Charity Number.. 1133321
Company Number.. 06972673
Registered Pfovider Number.. 4647
KEELMAN HOMES LIMITED
la company limited by guarantee and not having share capital)
Annual Report and Financial Statements
for the year ended 31 March 2025

Keelman Homes Limitgd
la company Ilmited by guarantee and not havlng a 6hare capital)
Contants pagg
For the year ended 31 March 2025
Page
Strategic Report
Slalemenl of Trustee's Responsibilities
Independent auditors report
9-12
Slalemenl of Comprehensive Income
13
Batan￿ Sheet
14
Slalemenl in changes in reserves
15
ststemenl of Cash flows
16
Notes lo Financial Slalements
17-26

Keelman Homes Limited
la company lim1t￿ by guarantee and not havlng a share capltsl)
Report of the Board
For the year gnded 31 March 2025
Report ofthe Board
The Board present their report and financial stslemenls for the period ended 31 March 2025.
Prlncipal actlvitles
The principal activity of the company is development of affordable housing and las registered provider for
affordable housing) carrying out landlord duties. The company contracts with delivery partners lo increase the
levels of affordable housing within the Gateshead area and has entered into a partnorship with Karbon Solutions
lo deliver housing management services lo existing homes and lenanls.
Al 31 March 2025 the portfolio included..
187 new build properties.
120 properties acquired as part of an Empty Homès Purchase and Repair IEHPaR} Programme.
There was no development activity in 2024125 while the company focused on management of ils existing stock.
One home was sold lo in the year via a Right to Acquire application.
Our aims and oblectlves
Keelman Homes, purpose as sel out in the objects contained within the Company's Memorandum ofAs80Cl8tion
includes-.
lal to provide houses or hostels or other residential accommcéalion and any associated amenities for
persons in necessilous circumstances upon terms appropriate lo their means.,
Ibl lo provide for aged, disabled Iwhelher physically or menlallyl, or chronically sick persons in need
thereof houses or hostels or other residential accommodation and any associated amenities specially
designed or adapted lo meet the disabilities and requirements of such persons,.
Icl to provide services, advice or assistan￿ upon terms appropriate lo their means to aged, disabled
Iwhelher physically or menlallyl or chronically sick persons or other persons in necessilous
circumstances in need thereof and providing any associated amenities specially designed or adapted to
meet the disabilitie$ and iequiremenls of such persons..
(dl the provision of recreation OT Other leisure facilities in the interest of social welfare wlh the object of
improving the conditions of life for the residents of the area of benefit",
le} the relief of poverty amongst the residents of the area of benefit,.
lfj the advancement of education, training or retraining. p8rti¢ularly among unemployed people and
providing unemployed people with work experience.,
{gl the maintenance, improvement or proVis￿n of public 8rnenilies for the public benefit in the interests of
regeneration in areas of social and economic deprivation in which the Charity owns or manages
housing stock,. and
(h} such other chaiilable purposes beneficial to the public consislenl with the objects above as the Trustees
shall in their absolute discretion detemiine.
Keelman Homes aims lo provide new housing in Gateshead for affordable rent and to provide housing
management ServI￿S for our tenants in this area. Our aims reflect the purposes Keelman Homes was set up lo
deliver.

Kèelman Homos Limited
la company limited by guarantee and not having a sh*re capltall
Report of the Board
For the year ended 31 March 2025
Ensuring our work deliver8 our alms
Every year we reflect and self-assess our achievements against the company aims and objectives, and during a
Board Strategy Planning day we develop our plans for the forthcoming years. ensuring the aims and objectives
{which musl always align wilh our Articles of Association) are being fulfilled.
Structure
nd Governance
Governlng document
Keelman Homes is a ¢haiilable company limited by guarantee,. il was incorporated as a private company on 25
July 2009 and received charitable status on 16 December 2009. The organisalion was established under a
Memorandum of Association which established the objects and powers of the company and is governed under
the Articles of Association.
During the 2014115 financial year IheTe was 8 signrficanl change in the membership of Keelman Homes with
The Gateshead Housing Company resigning and the current Twslees of Keelman Homes being appointed 88
members. The ownership of Keelman Homes changed lo being owned by the Board of Trustees of Keelman
Homes, rather than being owned by The Galeshead Housing Company.
AS a subsidiary of The Gateshead Housing Company, Keelman Homes was precluded from applying for funding
from Homes England's (HEI affoidable homes guarantee programme. Changing the membership of Keelman
Homes allowed il access lo new potential funding resources from HE and the private sector, and with this there
is the potential lo increase the amount of new affordable homes the company can deliver.
In the event of the charity bein9 dissolved. every member musl pay £10 towards the cost of dissolution and the
liabilities 1rlcur￿d by tho charity.
Corporate govgrnance
The company is a limited by guarantee without any share capital.
The company adopts the principles of the NHF 2020 Code of Governance relative lo an organisation of ils size
and structure.
The Keelman Homes Board agree lo codes of conduct which are in line with the Charity Commissions 'Guide lo
the Essential Trustee, ICC3} and the Company has a Risk Management Policy in place which underpins its key
decisions.
The current Board membership includes seven Trustees {known as Trustee's lor the purpose ol Charity Law,
and Directors for the purpose of Company Lawl, which is suitable for all current activity.
The Board complies with the rules a8 sel out in the Art￿leS of As80ciation. and an internal governing document
referred lo as Standing Orders.
The Board act in the interests of Keelman Homes Limited and not on behalf of any other interest group.
The Board who held office al the date of approval of this report confim that. so far as they are each aware.
there is no relevant audit information of which the company's auditor is unaware.. and each Board Member has
taken all the steps that he or she ought to have taken as a Board Member lo make themselves aware of any
relevant audit information and lo establish that the company's auditor is aware of that information.
In line with the slalulory requirements for a limited company, a copy of these accounts will be filed with
Companies House.
Compllancg with the Regulatory Framework
As a Registered Provider, Keelman Homes must comply with rules sel out by the ReguL8tor of Social Housin9.
There were no regulatory interventions during the year, and we continue lo operate within the standards set out
by ROSH. We complete an annual return lo ROSH, and a quarterty disposals return lif applicable).
Recruitment and appolntment of Trustees

Keelman Homes Llmlted
(a company limited by guarantee and not havlng a share capltal)
Report of tho Board
For the year endod 31 March 202S
The Trustees control the company, ils property and ils funds. The Trustees shall consist of al least six and not
more than eight individuals, and includes one member nominated by Gateshead Council and six independents
appointed through a selection process as ordinary Trustees. The Board skills are captured on a skills matrix
which helps lo find the right candidate when recruiting new Trustee.
Under the 2020 NHF Code of Governance, Trustees should serve no more than 6 consecutive years on a Board
al Keelman this equates lo two lems of office. By exception only, Trustees can remain on the tx)ard for a third
and final term, serving up lo 9 years, where the Board agrees il is in the best interest of the company and
following an appraisal of the member.
Organisational structure
The Trustees meet at ￿ast quartorly and are responsible for all decisions taken by the company.
The company employs a Managing Director and Financial Controller lo oversee the day-l04ay running of the
company. The Managing Director is also appointed as Company Secretary and Aulhorised Representative.
Since 1S1 July 2023, Keelman Homes has worked in partnership with Karbon Homes as a member of a cost
sharing group known as Karbon Solutions, taking one share of the company. The arrangement allows Keelman
lo (rtilise Karbon staff and share services delivered lo existing Keelman lenanls.
Recruitment and developmgnt of 8taff
The quality and integrity of stsff are essential for maintaining good internal control. Staff Policies are sel out in a
staff handbook and the staff structure is frequently reviewed lo ensure effective running of Ihg company.
Related parties
The Charity is guided by the Charities Act and Companies Act and is guided by ix)th National and Local Policy.
Keelman Homes is a member of Karbon Solutions. and works in partnership with Karbon Homes- property
management and tenancy management is predominantly handled by Karbon staff.
One member of key management personnel of Keelrnan Homes is a related party- a declared interest is known
lo the Board.
The Board considers that the systems of internal control are effective and appropriate.
Policigs on Internal Control
Keelman Homes has established policies and procedures lo monitor and emphasize the need for strong inleinal
control. These include Financial Regulations and Contract Piocedure Rules.
Com
ement
Reports to the board
Al every Board meeting, strategic risk is monitored, alongside performance assessed against agreed
KPI targets, and compliance of the safely of our homes against KPI target8.
Tenant feedback is presented annually, and includes management information which relates to the
decency of our homes and lenanl experience.
Budgets are sel before the beginning of each financial year and agreed annually in advance. Update
reports on income and expenditure are issued lo the Board monthly, and reviewed collectively quarterly,
assessing YTD acluals against budget and impacts YTD could have on forecast expenditure.
Risk is considered as part of every board ￿port presented and covers implications for the customer
IKe$lman lenanuleaseholdersl, Company finance. health and safely, impact on inveslmentlassel
managementldeliv8ry of new homes, legal or regulatory, EDI, company reputation.

Keelman Homes Llmlted
la company Ilmitgd by guarant09 and not having a share capital)
Report of the Board
For the year end&d 31 March 2025
Rlsk Managem9nt
The Board assess, and miligales as appropriate, the following key Strateg￿ risks..
Effective management of the company's finances
Effective delivery of new build and existing investment projects
Effective delivery of asset management
Effective management of business continuity
Effective management of corporate governance
Monitoring of changing government policy and effective deltvery of the business model if policy changes
impact the company
Impact on rent income due lo Universal Credit and Welfare Reform
Sourcing funding lo support the company activities
Achieving good value for money
Effectively maintaining positive ￿ lalionships with partners
Effectively concluding a strategic options appraisal for longer-lerm management of Keelman Homes
existing housing stock
Effective development and delivery a stralegK fonNard plan
Effective conlfols lo manage increased costs of services, labour and materials linlroduced during 'cosl
of living crisis'l
The risks are reviewed in conjunction with an approved risk management policy. The risk management policy
was last reviewed in 2023124, and is reviewed every three years lor sooner if appropriatel.
Value for money
We are commilled lo delivering excellent value for money lo our residents and communities, now and as part of
our longei-lerm plans. This is one of our core values and is integrated into our business plan.
We aim lo drive ongoing value for money by making informed financial and operational decisions. This means
spending money wisely and having regard lo the three E's..
Economy
Efficiency
Effeclivene$s
We are committed to reinvesting surpluses into our ccfflmunities by maintaining our existing homes and building
more affordable homes.
We recognise that value for money IVfMI is important for our customers and continue to focus on improving
eslales, ener9y efficiency and safely for our customers.
We have calculated our WM Metrics for 2024125 based upon the Housing Regulalorfs Vfm Slandaid for smallor
Registered Providèrs..

K•elman Homes Limited
la company limited by guaranteg and not having a 8hare capltal)
Report of the Board
Forthe year ended 31 Mawh 2025
Mttri¢
Result
23124
Result
24126
Perfomiance
trgnd on
rlor
oar
Value for Monoy
Measure
Metric 1 Reinveslmenl
0.47%
0.51%
Efficiency
Melrie 2a- New Supply Isociall
0.00%
0.00%
Effectiveness
Metric 2b- New Supply INon-Social}
0.00%
0.00%
Effectiveness
Metric 3- Gearing
56.08%
54.17%
Efficiency
Metric 4- EBITDA MRI Interest Rate
Cover
Metric 5- Headline Social Housing
Cost
er Unil
Metric 6a- Operating Margin ISHLI
106,060
135.42Q/o
Efficiency
£4,487
£4,798
Economy
31.16°
39.86%
Efficieney
Metri¢ 6b- Operating Margin (Overall)
28.19%
34.51%
Efficiency
Metric 7- Return on Capital Employed
ROCE
1.91%
3.50
Efficiency
Flnancial highllghts 2024125
Statement of
Comprehgnslve
Incomè
Annual Turnover
Operating Costs
£000
Balance Sheet
£000
Cr•dltors
£000
2,124
1,391
Fixed Assets
Cash al Bank
3103.2025
Retained Earnin
Loans
GMBC
Government Grants
15,213
8.868
406
Sur
lus for the Year
68
179
Prlnclpal funding sources
The principal funding sources for the building new homes are Homes England (HE} grants and loans.
When properties are completed, the principal funding sources are rental income and service charge income for
those properties.
Reserves policy
Keelman Homes aims lo maintain ils general reserves al a minimum of 3% of the annual expenditure budget,.
reserves are reinvested into the business when required, lo support development aclivily and asset
management.
Futuro plans
Our vision is lo build a beller Gateshead.
Our mission is lo provide quality affordab￿ homes to the residents of Gateshead.
Our priorities are..
our customers- we strive lo achieve high levels of customer satisfaction from tenants and
leaseholders.

Keglman Homes Limited
la company limited by guarante• and not having a share capital)
Report of the Board
For the year ended 31 March 2025
2. delivering quality affordable homes- achieved by reinveslmenl in existing assets and growth by
building new homes.
3. to remain well governed and financially strong.
The business plan is reviewed and approved by Board on a regular basis, lo ensure our approach continues lo
remain appropriate for our business needs. Operational targets are sel internally to support delwery against our
priorities.
Going Concern
The financial statements have been prepared on a going concern basis.
Audltor
Pursuant to Section 487 of the Companies Act 2006, the auditor is S&W Audit Ifomierly appointed as Haines
Waltsl b
rder of the Board.
nLee
Chair of Trustees
Offices 19-20,
Gateshead International Business Centre
Mul9rave Terrace.
Gateshead,
NE8 1AN
2025

Keelman Homes Limitgd
la company limited by guarantag and not havlng a Share capital)
Report of thg Board
For the year ended 31 March 2025
Refergnce and admlnlstrative detsils
Charity Rfrference Number
1133321
Company Rafgrgnce Number
06972673
Registorgd Provldgr Number
4647
Rggistered Addre88
Offices 19-20
Gateshead International Business Centre
Mulgrave Terrace
Gateshead
NE8 1AN
Dirgctoys
Joanne Gile8- Resigned 18 September 2025
Tom Winter
Christopher Buckley- Appointed 3Q July 2024
Marc Edwards
Rhiannon Piasecki
Alislair Wylie- Resigned 19 September 2024
John Adams- Resigned 30 July 2024
Scoll Robinson- Resigned 15 April 2024
Michelle Evans- Appointed 12 February 2025
John Lee- Appointed 32 February 2025
Sècretary
Anne-marie Pearce
Audltor
S & WAudil
17 Queens Lane
Newcastle upon Tyne
NE1 1RN
Banker
The Co-operative Bank
131-135 Northumberland Street
Newcastle upon Tyne
NE1 7AG
Sollcltor
Weighlmans LLP
1 Sl James, Gate
Newcastle upon Tyne
NE1 4AD

Keelman Home8 Limited
{a company Ilmltod by guarantee and not having a share capital}
Statement of Trustees. Responsibilities
For tho ygar &ndod 31 March 2025
STATEMENT OF TRUSTEES, RESPONSIBILITIES
The ITuslees Iwho are also directors of Keelman Homes Limited for the purposes of company lawl are
responsible for preparing the Trustees, Annual Report {including the Strategic Report) and the financial
slalemenls in accordance with applicable law and United Kingdom Accounting Stsndards (United Kingdom
Generally Accepted Accounting Practice).
Company law requires the Iruslees lo prepare financial slalemenls for each financial year. Under company law
the Iruslees musl 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 the incoming resources and application of
resources, including the income and expenditure, of the charitable company for that period. In preparing these
financial slalemenls, the trustees are required to..
8elecl suitable accounting policies and then apply them consislenlly.,
slate whether applicable UK Accounting Stsndards have been followed
make judgements and estimates that are reasonable and prudent.,
prepare the financial slalemenls on the going concern basis unless il is inappropriate lo presume that
the charitsblo company will continue in operation.
The Iruslees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at
any lime the financial position of the charitable company and enable them lo ensure that the financial
statement5 COMP￿ with the Companies Act 2006, the Charities Act 2011, the C￿operatIve and Community
Benefit Societies Act 2014 and Registered Social Housing Legislation. They are also responsible for
safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and
detection of fraud and other irregularities.
In so far as the trustees are aware..
there is no relevant audit information of which the Char￿table company's aullilor is unaware.. and
the Iruslees have taken all steps that they ought to have taken lo make themselves aware of any
relevant audit information and lo establish that the auditor is aware of that infomialion.
Approved by the board on19
|04iF
025 and signed on their behalf by.,
John Lee
Chair of Trustees

Kaalman Home8 Llmlted
{a company limit9d by guarantge and not havlng a share capital)
Independènt Auditors Report to the Members of Keglman Homes Llmlted
Forth9 yoarended 31 March 2025
Oplnlon
We have audited the financial Statements of Keelman Homes Limited Ilhe 'associalion') for the year ended 31
March 2025 which comprise the slalemenl of comprehensive income, the statement of financial position, the
slalemenl of changes in reserves, the statement of cash flows and the notes lo the financial slalements,
including significant accounting policies. The financial reporting framework that has been applied in IheiT
preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 'The Financial
Reporting Standard applicable in the UK and Republic of Ireland. (United Kingdom Generally AC￿pIed
Accounting Praclicel.
In oui opinion, the financial slalemenls..
give a true and fair view of the slate of the association's affair8 as al 31 March 202S and of its income
and expenditure for the year then ended.,
have been properly prepared in accordance with United Kingdom Generally Aceepled Accounting
Practice., and
have been prepared in accordance with the requirements of the Companies Act 2006, the Charities Act
2011, the Housing and Regeneration Act 2008 and the Accounting Direction for Private Registered
Providers of Social Housing 2022.
Ba818 for oplnion
We conducted our audit in accordance with International Standards on Auditing IUKI (ISAS {UK}l and applicable
law. Our responsibilities undei those slandaids are further described in the Auditor's respon8ibililie8 for the
audit of the financial slalemenls section of our report. We are independent of the associalioll in accordance
with the ethical requirements that are relevant to our audit of the financial slalemenls in the UK, including tho
FRC'S Ethical Standard, and we have fuifill6d our other ethical responsibilities in accordan￿ with these
requirements. We believe that the audit evidence we have obtsined is sufficient and appropriate to provide a
basis for our opinion.
Conclusions relating to going concern
In auditing the financial slalemenls, we have concluded that the directors, Ltse of the going concern basis of
accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed. we have not identified any material uncertaintios relating lo evenls or
conditions that, individually or colbclively, may cast significant doubl on the association's ability lo continue as a
going concern for a period of al least twelve months from when the financial statements are aulhorised for
issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the
relevant sections of this report.
Other infom7ation
The other information comprises the information included in the annual report. othèr than the financial
slalemenls and our auditor's report thereon. The directors are responsible for the other infomation contained
within the annual report. Our opinion on the financial statements does not cover the other information and,
except lo the extent otherwise explicitly slated in our report, we do not express any fomi of assurance
conclusion thereon. Our responsibility is lo read the other information and, in doing so, consider whether the
other information is materially inconsislenl with the financial slalemenls or our knowledge obtained in the course

Keelman Homes Limitod
(a company limited by guarant99 and not havlng 8 Share capital)
Independent Audltors R•port to the Members of Keelman Homes Limited
For the year ended 31 March 2025
of the audit or olhenNise appears lo be materially misslaled. If we identify such material inconsistencies or
apparent material misslalements, we are required to determine whether this give8 rise lo a material
misstatement in the financial slalemenls themselves. If, based on the work we have performed, we conclude
that there is a material misslalement of this other information. we are required lo report that fact,
We have nothing lo report in this regard.
Oplnions on other matt&r8 prescribed by the Companlgs Act 2006
In our opinion, based ori the work undertaken in the course of the audit..
the information given in the strategic report and the slalement of Iruslees for the financial yèar for which the
financial statements are prepared is consislenl with the financial slalemenls., and
the strategic report and the statement of trustee8 have been prepared in accordance with applicable legal
requirements.
Mattèrs on whi¢h wg are requlred to report by exception
In the light of the knowledge and understanding of the association and ils environment obtained in the course of
the audit. we have not identified material mi$5tatemenls in the strategic report and the slalemenl of Iruslees.
We have nothing lo report in Tespecl of the following matters in relation lo which the Companies Act 2LXJ6
requires us lo report to you if. in our opinion..
adequate accounting records have not been kept, or returns adequate for ou¥ audit have not been
received from branches not visited by us.. or
the financial slalemenls are not in agreement with the accounting records and returns.. or
certain disclosures of directors, remuneraliori specified by law are not made., or
we have not received all the information and explanations we require for our audit.
Responsibilities of dlrector8
As explained more fully in the Slalement of Trustee's Responsibilities sel out on page X the members of the
board are the directors of the association for the purposes of company law. The directors are responsible for the
preparation of the financial stslemenls and for being satisfied that they give a true and fair view, and for such
internal controls as the directors determine is necessary lo enable the preparation of financial statements that
are free from material misstalemenl, whether duo lo fraud or error.
In preparing the financial st8lement8, the directors are responsible for assessing the assocAation's ability lo
continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going
concern basis of accounting unless the directors either intend lo liquidate the as80cialion or lo ￿ase
operations, or have no realistic allernalwe but to do so.
Auditor's responsibilltle$ for the audlt of the financial statement$
Our obje¢lives are lo obtain reasonable assuranco about whether the financial statements as a whole are free
from material misslalemenl, whether due lo fraud or error. and lo issue an auditorfs report that includes our
opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in
accordan￿ with ISAS IUKI will always delect a material misstatement when il exists. Misslalemenls can arise
from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these financial stslements.
Irregularities, including fraud. are instances of non-compliance with laws and regulations. We design
procedures in line with our responsibilities, outlined above. lo delecl m?lerial misslalements in respect of
10

Koolman Homès Llmited
la company Ilmltgd by guarantee and not having a shara capital)
Independent Auditors RgPQrt to the M¢mb•r8 of Keelman Homes Limited
For the year ended 31 March 2025
irregularities. including fraud. The exlenl lo which our procedures are capable of delecling irregularities,
including fraud, is detailed below..
We obtained a general understanding of the company's legal and regulatory framework through enquiry of
management concerning their undorslanding of relevant laws and regulations, the enlily's policies and
procedures regarding compliance, and how they identify, ev21uale and account for litigation claims. We also
drew on our existing understanding of the company's industry and regulation.
We understand that the company complies with the framework through".
Ou180urcing accounts preparation and lax compliance lo external experts.
Subscribing to relevant updates from e)rternal experts , and making changes lo internal procedures and
controls as necessary.
Entering into arrangements with other parties lo ensure compliance with housing related regulations
In the context of the audit, we considered those laws and regulations which determine the form and content of
the financial statements, which are central ID the company's ability lo conduct ils business. andlor where there
is a risk that failure lo comply could result in material penalties. We identified the following laws and regulations
as being of significance in the context of the company..
The Companies Act 200S, the Housing and Regeneration Act 2008. and the Accounting Direction for
Private Registered Providers of Social Housing 2022 and FRS 102 in respect of the preparation and
presentation of the financial stalemenls.
The senior slalulory auditor led a discussion with senior members of the engagement team regarding the
susceplibilily of the entity's financial slalemenls lo material misstalemenl. including how fraud might occur. The
areas identified in this discussion were..
Manipulation of the financial slalemenls via fraudulent journal entries, particularly as the size of the
company means that there is little opportunity for segregation of duties.
The incorrect recognition of rental income resulting in the income being recognised in the incorrect
accounting period.
These aTeas were communicalod to the other members of the engagement team not present al the discL¢SSiOn.
The procedures we carried out lo gain evidenc8 in the above areas included..
Testing journal entries, focusing particularly on postings to unexpected or unusual accounts and those
posted at unusual limes.
Recalculating the rental income baL4nce and agree that any amounts due around the year end date
were recognised in the correct period.
A further description of our responsibilities is available on the Financial Reporting Council's website at..
vmw fr¢ or
.uklaudilorsres
Ofisibilities. This description fomis part of our auditor's report.
U8e of our roport
Thi8 report is made solely lo the association's members, as a body, in accordance with Chapter 3 of Part 16 of
the Companies Act 2006. Our audit work has been undertaken so that we might stale lo the association's
members those mallers we are required lo slate lo them in an auditor's report and for no other purpose. To the
fullest exlenl permitted by law, we do not accept or assume responsibility lo anyone other than the association
and the association's members as a body. for our audit work, for this report, or for the opinions we have formed.

K88lman Homes Llmlted
la company limited by guarantee and not havlng a share capital)
Independent Audltors Report to the Members of Keelman Hom9$ Llmitgd
For the year ended 31 March 202S
I g &ZC
Cralg Henderson (Senlor Statutory Auditor)
Forand on behalfof S & W Audit
17 Queens Lane
Newcastle upon Tyne
NE1 1RN
statutory Audltor
Chartorèd Accountants
12

Keolman Homos Limited
la company limited by guarantee and not having a sharg Capitsll
Statement of Compreh•n81ve Income
For the year ended 31 March 2025
2025
2024
Notes
£000
£000
Turnover
2.124
1,822
Operating costs
11.391 } 11,3081
Operatlng 8urplus
733
514
Interest payable
1665} 16681
Surpluslldeficit} bgforo tax
68
1154)
Tax
Surpluslldèficit) for the year
68
11531
Total comprghenslve Incomellexpendlturel for tho year
68
11531
All activities are continuing.
The above income and expenditure should be read in conjunction with the accompanying notes.
The financial slalements were approved by the trustees on Ig | oq k025 and signed on their bohaff by..
John Lee
Rhiannon Piasecki
13

Keolman Homes Llmltèd
{* company limited by guarantee and not having a $har• capltall
Balance Shèèt
For the year ended 31 March 2025
Notes
2025
£000
2024
£000
Fixgd assets
Tangible assets
26,466
26,907
Curront assets
Debtors
Cash al bank and in hand
276
524
233
682
757
Llabilities
Credilor8.' amounts falling due
wrthin one year
10
{ 7831
Net current a$$et$l Illabllltle81
26
Total a888t81è88 current liabilitles
26.452
26,881
Creditors.. amounts falling due after
one year
11
126,271 1 126,768 }
Not a$8ets
181
113
Reserves
Income & Expenditure Reserve
181
113
181
113
Total reserve5
The accompanying notes form part of these financial statements.
The fin
slalements were approved by the Iruslees on I
2025 and signed on their behalf by..
John Le
Rhia
on Piasecki
14

Keolman Homes Limited
la company limited by guarantee and not having a share capital)
Statsment of Chang68 in Re8èrvè8
Forthe year endgd 31 Ma￿h 2025
Incomg &
Expendlture R•servo
£000
Balance al 1 April 2023
Deficit for year
11531
Balance at 31 March 2024
113
Balance al 1 April 2024
113
Surplus for year
68
Balance at 31 March 2025
181
The above statement of changes in reserves should be read in conjunction with the accompanying notes.
15

Keelman Homes Llmlted
(a Company limited by guarantee and not having a share ¢apltall
Statamont of Ca8hflowB
As at 31 March 2025
Not9$
2025
£000
2024
£000
Cash flows from operating activiti9$
Net cash (used Inypmvlded by operating actlvlties
14
171
Cash flows from Investing activities
PuTchase of tangible fixed assets
Proceeds from disposal of tangible fixed assets
Proceeds from the receipt of govemmenl grants
11421
236
{142}
Net cash provlded by Investing activities
11421
Cash flows from financing activltles
Repayment of borrowings
{369)
13691
Alet cash used in financlng actlvltles
{369}
13691
Change In ca8h and cash equivalgnts
173
13401
Cash and cash equlvalenls al the beginning of the year
233
573
Cash and cash equivalents at tho end of the year
406
233
Breakdown of cash and Cash equlvalents
Cash at bank and in hand
406
233
16

Keelman Homes Limited
(a company Ilmltod by guarantee and not havlng a 8hare capltall
Notes to the financial statamant$
For the year ended 31 March 2025
Accounting Pollcles
1.1 Basls of preparatlon
The financial slalemenls have been prepared in accordance w5th applicable accounting standards
including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and
Republ￿ of Ireland IFRS 102), the Statement of Recommended Practice for Social Housing Providers
2018. the Slalemenl of Recommended Practi￿ for Charities 2015 and with the Accountin9 Direction for
private regisleied providers of Social housing in England 2022. The re9lStered providei is a public benefit
entity registered in the UK.
The financial sialemenls comply with the Housing and Regeneration Act 2008 and the Companies Act
2006. The financial slalemenls are prepared in sterling, which is the functional currency, and rounded lo
the nearest thousand.
1.2 Basis of accounting
The financial slalemenls are prepared under the historical cost convention except for donated assets
which are included al fair value upon donation.
1.3 Going concem
The company's business activities, together with the factors likety to affect ils future developm8nl,
performance and position are sel out in the Report of the Board on pages 110 7.
Keelman are within a five-year management agreement with Karbon Home8 from 2023 -2028.
The financial statements have been prepared on a going concern basis which the trustees consider lo be
appropriate for the following reasons. The trustees have prepared cash flow forecasts for a period
covering more than 12 months from the dale of approval of these financial slalemenls which indicate that,
taking account of reasonabSy possible downsides, the company will have sufficient funds, to meet ils
liabilities as they fall due for that period.
1.4 Turnover
Turnover comprises rental income receivable in the year, income from shared ownership first tranche
sales, sales of properties built for sale.
Rental income is recognised from the point when properties under development reach practical
completion or otherwise become available for letting, nel of any voids. Income from first tranche sales and
sales of properties built for sale is recognised at the point ol legal completion of the sale.
1.5 Taxatlon
Current lax is recognised for the amount of income tax payable in respect of the taxable surplus for the
current or past reporting periods using the tsx rates and laws that have been enacted or substantively
enacted by the reporting date.
17

Koalman Home8 Llmitsd
(a company limited by guarantee and not havlng a share capital)
Notes to thè financial ststgment$
For the year ended 31 March 2025
1.6 Housing propgrtles
Housing properties are recorded al cost less accumulated depreciation and impairment. Housing
properties in the course of construction are slated at cost and are transferred into housing properties
when completed. The cost of a propety includes purchase price and any costs directly allribulable lo
bringing il into working condition for the intended use.
Expenditure on shared ownership properties is split proportionally between current and fixed assets
based on the element relating lo expected first tranche sales. The first tranche proportion is classed as a
current asset and related sales proceeds included in turnover, and the remaining element is classod as
fixed asset and included in housing properties al cost. less any provisions needed for depreciation or
impaimienl.
Housing properties are split under component aecounling be￿een land, structure and a specific sel of
major component that require replacement periodically. Replacement of such components is capilalised
and depreciated on a straight line basis over the eslimaled useful life of components as follows..
Roof
Heating systems
Electrics
Windows and external doors
Sliucluro
Bathroom
Kitchen
Gas boiler
Land
50 years
40 years
30 years
25 years
1 OQ years
30 years
20 years
15 years
Not depreciated
Housing properties are assessed annually for impaimienl indEcaloTS. Where indicators are identified, an
assessment for impairment is undertaken comparing the scheme's ICGUI carrying amount lo its
recoverable amount. Where the Carrying amount of a scheme is deemed to exceed its recoverable
amount, the scheme is written down lo ils recoverable amount. The resulting impairment loss is
recognised as operating expenditure. Where a scheme is currently deemed not lo be providing service
potential lo the association, its recoverable amount is its fair value less costs lo sell
Costs of improvement works lo existing properties are only capilalised when there is a demonstrable
enhancement of the economic benefrts of the asset.
1.7 Other tanglble fixed a88et8
Other fixed assets are slated al cost less a￿UmUlated depreciation and impairment. Depreciation is
charged on a slraighl line basis.
IT Equipment
Fixtures and Fillings
3 years
5 years
18

Keelman Homes Limited
la company limited by guarantee and not havlng a share capltall
Notes to the flnanclal statements
For the year ended 31 March 2025
1.8 sto¢k$
Stocks comprise housing properties held for outright sale and are slated al the lower of cost and nel
realisable value. The costs associated with properties in the course of construction are recognised as
incurred. lo the extent that they are considered lo be recoverable.
1.9 Social houslng grant and other government grants
Inthere grants are re￿iVed from government agencies such as Homes Eng13nd and local authorities.
which meet the definition of government grants, they are recognised when there is reasonab￿ assurance
that the conditions allached lo them will be complied with and the grant will be received.
Government grants are recognised usin9 the accrual model and are classified either as a grant relating lo
revenue or a grant relating lo assets. Grants relating lo revenue are recognised in income on a
syslemalic basis over the period in which related costs for which the grant is intended lo compensate are
recognised. Vvhere a grant is receivable as compensation for expenses or losses already incurred or for
the purpose of giving immediate financial support with no future related costs. il Is Tecognised as revenue
in the period in which il become5 receivable.
Grants relating lo assets are reeognised in income on a syslemalic basis over the expected useful life of
the asset. Grants recoived for housing properties are recognised in income over the expected useful life
of the housing property structure. Where a grant is received specifically for components of a housing
property, the grant is recognised in income over the expected useful life of the component.
Government grants received for housing properties are subordinated to the repayment of loans by
agreement with the Homes England. Government grants released on sale of a property may be repayable
but are normally available lo be recycled and are credited lo a Recycled Capital Grant Fund and included
in the statement of financial position in creditors. If there is no requirement lo recycle or repay the grant
on disposal of the asset, any unamortised grant remaining within creditors is released and recognised as
income in income and expenditure.
1.10 Ac¢ountlng gStimate$ and judgements
The preparation of financial slalemenls requires the Board to make judgements, eslimales and
assumptions that may affect the application of accounting policies and the reported amounts of assets
and liabilities, and income and expenses. The estimates and associated assumptions are based on
historical experience and various other factors that are believed lo be reasonable under the
circumstances. Actual results may differ from these eslimale5. The key areas requiring the use of
estimates and judgements which may significantly affect the financial statements are considered lo be..
Eslimalion of the useful lrfe of assets
The board is required lo estimate the useful economic life of each component of its housing properties.
These eslimales are based on experience of the housing stock compared to wider sector practice.
Bad debt provision
The bad debt provision is as follows:
Evictions- 100%
Former Arrears- 75%
CUr￿n1 Arrears Greater than 1 year- 50%
19

Keelman Homes Llmited
la company Ilmlted by guarantee and not havlng a shar& capital)
Notes to the financial statamants
For the ygar gnd&d 31 March 2025
Turnovgr
2025
£000
2024
£000
Rental and service charge income receivable
Other income
Amortisation of government grants
Shared Ownership Sales Income
1,839
158
127
1.685
30
127
2,124
1,822
Operating surplus
The operating surplus is arrived at after chargingl{creditingl'.
2025
£000
2024
£000
Depreciation of ownod tangible fixed assets
Impaimienl of owned tangible fixed assets
Amortisalion of government grants and donated land
Auditor's remuneration
audit
other setvices relating lo taxation
Profil on disposal of fixed assets
458
464
107
11271
11271
20
16
111
Tru8tee8' and koy management personnel remuneration and gxpenses
During the period, no Trustees received any bènefits in kind12024.' nil} and no expenses were reimbursed lo
any Trustees.
The total amount of employee benefits received by key management pèrsonnel was £159,60912024.. £60,818).
The company considers its key management personnel to comprise of the managing director, financial
controller and operations manag8r.
Staff c08ts and omploygo bongfSt8
The average number of empk)yees during the year was 412024.. 31
The total staff costs and employee benefits were as follows..
202S
£000
2024
£000
Gross wages
Nl contributions
Pension contributions
171
14
131
10
Total
193
144
20

Ke&lman Homes Limited
la Company Ilmlted by guarantee and not having a sharo capltal)
Notes to the financlal statfrments
For the year ended 31 March 2025
Interest payable
2025
£000
2024
£000
Loans from Gateshead Council
665
Taxation
Total lax expense recognised in the income and expenditure account
2025
£000
2024
£000
Current tsx
7.1. Rgconclllatlon of the offectSv& tax rata
2025
£000
2024
£000
SurplusllDeficit)
Total tax Icredit}l expense
68
{ 1531
SurplusllDeficit) before lax
68
{ 1541
Tax using the UK corporation lax rale of 19%12023.. 19%)
Tax exempt revenues
Non-deduclible expenses
13
1291
113)
28
Total expensesllcreditl included in th8 income slalemenl
21

Keelman Homes Limited
(a company limited by guarantee and not having a sharg ¢apitall
Notes to tho financlal statements
For the year ended 31 March 2025
8. Tanglble fixed asseis
Shared
Houslng
Ownershlp Propertlos
Housing
Housing
Und&r
Propgrtigs Land Propertl&s Construction
£000 £000
£000
£000
Offlce
Equipment
£000
Total
£000
Cost
Al 1 April 2024
Additions
Disposals
26,019 3,255
126
{1351
1,308
48
13
15 30,845
142
11761
1411
At 31 March 2025
26,010 3,255
1,267
61
18 30,611
Depreciation
At 1 April 2024
Charge for year
Eliminated on disposal
3,645
440
150)
88
13
121
3,738
458
{521
At 31 March 2025
4,035
98
10
4,144
book value
At 31 March 2025
21,974 3.255
1,168
61
26,466
At 31 March 2024
22,374 3.255
1,220
48
10 26.907
The income, costs and surplusldeficil relating lo the shared ownership properties amounts lo £61k12024 £nill,
£41 kl2024 £nill, £22kl2024 £nill, respectively
22

Keglman Homes Limited
{a company Ilmlted by guarantè8 and not having a share capital)
Notes to the financial statamgnts
For tho year ended 31 March 2025
Houslng Propertle8
Number of units under management
2025
2024
Under dev91opment at end of thè year
Rented general need housing units
Shared ownership units
Under management at gnd of the year
Rented general need housing units
Shared ownership Ltnits
283
24
284
24
Debtors
2025
£000
2024
£000
78
446
Trade debtors
Prepayments and accrued income
Corporation lax
276
276
524
10. CredltOT8.' Amounts falling duo Within ong year
2025
£000
2024
£000
58
225
369
Trade Creditors
Accruals
Loans from Galeshoad Council
Other lax and social security
Government grants
132
369
127
127
696
783
11.
Creditors: Amounts falling duo after one year
2025
£000
14.842
11,429
2024
Éooo
15,213
11,555
Loans from Gateshead Council
Government grants
26,271
26,768
23

Keelman Home8 Limited
la ¢ompany Ilmlted by guarantee and not having a share capital)
Notes to the financial statements
For the y&ar ended 31 March 2025
The firsl tranche of the loan from Gateshead Council of £4.5m is repayable in equal half yearly instalmenls of
£46,717 over 50 years from March 2010 and accrues interest at 4.59%.
An additional facility of £1.7m was agreed with the Council in October 2014, and is repayable in equal half yearly
inslalmenls of £17,000 over 50 years from April 2015 and accrues interest at 4%.
An additional facility of £1.5m was agreed with the Council in April 2015, and is repayable in equal half year
inslalmenls of £15,000 over 50 years from October 2015 and accrues interest a14.250A.
An additional facility of £1.Om was agreed with the Council in April 2016, and is repayable in equal half year
inslalmenls of £10,000 over 50 years from October 2016 and accrues interest a13.750A.
An additional facility of £0.5m was agreed with the Council in April 2017, and is repayable in equal half yearly
inslalmenls of £5,000 over 50 years from October 2017 and accrues inlefesl a13.750A.
An additional facility of £1.8m was agreed with the Council in September 2017, and is repayable in equal half
yearly inslalmenls of £18,000 over 50 years from March 2018 and accrues interest at 3.75%.
An additional facility of £0.5m was agreed with the Council in December 2017, and is repayable in equal ha
yearly inslalmenls of £S,aDO over 50 years from June 2018 and accrues interest al 3.750kn.
An additional facility of £0.9m was agreed with the Council in May 2018, and is repayable in equal half yearly
inslalmenls of £9,000 over So years from November 2018 and accrues interest al 3.68•k.
An additional facility of £0.5m was agreed with the Council in October 2018. and is repayable in equal half yearty
inslalments of £5,000 over 50 years from April 2019 and accrues interest at 3.75°1ty.
An additional facility of £0.7m was agreed in April 2019. and is repayable in equal half yearly inslalmenls of
£5,000 over 50 years from October 2019 and accrues inleresl at 3.56%.
An additional facility of £0.7m was agreed in July 2019, and is repayable in equal half yearly inslalments of
£5,000 over 50 years from January 2020 and accrues interest al 3.3%.
An additional facility of £0.25m was agreed in March 2020, and is repayable in equal half yearly inslalmenls of
£5,000 over 50 years from September 2020 and accrues interest at 3.3%.
An additional facility of £7m was agreed in May 2020, and is repayable in equal half yearly inslalments of £7,000
over 50 years from November 2020 and accrues interest al 3.3%.
An additional facility of £4m w88 agreed in August 2020, and is repayable in equal ha￿ yearly instalmenls of
£4,000 over 50 years from February 2021 and accrues interest al 3.4 /0.
An additional facility of £0.25m was agreed in September 2020, and is repayable in equal half yearly inslalmen18
of £2,500 over 50 years from March 2021 and accrues interest al 3.4OA.
An additional facility of £0.25m was agreed in December 2020, and is repayable in equal half yearly instalmenls
of £2,500 over 50 years from June 2021 and accrues interest at 3.35%.
An additional facility of £0.6m was agreed in March 2021, and is repayable in equal half yearly inslalmenls of
£6,000 over 50 years from September 2021 and accrues interest at 3.35%.
An additional facility of £0.5m was agreed in May 2021. and is repayable in equ81 half yearly instslment8 of
£5,000 over 50 years from November 2021 and accrues interest at 3.30A.
24

Keelman Homes Limited
la company limltod by guarantee and not having * Share capitsl)
Notes to the financial ststements
For the year onded 31 March 2025
An additional facility of £0.35m was agreed in September 2021 and is repayable in equal half yearly inslalmenls
of £3.500 over 50 years from March 2022 and accrues interest al 3.16'kn.
An additional facility of £0.7m was agreed in November 2021 and is repayable in equal half yearty in5talmenls of
£7,000 over 50 years from May 2022 and accrues interest al 3.19%.
Governmènt grants
A lolal of £4.832m grant was received from Homes England between the financial years of 2010111 and 2013114
in ¥elalion lo the Kibblesworth development. This is released lo the accounts over a period of 100 years.
A lolal of £2.663m grant was received from Homes England between the financial years of 2013114 and 2020121
in relation lo tho Empty Homes Purchase and Repair schemes. This is released lo the accounts over a period of
100 years.
A lolal of £33.7k grant was received from the Tyne and Wear Fire and Rescue Service in relation lo the
inslallalion of sprinkler systems in some of our new build developments. This is released to the accounts over a
period of 100 years
A total of £0.345m grant was received from Homes England between the financial years of 2015116 and 2016117
in relation to the Runhead and Heddon View development. This is released lo the accounts over a period of 100
years.
A lolal of £0.318m grant was received from Homes England between the financial years of 2016117 and 2018118
in relation lo the Wesl Park development. This 18 ieleased lo the accounts over a period of 100 years.
A lolal of £0.778m grant was received from Homes England in financial years of 2019120 and 2020121 in relation
lo the Bleach Green development. This is released lo the accounts over a period of 100 years.
A total of £0.210m grant was received from Homes England in financial year 2020121 in relation to the Lyndhursl
development. This is released lo the accounts over a period of 100 years.
Included within government grants is an amount of £2,776,600 relating lo donated land12021', £2.806.2501
Land with a value £2.7m was donated lo the Company in 2010111 in relation lo the Kibble8WOrth development.
This is released lo the accounts over a period of 100 years.
Land with a value £0.115m was donated lo the company in 2016117 in relation lo the Heddon View development.
This is released lo the accounts over a period of 100 years.
Land with a value £0.15m was donated lo the company in 2017118 in relation to the Wesl Park development. This
is released lo the accounts over a period of 100 years.
Land with a value of £0.15m was donated lo the company in relation to Mallon Green development. This is
released lo the accounts over a period of 100 years.
12.
Related Party TransactionB
During the financial period up until 3 July 2023, the company had a close working relationship with Gateshead
Council due lo previously being a subsidiary prior lo becoming independent in 201411S.
25

Koelman Homes Llmltod
(a company limited by guarantee and not having a share capital)
Notes to the flnanclal statement8
For Ihg year ended 31 March 2025
The lolal &xpendilure incurfed with Gateshead Council during financial year 2025 was £66, 16012024 £218.0941.
and the lolal income received was £351,36612024.. £598,0911 .There were also creditors due lo Gateshead
Council totalling £30612024.'£6341 and a debtor amount of nil12024.' £77,935 }al 31 March 2025.
26

Keelmall Homes Llmited
la company 11m1t￿ by guarant99 and not having a share ¢apltal)
Notes to the financial statements
For tho yoar endod 31 Mar¢h 2025
Since 3 July 2023, the Company are a member of Karbon Homes cost saving group and have a share in this
group. The total expenditure in¢urred with Karbon Homes during year 2025 was £559,48212024.. £282,251. and
the total income received was £139,30212024.' £78,925). There were also creditors due lo Karbon lotalling
£32,19412024.. £42,725) and a debtor amount of nil at 31 March 202512024 .' nil}.
A member of key management personnel is resident in a rent lo buy property owned by the Company during the
current and previous year. The lolal income received during the financial year 2024125 was £7,86712024'.
£7,3251 and lolal expendilufe incurred was £nil12024'. nill. There was no creditor or deblol due at 31 March 2025
12024 nill,
13. Financlal assets and Ilabllltl•$
2025
£000
2024
£000
Assets measured at CO8t less Impalrmgnt
Trade debtors
78
Llabllltlg$ moasurgd at amortised cost
Loans from Gateshead Council
15.213
15,582
There are no assets or liabilities held at fair value.
14. Cash from operating aetlvitle8
2025
£000
68
2024
£000
11531
Defictt for the year
Adjustment for.
Depreciation and amortisalion
Impairment of fixed assets
Profil on disposal of fixed assets
Interest payable and similar charges
Deferred government grant
Taxation
458
107
17
669
1127)
1112)
665
1127)
952
976
Decfeasellincrease) in trade and other debtors
IDecrea$el in trade and other creditors
1117 }
1252)
1871
Interest paid
Tax paid
18651 { 6691
Net cash from operatlng actlvltlos
448
171
27