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|Charity Information|||
|---|---|---|
|Trustees' Report||2-6|
|Statement ofTrustees'|Responsibilities||
|Independent<br>Auditors'|Report|8 - 10|
|Statement ofComprehensive<br>Income|||
|Statement ofChanges|in Reserves|12|
|Statement ofFinancial|Posidon|13|
|Notes to the Financial|Statements|14-22|





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|Established|Established|as CIO|22 March 2017|||
|---|---|---|---|---|---|
|Principal|Office||36Finkle Street|||
||||Kendal|||
||||Cumbria|||
||||LA9 4AB|||
|Registered||Numbers|Registered<br>Charity Number 1172208|||
||||Homes and Communities|Agency Registration|Number A1059|
|Tmstees|||Mr PGDucksbury (Chair)|||
||||Mrs C Dodwell (Vice Chair)|||
||||Mr RM Cope (Resigned 6th April 2022)|||
||||Mrs H Fitch|||
||||Ms LGray|||
||||MrsIHale (Appointed|11th October 2021)||
||||Ms 1Hartley (Resigned|10May 2021)||
||||Miss D Lund|||
||||Mr 1Stirling|||
|Managing||agent|H &H Land &Estates|||
||||36Finkle Street|||
||||Kendal|||
||||Curnbria|||
||||LA9 4AB|||
||||Tel: 01539721375|||
||||Fax:01539732600|||
|Bankers|||Barclays Bank Plc|||
||||9Highgate|||
||||Kendel|||
||||Cumbria|||
||||LA9 4DF|||
|Independent||Auditors|Stables Thompson &Briscoe|||
||||Chartered<br>Accountants|||
||||Statutory Auditors|||
||||Lowther House|||
||||Lowther Street|||
||||Kendal|||
||||Cumbria|||
||||LA9 4DX|||





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|Disclosure|s are as follows:|||||
|---|---|---|---|---|---|
|||2021|2020|2019|2018|
|Reinvestment<br>%||0%|0%|0%|0%|
|New supply delivered||0%|0%|0%|0%|
|Gearing||8%o|8%|12%|13%|
|EBITDA|MRI Interest cover|-286%|1115%|713%|103%|
|Headline|Social Housing Cost per unit|g5,033|j2,255|g2,411|f3,407|
|Operating|margin|-11%|26%|46%|-211%|
|Return on|Capital Employed|-1%|19o|2%|-9%|



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de•nt Alldltor'$ ￿port ¢0 the Tr￿te￿ of Kelld￿ AItD5house Ch4rlty (condnued)
Mattern •n whith Jv¢ wre TfqUiTed to report by exception contlnued
- the fmanciai statement5 are not in agreeD￿nI with the accouniing tecords. or
- we have not received all the iDfourJation and explanations we require for our audiL
Jn additio￿ we have nothing to report in respeci of the following tnatl¢r where the Housing and Regeneration Act 21XJ8
requi￿8 US to report (o you rf, in our opttiion:
- I satisfkctory system of control oveJ IraTrsaclions has noi been maintained.
Re4)oThfjibilities the board
As explained more fully ill the board's Te5ponsibiIities Statement set out on page 7, the board Jnernbers (who 3re alio the
trnst¢es of the association for the purposes of charity law) ar¢ r¢sponsible for the prep￿atiOn of the fmancial ststements and
for being satisfied that they give a tnje aR)d fair view, aTLd for such internal control as the b0￿d de￿MIlle is llecessary Lo
enable the preparation of financial statem¢nts that are free fi￿M n)aterial mig$tatemen4 whether du¢ to fra1￿ or emTrr.
Jn preparing th¢ finan¢ial statements, the knrd is responsible for assessing the asswi&tion's ability to continue as a going
concern, disclosing. as applicable, mattcr5 rclated to going ¢oncern and using the going coneern basis of accounting unlc%s the
board either intends to liquidatr the association or to cease opeT4tions, or has no realistic alternative but to do so.
Auditor's responslbilhles for the audlt ofthe flngnci¥l $tstements
Our objectives a￿ ￿ obiain reasonable assurnnce about whethcr Lhe finan¢ial Sta￿Men(S as a whole are free from material
misststrment. v/hether duc to fraud or error, and th issue an audffitor's report that includes opinion. Reasonable as$uranLe is
a high level of assurance. but is not a gllat￿lee thai audit conducted in accord4mcc with ISAS (UK) will always detect a
mat¢riai misstaiement when 1¢ exiscs. Misstatetnents can dri￿ frorn fraud or and are considered materiai rf, iDdividually
or in the aggregate, tbcy could rca50nably be expected to itrfLuence the t¢onomic decision.% of user$ taken on thc basis of these
financial St￿te￿entS.
Jrregularities, including fraud, are instances of non-compliance laws and regulations. We design procedures in lille with
our responsibilitie$, outlined above, to detecl material misstdtrmenis in respect of i￿¢g￿larI￿¢S, including ftaud. The specific
prOcedu￿S for this engagernent and the extent to whicb these capable of detecullg irregul#Tities, ineluding fraud is dctsiled
below..
We identified areas of laws and regulation% that could reasonably ￿ expected to have a n￿terIal effeci on the financial
siatements from our experience and from dis¢ussion5 with management. We reviewed 41ny related correspondence and records
of mistee meetings to assess compliance with laws and reglllalions and discussed the CUTrent posiuon wlth management W¢
ensured the audit ￿arn were alert for any indicarions of non40mpIianc¢ throughout the audit work.
The Ch￿ilable compAny is managed by a managenwnt company which reduces the rilk of fraud. We assessed the management
company's wlicies and procedures fvaud risk5. No instances of actua], suspecied or alleged Craud were identified by us Dr
the managing cornpany in the year.
Owing to the ]nbe￿nI ]imitatioDS of an audit, theTe 18 an unavoidable risk that we may DIX have deteded some nuterial
misstatements. in the flnancial sthiements. even though we have properly plat)ned and perfoillKd (M]r audit in accordance wit
auditing standar￿. For example, the further removed non-compliance with laws and regularions (irre8ulariues) is from the
ev¢n¢s a￿1 transactions Teflec￿d in the financial sthiements. the less likely the inherendy limi￿d procedures required by
auditing sthttd8rds would identify il. In addition, as any audiL tbere remained a higher TRsk of nonthtecuoD of
irregularities. as these may involve collusion, forgery. intentional omissions, misrepresent&tion5 or ihe override of control5.
We ar¢ not responsible for preventing non-complianee and eaDttOt expected io detect compliance with all laws and
regulwions.
A further desuiption of our Tespon%ibilitie5 is available on the Financial ReFknting Council's website at."
hupsJlwww.frc.org.uklOur-WoTklAudiVAlldit-and-assurancelSialldards-and-gvidan¢¢lStandards-and-guidance-for-
audiiorslAUdiiors-Teg￿jnSibIlltlc$-f￿r-aUdlÈ￿s¢nPtion-Of-aud1u)rs-responSibl]lueS-for-alldit.aspx. This descrAption forms part
of our auditor's report.

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|||||Year|ended|Year|ended|
|---|---|---|---|---|---|---|---|
||||Notes|3V12/2021||31/12/2020||
||||||g||g|
|Turnover||||||||
|Maintenance<br>contributions|from residents||||193,194||190,540|
|Less: losses from voids|||||(7,929)||(5,048)|
||||||185,265||185,492|
|Operating<br>Costs||||||||
|Services||||40,265||35,683||
|Routine maintenance||||25,309||12,349||
|Cyclical maintenance||||79,022||8,452||
|Extraordinary<br>repairs||||25,045||1,083||
|Management||||36,717||34,264||
|Refurbishment<br>costs||||||612||
|Impairment||||||45,000||
||||||(206,358)||(137,443)|
|Other income||||||||
|Donations<br>and wayleave||||113||108||
|Grants received||||||||
||||||113||108|
|Operating<br>Surplus/(Deficit)|||||(20,980)||48,157|
|Income from fixed asset investments|||||3,310||3,052|
|Interest receivable<br>and similar||income|||23||255|
|Interest and financing costs|||||(6,182)||(8,648)|
|Movement<br>in fair value ofinvestments|||||40,922||5,778|
|Surplus/(Defidt)<br>on Ordinary||Activities Before||||||
|Taxation|||||17,093||48,594|
|Taxation on surplus<br>on ordinary||activities|1 (n)|||||
|Total comprehensive<br>income||for the year|||17,093||48,594|





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||||||Property|Investment|||
|---|---|---|---|---|---|---|---|---|
|||Restricted|Endowment|Designated|Revaluation|Revaluation|Accumulated||
|||reserves|reserves|reserves|reserve|reserve|income|Total|
|At 31December 2019|||||||||
|and<br>1 January 2020|||53,250|1,948,609|714,290|138,252|202,539|3,056,940|
|Surplus (deficit) for the period|||1,333|||4,445|42,816|48,594|
|Transfers<br>between reserves||||133,180|||(133,180)||
|Investment<br>in property|||||||||
|Total comprehensive|income||1,333|133,180||4,445|(90,364)|48,594|
|At 31December 2020|||||||||
|and 1January 2021|||54,583|2,081,789|714,290|142,697|112,175|3,105,534|
|Surplus (deficit) for the period|||7,048|||33,874|(23,829)|17,093|
|Transfers between reserves||||(20,157)|||20,157||
|Invesnnent<br>in property|||||||||
|Total comprehensive|income||7,048|(20,157)||33,874|(3,672)|17,093|
|At31December<br>2021|||61,631|2,061,632|714,290|176,571|108,503|3,122,627|





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||||Notes||31/12/2021|31/12/2021|31/12/2020|
|---|---|---|---|---|---|---|---|
|||||g|g|||
|Fixed Assets||||||||
|Tangible fixed assets|||||2,795,000||2,795,000|
|Investments||||||328,661|287,739|
||||||3,123,661||3,082,739|
|Current Assets||||||||
|Debtors|||6|16,614|||16,516|
|Bank Current account||||23,559|||86,856|
|Bank Deposit accounts||||185,747|||158,153|
|||||225,920|||261,525|
|Creditors||||||||
|Amounts<br>falling due|within one year||7|(21,914)|||(20,646)|
|Net Current Assets||||||204,006|240,879|
|Total assets less current liabilities|||||3,327,667||3,323,618|
|Creditors||||||||
|Amounts<br>falling due|after one year||||(205,040)||(218,084)|
|Total Net Assets|||14||K3,122,627||K3,105,534|
|The Funds ofthe Charity||||||||
|Permanent<br>endowment||funds|10|||61,631|54,583|
|Designated<br>funds|||11||2,061,632||2,081,789|
|Property<br>revaluation|reserve||12|||714,290|714,290|
|Investment<br>revaluation||reserve|13|||176,571|142,697|
|Accumulated<br>income|reserve||14|||108,503|112,175|
||||||f3,122,627||K3,105,534|
|hese financial<br>statements||were approved|by the Trustees on 11 April 2022|||||
|d signed on their behalf||by:||||||
|||||||,i,~4||
|PGDucksbury||||Mrs CDodwell||||
|Trustee||||Trustee||||





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|3|Surplus on Ordinary|Surplus on Ordinary|Activities|3V12/2021|31/12/2020|
|---|---|---|---|---|---|
|||||g|g|
||Surplus on ordinary|activities is stated after charging:||||
||Auditors'<br>remuneration||in their capacity as Auditors|f5,976|f6,118|
||Surplus/(deficit)<br>on|fair value inovement ofinvestments||f40,922|f5,778|
||Exceptional item:|||||
||Impairment||||145,010|



## 

|||Sledall|Nobles Rest|Sandes|John Aston|Romleigh|Total|
|---|---|---|---|---|---|---|---|
|||Vistoria and||Hospital|Watkins|and War||
|||Aynam||||Memorial||
|||Chapel||||Gardens||
|||g||||||
|Valuation|1|||||||
|January 2021||1,370,000|715,000|450,000|180,000|80,000|2,795,000|
|Additions||||||||
|(Impairment)/||||||||
|(Reverse||||||||
|revaluation)||||||||
|Valuation as at||||||||
|31/12/2021||f1,370,000|f715,000|f450,000|f180,000|f80,000|f2,795,000|





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|5|Investments||Extraordinary|Permanent|Cychcal||
|---|---|---|---|---|---|---|
||||Repairs|Endowment|Maintenance||
||||Fund|Fund|Fund|Total|
||Historical cost at 1 January 2021||46,102|13,714|44,357|104,173|
||Historical cost at 31December 2021||f46,102|f13,714|f44,357|f104,173|
||Market value at 1 January 2021||170,424|54,583|62,732|287,739|
||Unrealised<br>surplus/(deficit)||22,588|7,048|11,286|40,922|
||Market value at 31December 2021||6193,012|661,631|f74,018|f.328,661|
||All the investments|are placed with COIF and M8i:G.|||||
|6|Debtors: Amounts|Falhng Due Within One Year|||3V12/2021|31/12/2020|
||||||g||
||Weekly maintenance|contributions|||776|1,250|
||Less: provision for bad and doubtful||debts||||
||||||776|1,250|
||Other debtors||||||
||Prepayments||||15,838|15,266|
||||||616,614|616,516|
|7|Creditors: Amounts|Falling Due Within One Year|||31/12/2021|31/12/2020|
||Trade creditors||||287|514|
||Bank loan due within one year||||13,882|13,882|
||Accruals and deferred income||||7,745|6,250|
||||||f21,914|f20,646|
|8|Creditors: Amounts|Falling Due After One Year|||31/12/2021|3V12/2020|
|||||||g|
||Bank loan due after|one year|||205,040|218,084|
||||||f205,040|f218,084|





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||3V12/2021|31/12/2020|
|---|---|---|
|Within one year or on demand|13,882|13,882|
|One year or more but less than two years|14,354|14,354|
|Two years or more but less than five years|44,713|44,713|
|Five years or more|145,973|159,017|
||f218,922|f231,966|



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||||||||31/12/2021|31/12/2020|
|---|---|---|---|---|---|---|---|---|
|||||||||g|
||Sleddall Victoria and Aynam Chapel||||||618,960|618,960|
||Nobles Rest||||||115,423|115,423|
||Sandes Hospital||||||102,197|102,197|
||John Aston||Watkins||||27,540|27,540|
||Romleigh|and War Memorial|||Gardens||||
||||||||f864,120|f864,120|
|10|Permanent||Endowment|Funds||Permanent|Investment||
|||||||Endowment|Revaluation||
|||||||Fund|Fund|Total|
||Balance at||1 January 2021|||13,714|40,869|54,583|
||Unrealised||surplus/(deficit)||||7,048|7,048|
||Balance at||31December 2021|||f13,714|f47,917|f61,631|





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|11|Designated|Funds||||||Extraordinary|Cyclical||
|---|---|---|---|---|---|---|---|---|---|---|
||||||||Property|Repairs|Maintenance||
||||||||Fund|Fund|Fund|Total|
||Balance at|1January 2021|||||1,862,626|135,866|83,297|2,081,789|
||Trfs (to)/from Accumulated<br>Income|||reserve||||(3,677)|(44,524)|(48,201)|
||Investment|in property|||||13,044|||13,044|
||Transfer for Decent Homes Standard|||||||7,500|7,500|15,000|
||Balance at|31December 2021|||||f1,875,670|8139,689|f46,273|g2,061,632|
||The Property<br>fund represents<br>internal|||funds invested|||in property.||||
||The other funds represent<br>funds set aside for|||||future|works on property.||||
|12|Property Revaluation<br>Reserve||||||||Social Housing||
||||||||||Revaluation||
||||||||||Reserve|Total|
||Balance at|1 January 2021|||||||714,290|714,290|
||Movement|in the year|||||||||
||Balance at|31December 2021|||||||f714,290|f714,290|
|13|Investment|Revaluation<br>Reserve||||||Extraordinary|Cyclical||
|||||||||Repairs|Maintenance||
|||||||||Revaluation|Revaluation|Total|
||Balance at|1 January 2021||||||124,322|18,375|142,697|
||Unrealised|surplus/(deficit)||||||22,588|11,286|33,874|
||Balance at|31December 2021||||||6146,910|829,661|f176,571|
|14|Accumulated<br>Income Reserve||||||||||
||Balance at|1January 2021||||||||112,175|
||(Deficit) Surplus for the period ended|||31December|||2021|||(23,829)|
||Transfer from/(to):||||||||||
||Investment|in property - mortgage|repayments||||||(13,044)||
||Impairment|ofproperty<br>to property|fund||||||||
||Designated|funds - extraordinary<br>repair fund||||over spend|||3,677||
||Designated|funds - cyclical maintenance|||fund over spend||||44,524||
||Designated|funds - Decent Homes|Standard||||||(15,000)|20,157|
||Balance at|31December 2021||||||||108,503|
|||||||Page 21|||||





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|Analysis o|f|net asset|s|between f|unds|||||
|---|---|---|---|---|---|---|---|---|---|
||||||Tangible|Investments||Creditors|Total|
||||||Fixed||Net Current|due after||
||||||Assets||Assets|one year||
|Permanent|endowment|||funds||61,631|||61,631|
|Designated||funds|||2,080,710|90,459|95,503|(205,040)|2,061,632|
|Property<br>revaluation|||reserve||714,290||||714,290|
|Investment||revaluation||reserve||176,571|||176,571|
|Accumulated||income||reserve|||108,503||108,503|
||||||82,795,000|f328,661|f204,006|(205,040)|K3,122,627|