|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|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|||||| ## ##