2023-12-31-accounts - Lakeland Housing Trust

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Refemace aad Administrative Dehuls
Report oftbe Trustees	2	to	7
Report ofthe Independent Auditors	8	to	10
Statement ofFinancial Acttvhtes
Release Sheet	12	to	13
Cash Flaw Statmaent
Notes to tbe Cash Flow Statemeat
Notes to tbe Finsacisl Statements	16	to	23
Detailed Statement ofFinancial Activities	24	to	25

				31.12.23	31.12.22
		Unrestricted	Restricted	Total	Total
		funds	funds	funds	funds
					as restated
INCOME AND ENDOWMENTS FROM
Donations snd legacies	2	124,104		124,104	427366
Investment income Other income	3 4	276,998 DDDD		276,998 70.6DD	245,720 ~03 00
Total		471 702		471702	756,444
EXPENDITURE ON
Raising funds		6,477		6,477	10,713
Charitable activMes
Rental properties Local occupancy project		248,976 502		248,976 02	162,327 0010
Total		255.955		255,955	181,058
NET INCOME		215,747		215,747	575,386
RECONCILIATION OF FUNDS
Total Amdt brought forward
As previously reported Prior year adjustment	11	6,108,237 350.000		6,108,237 350.000	5,532,851 350.000
As mstated		6,458,237		6,458,237	5,882,851
TOTAL FUNDS CARRIED FORWARD		6673984		6673001	645~037

Balance Sheet 31December 2023
				31,12.23	31.1222
		Unrestricted	Restricted	Total	Total
		funds	funds	funds	funds
	Notes			f	as restatedf
FIXEDASSETS
Tangilde assets	12	6,608,053		6,608,053	5,841,221
CURRENT ASSETS
Debtors Cash atbank	13	8,913 861132		8,913 826.232	7,172 ~295 916
		809,045		809,045	1,403,088
CREDITORS
Amounts falling due within one year	14	(35491)		(35,291)	(70251)
NET CURRENT ASSETS		773,754		773,754	~233 837
TOTAL ASSETSLESSCURRENT
LIABILITIES		7381,807		7381,807	7,174,058
CREDITORS
Amounts falling due after more than one year	15	(707,823)		(707,823)	(715,821)
NETASSETS		6,673,984		6,673,984	6,458437
FUNDS	18
Unrestricted funds TOTAL FUNDS				6.673.984 6.673984	6.458.237 ~5237

Cash Flow Statemeat for tbe Year Ended 31December 202	3
			31,12.23	31.1222
				as resisted
		Notes
Cash flows from operatiag actbdties Cash genemted finm operations Int5uuu paid Net cash provided by operating activities			147,633 147.677) 99.956	753,613 ~(27.650 725 953
Cash flows from investiag activities
Purchase oftangible fixed assets Saleoftangible fixed assets Interest received Net cash used in investing activities			(767499) 703600 16605 ~(680 913	(672,066) 473,358 510 198,198
Cash Saws from tiaancing activities New loans in year Loan repayments in year Net cash (used in)lprcvidcd by financing		activities	15,146 ~15,146l	700,000 [11.031) 688,969
Chaage ia cash and cash equivalents the reporting period	in		(595,784)	1,216,734
Cash and cash equivalents at the beginning ofthe reportiag period			1,395PI6	179,182
Cash and cash equivaleats attbe ead the reporting period	of		803132	~19 6

to tbe Cash Flow Statement Year Ended 31December 2023	to tbe Cash Flow Statement Year Ended 31December 2023	to tbe Cash Flow Statement Year Ended 31December 2023	to tbe Cash Flow Statement Year Ended 31December 2023	to tbe Cash Flow Statement Year Ended 31December 2023
RECONCILIATION OFNET INCOME TO NET CASH FIOW FROM OPERATING ACTIVITIES
			31.1223	31.1222
				as restatedf
Net income	fortbe reporting	period (as per tbc Statement ofFinendal
Activities)			215,747	575,386
Adjustments	for:
Depreciation	charges		767
Profit on disposal offixed assets			(70,600)	(83,358)
Interest received			(16,405)	(510)
Interest paid			47,677	27,650
gucrcase)/decrease in debtors (Decrease)/increase in creditom Net cash provided by operations			(1,741) 127812) 226,821 7624 147,633», 13
ANALYSIS	OFCHANGES IN NET FUNDS
		At 1.123 f	Cash flow	At31.1223 f
Net cash
Cash at bank		1395,916 1,39 9	(595,784) ~595.784)	800.132 800,132
Debt
Debts falling	due within Iyear	(23,148)	7,148	(16,000)
Debts falling	due after I year	(715.8211	7.998	f707.823)
Total		1736909) 656.947	19146 1580638)	1723.523) ~76 09

Further explanation ofthe nature and purpose ofeach fund DONATIONS AND LEGACIES	is included in the notes tothe finsncial	statements.
	31.12.23	31.12.22
		as restated
Donations Legacies	1,664 122440	354 427012
	~124104	~427 366
	31.12.23	31.12.22
		as restated
Rents received	260,593	245210
Deposit account interest	16,405	510
	276,998	245,720
OTHER INCOME
	31.12.23	31.12.22
		as restated
Gain on saleoftangible fixed assets	f, 70,600	83,358

5.	RAISING FUNDS	RAISING FUNDS
	Raising donations	and	legartes
							31.12.23	31.1222
								as restated
								8
	Support costs						~6477	~10713
6.	CHARITABLE ACTIVITIES COSTS
							Support
						Direct	costs (see
						Costs f.	note 7)I	Totals 8
	Rental properties					145,161	103,815	248,976
	Local oocupsncy project					502		502
						145,663	103,815 Governance	249,478
7,	SUPPORT COSTS
				Management		Finance	costs	Totals
					8	8	6	f,
	Raising donations Rental properties	snd legacies			6,477	~47903	55,912	6,477 103,815
					6,477	47,903	55,912	110,292
8.	NET INCOME/(EXPENDITURE)
	Net income/(expenditure)		isstated aficr charging/(crediting):
							31.12.23	31.1222
								as restated
	Auditors' remunemtion						5,563	5,781
	Depreciation - owned assets						767
	Surplus on disposal	offixed assets					~70 600	~83 358
	TRUSTEES' REMUNERATION			AND BENEFITS
	There were no trustees' remuneration			or other benefits	for the year	ended 31December 2023 nor for tbe year ended
	31December 2022.
	Trustees' expenses
							31.12.23	31.12.22
								as restated
	Trustees' expenses

	Unrmtricted	Restricted	Total
	funds	funds	funds
			as restatedf
INCOME AND ENDOWMENTS FROM
Donations snd legacies	427,366		42'7,366
Investment income Other inmme Total	245,720 83358 756,444		245,720 83,358 734444
EXPENDITURE ON
Raising funds	10,713		10,713
Charitable tivlties
Rental properties Local occupancy project	162,327 8,018		162,327 8 888
Total	181,058		181058
NETINCOME Transfers between funds	575,386 230,000	(230,000)	575,386
Net movemenl ia funds	8053386	(230,000)	575,386
RECONCILIATION OF FUNDS
Total fends brought forward
As previously reported Prior year adjustment	5,302,851 350000	230,000	5,532,851 350.000
As restated	5,652,851	230,000	5Jt82,851
TOTAL FUNDS CARRIED FORWARD	~4438 37		~4478 37

12.	TANGIBLE FIXEDASSETS	TANGIBLE FIXEDASSETS
		Freehold		Plant and
		propertyf		machinery	Totah
	COST
	At I January 2023 Additions At 31December 2023	5,84L221 ~752 ~693489		~15 31 ~75 31	5,841~1 ~799 6658820
	DEPRECIATION
	Charge for year			767	767
	NET BOOKVALUE
	At 31December 2023	03489		14564	6608053
	At 31December 2022	5841	1
13.	DEBTORS:AMOUNTS	FALLING DUEWITHIN ONE YEAR
				3L1223	31.1222
				f	ss rcsartcdf
				3,575	2,113
				~5338	~5059
				8,913	7,172
14,	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
				31.12.23	31.12.22
					esrcsfatcd
				f
	Bank loans and overdrafls	(see note 16)		16,000	23,148
	T8ade creditors			10492	39,053
	Accruals end defened income			200
	Accrued expenses			~8799	~8050
				35491	~70 251

15.	CREDITORSr AMOUNTS FALLtNG	DUE AFTER MORE THAN	ONE YEAR
			31.1223	31.12.22
				as restatedf
	Bank loans (seenote 16)		707,823	715,821
16.	LOANS
	An analysis oftbe maturity ofloans is given below:
			31.12.23	31.12.22
				asrestated
	Amoonts fidting due within one year on	demand:
	Bank loans		16,000	23,148
	Amounts falling between one snd two years:
	Bank loans - 1-2years		17,000	23,148
	Amounts fidling due between two and five years:
	Bank loans - 2-5years		57,000	69,443
	Amounts falling due in more than five years:
	Repayable by instalments:
	Bank loans more 5yr by instal		633,823	623,230
17.	SECURED DEBTS
	The following secured debts are included	within creditors:
			31.12.23	31.1222
				as restatedf
	Bank loans		723,823	~738969

MOVEMEN	T IN FUNDS
				Prior	Net
				year	movement	At
			At 1.123	adjustment	in funds	31.12.23
Unrestrtcted	funds
General fund		6,108,237		350,000	215,747	6,673,984
TOTAL FUNDS		6	.»7		217747	724

Net movement	in funds, includ	ed in the	above sr	e as follows:
					Incoming	Resources	Movement
					tcsourccsf	expendedf	in fundsf
Uarestricted	fuads
General fimd					471,702	(255,955)	215,747
TOTAL FUNDS					471,702	~255 55)	~215747
Comparatbtes	for mevemeat	ia fuads
				Prior	Net	Transfers
				year	movement	between	At
		At	1.122	sdjusnnentf	in fimdsf	lbnds f	31.12.22 f
Umestrlctwl	loads
General fund		5302,851		350,000	575,386	230,000	6,458,237
Restricted iimds
Legacy to cover new
houses in Grasmwc		230,000				(230,000)
TOTAL FUNDS		~533	3 3	373.tttN	~575 86	-	~6458 7

		Incoming	Resources	Movement
		lcsoufccs f	expended	in funds
Unrmtricted	funds
General fund		756,444	(181,058)	575,386
TOTAL FUNDS		~756 444	~I81,058	~575 386

A current yea	r 12months	and prior year 12m	onths	combined	position is as f	oll	ows:
				Prior	Net		Transfers
				year	movement		between	At
		At 1.1.22		adjustment f	in fundsf		funds	31.12.23
Unrestricted	fends
General fund		5,302,851			791,133		230,000	7.023,984
Restricted funds
Legacy tocover new
houses in Gnwnere		230,000					(230,000)
TOTAL FUNDS		5532551		7M,5115	791133			7955,9414
A current year 12months		and prior year 12months		combined	net movement	in	funds, included	in the above are as
follows:
							Resources	Movement
							expended	in funds
							f.
Unrestricted	funds
General fund					1,228,146		(437,013)	791,133
TOTAL FUNDS					~1228146		~437013)	~791133
CAPITAL COMMITMENTS
							31.12.23	31.12.22
								as restated
Contracted but	not pmvided	for in the financial	statements					~50 246

Detailed Statemeat for the Year Ended	of 31	PInsncisl Activities December 2023
			31.1223	31.12.22
				asrestated
INCOME AM) ENDOWMENTS
Donations aad legacies
Donations			1,664	354
Legacies			122440	~427012
			124,104	427,366
lavestmcnt income
Rents received Deposit account interest			260,593 ~16405	245,210 510
			276,998	245,720
Other iacome
Gain on sale oftangible		fixed assets	70,600	83,358
Total incoming resources			471,702	756,444
Charilable activities
Rates and property expinses			7,046	7,687
Insurance			14,717	12,087
Repairs and ma'ntenance			117,677	51,597
Pmparty related legal	fees		4,954	9,804
Local occupancy project			502	8,018
Plant and machinery	deprecisti on		767
			145,663	89,193
Support costs
Management
Advetising			6,477	10,713
pinanm
Bank charges Bank loan interiet			~47 77	215 ~27650
			47,903	27,865
Governance costs
Triistccs' cxpciiscs			1467	764
Auditors' remuneration			5,563	5,78]
Legal snd pmfessionsl		fees	13	188
Management fees			47,888	45,375
Trustees liability insurance			596	495
Hall hire			585	684
			55,912	53,287

Control weakaess idsntlgsd	Potsngal Implications and	Management	response
	locommendstioas
Uncleared amount of$553D fmm 23/05i22 still not cleared rm Quickbooks	This isobviously a«ivisl amount but needs tobecicsmd up as it is likely to beaduplicstal mlshke.	guetv~6~ I~~ o23	GI.Cco~
No 5-year budget prepared at time ofamlit	This hnpscts gohg conceal ss this budget isneeded to see how
	Lakeland Housing 'Dnm will
	in the fu«ue.
The charity name atCompanies	Ideally the charity name sbouM
House is"Lakeland Housing %lust" but the name atthe	bethe same onboth platforms as this could cause issues in dw
Charity Commission is"The Lakeland Housin Taut". Legacy forJoan IIominicus tobe Iccclvcd requires aIuue ul Ihe	fumru Nom required toshow legacy expececd tocome in following	~I~~		hc 040 c~
sccolmts	gnancial
Forcne invoice the wrong	Plncbase ledger cmurol account
supplier wss enmmd into	inca«act
ooks