustees wlhoul executives present- it is proposed that for Ihe FY21122 Audit findin9s tr Auditors will hav8 the portunity to rneet Nonxecutwe tl"rectors without executNes present. complian with the Rogulatory Fram•worlt There were no ul3 interventions dLrring the year. arKI we conts'lx lo operate wthin the standards set by our Regulators. Oryanisional stwc¢yre Keelm8n Homes has a Board rnade up cl 8 Trustees who meet quartlY and are respongble fLY all ¢Je¢isJons taken by the Company. Keelman HneS has a managernenl agreemenl with Gateshead Council to manage its properties once built and leL Galethead Council. therefore. has resFKJnsibility for Ihe day-lTrday maftagement of the operats.ons bwng LThlertaken by Kedman H(xnes. The original tem of the management agreernent beMEen Gateshead C(yJnol and Kedman H(Mnes for ddivery of housing management seryice5 is frcn 1 April 2021 10 31 March 2022. wlh an opts.on to extend for ar¢other one ye8r". this option was exerased in February 2022 and the current end date on the contract is 31 March 2023. The Counul also Fwovide services under a Servic Levd Agreemenl lo Keelman Hcrfnes which provides Ihe necessary flexilIty to resource it as appropriatdy required. R¢la¢ed parties The Charity is guitJe(1 by the charikn.es Act arKI Ccfflpanies Act and is guided by both N8b"onal antl Local poliw. Gateshead Council acts as a managing agent for Keelman He$ in its daY-tdaY ¢)peiations. The Board has Cdered the inlemal contrd.erp4ironmeni of G8tethad Counol and con&ders that the systems of inlemal c¢xttrol are effecbve aThJ apprc4Jriate. Rbsk Management The Board agleed. and Icd(ed to mitigale as appropriate. Ihe f¢?1 key slrategic risk& Failure to manage the cornpany's finances Failure to ddiver on r¥ build and existing irweslmenl proiecas Failure lo d1v effective asset managemenl Failure lo effectivdy manage busire5s continL Failure lo manage effectNe.Ccte goveman Failure to delivw txjgness m&del due to future gernment pcAicy Impact on rent inccme due lo Unwersal Cre¢Jil and Wla Refrym Failure to asS sources of funding Failure lo athieve and demcthte vaue for m Failure lo maintsin * effec"ve rdabl1mp 7Mlh partners TGHC ALMO ceasiry or current managemt expiriThJ wilhoul ne•¥ agreemenl in place Failure lo ¢Jeliv8r a strategic forrd plan The risks are rleWed quarterfy in accordance with its risk management pdicy. The risk management pjicy was revie in 2019120 and is reviewed every three yea
Keelman Hoffl Limited la coryany limited by gu4rantso and not h4vlr•J a sharo capital) Strat•gle Report For the year ended 31 Mar¢h 2022 Policies on Internal Control Keelman Homes has established pdicies and prrxedures to miyitcjr an¢J phase the need fu stron9 intemal ¢trOl. These include Finanoal Regulab"ons that require adequate segregab.on of duties. Rèports to th• Board Regular repxts to Ihe Board prlide infornation on finarrial arKY operational progress against objectives. Performance is measured against agreed targets and externally benchmarked. Btjdgets are set before the be9'nnir¥J of each ffinancial year. Rwts incclne and expenditure against these budgets are pre5enled to the 8oard on a quarterty bass varia analygs and corVe a¢b"C is prowsed aThJ discussed at Ihe Board meetings. The 8oard a150 xrutinise Value M¢Nw and efficierw. as well as re¢ir@ informati¢J) in SpeCt of loan and grant covenant comF4iance. Reports to the Board con&der risk. parlicjjarfy the finanaal impact of ary proposed actions. Stock Options Appraisal Housing QLtality Netsyork were appointed In July 2020 to carry out a benclwnafking exercise lo delemine whether value for money was being achieved through the hJng management agreement and sery}S r1ve The Gatetad Hougng Ccynpany IGateshead Counul's fonner ALMOI. The ConduOn of the report listed recommendations induding prUrift9 a second phase of V•r)rk whith would COMpen9¥elY review Keelman Hcffies as a ccmpany and charity. Th's would investigate ¢Jptions for Keelman Homes to improve the htxjgng management of its cunI stock as well as exploring the c(Jmpany opts.0 to fu11 Board aspirations to rn1 its vison and alms and gr(y•4 as an affordable housng provider in the fLrture. A second phase of work was concluded by HQN in N¢wember 2020 ar a draft report was presented by HQN to 8oard which set out the potentia Cy0nS for Keelman Homes lo explore in more detail during a tTrwrd phase. The Board appointed Abovo CortsLIt al its meeiing in FetrKuary 2021 to act as lead cOnlIaftt on Phase 3 of tt options apkYal work aNJ begin lookiThJ in detal at Ihe viatility aThJ feasitility crf the fdliA¥ing options.. - Option 1- No charvje Opbon 2- Stand-alone. with CwKil finan opb.on 3- Stand-alone. with new financi Opbon 4- Merge with another rkx-profit registered provider Opbon 5- Sdl out to a for-profit registered provider o 'stand alone. mean the cAThpany rA11 exF10 recrui1ml d its w slaff independently aThJ extdore the market for alternative housng manawent provison. Each of these options was consderaj ¢Jevdoped in deta during 2021122. A detsiled assessment of opti¢S and soft Maet lesiing inlomed the Boards decgsion to progress inibally wth option 2. wih a view to implementing Opti1 3 in the fiiture. R•cruitment and d?lOPment of staff Tl quality and iniegrity of *3ff a essen1181 for maintsining intemal contror. In FY21122 Keelman Homes Boafd made a strategic deu"siTr) to begin recfuitr77ent direct employment of a Managing Ll'rector and CLYnp8ny Secretary into the crynpany. responsble to the Board, with a view to later tJirecJy em 0ng finanaal and operational gJpport into the company. It was antsopated that the Managing Direclor would come into post during Q1 of 222123_
Keelman Ilomes Linmlod {a company limiled by guarantee and not having a share capital} Strateglc Report For the year ended 31 March 2022 In the interim period and while stall are not directly employed, Keelman Homes has enleied into SeNice Level Agreements with Gateshead COU11 to wpply all for tFE WFV)rt ol Company Governance. Cornpany FinarKe and Operational Support. In partnership bwlh Gateshead CneI. Keelman Hcmnes continues to ensure thal Stalf have the necessary compelences and qualificaknons for their role. through ¢vdowent. Iraining, appraisal and perfomance management. This is all underymnned by related wliLies of both Keelman Homes and Gateshead Council, induding StaNJards ol Behaviour, Disciplinary Policy, Grievance Policy and Probity Pdicy. Our olms and oblecllves PurFoses andaims Keelfflan Homes, PXlTrx)ses as set in the oiry'ecis eiyitained %Mthin the Company's Memorandum of Association are.. la) lo provide houses or hostels or other residenti aco)mmc#dation and any assccialed amenities lor persons in necessitous circumstances upon terms awopriale lo their means: {b) to provide for aged, (Isabled {%thether physically or mentally), or chronically sick persons in need thereof houses or hostels or olhei ldentIal accommodation armj any as$(late(l amenikn'es specially deggned or adapted to meet the disabilities and requirements of such persons; Ic) to provide services, a¢fvice or assistare uwn terffls appropriate to Ihr means to aged. disabled Ivthether physically or methallyl or chronically sick persons or other persons in necesylous circumstances in need thereof and providing any associated amenrties specialty designed or adapted to meet the disabilities and requirements of such persons" Idl the provigon of recreation Of Other leisure facilities in the interest of x¢i4 wellare wth the 0.8cl of improving the conditions of lrfe lor the residents ol the area ol Ixnetil: {el the rdiel ol poverty amorost the residents of the area of benefil: (fl the advancement of education. tr&ning or fetraiNng. partlarty amorwJ UnemoYed people providing unemployed people 1th work experience" Ig} Ihe mairtenance. improvement or provision of amenities for the public benefit in the interests of regeneration in areas of social and eCOn(IC depn'vatim in vthich the Charity owns or manages housing stock" and {hl such other charttable purkN)ses befIcial lo the publ ¢onsient wlh the objects above as the Trustees shall in Ihe¢r absolute discretion determine. Keelman Homes aims lo provide new h(yJsing in Gateshead for social housing letting and to provide housing management services lor our tenants in this area. Our aims reflect the purposes Keelman Homes was set up lo deliver. Ensuring our work dellvers our alm$ Keelman Homes was set up in July 2009 aims and otlectives were set lor that yeai lo enwre that the foundations were in place lo obtain furKling lor new hwses to be buill within ihe Kibblesworth are4 $0 that we could meet the oty'ects set within our memorandum of association, to provide homes lor rSOnS in necessitous circumstances. Every year we self-assess our achievanerts agatnst the ams aTrJ ot4eclives.
Keelman Homes Limiled la Mrnpany limited by guaranloo and nol having a share capilal) Slfategic Report For the year erKled 31 March 2022 Our obJ'8Ctives for I1year The following objeclives V4Ere achiv4ed for the year ervjed March 2022: 11 newbuild properties were SLKtessfully fflarkeled arKI sold as shar&J ownership 14 properties were successfully acquired. Teturbished arKJ let lor alfordable rent new build property was successfully aequirgj and lel for aflordable rent A full valuation of prrtY stK was carried out wlh a view to exploring financial options lor the company as part of the strategic options appraisal. Ai the February Board meeting il was agreed that pending some finJ due Llligence exerases thal al ihe meeting in Q1 FY22123 Board V•YJuld seek consensus to decide on the IUre strategic threction ot the company. The decision would lo seek the best outcome for lenanls best value lor money. Actions were agreed lo ensure compliance wth the NHF ccrtje ol Governance Value for money We are wmmilled io delivering excellent vdue for to our residents and clynmunities, now and as part ol our longer-term plans. This is one of our CO vdues and is irrtegrated into our sinesS an. We aim to drive ongoing value lor money by making intomed finaal and operationd decisions. This means spending money wisely and having regard lo three E's: Economy Efficiency Ellecliveness We are committed to feirNesl¢ng gjrpluses into our oynmunities by buil(ro more homes. Finally, we recconise that value for money is imkN)rtant for our oJstcneTS aThJ continue lo fctus on improviThJ estates. energy efficiency and safety for our cuslomers. We have cd¢ulated our VIM Metrics for 2021122 based upjn the HwsirYJ Regulator's VIM Standard for $mle1 Flegistered Providers.. Metric Metric 1 - Reinvestment Metric 2a- New Su Metric 2b- New Su Metric 3 - Geari Metric 4- EBITDA MRI Inleresl Rale Cover Metric 5- Headline SOCI Housin Cost r Urit Meliic 6a- O rail Mar SHL Metric 6b- O ralin Mar Overall Metric 7- Return on Ca Result 0.0001Y. 8.44% o.cKJ% 63.48Y. 2 342.4W/• £3.941 48.D1% 29.1W. 2.4W VIM Measure Efficien Effeciiveness Effectiveness Eflicienc Efliciertc Econom Eflicienc Efficienc Etficienc Social NOn.SO ROCE
Keelman Homes Limited la company limited by guarante• al not hwir¥J a shar• capitsl) Strat8glc R•port For thè year ond¢d 31 March 2022 . Perfomwnce Indicators Service Area Performanct Indicator Year End 2021122 Yoar EIKI 2020121 Perfornwnce Traffi¢ Light Anti181 Beh8ViOLJr and Managing Tenancies % of ASB cases responded to & invesb"gab"ons begun_. in timescale124 hrs- high priimty. 5 working days- other (3ses Perforrnanee down fr previous year 92% 84.6 Asset Energy Effiaency.. Average SAP rab.ng d d*ellin95 % of ergenCY124 hrs), urgent13 days) arKI routine 120 days) repairs eted wilhin tsmescale Keelman Hcffjes Renl collected frun curr1 tenanls as a % of rent C".k tbk . Perfom)ance down ffom previous ear Home Repairs 81.93% Rent 1(X).78% J(Jfftloiq exdudi 8ffe8rs blf Rwt arrears of current tenants as a % of the renl roll due Perfonnance up fvom previous ear PerfoanCe down from previous Rent 5.58% Rent lost through pjnpty properties as a % of rent due vdS 1% 1.75%
Ke•lm•n Hom•s Llmited la c¢mp4ffty limited by guarantee and not having a share c4ilall Strategic Report For the year ended 31 March 2022 Complianc• Pwlomnc¢ IrKlirAtors Perforniance Indicator Year End 2020121 Ta 1(X)% Year End 2020121 Perfofman¢• 100% 100° 100% 1009 Traffic Light % Domestic Gas Servian % Fire Fl'sk Assessments- Landlord re sbili % Fire Flsk Assessments Reviews- 2021122 % Asbest05 Mana emenl Surve s C(xnmurwl Yo Asbes105 Mana emenl Surve s Crynmunal RevieKs ionella fvsk Assessments General Need5 GN ¥0 Communal Pefioth'c EltriC Inspection CorKlib. Report sent % Dometh"¢ Peri1C Electric Inspection Condilw Rewl resent within a 10- ear % Domestic Periodic Electric Inspects"on Condilion Repcwt resent within a 5- ear eriod o Domesb"¢ Stairfifts Serv8 NIA 69.4% 40% Achiw•m•nt and p•rfornianc• tring the finar131 year ended 31 March 2022: _ AS8 - 13 cases in year. 11 acknovAedged and xliongj to within th"meSle. 2 cases *ere not actioned thift timescale bul investigaiions did begin_ Repairs- Of the 819 reprs. 671 were completed witr4'n target V•ith an ¢erall perf(n of 81.93%. The overall perfcance is made up of the fdlowng prictieS.. Emergen¢y- 231 oynF4eted. 189 in larget= 81.82%. Urgent- 316 ccrfnF4eted. 250 in larget= 79.11%. o Routine- 272 oyn eted. 232 in targe1= 85.29%. Financial revlew Finanaal Highh'gh15 2021r22 Statèmènt of Comprehensiv• Incorne £000 Balance Sh•el £000 Cr•dSlors £000 azz Anrwal Tumover Fixed Assets 27.840 Loans GMBC £16 322 Operabng Costs 1,671 Cash at Bank 31.03.2022 1.057 Goverrvnent Grants £11.925 Sur lus for the Year 29 Retained Eami 10
Keelman Hoffles Liftxted la company limited by guarantee and not haviffj a share cap.Itall- Strategic Report For the year ended 31 March 2022 Payments have been made to our devd0[ent pa_rtnw5 based valuath.ons of the vlcffk cained out. Gateshead Council (the C¢xJncill manages the properties on behalf of Keelm8n He$ in accordae wth the managemenl agreement and are paid a rnanagemenl lee for carTring out Ihese services. The CourKil colleci the rent and any service ¢harges asscoated with the Keelman kknies plertieS Keelman Homes inv¢ice the Counal for this amount. PrSnclpal funding sources The prinapal funding source5 the bUthr¥j of tyjr new IM)mes are Homes EThJlar*J (HEI Grants and loans frcqn the Counul. Once properties are built and leL the prinopal funding S(S are frun the rentsl inc(Yne and seNice charge IOm0 fc¥ these properties. Re8$ polky Keelman Hfxnes aims to maintain its general reserve at a minimun d 3% 01 the annual expendilure budge( however. reserves are releSted into Ihe bu9ness when required. to yjpport devel¢)pmeni activity. 11
K•elm8n Homos Limited la company limited by 9uarant•• N>t haviThJ a sh•rn ¢apilall Strategic Report For the year end•d 31 Mar¢h 2022 Reference and admlnistrative detail$ Charlty P•f•r•nce 1mbar 1133321 Conwany R•l¢ren¢e Number C6972673 Registsr¢d PYovid•r Nurnr Registered Address Cr¥ic Centre Gates1ad Regent Centre Gatead NE8 1JN Oir•ctors Jth Adams Jennifer 81iot Joseph Gardiner- Resigned 11102r2022 Joanne Giles ThcThas Graham- Reggned 0110412021 Stuart Green Thomas SLrtton- Rwned 1110212022 Calum Willis AlistairWle Sa¢rotary 18outh- ftegd 0110412021 Management T•am Day-t(kday management has Lw delegated Gateshead Council Auditor Hair$ Watts 17 Queens Lane Newcastle upon Tyne NE1 1RN 8ank¢r The Ctroperative Bank 151 Floor, Norf(Ak Hc J Grey Street Newcastle upon T NE1 1HH Sollcltor Galethead Pletropolitw Borough CounrAI Civic t Regent Street Gate*ad NE8 1HH 12
Keelman Homes Llfflit•d la company limited by guarant and not havlng a sh•rn wiltal) Strategie R•port Forthe year ended 31 Marett 2022 Fulurn wans To ensuro Ke•lman Homos ¥ll wtinue to ryogressapportknS to dw¢Fap futher. 8 6¥¥00t8usln08s Plaft 2017-21 Wa5der0[thI 8rKI ImeMented ty March 2017. Th6 8Ltsiness Plan sets out the MpanY'S u4wall vlclèn, valuv four m¥bTh 1¥6ori685. wlich supryts fhthat Iho fA>Ypny was sel upto do 8nd rong¢ts our Artl¢les ol A&sodalEw. Our straleglc ¥fe as (01tyfv3'. 1: Blikllno forlho Itktw•- engwiro wlhdeveloptrsto Ixfjld fvrthgr nth¥ affothW8 Mllhin Gat•dwxl. grtl, davdori now INI InnNxfveways al in nSe to pllenges vrittin tho s¢¢ial ?noThi¢ ctimalo. Aim 2.. pl0¢be$ 4nd manag1 86sets- lrtkllng; pJrthJ •npty pw90•$ thIn Gat•shoad •nd 6ad¢ into Alm 3: Pmiory quafjty htylwn8ymeTrt Soivl¢¢>4Jn behov ol Dthu reglstsred Galeshead. im 4: ImFw•lng fwa- Ind lthiry oryj le•rnlrvJfrom and seeklry p)rtUnItIeS to suwort Wel¢[j In aur c4¥nrrMrritre Tho 8u91ngss Plan is MTith•rd by Board ofy o r4ulor bags. to ow 8FyroAch continu8Sto romalTh approprfat• for our buyness need& The pmgress of these d¥ecOves Is ¢1058ty Iiikeo to ensunw v8lu8 forfflonoy is od¥¢vtyL DurfrJ 202323. p18n5 are as follit- PfoJiess the stodt Opti( zpprnfs lo Ideth 8 fe8StIAe lo enyure the tIM)fUtU0f K8elm8n Homes Seek n&w omtuiil¢8". Mgaging ith d•dows amyor coMtantS could b¢rrne pertnor4to 8sslst tth ithurn dthffji of afl¢nlabl8 htyJ 04el¢p Ord6ry& oftho ¢llPartY Ensure comOarteé vAlh lh• UFlated NHF Codo olGleMan¢¢ Lino the •8sgt dat8bas¢ ofpraperty el¢mthts KI thtffin•nd 9lan. d6¥elop a >11>ye•r Golng Concern mgn8g•menl 8greemenl t Goieshe8d Coun¢il explfe5 on 31 March 2Q23. Keelman Homes are curTenlly Iii ¥IbGussion5th a I1&r0 rmnogement wovid8r lo #ssoss th• leadrIty and ¥18tlllty ol ¢hgnglrg seThlca pr(wlder In lh8 fthwo. Gatashood Cnl ar• •w8r8 th81 KoelmgTr Homes Is revlevlnp118 Options and 0 oxtended I1r offer ol $UPKXYt ty Offert a Im? enernlonto Il currnnt rnanagmrt 8greem8rtto Iwond Sfjptember 20ZJ.11 Keeknan Hamts reqlf Ihl< Ay hlr•J•n4w it s¥ gntidpAl•d that ih• assessmert P.0n5 111 c•ndud•. •A• ¥ contrKtw•ll ¢nloted lrto ahè•d of finanoal year Wd4. Auditor PyrJuanl lo &Gllon 467 gl kn Compvd89 Aci ziTh. lkne •¥tht•xls ¢J••mod to be iuppointed aThl Hdne5 Watts North Et Audit LLP *lll theielore ¢OMinu• In ¢fflte. of tho 800. Jas•n Wylie Chlrof Tnrttee$ Civlc Centre Reoant Centr8 Gatashe811 NE8 1JN a(Sth fyèMbr2022
Kedman Homes Llndt•d la company Ilmited by 8¥ate And not havlng a sharn capltal) Sfatemont •itrustus msponbIlhles For thè year eftded 31 Mar¢h lOZ2 STATEMÉNT OF TRusfEÉSI RESPONSI8IUTIÉS Th• tnstees (wtho aro also I)IrUS ol Keelman Honw Uffthted for Ihg PUfP050s of Iww) are ¢e>p)n2ible for propotirKJ thg Tft%t•)vJ' Annutsl RW I(Includftg th• Str4t•gle Report)1 gnd Ihg finana#l thlements in a(wrdance apyfi¢abk law aNI Uraled Klrsdffli Accou19 siandwds (Unlted Klngdom Generaly Aepted ACc(n1j Prndi¢e>. CompoDy Iw Ihtr to weparo finondd s10t0ft for each finan<ial yoar. Undar ¢ompny I tho lrttsiees mwl nol ar•w• the finandal statements unless tw are sealsfied Ilpi a 11¥9 and talT ¥1 ¢1 the Jtate of oflalrts of the dnIel o)mpany aNI rf ihe in¢thn9 r¢sourco: and appil¢alon ol r¢sourc8s. Includlry the Income #nd expenorturè. ol lh8 ¢h8rflatJle ¢rynpary loi that w(11. In prepanng these Ilnancial slalements, Ihe thtEe5 afe requlred to: seled suitat4 artirj cleS and then them o)nsisienily; otser¥e Ihe Mh00S and prfnt¥es In the Charfues SORP 2019 (FRS 102)" ami valiftl& thal ate reasonable and wthntr. pr•par• thè llrBndal tem8nts on the gdThJ cancem tAsls unless11 Is InapprowW8te to wesume thal. tho ¢hiritable c¢mpary 9U ¢•rdlnu¢ In opemio The tr1&¥ oro responsibte for knen9 8dequ8le aCcolIng records that Oscljse fh4ih reasonable acura¢y al any tirno th• firAndal rxibon of Ihg thwitable ¢(¥Trpwry 8fKI en8bl¢ tIrn to ensure tho1 the finandal ¥laloiTwnts KAY Ihe C(¥npanies A¢X 20C6. They aro 8tso responlble tw saloguwding the assets of Iho ehartlatla crynpary aThl hanc• It¥ lJrg fft8Sortr• slew forlhe ar•J detethon and olh¢r lllvgularftses. In ¥0 for as th• lrystees are 8lWrn: Ihom k no rolwart rftfom•tim of1¥th ttw ¢harftatde cunpany's audltor Is Im8w•re: aTh Iho lrnsleès have l•ken.all st•ps Ihal they 0h1 to fve tak¢n to make Ihom59l¥eg 8ware ol oriy wel•art audlt Inlom¢Jn eThl to o#8lthh thot Iho aOr fs ol tmt Inlomwltffi. Approved ty the boarf ZOZ2 and tholr IMh8df ty: Jason Vfyllo 11
Keelman Home$ Limiled (a company limited by guarant•e and not haviThJ a $harn ¢ap•tal Audit Report For the year •nded 31 March 2022 Opinion We have audited the fin¥Kaal emerts of Keeknan HL¥nes rnited fthe eh8ritJe c(Ynpanfl for the year ended 31 March 2022 vthich comprise the Slalwi)ent of Ccffiprehensve Inccffne. the Balance Shéet,. .- Stslement of Changes in Rewves. the Cash FI¢xT Statemenl aThJ notes to the finanaal statements, including significant acc4)unling polirAes. The repo"ng frJnevfrt that has bw applied in their preparation is applicable law aThJ United lthrigdcm AntIng StsrKlards. induth"rKJ Finanoal Reporb"ng Standard 102 The Finanaal ReportirMJ Standard applicaile in the UK and RewliC d Ireland {Ur¥led Trfjngdc Generally A¢wled Accounting Practi). In cyjr opinion the finaKial statements.. give a true and far view of the state d the chitable company's affairs as at 31 March 2022, and ol its incoming resources aThJ appli(b"On (rf re9)urces, incltMJiThJ 15 inccmme and expenditure. for the year then ended.. have treen prcyerly Wep8 in acxordarre ¥ith United lfjngd(Nn Generally Awted A¢ting practi.. and have been Pfepared in accordance with the reqrts cl Ihe C(¥npanies Act 2006. the Housing and Regenerats Acl 2(X)8 the Accwnling Ch"rection fu private wistered providers of social housng in Er4JlarKI 2019. Basis for opinion We conducted our audit in acCOrdar 1th Intemational Stsr)dards on Alitir4 {UK) IISAS {UKII applicable law. Our reS&bilItieS under those starKlards are furlher dexribed In the Auth"IoT'S re&SitI"ll"eS for the audit of the finanoal statwnents section of our report. We are independent of the association in accordance the ethi¢al requirements that are relevant to tyJr audit of the financid statements in the UK, induding the FRC'S Ethical StaThJard, and we have fLAfilled our other et(al rwon5ibilities in accordanee Mth these requiremerxs. We believe that the audit 61dee have obtained is ffiCient aThJ apFYowate lo provhle a bas's for opinion.. Material Un¢•rtainty relating tr Going Con¢wn In aurtiting the financia stalwnwlts. VR have conduded thal the difeclors, use of the going concem bags of accounb.ng in the preparats.on of the fiAan¢ial statements is apprcyiate. Our respCsIbIlitieS and the responsibilib.es of the Iruslees wth respect to gng concem are described in the relevant sections of this pOrt. We draw 8ttenb.on lo Noie 1.3 In the Finwx?al Slalwnwts ¥thich indicates material uncertainties around the ILrture of Keelman Homes Limited. current management agreement th The Galeshead Cwnol. exrAres in March 2023. We have reviewed evidence thal The Galeshe•J Council have prry4ided a$Surare. that they ¥*ill continue to work with Keelman Horne5 atid provide Ihese services as tY require that tru"s arrangwnent will extend p8St Septembv 2023, if Tequired by Keelman Homes Limited. These events arbj eon(litions, along with Olher matters exaird in Tr)te 1.3. con5ti1Lrte a material ur¢ert•nty that may Cast 9n}can1 d¢ on the ¢c¥npany's atsh'ty to corrtinue as a gn9 concem 15
Keelman Hom•$ Limited la company limit•d by guaran¢¢• and not h¥viThJ a share capital) Audit Report For the yoar end•d 31 Mar¢h 2022 Our 0On is rK)I MlIfied in rewect of Ih"s matter. Othr Inf0MtIOTr The trustees are responsible for the other informan. The other infcrfmab.on cprIseS the infornation Ided in the trustees, Tep(¥l, other than the ftnanaal Statements and our alI0S TeFQrt thereon. Our opinion on the finanaal StatentS does not cover the other inform8bon and. exr4)t lo the ext otherv•Yse eX1()UY stsled in our report, we do not express any fomi of assurance COrlusion thereon. Our responsibility is to read the other informabon and, in doiThJ so. consTrder vkneiher the other informab'on is materially inconsisient wth the financial statements our knovAedge obtained in the audit or 011rWISe appears lo be materially misstated. If we idenbfy such fflalerial irw195tencie5 or app8nI material misststefflents. we are required to determirE whelher tFEre is a materid mi$5tsternenl in finanual 518temenls themselves. If, based on the wcrfk have 1ined. we c(e that Iwe is a material misstatement of this other infom8lion, we are required to report Ihat fafA. We hwe nothing to report in ttis regard. Opinions ¢)n other mattws prescribed by the Coryyanies Act 2006 In our opirrion, b35ed on the w(wk undertaken in the cwrse of thp awliL the infomiatim gNen in Ihe Iwees' repL¥t (liOI[an9 the direLtors' report) for the financia year for which finarKia statements are prepared is consstent with the finclaI slatements and the director5, report ha5 ten prepared in acCOre wAhcale legal reqUIrents. Matters on whi¢h w¢ are rwired to reptyt by ex¢¢ption In the light of our kno4Ae11ge and understanding of the charitaile cLYnpany arml its erwironment obtsined in Ihe cSe of the audit, he not idenffied material mi5atements in the dire¢tor5' repo We have nothing to report in rewi of the matters in relaticm lo which ihe Companies Act 20L fequire us to report to you rf. in our cy1r1". adequate accountsng records have rnt bew kepL or reiums a(Jequate for our aLKlil have not been reiVed Irtrn branches not visited by us. or fin8n¢ial ststements 8re in agreement %*rylh the acuxjnting records and rettms: or certain disclosures of th'rect¢ys' remunefats'w speufied by law are not made,. we have rnt received all the inf0rnati and exF4anatiois we require for our audil [', or the Irustees were r1 entitled lo prepare Ihe finrla1 statements in accordance with the sxnall companies regime aTrJ lake aifvartsge d the smal cornpanies, ex)0nS in preparing the diredors, port and frcm the reqLMrwnenl to prepa a Strateg reporl. In addition. we have nothirs to POrt in respe¢t of the followrtg matter vknere the Hougng and Regeneration Act 2008 reqL$ US to report to you rf. in our opir¥on a satisfact(Yy system of contrd ovw transactions has not been mantsined. 16
Ke•lman Homes Llmlt•d la ¢ompany limited by guarantee ond not havlng a share cap•tsll Audlt Report For th• y•ar ended 31 March 2022 Responsibilities of trustees As exF4ained me flY in the trustees, responybiliiies 5ts1ement sel out on page 15, the irustees (who are also the directors of the charitae company lor the purposes of cornpany lawl are SpOnsible fof Ihe preparation of the finanual statements vthich 9ive 8 aTh1 fair view. and for intemal C(trOl a5 the trustees determine is neSSary to enable the preparation of finwKial slalements that are tr frun mat181 misstatement, Ythelher due lo fr8ud eff(. In preparing the fin.81 statanents. the tree5 are responsible aSseng the charitsble CLvnpany's ability to con1tnl as a goiryj ceffjcem. disclosing. as applicat4e. matters related lo grj corwn and ugng the gn9 concem basis of accoJntir¥J unless the trustees eilher intend lo liqilldale group and parent charitable company or to cease opeiation& or have rKJ lei1C aiiemalive bul to do so. Auditoes responsibilitles ft+r the audit of th• fin•¢1 statements Our obj'ecb'ves are to obtain reawnable assurance a1 whether Ihe financial staternents as a are free frcrn material misstatemenL ether due to fraud or error. aTrJ to issue an audrtorfs report that includes our opinion. Reasonable aSSUrar is a high levd of assjranee. but is not a guarantee Ihat an audit conducted in 8¢¢ordanee with ISAS IUKI will ayS detect a material misstatement vknen il exist5. Missl8tements can arise friyn fraud or error and are considered material rf. indNidudty or in the aggregate. they could reasonably be expected to inflUe economic deosirx)s of users taken on the basts of these financial statements. The emlent lo which ¢)ur prc¢edwes are capable of deteclir¥J irrewlarib"es. Incl1> fraud is detailed below. We L•iained an understarK1ing of the legal and regulatory frame)rk applicat4e to both the cLnpary ilself and the induslry in vthich it operates. We identified areas of laws aThJ regulati¢)ns that could reasonably be expecle¢J to have a material effect on the fin8noal ststements frrxn c¥Jr sttlor experience and through dixussion with the directors an¢J other management The most sgThficanl were idenbfied as the CpanIeS Act 2006. Housing SORP 2018, UK GAAP IFRS1021 arKI relevant tax legIatIOn. We consdered the extent of compliance wth those laws and regulations as part of our wwlures on the related financia siatements. Our audit procedures included". confim)iThJ Mth the dIreCtS and managernenl wtslher they have any krvAedge or gjspiaon of fraud: obtaining an understandirKJ of the inlemal controls established to miligate risks related to fraud or non compliance with laws and regulations- assessing Ihe risk of managernent lefride irKluding in"n9 and tesling a sam ofjoumal enlries.. Our audit did not identrfy arry key authl matters fdats.ftg lo Ihe detection of irregularities induding fraud. However, despite the audit beir¥J planned and condted in acrdance th ISAS (UK) there remains an unavoidable risk that material misstatements in the financial stalemenis may be detected to inherent limitations ol the audit, arKI that by their very nature, any such Instae$ of fraud or irregularity likely invdve collusion. forgery. intentional misrepresenlalions. Qr the override of intemal contrds. 17
Keelman Flomes Limited (• ¢ompany limited by gu¥ronta¢ and not having a share cypital) Audit Report For the year ernl•d 31 March 2022 A further description of our responsbilities for audit of the finan¢i81 statents is Iccated on the Financial Reporting Council's website at.. vA¥.frCg.uaU¢IOWeskn.Iib.e5. This deriPts.on 1¢75 part of our auditi5 repM. Nic carr ACA (Senior Statutory Auditor) For •nd on behalf of H•in¢$ Watts North East Audbt LLP Chartered Accountant and Statutory Auditor 17 Queens Lane Newcaslle upon Tyr NE1 1RN 18
Keelman Homes Limited la company limitad by guarants• and not haviThJ a sh•re pItalI Statem•nt of Compreh•nsl¥• Income For the year ended 31 March 2022 2022 000 2021 - £000 Notes Tumover 2.360 Operating o)sts (1,671 1 19971 Op•rating surplus Interest payable 1659) 1598) Stsrplusl(d•fieltl beforè L 187} Surpluslldofi¢itl for th¢ year {921 Total compr•h•nsI incom• for th• y•ar 192) All results derive from continuing adivities. The above inoNne and expenditure shtythd be read in ¢jJnjur1lo wlh the ac£unpanying notes. awal stalements were apprcFrfed by the tntstee5 2022 signed on th&r behaW by.. Jason Wle Joanne Giles 19
K¢¢lm•n Homes Limited la company limited by guarantee and not ha¥irwJ a share capiL) Balance Sht As at 31 March 2022 2022 £000 2021 £000 Fix•d a$sets Tangible assets 27.840 26,248 Current assets Debtors Cash al 8ntl in hand 348 1,057 367 776 1.405 1,143 Llabllltl•s Creditors.. amounts falliry ¢kn within one year N•t Current •ss¢tsl IllabHiti•s 114 Credit¢vs: arnnts faling due after one year 127.751 ) 126,070) 203 174 Reserves Retained Earrwros 203 174 The accompanwro notes f(xm part of ttse finanoal ststements. The ial statements approved by Ihe Iruslees on on their behalf by. Jason Wyiie Joanne Giles
K•elfflan Homes Limited {a company limited by gu•ranto9 and nol having a shar• capitall Statem•nt of Changes in Resor As at 31 March 2022 Retalnod Eamlngs £000 Balance at 1 Awl 2020 266 Surplus for year {92} .Balanc• at 31 March 2021 174 Balance at 1 April 2021 174 Surplus for year Balan at 31 M¥rch 2022 203 The Above"stslemenl of charw rn eqLMty should be ld in C¥u10n wlh the accunpanying notes. 21
Keelman Homes Lln*ted la company limit•d by guarantee WKI not havlry a shar• capital) Stat¢ment of Cashflowg As at 31 March 2022 Notes 2022 2021 £000 Cash flows from operating activities Net cash (used in)/prnvided by operating aetiviti•s 13 494 229 Cash flows from Investing aclivities Purchase of tangible fixed assets Pr¢xeeds from the recapt of goverrnnent granls { 2.0621 12.520) 592 Net cash pmvided byinvesting a•vitieS (1.416) 11.928) Cash flows from fincIng acti¥iti•s Repayment of b¢yrOngS Proceeds frun new loan 13471 (308) 2,2 Nèt cash tssed in financing ae¢i¥hi•s 1.203 1.892 Change in ¢8$h •nd ¢ash equiv•lents 281 193 Cash arKI cash equwalents al ttle b89"nrwr¥J cl year 776 583 Cash and cash •qui¥al•nts at the •nd of the ye 1,057 776 Breakdown of cash and cash equivalents Cash al bank and in hand 1.057 776
Keelman Homes Limitad la eompany limited by guarant•• and not having a share pitalI Notes to the financial statements For the year ended 31 Mar¢h 2022 A¢¢ounting Policigs 1.1 Basis of preparntion The financial atefflents have been prepared in a¢Ctyd8r with applicsle auntIng starKlards iluding Finanaal Reporb'ng Standard 102 The Finaftoal Reporb"ng SI3ard Applicab in the UK and Republic of IlalKj IFRS 1021, the Slalwnent d Recommended Practi for Soaal Hougng Providers 2018, and vAth the Accounting Direcbon for private registered providers of 9xial housbng in England 2019. The finanaal statements are al prepared un¢Jer the quireMentS of ihe Housng and R4eneration Act 20)8 and the C¢ynpwMes Acl 2Th)6. The financial statents are wepared in sterfiTr3. wttich is the fundi¢yHI wrrency. and rourKled to the nearest £(XXJ. 1.2 Basis of accounting The financial slalements are prepared under the historical cost eonvenb.on except for donated assets vthieh are induded 8t fwrvalue upon dOnab.l. 1.3 Golng concern The finanoal Statents have been prepared on"a going concem bags which the trustees consider to be appr1x.ate for the followng rea9)ns. The trustee5 have prepare(I cash flcFW forecasts for a period covering more than 12 m¢Mihs frryn the d8te d approval of these finarKial siatements which indicate that, taking account of reasonably possible dovmsdes. ci¥npany will have suffioenl funds. to meet its liabilities as they fall due Icf that 0d. The management agreent f(Y the l)using StcKk Gateshead Coun1 exFres in Mwth 2023. The Trustees have obtained assurance fr(Mn the Gateshead Cwncil thal it Vill continue to work wlh Keelman Homes and provide these seryices as they reqwre and the o)sl will not exceed the finarK)al envelope set out in the Keelman H(e$ business plan CaShfl forecast& This arrangent will extend past Septernber 2023 if require(1 by Kedman Fkxne& Keelrnan H¢ymes have obtained further aSSJrar from Ihe ¢>)unril that the loan agreements VAII be honoured with no earfy repayment requested. oulsde of the agreed payment xhedule lch is considered aff¢xdable for Keelman Hunes. As with any ccffipany plaurvJ relian ¢Jn other entities for finaw81 support. ts trustees acknovledge that there can be no ¢ert8inty that this pport will continue alihough. at the dale of appral of these financial statements. they have no reason lo ble trt it will nol do so. Corksequently, Ihe trustee5s are confident that the ccfflpany will have sufficieni furKJs to cLx)b"nue to meet ils liabilities as they fall due lor at least 12 months frijn dale of appr of the finarvial staternents and therefore have prepad the finanryal statements on a going conrn basis. 1.4 . Turnover Tumover represents all rental and seNice tharge incorne recwvat4e. amortisation of govemment grants and dmated lan¢J, and proceeds frrxn the sale of shared ovmerthip and market sales properties. Management fee inccrfne is also eamed from the management of propertie5 on behalf of other registered prtrliders. Sales of propety are recogThsed ukyjn Its CoMr4eti of transfer cl tile. 23
Keelman Homes Limited ( company limited by gUartee not havlry a shar• capttsll Not¢$ t¢ the financial ststements For th• y•ar ended 31 March 2022 1.5 Taxation The CLynpany 15 consdered to p8ss the lests set CMJI in Paragraph I Sthedule 6 of the Finance Act 2010 and therefore meets ihe defirition of a charilable crynpany for UK corporatiw tsx purposes. Accordingly. the charity is potentialty exempt frcffi taxation in respect ol inccffle or capitJ gains ceiVed within Categories covered by Chapter 3 pwt11 of the Cor[ratiOn Tax Act 2010 or section 256 of ihe Taxation of Chargeable Gains Act 1992. to the extent that gJch irmne or pns are applied exdVeIY to charitable Nose$. Sales of Properties M the open market are rK)t exanpl UK tax, therefo (x)rporabon lax has been charged on this incc¥ne and its subsequent fft. 1.6 Housing proporties Housing prcsjerties are Wded at Cost. Freehold land is Tr)t depreued. 1.7 Shared Ownership The costs of shared c11P properties are Wit bemeen cuThenl and fixed a55ets on the bass of the rirsl tranche Forb"on. The first tranche pcwfion is accounted for as a currenl asset and on disposal the first tranthe sales proceeds are shovm in tumover at the pini of legal c(nellon. The remaining dement of the shared ownership property is accounted for as a fixed asset. The sec¢Jnd and subsequent tranches sold ('staircasing'l are accounted for in administrab.ve expenditureloperatirrfJ income in the period in which the disposal occurs being Ihe differen betsen the net sales proceeds and the net carrying value. 1.8 0epr¢¢latl¢)n Freehold properties, other thaTr prcyties under c(sttiOn. are depreciated so as lo write down the cost, less estimated regdual value, on a siraight line bass. Individual cCpOnents are depreciated over thwr expeded useful lrfe as fdlcM&" Roof Heab'ng system5 Electrics Windows exlemal d¢)ors Siructure Bathroom Kil¢hen Gas boiler S) years 40 year5 30 years 25 years 100 year5 30 years 20 years 15yeats All properties are leIed fcY impaiment when an impaimient trigger is identified and vknen it is deemed IW have suffered a permanent diminutson in value. ihe fall in value is recognised after taking account of any related capital grant5. Costs of improvement wcks to eXIstir propertss are lY c8pilalise<l en there is a demonstrable enhancemenl of economic benlts of the assel. Donated land is irtduded 8t its fair value M dmation and the corre5poryng grant creditor 15 amorti5ed over 10) years.
Ke8lman Homes Limit•d {a company limited by gUarfee and not having a shwe Pital) Notgs to the financial sements For the year ended 31 March 2022 1.9 Stocks Stocks eomprise IsIrJ proterb.es held ol1ght sale. and are stated al the loVr of cost and net realisable vaue. The costs assooated Vlith prtyerties in the course of constructs'on are recognised as incuTr&J, to Ihe extenl Ihal Ihey are (y)0tred io be r&¢Ner8t4e. 1.10 &>cial housing grant other govommont grants Where grants are received frcth wvermienl agerKies as Homes EThJand and I(1 authorities. which meet the definib.on of goverrffient grants, they are recognised thwe is rea5able asswance that condib"s)ns attad to th be ccmnsled with and Ihe grant 11 be received. Govemmenl grants are recc¥Jnised u9ng the acxLd m(x1d aThJ are darIed eilhef as a grant relating to revenue or a granl rdating to asset& Grants relating to revenue are recDgnised in irKryne on a syslemalic bags over the period in which rdate(1 costs for %thich the grant is intended lo compensate are recognised. Where a grant is rewatle as ccThpensation for expenses or losses already incurred or for the purpose of 9ving immediate finanaal support with m future rdated CAJSts. it is recognised as revenue in the period in which it beceS receivable. Grants relating lo assets are recognised in incorne on a 5yStemab"G ba%s over the expectsd useful life of the asset. Grants received for housirKJ prwbes are recognised in inccrfne over the expected useful life of Ihe hou&ng propety strLKlure. Where a grant is received specifically for componen15 of a hougng property. the grant is rec(KJnised in Ire er the eXpted useful life of the compcwnt. Recyded Captal Grants Fund Capitsl gfants can be recyded undw certan Crt. rf a prcyerty is ld. or rf another refevant event takes place. Recyded grants can be use(1 for projects approved by Homes England and they are cra<liled to the Re¢yded capb.lal Granl Fund within liakn"litie& In certain circumstances, sh as the sale crf housing properties, Capit grants may be repayable, and. in that event, is subordinated to the repaymw)t crf oUr k)ans by agreement ¢he Homes England. It is accounted for as soon as the liability ari5 1th1n creditors= amounts falling due within one year. When any grant to be recycled or repaid is less than the grant lats"n9 to tr thsposal, the difference is treated as abated grant. Abated capital grants are treated as a cunptrtht of ihe rpluS or defiat on disposal 25
Keelrnan Home$ LSmit•d la company limitad by guarantee and not having a $harn ¢•pit•l) Notes to the financial staternents For the year ended 31 MaTch 2022 Turnov•r 2022 £ODO 2021 £000 Rental arKI service charge irKL¥ne reravaile Managemenl fee inccme Afflorbsation of goverrffiert gants Shared [Sr"p Sales Inccffie 1,264 128 115 95 127 703 2,360 1,508 Operat¥ng surplus Surplus on ordinary actwities is stated after thtrgrWl¢yeditirgi". 2022 £000 2021 £000 Depreoation d ovmed taThJible fix&J assets Amortisabon of g0vemmt grants aThJ donat&J ld Auditorfs femuneratson audit - other services relating to tali 476 (127) 436 11151 13 12 During the period, Th) Trustees received any bendits in kind12021'. nll arKI no expenses were reimbursed to any Trust& The Charitable ctmpany dces not plOY any staff dir•. The rnanagement of thJne5 is urknjertaken by Gatethead Council for a rnanagemt fee as dixlosed in Thjte 10.
Keelman Homes Limiled (a eompony Ilmited by guarantee and nol havlng a shave capital) Notes to the Ilnancial statements For the year ended 31 March 2022 Interest payable 2022 £000 2021 £000 Loans from Gateshead Council 659 Taxation Total tax expense reccgnised in the incTre and expendilure account 2021 Current lax &1. Reconclllallon of the effe¢llve tax rate £000 SurplusllDefiriti Total tax expense 586 192) Surpluslloeliut) before lax 587 187) Tax using the UK corwration tax rale of IW. {2021: 19%) Tax exempi revenues Non-deductible expenses Total exnse irKluded in the irtcKne slalement
Keetman Homes Limited (a company limited by guarantee and nol havlry a share ¢apitsl) Notes to the financlal statements For Ihe year ended 31 March 2022 Tanglble ftxed assets Shared Housing Ownership Properties Housing in Ihe course Propertle5 of ¢onstru¢tion Total £000 £DOD Rented Housing Propertles Land Cost At 1 April 2021 Additions Translers 23.304 473 1.261 702 613 28.570 2.062 976 11,2611 At 31 Mar¢h 2022 25,038 3.255 1.315 1,024 30,632 Depreclatlon Ai 1 April 2021 Charge lor year 2.322 470 457 13 Al 31 March 202 2.723 2,792 Net book value Al 31 March 2022 22.315 1.246 1.024 27,840 At 31 March 2021 21.038 3.255 1.309 26,248 The income, costs and surplusldefiL?t relating to the shared 0vMeiP prcyerties amounts to £703k (2021 - £01, £563k {2021- £01. £140k {2021 - £01, respethivdy. 6.1 Tgible assets Number of units under managemenl 2022 2021 Under development al end of Ihe Renled unils Shared ownership unrts 10 19 Under managernent al end of the year Rented units Shared ownership units 274 24 262 13
K••lman Homes Limited la ¢ompany limit•d by guarantse nol haviThJ a share Pital) .. Notes to th• financial statements For the year ended 31 March 2022 Debtors 2022 £000 120 228 2021 £000 161 Trade deblors Amounts ON1 by rdal8J parties {see note 101 367 Credltors: Amounts falling due within one y•ar 2022 £000 2021 £000 Trade Creditors Accruals Loans frcffl Gateshead Counal kniount owed lo relate<l pa"eSee Mte 101 VAT Corporalion tax Re¢yde(I capital grant furKI Government grants 23 369 767 243 422 12 115 127 1,291 1.147 reditors: Amounts falling due after on¢ year 2022 £000 15.953 11.798 2021 Loans from Gateshead C¢xThil Govemment grants 14,780 11,290 27,751 26,070 The first tranche of the loan frcffj Gateshead Counol of £4.5m is repayable in equal half yeady inslalments of £46,717 over S) years frcxn March 2010 and accrues interest at 4.59%. An additional facility 01 £1.7m was agreed the Counol in Ociober 2014, and is fepayable in ewal half yeady instalmenls of £17,000 over 50 years from Awl 2015 accrues inlwesl al 4%. An additional facility of £1.&n was 89reed with ihe Couwl in Awil 2015. arKI is repayable in equal hall yearfy inslalmenis of £15,(K)O ¢)ver Y) ye8rs from Octotjer 2015 and aCcrl5 interest at 4.25%. An additional faulity of £1.Om vras agreed with Ihe CoLnuI in Ap1 2016. and is paYable in equal hall yearfy instalmenls of £10.( over 50 years frcrfn October 2016 armj interest al 3.75%.
K¢elm8n Homes Limited (• ¢ompany limited by gu•r¥ntee and not having a share capital) Notes to th• finan¢ial $tat•m•t For the year ended 31 March 2022 An addibonal faality of £0.5m was agreed wilh the Cwwl in April 2017. and is repayable in equal half yearly instalments of £5.¢J)O over S) years frun October 2017 aTrJ accrues interest at 175%. An addibonal faulity of £1.8m was agreed th the CO1 in September 2017, and is paYable in equal half yearfy instalments of £18,OCQ over years fr(wn March 2018 ar arUe5 inte1 at 3.75%. An additional facility of £0.5m was agreed %b7th the Com(il in Decwnber 2017. aThJ is repayable in equal half yearfy Inslalments of £5,CQO over So years frcffl Jure 2018 and accrues interest al 3.75%. An addibonal facility of £0.9m was agreed ith the C.1 in May 2018. and is repayable in equal half yearly instalments of £9,W) over 50 years fr(x)i November 2018 aTrJ accfues interest at 3.68%. An addilional fa¢ilty of £0.5m agreed ith the Crmrril in October 2018, is rtpayable in equal half yeady instalments of £5.CKJO 50 years April 2019 and aUeS interest at 3.75%. An addiDonal fa¢ilty of £0.7m has treen aged in April 2019, and is repayable in e(pJal hf ye8rly instslments of £S.LKQ over 50 years from October 2019 and ae¢rues interest at 3.56%. An additional farility of £0.7m has been agreed in July 2019, and is repayable in equal ha yearfy inslalments of £5.CW over 50 years from January 2020 and accrues Interest al 3.3%. An addits.onal faality of £0.25m ha5 been agreed in March 2020. and is repayable in equal hair yearfy (nstalmenls of £5.0 over 50 years frc¥n Septwnber 3)20 and a¢¢nJes Inte$1 al 3.3%. The first Iranche of the loan, initial ¥ue of £4.&n is sere¢J. vthi15t the fLMther trarKhes remain unsecured. Additional loan fxilities agreed ith the C¢xwxil during the year as follows. An additional farility of £7m has been agreed rn May 2020, and is repayable in Ual half yearfy instslmenls of £7,0 over 50 years from Novernber 2020 and inleresi al 3.3%. An additional faality of £4m has been agreed in Augusl 2020. and is payable in equal ha yearfy inslalments 01 £4,000 over 50 years from February 2021 and accrues interest at 3.4%. An addlonal farjlity of £0.25m has been ageed in September 2020. aTrJ is rePaYae in al half yearty instalments of £2.5 over 50 years frcrfn Marth 2021 a(xrS inieresl at 3.4%. An additsonal facility of £0.25m ha5 been agreed in t*ember 2020. and is repayable in equal hall yearfy ins181menls of £2.W ovw 50 years frun June 2021 aThJ accrues inlerest al 3.35%. An addits.onal facility of £0.6m has been agreed in Marth 2021. and is repayable in equal half yeady instslments of £6.000 over years frwi September 2021 and accnjes interesl at 3.35%. The first tranche loan. initial value of £4.5m is SeIed. 7htiilst the fwther tranches m31n unsecured. Additional loan faclities ere agreed wrth the Councd during the year as foll•¥$.. An addilional facility of £0.5m has been agreed in May 2021, aThJ is repayable in equal hJf yearty instalmenls of £S.000 over SO years from Wwnber 2021 and ac¢rues interest al 3.3V•. An additional facilty of £0.35m has been agreed in Septwnber 2021, and 1$ repayable in equal haw yeady instslments of £3.1 over 50 years fr(wn March 2022 and accrues interest ai 3.16%. An additional facility of £0.7rn has been 8greed in N(nber 2021. 8rn1 is paYable in equal half yearty instalmenls of £7,CKJO over g) Yea frcxn May 2022 aThJ acuues interest at 3.19%.
Kwlmon Hom•s Limited (a ¢omp4ny limited by guaranle8 not haviThJ a share Gapit•ll Noles lo the financlal statements For the yoar ended 31 March 2022 Govemment grants A total of £4.832m grant ¥ras received frryn Hcynes EWwKf bel%en the finanoal years of 2010111 and 2013114 in rdation to the lfj"bbIewc develo5ynent This is released to the accounts over a period of 1 years. A total of £2.663m grant has been recaved frcffi Hcffies Englar)d befven the finaal year5 of 2013114 and 2020121 in relation to the Ernpty He5 Purthase and Repair schemes. This is rdeased lo the accounts over a period of 1 years. A loial of £33.7k grant was received frun the TyrÉ 8rKI Wear Fire and Rescue Serviee in latiOn lo the installabon CA spriner systems in some of cw new budd dEwelopnenl$. This is release<l to the accounts Gwer a period of 100 years A total of £0.345m granl was recetved frc¥n Homes ErlarKI belEen the fin()81 year5 of 2015116 and 2016117 in rdation lo the Runhead arrfj Heddon View deve1wnl. Th"s is released lo the awjunts over period of 100 years A total of £0.318m grant was received from Homes En9land beNbeen Ihe finantial years of 2016117 and 2018118.in rdabon to the West Park d0pMent. Ths is released to the accounts over a period of 100 years. A totsl ol £0.778m grant $ received frcyn Homes EWaThJ in financaal years of 2019120 and 2020121 in lab'on to the 81&h Green de¥doent is leaSed to the a¢Unts over a period of 100 years. A total of £0.21Om grant was re¥& frn Hryne5 Erand in finarval year 2020121 in relation to Ihe Lyndhvrsl development. This is released to the aCcnts er a wi¢)J of 100 years. Indude(J W7.n goverrffient grants is •) amount of £2.776.600 relating to donaled land {2021.. £2,8C6,2501 Land with a Val £2.7m was donated to the ccthpany in 2010111 in rdalion to the 'bbIeSOrth development. This is released lo accounts 8 period d 100 years. Land with a vJue £0.11 &n was dlated to the wnpary in 2016117 in rdation to ts Heddon View developent. This is released to the accounts over a 0d of 100 year5. Land ¥Mth a value £0.15m VAS donaled to Ihe cL¥npary in 2017118 in relab.on to tre West Park development. This is rdeased lo the accounts ovw a pwod of years. 31
Keelrnan Homes Limitèd la company limlt•d by guarantee and haviry a share ¢apital) Notes to the financial statements For thè yèar ènded 31 March 2022 10. Related Partl•s and controlling pwty The compary ha5 a close *Y)rking fdaticvi#N"p %%ryth GaleFJwd Cwnol due to previously being a gjbsidiary Pfior to beccrning independent in 2014115. The total expenditure incur# wth The Gateshead Ccmjncil during finanoal year 2021122 was £284.568, and the tolal iwne reNed vras £914,034. The was also ¢redilors due lo The G8leshead C¢yJncil lowling £767.11X) arKJ a debt amount £227.703 at 31 Mar¢h 2022. 11. A¢¢ountlw estimates and dgements The preparation of finanoal StatenIS requires the Board to make judgements. e5timale5 and assumptions that may affect the application of aCtJn"n9 pdscies and the reported amounts of a55els and liatiliti'es. a income and expenses. The estimates and asgxgated assumptions are based on historical experience and various other factors that are bdieved to be reas¢8b1e under the circumsiances. Actual results may differ from these eskn"mates. The key a$ requiring the use of eth"mates and judgentS %thich may sgnificanuy 8ffe¢l the rinanaal statements are ccffjsidered lo be: Estimation of the useful lile of •ssets The board is required to esirmafe the useful ecorKJni¢ lrfe of each C(Xnpont of rts houstng properttes. These . estimates are b85ed on experierKe of the housng sfcd CLYnpa to wider se¢lor pTr¢ts"ce. Valuat1 ofdonated land Donated land is valued by quaified 5peualisls wthin Gateshead Cwncil who use their pesSional knwledge and experience to assess the of the laxl. 11 Financial in5trumerts 2022 £000 2021 £000 Ass•ts measured * ¢ost l•M Inwairmont Trade debtors 118 161 Llabllltles rneasurnd at amortised cost Loans fmm Gateshead Cwnul 16,322 15.118
K8elman Home5 Limited. {a company limited by guarantse not havlng a sh•r¢ ¢apltal) Notes to the financlal statem•nts For the year ended 31 Mar¢h 2022 13. Cash from op•rnliry activities 2022 £000 2021 £000 1921 Defiul f(* Ihe year Adjuslmert for. DeplatIOn and amorts"sats"on Interest payable and &milar charges Deferred goverrnienl granl Taxal'on 470 6S9 (127) 436 11151 1,032 832 Deueasellinuease) in trade and other debtors In¢reasellde¢re85e) in trade and other (yeditors 21 101 (401 Interest paid Tax paid 16591 15981 (5) Nel ¢ash from operating aclivllios 229