Company registration number.. 10298071 Charity registrdtion number: 1175184 Lakejand Housing Trust IA company limited by guoranle¢) Annual Report and FinaTKial Stst¢m¢nts for the YearEnded 3 l December 2024 Stables Thompson & Bri5coe Limit¢d Chartered A¢¢ountant5 & Statutory AAItOr LO¢r House Lowth¢r Str¢¢t Kenda] Cumbria LA9 4DX
Lakeland Housing Trust Contents Reference and Administrative Details Tn¢£$. Report 2to7 IlePendent AlItorS. Report 8tolO Statement of Financia] Activities Balance Shttt 12 Noles to the FLnaiJGLai Statements 13to22
Lakeland Housing Trust Ref¢r¢nce and Administrative Details Ms Y Blarnire MrJHLaw Mt3 D A Hall Mr C R A Flanaga Mr J M Holmes Mr I R Bonham Mr5 S M Tomlinson MrCTSB&tten Mr B R P Dobson Mrs H E Caldw¢ll Mr S E Woodall Mrs M Johnston Mrs D R Matthews Mrs CN M¢K¢ev¢T Cbarity RegistrAtioTh Number 1175184 Comp*My Regisir9tion NuMr 10298071 The charity is in¢oTporated in England and Wales. ¢10 H&H Iand & EstatC5 Cumbria Tourism Busaness Ccntre Windemiere Road Staveley LA8 9PL Registered Offiee Auditor Stables Thompson & Briscoe Limited Chartered A¢¢ount4nts & Ststutory Auditr>r Lowther How¢ Lowth¢T Street Kendal Cumbria LA9 4DX Pag¢ I
Lakeland Hou$iDg Trust Trustees, Report Th¢ trusle¢5. who are directors for the pu0$¢$ of company law. present th¢ annual rert togdher with th¢ financial staiements and auditors, report of ihe charitable company for the year ended 3 1 December 2024. Th¢ financial statements have been prepared in a¢CordaTt with the ac¢ounting policies set out in notrs lo th¢ acwunts comply with the eh&rity's gov¢rning documenL the Charities Art 2011 and Accounting and R¢ptsning by Charitie5'. Slatement of R¢coTnTnend¢d Pra¢tic¢ applicable to charities preparing their accounts in a¢wrdanre with the FinAla1 R¢portiD8 Standard applicable in the UK and Republi¢ of Ireland published in October 2019. Fornied in 1937, The Lakeland Housing Trust is a Registered Clwitabl¢ Company. the operations were origir>ally through an unincoTporated CILarity No 701075 all the assets and op¢ration5 transftrred on I January 2019 to this thaTitable company- Charity No 1175184. The Trust cutTently ow15 aTHI manog¢$ 53 properti¢s in the ¢entra] Lak¢land are4 all within the Lake Dlstrirt National Park t4)undary. Tourism is an essential part of lile in central Lakeland but the incre&sing second home and holiday let market meatL5 house pri¢¢$ have increased at a rate that makes it very difficult foT local people to buy or r¢nt a horne. As a consequence, the sense of 'local commullity 15 being losi. Objectlves and ActivAties ObJ¢ets and ¢YlmY Th¢ Lakeland Housing TTUSt provides rented homes for local people 74ho ¢anwi afford to buy or long-iemj rent accommodation at current market prire5. Out a(fordabl¢ reuts have resbjlted in several of our tenant5 being able to save for dep)sits and subs¢quently buy their OWD homE. Vacancies gre advertised in the lo¢al pT¢ss and priority considerntion is giv¢n on the basis of need, io lo¢ai people working or retired in the area or who have strong local family ¢onn¢ctions. cUt properties ar¢ situated mainly in the Ambleside. Conision, Hawksh¢ad and Troutbe¢k areas. Fundra£slng 4isdosMTr Th¢ ¢harity does nol carry out significant thndraising activttie5. However, a r¢cent focu5 on media and marketing activities has led to financial dtsrtauons and offers to sell hoThes at st1fiCantIY below market value. Publlc beve Th¢ tnLSt¢es confirnj that they have romplied with the requircments of section 17 of the Charities Act 2011 to hav¢ du¢ r¢gard to the public b¢fit guidance published by the Charity Conllnission for England and Wales. Use wduftleers Th¢ trust¢¢$ 8re all Volte¢rS and provide esseniial a1¢¢ and prartical supp)rt in the runThirtg of the Trust. Achievements and performaDte Perhap5 the greatesi achievement of this 87 year-old charity is that it continues to offer the very s¢rvic¢ it Was founded for- namely the provision of housing at a sub5idi5ed rate for local people in th¢ CeTJtraV&)uth Lak¢$ area. The need for such housing is Cn mor¢ a¢ut¢ than it in 1937 and w¢"re pleased to report that our sio¢k of 53 properties will bc increasing 10 54 with work having begun a newthuild c4)tta8e alon85ide 0r existing propErti¢s in Skelwith Bridge. Page 2
Iakeland Housing Trust Trusteesl Report We ¢oniinue to upgrnde our properties to %hieve an EPC 'C' rating {or belter) as they are vacated 8md will continue that work in 2025. Other notable improv¢ments to our properties that were ¢ompleted in the year ilude. Grandy Nook (KEndalJ - exrnaL rkS w¢r¢ finished and all 6 apartments are now occupied. It was not possible to proceed with building redev¢lopment platLS for the S1 bungalow in the grounds however plans are progressing to lease it to a local crafisperson. NeaN4m Hursi C.oiiages (Skelwiih}- Nos. 3 and 4 havc bEen Gompl¢t¢ly r¢futtished and our now let. Sideyjknk fTrouibeck)- reroofing and a new fr(pnt door. 5 Fsrz Stsps (Liiile Langdol¢)- ¢ornpletely refvrbish¢d and now let. High Grefngulv fNEur Sawrey) - major refvt4)ishment followin8 extensive internal w4t¢r damage. These works began during ihe year and be wmpleted in 2025. All of ihe above is ov¢rs¢¢n by th¢ BuiEding Group. led by Joht) Holmes and a5SiStcd by sart Woodall and other voluntary board members. Their work is invaluable and mu¢h appreciated. Equally important is the work undertaken by the R¢nts and Tenancies Conmittee, led by SUS Tomlinson and assist¢d by other vOltary board MeMbS. Seven ienan¢i¢s b¢gan in the year with only on¢ of our properties (High Gr¢engote) r¢mainin8 vacatit &$ described above. Each n¢w tenancy 15 widElY advertised with the Committee receiving a ¢onsid¢r4bl¢ volume of eligible applirations on eath occasion. Gr¢at care is taken to Select candidate5 for interyiew, undertake bck8round checks and offer propet1i¢$ to the most deserving tenants. The on8oin8 work of the committee. including overseeing biennial inspections of all our properties, is rnuch appreciated. Finally, we are pleased to rerrfTrrt that a number of donations w¢r¢ received by the Trust during thc yt8f - remY4in grate1 for ¢ach and ¢v¢ry on¢ as it helps us lo continllY upgrade 0 properties. Of particular not¢, however. a £750.000 Icgary re¢eived during th¢ year (with a final settlement due in 2025) whirh will ¢nabl¢ us to add to our property Ix>rtfolio. This v¢ry generous gift is to remain anonymous at the time of writing. FIDan¢i41 review The TTUSt receivcd incoEne of £1.I58.819 in the year {2023- £471.702) the increase main]y due to an 1creaSe of £63 1,565 in donations and legaeie5. Renial ittcome was £21 J95 higher reflecttng the in¢Teas¢ in the number of properties to rent. Runni expenses were also higher than last year at £325,385 {2023 - £255,956). Part of thi5 incttase relii¢d to contrdcted for repairs and improv¢meThts at Grecn Gate Coltage following flood damage which was Compled after the end of the year and was partially ¢ov¢r¢d by insurdnce. The housing d¢v¢lopment c4)sts capitali5ed were £364.468 in th¢ y¢4r wmpared to £752,268 last year. The net surplus transferred to ndS £833,434 (2023 - £215,746). Pag¢ 3
Lakeland Housing Trust Trustees, Report Poliq on res¢rv¢s It is the policy of th¢ Tru# to maintain unrestrid¢d funds at a level Mthich equates to approximat¢ly six month5 unr¢$tri¢ted expenditure. Thi5 pfovldes sufficient fvnds to cover management and administration wsts and to respond to emergency ¢Jpitsl ¢xp¢nditure which can arise from lime w tim¢. Free re5crvc5 at the yetr ertd were £535.665 {2023- £65,391). This 15 equivalent to 20 months runnin8 costs and is largely thic to the 8ener0115 legacy received during the year. The Finance Gri)up regularly T¢vi¢ws th¢ finoncial position of th¢ Twst- ensuring that there are sufficient funds eover ¢urrent and planned future ¢xp¢nditure, whilst also cnsuring that there is sufficieIit surplus for the repayment of its borrowings. Further inforn)ation in relation to anticipated financial issues is detsil¢d under Tlltu Plans,. Princip118Src The principal funding sources for the ¢lMrity are the renthls oained from the properties and lewies. S¢rntthr< governaTh¢¢ Dd %gement olgov¢rning documellt The Charity is ¢ontrolled by its governing document. a deed of trust, and ¢onstitules a limited company, limited by 8uardntec. a5 defLtJed by the Compani¢s Act 2006. R¢cruitni¢iii rtrtd4pp¢MNlpnent rpftru.fie¢ New trustees are nominated and appointed by the existing tnttes. Inthclioft dttdirnlning oftrwle New In1¢¢$ ar¢ Selected based on theiT skills and knowledge of our local coMnitieS ensuring ihat the Tnt alwys has trusiees with ¢xperience in financial and property management. New tru5t¢e& are provided with copies of previous Board meering minut¢s, Infornlion about the Tntsl it$ properties, its tenants and the mmvnity Deed5 WSthin the Central Lakes are Page 4
L#keland Housing Trust Trustees, Report The tt 15 tnanagcd locally by TTUStees have lived in the area for TfLOSt of their lives and th give their serc¢S voluntsrily. They have a dcep rommitment to the preservation pmsperity of integrated local communities and v&lu¢ th¢ traditional vemacular architethre of th¢ Lak¢ District. All improvemenis are carried out syThpath¢ti¢ally. All the Trustees ¢ontittue to give & gNi de of advic¢ and practical a55iStance in the rut)ning of the Trust. The daY-laY admittistration of the Trust transferred frotn Ingalls Accountants, Kendal to H&H Land & Estatts, Kendal in Jut 2019. This change w95 necessary due to the ¢urrnt and 8nticipated futllre gro*th of the Tnjsl. The rel¢vant exp¢ri¢n¢e and expertise of H&H Land Esiates stsff has ¢nsured that the Trnst continues be managed effectively. The Trust'5 Buildings Group overse¢5 the nJaintenan¢e of th¢ propertie5 and plan5 for fith]re works, ensuring ¢omplian¢¢ with relevani legislation. Tn]5tee, John Holmes, has ably lcd ihe Group, supported by a local architet4 Stuxrt Woodhall, who manages some of the larger projects on b¢half of the Trust. Charles Flanagan, my predecessor, has also provided inv8]uable support. The Trust's Rents a1 Tcnartcy Group is respoJ)sibl¢ for setting rents, selccting new t¢nanls, undertaking rent Teview vi51t5 and en5urin8 compliaTKe with l¢gislation. Tn1¢¢, Sue Tomlin50n has ably led this Group. The Finance Group is ttsponsible for monitorithg and reviewing the financial health of the TNst. Our new trwstee. Jam¢s Law. who has his accountancy business, has provided ¢x¢ell¢nt 511PPOrt and advice and worked effectively with H&H Client Account Manager. Karen Pbilipson The Tn¢S solieitor& Temple Heeli5 have continued to provide ¢55ential legal advice. Page 5
Lakeland Housing Trust Trustees, Report Mojor risks oftht>se rii Risk management Risk management The trustees have a duty lo id¢ntify and review the H5k$ to th¢ ¢harity i5 eXsed and to ensure approprtate wntrols are in pl¢ to PTovid¢ r¢asollable asswan¢e agains¢ fraud and effor. FinaDce5 are MYaged by the fthan¢e offi¢¢r at H&H Land and Estates, Kendal and overs¢en by the Lakeland Housin8 Trust Board of Trustees. Specifi¢ oversight Tespon5ibility 5its with a trnstee who is a chartered a¢¢ountant. A 5-y¢ar financial plan is in place that is regul3xly monitored, ensuring that any UT)for¢s¢en are catered for and that addiuona] planned expendibjre is affordable and ¢ar¢fully mana8¢d. Conclusion The need for affordablc housing is as a¢uk today as it when The LtIad Housing Tn founded in 1937 1&% thc Lake County Cottage SoGitty). The Trnst is eommEtted to continuing to offtr low ¢ost rented housing - h¢lpin8 to keep villa8e5 alive and allomqng lo¢ people to live and work in the heart of the L4k¢ District. The Trust w¢l¢om¢$ the ex¢ellent support of the Westmorland & Fumess Council artsj the Lake District National Park Auihority. I am 8rdteful for the support of fellow Inre¢S and staff at H&H Lartd 2nd Estates, Kendal. Flllallclal InstrnMets Objeeiive5 andptsllcies The charity's a¢tiviti¢S ¢XFK>S¢ 1¢ to a limit¢d number of financial risks in¢luding flow risk, credit risk wjd liquidity tisk. The charity does nol us¢ derivative fllwicial instrum¢Dt5. ch]lOW Underlying annual ¢xpendi¢ur¢ is covered by rerrtal inrom¢ from let properties with &xtraordinary ¢apits] ¢xp¢nditui¢ gen¢rnlly fiLttded from a modest anniial surplus. donation$ andKor bank loans wlten rcquired. Interest aring assets and liabilities are held at a fixed rate to ensure certainry of cashflow. The charity'5 flow is monitored regularly by the Fina¢ Group and at Tnee Board mectirt8S. Credii risk The charity's principal finan¢ial ass¢ts are the PTopertics it owns, fixed t¢nn savings accounts and bank balance5. The credit risk on liquid fimds is limit¢d because the Unterpartles are banks with high Credit rdting5. charity ha5 significant ¢tsncenrration of credit risk. with exp05ur¢ $PTead over a number of COUDt¢rparties. Liguidity In Ord to ensure that 5uffitienl (unds are available for ongoing operations and d¢Yelopments, the eharity Use5 a mixture of rental income, short tern) cash inve51]nents and long lem debt finance. The charity is a150 fortunate to receive o¢¢asionai ¢ash don*ions and1¢8acy income. Further details regarding liquidity risk can be found in Note 2 of the FinaDcAal Statements. Pase 6
Lakeland Housing Trust Trustees, Report Stattment of trustees. responslblllties The trustees (who 8r¢ also the direclor5 of Lakeland Housing TNst for the purposes of ¢ompany law} ar¢ r¢sponsible for preparing th¢ tnte¢s. r¢port and the finan¢ial stements in a¢¢ordance with applicable law and United Kingdom Accounting Siandards {United Kingdom Gcnerally Accepted A¢¢ountin8 Practice), includin8 FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" The report and accounts havc been prepared in accordance with the provisions in th¢ Companies Act 2006 relating to small mpani¢s. Company law requires the trustees io prepar¢ fjnancial statements for each financial year. Under eompany law the trustees musl not approve the financial statements unless they are satisfied that they give a true and fair Yiew of the state of affairs of the charitable c4)mpafty and of the incoming r¢sour¢es and application of Tesources, including its income and expenditur¢, of the charitable company for that peri. In pr¢porin8 these financial ststements, the trusie¢s ar¢ required to.. select suitable accounting policies and apply them ¢onsist¢ntly,' obseThe the methods and principles in the Charities SORP. rnake judgements and estimates that arc reasonabl¢ and pnent. state whether applicable a¢¢ouniing slandards. comprishng FRS 102 have been follow¢d, subject to atty aterial departure5 disrlosed and explained in th¢ fina]41 slatemenis" and prepar¢ th¢ fiJ)ancia] siatements on the going concern basis unless it is inappropriate to presume that the ¢haritabl¢ company Mryll continue in busines5. The trustee5 are re5rK>n5ible for keeping proper ac¢ounting records that can disclose with reasonable a¢curacy at any time thc financial position of the charitable compat)y and et)able thern to cnsure that the finan¢ia] statements Comply with the CK)mpanies Act 2006. They are Also responsible for safeguarding the a5set5 of the charitablc Company And h¢n¢e for tsking rwonabl¢ step5 for the prevention and det¢¢tion of hud and oth¢r irregularities. Th¢ trustees are responsible for the rnaint¢nanG¢ aTkl inteIty of the corporatt and financial inforn)ation included on the charitable companls website. Legislation goveming th¢ preparation and dissemination of financial ststernents may differ from le&Y511on in other jurisdictions. Eg¢h tn]st¢¢ has taken st¢ps that they ought to have tsk¢D &% a trSlee in order to make themselves aware of any relevant audit information and io establish that the charity's audiioi is awar¢ of that inforniation. The trustees Confirn) that there is no rekvoni inforniation that they know of and of 1¢h th¢y know the auditor is unaware. Small COpanieS pfovisiDn 5ttement This report has been prepared in accorda¢ the small companies regime Lmder the Companies 2006. The Annual rep)rt was #pproved by the tru5tee5 of the charity on 28 April 2025 and signed on its behalf by.. MrCTSBatten Trnstee Page 7
Lakeland Housing Trust IndepeDdeDt Auditor'$ Report to the Members of Lakeland Housing Trust OplnioD We have audiled the financial 5thleTner of Lakeland Housing Trust (the 'charity') for the year ended 31 D¢¢¢mb¢r 2024, which comprise the Ststement of Finan¢ial A¢tivities, Balance Sheet, and Note5 to the Finan¢ial Statements, including a summary of significant a¢¢ounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Ae¢ounting Standard& comprising Charities SORP- FRS 102'The Finan¢i&l Reporting Standard applicablc in the UK and Republi¢ of Ireland, and applicable law {United Kingdom Generally Accepted A¢¢ounting Prac¢ice). In our opiniort the finantia] statements.. give a true and fair view of the State of the ctwity's affairs &$ at 31 D¢c¢mber 2024 and of its incoming T¢soU¢s and application of resource5. includin¥ its inrom¢ and ¢xpendityr¢, for the y¢gr then eT¥Jed: have beett properly prepared in accordance with United Kingdom Generally Accepted A¢wunting Practi¢e' hav¢ be¢n prpared ID accordance with the requirements of the Companies A¢1 2006. B#sis for OPIDIO We ¢ondu¢t¢d our audit in ac¢ordwe with International Standards on Auditit)g (UK) IISAS {UKI) and appli¢able law. Our responsibilities under tho$¢ standard5 are further d¢5¢ribEd in the auditor responsibilities for the audif of the financial slatem¢Dts se¢Èton of our report. We are independent of the Charity in a¢¢ordan¢e wilh the ethical requirements that are relevant to our audii of ih¢ financial statements in the UK. including the FRC'S Ethical Stsndard. aTLd the provisions available for small entities, in the circumstances set out in noie to the fancial 5tatem¢Dt5. and w¢ have fidfilled our other ethical responsibilities in accordance with these r¢quir¢m¢nts. We beli¢v¢ that th¢ audit ¢vidence we have obtsined is sutTi¢ient and aFvropriate to provide a basis for our opinion. Conclusions r¢l8tiDg to ¥olng eDntern In audititlg the financial stsiements, w¢ have concluded that the tru5te¢s use of the going ¢on¢¢rn basis of a¢¢ourtting in the preparaiiot) of ihe finan¢ia] statements is appropriate. Bas¢d on th¢ wotk we have perfornied. we Imve not identified any material uncertaintie5 relating to events or ¢onditions that, individually or collectively, may cast significaDi doubt on the charity's ability to conlinut &% a going ¢on¢¢rn for a period of at let twelve month5 from when the original financial statements were authorised for issu¢. Our responsibilities and the res]x)nsibilities of the trnte¢s with respect to going concern are described in the relevant sections of this report. Other iDlorni•tio The tru5tee5 are r¢spon5ible for the other infomjarion. Th¢ other information comprises the information included in th¢ annual report, other than the financia] 5tatefft¢]Jts wd our audLtor's report thereon. Our opinion on th¢ financial ststements does not cover tbe other infonnation and. except to th¢ ¢xtent otheNise explicitly stated in our repo¢ w¢ do not express any fonn of assurance conclusion thereon. In connectLtsTi With ow audii of the financial sthiem¢nts, our responsibility is to read th¢ othrr infomiation at, in doing 50, consider whether the other Tnformation is matcrially inconsistent with the financial ststements or our knowled8e obtained in th¢ audit OT otherwise appears to b¢ materially misstated. If we idefttify such matrri incon$isten¢i¢s or apparent material misstatements, wt are required to d¢t¢miin¢ th¢ther there is a material missts*m¢nt in th¢ fjnancial stst¢ments or a material mi55tatement of the other infomiation. If, bas¢d on the work we have perforn)¢d, w¢ ¢on¢lud¢ thai rh¢r¢ is a material mi5StateTn¢nt of this tsiher information, we ar¢ Tequired its report thai fa¢t. We have nothing to report in this regard. Pagc 8
Lakeland Housing Trust Independent Auditor's Report to the Members of Lakeland Housing Trust Oplnlon on other matter preserfbed by ¢h¢ Componies Act 21106 In our opinion, bad on th¢ work undertaken the ¢ourse of the audi¢: the inforniation givcn in the Tru5tCCs' Report for th¢ financial y¢ar for vthieh the financial Ststements are pr¢par¢d is ¢onsist¢nt with th¢ financial stakments. and the Tnjsiees. Report has been prepared in accordance with applicable legal Itquir¢metts. Mgtten OD wbirh we are required to report by ex¢epti•n In the liglrt of our knowledge and understanding of the charity and it5 environment obtained in the Course of the audiL wc have not identified matertal rllisstatements in th¢ Trnstees, Report. We have tjothing to report in r¢spect of the following mattcT5 where the Compani¢s Act 2006 requires us to report to you if, in our opinion.. adequat¢ accountin8 records have not bcen kept, or ad¢qyat¢ for our audit have not been re¢eiv¢d frorn bran¢h¢s not V15jted by us,. or the fihaneial sratements are not itt agreemenl with the 8¢countin8 T¢¢ords and returns., or certain disclosures of trustees remunerdtion spccified by law ar¢ Mot mad¢; or we have not received 211 the inforniation and explanations we r¢quiTe for our audit. Respon$ibillties of trn$te¢$ As explained more fully in the Siatement of tNstees' responsibilities Is¢t out on page 7), the trust¢u ar¢ r¢sponsible for the pr¢par4tion of th¢ fatI&l siatrments and for being satisfied they give a true and fair view, and for such inlernal control as the trustees detemine is necessary to enable the prepaiation of finart¢ial statements that are free from material mi5Statement. whether due to fraud or ¢rmr. Irt prepaTing thc financial stalements. the trustees are resp)nsibl¢ for os5es5ing the charity's ability to continue as going wnc¢rn, dis¢lg5ing, as applible, matters trelat¢d to going cowern and usin8 the 80ins ¢on¢ern basis of accounting unless the trustees either intend to liquidate the ¢harity or to ¢ee operations, or have no reiStiC alternative but to do $0. Audlt•r responslbllltles for the udl¢ of¢he fJDkiDciI ststerneDts Our obje¢tiv¢s are to obtain r¢asonabl¢ gssurance about whether t]* financial statemenls a5 i whole are free from ma¢erial mis$latem¢n( whether due to frdud or error, Ind to issue an auditOT'5 rcport that includes our opinion. Reasonable assurance is a high l¢vel of aSSurar¢. but 15 not a guaranttt that an Budit conducted in accordance with ISA$ will always d¢Tra a mat¢rial mis5taternent when it exisis. Misstat¢ments can arise from fraud or ern)r and are considered material if, individually or in the aggTegale. they Could reasonably be ¢xped¢41 tg influ¢n¢¢ the economic decisions of users taken on lh¢ basis of th¢se fllwicial statements. The extettt to which ow pn)¢edures ar¢ ¢apabl¢ of detectin8 irregularities, including fraud is detailed below. Page 9
Lak¢land Housing Trust Independent Auditor's Report to the Members of Lakeland Housing Trust W¢ id¢ntifi¢d arw of laws and r¢8ulations that could r¢asonably be expected to have a material ¢ffe¢t on the financial $tat¢ments from our experience and from discussions with management. We reviewed any related rrespondertce and r¢¢ords of trus¢e¢ m¢¢tin8S to assess cornpliance with laws and r¢gulations aT discussed the rurresjt P)51tion with mmgement. W¢ ensur¢d the audit ttam were alert for Any indications of non-compliance throughout the audit work. Th¢ charilabl¢ company is manwd by a man4ement company which reduces the risk of fraud. We assessed th¢ manag¢ment ¢ompany'$ ptsli¢i¢$ and procedures on fraud risks. No instsn¢¢s of actual, Sspected or alleged fraud were identified by us or the managiDg company in thc year. Owing to the inherent limitations of an audit. iheie is an unavoidable risk that wt may not have dete¢t¢d som¢ material misstatements in the fiaTla1 5Èatement5, even Ihough we hav¢ properly plaDtLed and perfomied our audit in a¢¢ordanc¢ wi¢h auditing standards. For example, the fiLrth¢r removed non-compliance with laws and regulations litr¢gulaTiti¢$) is from the events and tran5actiorts refle¢t¢d in th¢ financial statcmcnts, the less likely the inherentty limited procedures required by auditing standards would identify it, In addition, as wth any audit, there remained a higher risk of nond¢te¢tion of trregulariti¢s, as these may involve collusion, forgery, intentÉonal omissions. tnisr¢presentstions or ihe override of controls. We are not responstble for preventing non-¢ompl1a¢ and cannot b¢ expected tsi detect LXTrmpliaA¢e with all laws aj regulations. Use of report Th?s report is made 501ely to the CIlbIe company's ttVSte. &8 a body. in accordanct with Chapter 3 of Part 16 of th¢ Companies Act 2006. Our audit work has been undenak¢n so that we might State to the charity's trustees those matters we reqld io stsi¢ ttF them in an auditor's rewjrt wjd for no oth¢r purpose. To the fullesi exteni pemiitted by law, w¢ do not 8¢¢ept or &%sume reSnsibIlity to anyoJ]e other than the charitabl¢ company and it5 tTUSt¢¢5 a5 a body* for audit worK for this reporL or for the opinions we have forn)ed. H M Holrnes Bse FC.A (Senior Statutory Auditor) For and on behalf of Stables Thompson & Briso)e Limited, Ststutory Auditor Lother House Lomther Str¢¢1 Kehdal Cumbrig4 LA9 4DX Dats.. 17 fvl Ic Page 10
Lakeland Housing Tru$1 Statement of Financial Aclivitie5 for th¢ Year Ended 31 December 2024 ncluding Income and Expenditure Account and Statement of Total Recognised Gains and L055es) Urtrestritted fund5 TotAI 2024 Total 2023 Not¢ Intome #nd EDdowmtnts from: Donations and letieS Charitable activities Investn]ent income Other income 755,669 281,988 17.832 103.330 755.669 281.988 17,832 103.330 124,104 260.593 16,405 70,0 Totsl income 1,158.819 1,158,119 471,702 Exp¢Ddi¢vr¢ on: Rai5inB funds Charitable actiYitie5 (10.452) 1314,933) (10,452) (314,933) (6,477) {249,4791 Tothl expendittwe (325.385) 325,385) {255.9561 Net in¢tsme 833.434 833,434 215.746 Net mov¢ment in funds 833,434 833,434 215,746 Reeonciliation of funds Tothl ffijnds brought fonvard 6.673,984 6.673,984 6,458,237 Total fimds carri¢d fonvard 19 7.507.418 7.507.418 6,673,983 All of the charity'5 activities derive from cotstinuing operations during the above two periods. All funds w¢r¢ unrestricted. The fvnds breakdown ftsr 2023 1$ sknwn in not¢ 19. The note5 on pages 13 to 22 form an integral part of th¢ financial staternents. Page 11
Lakeland Housing Trust (Registration number: 10298071) Balance Sheet as at 31 Deeember 2024 2024 2023 Fixed 85sd5 Tan8Lble 8sset5 14 6.971,753 6.608,053 Current assets Debtor5 Cash at bank and in hatxl 15 63,356 864.148 8.912 800,132 16 927.504 809.044 Creditors: Amounts f&lling due withiD yeir 17 (193.151) (35291 Net current assets 734,353 773,753 Tot•1 assets less crrent 114billties 7,706.106 7.381.806 Creditor8: Amounts falling due after th*D one year 198.688} {707,8231 Net 8ssets 7,507.418 6,673,983 Funds of the eharity: Unr¢stritted ID¢ome fund$ UnrestrActed fijnds 7507418 6 673.983 Total fvnds 19 7,507.418 6.673.983 These fllwicial statements have been prepoxed in arxordan¢e with the special provisions relating to ¢ompani¢s 5ubj.ect to the small compantcs rc8im¢ within Part 15 of the Compani¢5 Act 2006. The finaDcial statements on pa8es I I to 22 were approved by the tms¢¢¢s, and auth0ri5ed foT Lssue on 28 April 2025 and signed on their behalf by= MrCTSBatten Trustee The notes on page5 13 to 22 fonn an inlegral part of these financia] statwn¢nts. Pa¥e 12
Lakeland Housing Trust Notes to Ihe Finan¢i21 Statements for the Year Ended 31 December 2024 I Cbarity $tsts3 The charity is limited by guarantee, incoTpofdted in Ettgland and Wales, and ¢onsequently does not have shthr¢ ¢apital. Each of the trustees is liable to contribute an amount exceeding £1 towards the assets of the ¢hoTity in the event of liquidation. The address of its r¢Stered otTice is= Clo H&H Land & Estas Cumbria Tourism Business Centr¢ w1nde¢re Road Stsveley LA8 9PL These fun¢]l statenwiis were auihoris¢d for is$ue by the trustee5 on 28 April 2025. 2 Aecounting policiti SummAry of significant gctouThting policies and key ac£olllltiDg estimates The prinGipal accounting poli¢ies applied in the preparation of these financial statements are set out below. These policies havc bEcn consistently appli¢d to all th¢ y¢ars presented, unles$ oth¢nvise st&t¢d. Ststement of ¢ompliADce Th¢ f]nDcial Statements have been prepared in accordance with Accouniing and Reportin8 by Chzritie5'. Ststement of Recommended Practice (applicable to charities preparing their account$ in a¢Idance with the Financial Reportin8 Standard applicable in the UK and Republic of Ircland (FRS 102)) (issued in O¢tob¢r 2019) {Charitie$ SORP (FRS 102}). the Financial Reporting Stsndard appli¢able in the UK RUbliC of Ir¢lond (FRS 102) and the Compani¢s 2006. Bxsis of preparation Lakeland Housing Trnst meets the definition of a public benefit entity under FRS 102. Assets and liabiliiies aye initially recOls¢d at histori¢al wst or transaction value unless herwISe stated in the relevant accountin¥ policy notes. The fmaDcial 5¢atements are prepared in sterling which is the functional currency of th¢ charity and rollnd to the nearest £. Going etsntern The tNstees eonsider that there are material un¢ertainti¢s ab¢)ut the ch8riWs ability to Continue &8 a goin8 n¢¢rn nor any si8nificant areas of uncertainty ihat alTect the cwing value of assets h¢ld by ihe charity. ltttome and eDdowment8 All income is reco8niscd once the charity has ¢ntiilement to the income. it 1$ probable that the in¢om¢ will be re¢¢iv¢d and th¢ amount of the income receivable ¢8n be m¢aswed r¢liably. Page 13
Lakeland Housing Trust Notes to the Financlal Ststements for the Year Ended 31 Decellbber 2024 Domadons andlegocies Donaiions ar¢ r¢¢o8ni5ed when the charity has b¢en notified in wrttittg of both the amount and settl¢m¢nt dal¢. ITh the event thai & donation is subject lo conditions that require a level of perforniae by the Charity before th¢ charÈty is entitled to the fimds, the InMe is defrrred and not re¢ognispAI ulltil either those conditions art fully me( or the fulfilment tsf ihose ¢ondiiions is wholly within th¢ ¢ontrol of the charity and it hs probable that these Conditions will be fvlfilled in the reporting period. txgacy gills ar¢ reco8niscd on a ¢a5e by w bL%is following the grant of probate when th¢ admini5tratorlexe¢ulor for th¢ ¢state h&8 cornmunicated in witin8 both the amounl and s¢ttl¢ment dale. In the event that the gift is in the forni of an asset other than ¢ash or a finon¢ial asset traded on a recognised Stock exchange, recognition is subject to th¢ Yalue of ihe gift being reliably mea5ur8ble with a degree of reasonable all[8¢Y and the ¢itl¢ ¢0 the assei having been tranSfe¢d to the ¢hority. INvesthieHtincome Dividend5 are recognised once th¢ dividend has been d¢¢lar¢d and notification has been r¢c¢iY¢d of the d2vidend Expenditure All expenditure ts recogn15ed on¢¢ there is a legal or cot)Strurtive obligatioll to that expendityre, it 15 probable s¢til¢meni is r¢quir¢d and the arnotsnt Can be measured reliably. All costs arc allocated to the appli¢oble expendits headjng that a88regate similar ¢o$ts to that cattgory. Where costs canmt be directly attributed to particular li¢adings they have bcen allo¢&d on a ba515 con515tent wilh the use of Tesources, with Centrai staff Costs allocated on th¢ basis of time spent, and d¢pre¢iation charges a]local¢d on the portion of the asset's US¢. Other supp)rt costs #re allocated based ol) the spread of sthlT¢osis. R¢thrbishment and upgrading costs to ex]stin8 properties are ¢apitalis¢d and Sho as additions to freehold prop¢Tti¢s. Genttxl repairs and maintenance ¢osts ar¢ expensed. Rdlslngjunds These are costs incurred in attra¢ting voluntary income. the moJw¢rt of inve51ments and thos¢ incurred in trading artivtti¢s that raise funds. Ch4rllAble 4clivlii Charitable expendibfft comprises those ¢osts incurred by the ¢harity the delivery of its a¢tiviii¢s and service5 ftr its benefi¢iaries. It includes both cosrs thai be allocated dI¢t1Y to su¢h activities and those of an indir¢¢i natur¢ n¢¢¢5sary to 5UPPOrt them. Covern#nce costs These include the c4)sis attriblthle tri the charity's complian¢¢ with wn5titutional and statutory requiremcnts, including audit, strate8ic management And iNst¢es meetingws and r¢imburs¢d ¢xpenses. Txatitsn The charity is considered pass the tests set out in Paragraph I S¢h¢dule 6 of the Fina¢ Ad 2010 and therefore it meets the defiTLitiOn of a ¢haritable compaTLy for UK ¢oryoraiion tax purposes. A¢¢ordingly, the charity is potentially exempt from twtion in respect of income or ¢apital gains received within categories cover¢d by Chapter 3 Part I l of the Cotpora¢ion T&x Act 2010 or Section 256 of the Taxion of Chargeable Gains A¢1 1992, to the extent that such inGome or gains arc applied exclusively to charitable purposes. Page 14
Lakeland Housing Trust Notts to the Financial Statements for Ihe Yr Ended 31 December 21J24 Tangible red gs$ets Individual fixed assets c05ting £1,000.00 or more ar¢ initially reeorded at cos( less any subsequ¢nl AUl9¢¢d depreciation and subsequent accumulated impairnieth losse& Freehold property is held at ¢4)st of purchase or value at the date of gifting and th¢ ¢ost of any improvements. No depreciation is provided on Freehold property &8, in the trustees opinion, the market value of the prop¢rties is in excess of the net book value and as such any depreciation w)uld not be material. Depreeltiou #nd 4mortistioTh Depreciation is provided on taEJgible fixed a55ets so as to Mwite off th¢ wst or valU10n. less any estimated residual value, over th¢ir ¢xp¢¢t¢d usefvl ¢¢onomie life as follows.. Agset elass Fre¢hold land and buildings Plant 0d machinery Depretialion tnethod gnd rAte Not depreciated StraIthr line over 20 y¢ars Trad¢ d¢blors Trade d¢btor5 are 4mountg due from ¢uslom¢rs for merchandise 501d or xrvires perfomi¢d in the ordinary course of business. Trade debttsrs are recognised initially at th¢ tronsartiort price. They are subsequ¢ntly m¢8suTed ?t ¥morti5¢d c05t using the etTective interest MetI)d, less prnvision for impaimieni. A provision for the impairment of trddc debtors is established when There is obje¢tiv¢ evidence the charity will not b¢ able to ¢oll¢¢t all amounts due accordins to the original tenDS of the reGciYabl¢s. C*$h gnd ei$h equivalents Cash and ¢8sh ¢quiva]ents comprise G&sh hwjd and rAII d¢posits, and other short-temi highly liquid investmenis that are r¢adtly ¢onv¢rtibl¢ ttTr a known arnount of cash and are subject to an insi8nifi¢ant risk of h•ge iti value. Trade eredttOTJ Trnde ¢r¢ditors are obligations to Pay for goods or seTViGe5 ihat have be¢Th a¢quired in the ordinary course of business from suppliers. A¢¢ounts payable are classified as current liabilities if the charity does not have art conditional righL at the end of the reporting period, to defer settlement of the creditor for at le8St twelve month5 aft¢T the reportin8 date. If there is an unconditional right to defrr settltmtnt for at least tsvelve months after the reporting date. Ihcy are prcs¢nttd &$ nonrfurrent ligbilities. Trade creditors are r¢¢ognts¢d initialty at the transaction pritt subsequently Mered at amortL5ed cost U5iThg the effective interesi method. Page 15
Lakeland Housing Trust Notes to the Finaneial Statements for the Yr Ended 31 December 2024 Borrowlngs lttterest-b¢aring borrowings aT¢ initially r¢corded at fair value, net of transa¢tion ¢ost$. Inlerest-b¢aring born)$ are subsequently Carried at amortised cost, with the difference between the proceeds, net of transa¢tion costs, and the amouttt due on r¢d¢mption being recognised as a charge to the Statement tsf Financial A¢iivities over the period of the relcvhttt Eorrowing. Inter¢ exp¢ns¢ is rewgnised on the b&sis of the ¢ffective interest method and 15 iTh¢lud¢d in interesi payable nd similar Charges. Borrowings are classifled current liabilities unless the Charity has an UllCODditional right to defer settlement of thc liability for at least twelve months after th¢ reportitt¥ date. Fwid strllcture Unre5trtcted income ful5 are 8eneral fimds that are availabl¢ for at th¢ trustets discretion furtbcrBnee of the objectives of the charity- Fin¥n¢ial instruments Cl4sslJlctsilt>M Financial assets and financial Itabilities are reColSe wheh the clwity beMe$ a party to the conira¢tual provistons of th¢ instrumeni. Financial liabili¢ies and equity instruments ore ¢lassifi¢d accordin8 to the substance of th¢ contrartual atrang¢tnent5 entered into. An ¢quity instrutnent is any ¢onira¢t that ¢vid¢sK¢s a residual interest in the assets of the charity after deductin8 all of its liabilitie5. Recognldon widmeaTurepo¢nt All financia] a55ets and liabilitie5 art initially measured al ttaiiwtion pri¢¢ (in¢ludin8 transgctioii costs). except for those fJnan¢ial assets Classified as at fair value through pfit or loss, whtch are initially measured at fair value (which is nornially the transaction price excluding traDctiOn costs), unless the aTrJngement ci)nstitut¢s a fLnancin8 transa¢tion. If an arran8¢ment con5tttutes a ftnancing transactioJ4 ihe financial osset or financial liability is meaSUd at the pr¢s¢nt valv¢ of the fvture paymen15 discounted at a market rdte of iThterest for & similar debt instrument. Financial assets attd liabilities are only offsd in the statement of financial position wh¢n, and only wh¢n th¢r¢ exists a legally enforceable right to set off the r¢¢ognised aMots and the charity int¢nds ¢ither to Settle on a net basis, or to realise the &8set and settle the liability simultaD¢ousIy. Financial assets are dere¢ognised when and only when a) the contractual rigllts to the flows from the fina]1 assd expire or Ire settl¢d, bl th¢ Charty transf¢rs to another party 5ubstsntially all of the risks and rewards of owneT5hip of the finanGial asse( or ¢) the Charity, d¢5Pit¢ havin8 retaÉned some, but not 1, signifi¢aM risks and rewards of ownership, has transferred Control of the asset ro arther party. Financial liabilities are dereco8nised only when the obligation S]fied in the contrfKt is disd)8rg¢d, un¢ell¢d or expjre5. Page 16
Lakeland HousiDg Trnst Not to the FinanciAI Statements for the Year Ended 31 December 2024 3 Ineome from doD•tion$ and l¢pti¢8 Unrestritted d$ G¢llerl Totsl 2024 2•23 Donation$ and legacies" Donations from individuals Legacies 5,069 750,000 5,669 750,000 755,669 1.664 122,440 755 069 4 llleome from thgritable activlties Unrestrlthd funds G¢n¢rl Tol#] fund$ Propcty Tentals 281,988 281,98S Tot1 for 21124 281,988 281.988 Total foT 21J23 260,593 260,593 S JDvestm¢D¢ in¢omt Unrestri¢trd TdS Gener1 Totsl Interest receivable and Similar income: IDt¢r¢$t receivable on bank deposAIs 17,832 17,832 Total for 2024 17,832 17,832 Total for 21123 16.405 16,405 6 Other ltteome Unre$tri¢¢¢d futsds General Tot41 2024 Tot41 2023 Gains on sale of tangible fixed Sets for chaTity'5 own 70,61 tnsurance proceeds 103,330 103,330 103,330 103 330 70,600 Page 17
Lakeland Housing Trust Notes to the Finan¢ial Statements for the Year Ended 31 December 2024 7 Expenditsre raiiiD% A) Costs of generAtiJhg donAtions And legaeies Unrestricted funds General Totsl tknDds Note Mark¢tin8 and publicity 10.452 10.452 Trfvtsl for 2024 10,452 10,452 Totsl for 21123 6,477 Tot1 8 Expenditure on chAritwble ctivitie5 Uttrestrleted Totsl 21124 Total 2023 General Note Property reDt*Js Local oceupancy proj¢ Financ¢ ¢osts Depre¢iation, amortisaiion at)d other similar ¢osts Gov¢man¢e ¢osts 193,990 193,990 144,395 502 47,903 54.633 54,633 767 65,543 767 65,543 767 55,912 314.933 314,933 249,479 Page 18
Lakeland Housing Trust Notes to the Finaneial Statements for the Y¢8r Ended 31 Deeember 2024 9 An4lysis of gov¢rnAJhce And support costs Governnee Costs Unrestric¢ed fullds GenerAI Tot•1 2024 Total 2023 Audit fees Audit of the financial siaiements Truste¢s remuneration and expenses Legal fees Cost of trustee meetings Management fees Tntsiees. liability insurance 5.642 859 634 5,642 859 634 5,563 .267 13 585 47,888 596 57,847 561 57,847 561 T17¢¢ exp¢n5¢s Includes a gifi to a tnte¢ on retir¢m¢ni of £1 19. 10 Net incomingloutgoing resource5 Net in¢oming resources for the year include.. 2024 2(123 Audit fee$ Profit on disposal oftangible fixed as$¢ts D¢preciation of fixed assets 5,642 5,563 {70,6001 767 767 11 Trnjttes remvntratlon expenses During the year rh¢ ¢harity made the followills transactions with truste¢s'. Mr M Tiilyer £26812023.. £791) of expenses were reimbursed to Mr M Tillyer during the year. Mr J M Holmes £395 (2023.. £476) of ¢xp¢ngs were reimbursed to Mr J M Holm¢s during the year. Mrc R A FlallyD £77 (2023.. £Nill of expenses were reimbursed io Mr C R A Flanagan during th¢ year. No trustcts, any persons ¢onne¢t¢d with them. have received any remuneration from the Charity during th¢ yc2r. No trnst¢¢5 have received atry other benefits from th¢ charity during the year. Page 19
Lakeland Housing Trust Notos to the Financial Statements for the Year Ended 31 December 2024 12 Auditon. remuLtration 2024 2023 Audit of the f¢]1 statements 5,642 5.563 13 T#tIOn The charity is a registered charity and 15 therefore exempi from taxation. 14 Tangibl¢ fixed assets Land buildings Furnithrt And equipment Totil Cost At l January 2024 Additions 6,593.489 364,467 15,331 6.608,820 364.467 At 31 December 2024 6,957,956 15,331 6,973,287 DepreciatlOD At l January 2024 Charge for the year At 31 December 2024 767 767 767 767 1,534 1,534 Nel book value At 31 December 2024 6,957,956 13,797 6,971,753 At 31 December 2023 6,593.489 14,564 6,608,053 15 Debtors 2024 2023 Trade debtor5 Prepayments Othcr debtor5 4.988 7,088 51,280 3,575 5,337 63.356 16 C$8b Ind ¢g$h ¢quivalents 2024 21123 Cash at bank Short-t¢m) deposits 76,914 787234 10,873 789 259 864.148 800.132 P#g¢ 20
Lakeland Housing Trust Not to the Financial Statements for the Y¢ar Ended 31 December 2024 17 Creditors: falliDg due witbin o*¢ yeAr 2024 2023 Bank loans Trdde creditots Accrnals 7.536 176,159 9,456 16,0¢)0 10.291 9.000 35 193,151 91 credir$ due within one y¢ar include5 the following liabiliti¢s, on which security ha5 b¢M given by the charity.. 2024 2023 Bank 108n 7,536 18 Creditors: Amounts falling due 4ft¢T one year 24 2023 Bank loans 198,688 707,823 credIr$ amounts falling due after mre than on¢ y¢ar includes the following liabilities, on whi¢h security Itss been given by the charity.. 2K4 2023 Bank loan 198 688 Included in th¢ creditors are the following amounts due after more than five years.. 2024 2023 After more than five y¢8fS by instslment$ 168,544 633.823 Btrrrnwiny du¢ after five yeArs The bank loan is Secured seven of the properties owned by the Twst. The loan 15 limited 10 £750.000 of which £750,000 was drawn dowm by the year end. The loan is to be repaid over 264 months from 8 Mwch 2022 with interest ch8rged at 2.50/0 pa over th¢ Bank of England base rate with a minimum iDt¢r¢st rate of 2.5V•pa. The firm 24 month5 were on aD Inter only IMSIS. 19 Funds B41gn¢¢ •t 31 December 21124 BAlaDce at I Janu8ry 2(124 Incomlng resources Resourees txp¢nded Unrestrkttd funds General 6,673.984 1,158.819 {325.385} 7,507,418 Page21
Lakeland Housing Trust Notes to the Finanelal Statsmellts for ihe Year Ended 31 December 2024 Blan£e at JI Deeember 2023 Bl*net At I January 21123 ResouMe8 txptndtd resou¢5 Unr¢J¢ricted funds General 6 458 237 471702 255 956 6 673 983 20 Analysis of net ass•ts between Thd9 Unrestricted fuDd$ Generwl TotAI funds at 31 De¢ember 2024 Tan8ibl¢ rtxed ass¢ts Current assets Current liabilitie5 Crcditor5 over l year Total nei assets 6,971,753 927.504 6,971,753 927.504 1193,151) 1198.688) (198.688) 7,507.418 7,507.418 iJnre8trttted funds GeDeral Totsl funds at 31 D¢cember 2023 Tangible fixed assets Cutr¢nt a55¢ts Current liabilities Creditors over l year 6.608,053 809.044 135,2911 707,823) 6.608,053 809.044 (35.291) 707,823 Total net asset$ 6,673,983 6,673,983 21 Related party trall8adioDS DuTin8 th¢ yeoT the Charity mad¢ th¢ following r¢lat¢d paty transaction5.' S Woodall S Woodall is a twste¢ and aiso do¢s work for the charity under the name of Green Swallow. S Woodall does the work under the name of his ¢ompany Gr¢¢n Swallow. He contribute5 a great deal of tilne voluntsrily to the w)rk of the charity and only charges for specifi¢ and ne¢¢ss8ry work proj¢¢ts. Th¢ anN)unt5 involved were £1,200 in 2024 and £2,920 itt 2023.. At the ba]an¢e dale the amount due knlfrom S Woodall was £Nil12023- £Nil). Page 22
Lakeland Housing Trnst Detailed Statement of Financial Activities for the Year Ended 31 December 2024 Total 2024 To¢*1 2023 JTheomt Endowment$ frorn: Donations and legacies {analysed bek>w) Charitsble activities (analysed b¢low) Investment income {analysed 10> Other in¢om¢ (¥nalys¢d below) 755.669 281,988 17.832 103 J30 124,104 260,593 16,405 70,600 Total income 1,158,819 471.702 Expeudtture on: Raistng fvnds (analysed below) Charitable a¢tiviti¢s (analysed below) 110,452) (314,933} (6,477) {249,479) Total expenditwe (325 J85) (255,956) N¢t income 833.434 215,746 Net rnovement ill fvnds 833,434 215.746 ReeonciliA¢ion of funds Total funds brought forward 6,673,984 6.458,237 Total funds catTied forward 7,507,418 6.673,983 This page does not fom p&rt of th¢ slatutory fittancial statements. Page 23
Lakeland Housing Trust D¢tail¢d Statement of Finaneial Activities for the Year Ended 31 December 2024 Total 2024 21123 Don&tions &ndlegA¢ies Legacies and bcque5ts Appeals and donatiODS 750,000 5,669 122.440 1,664 755,669 124,104 Charltoble l£tting of n-in¥¢51M¢fftt prortY in furtherance of the chaTity'S object$ 281,988 260,593 281.988 260,593 Inknest on cash d¢p05its 17,832 16,405 17,832 16,405 Other iftcome Gains on sal¢ of tan8ibl¢ fixed a55ets for charity's own use Other inc4)m¢ 70.600 103,330 103,330 70,600 Adv¢rtising (10,452) {6,477) 10.452 {6,477) Charit4ble 4divili¢s Rates and property expenses IATrcal oc¢upancy project InsuratKe Repairs and maintenance Legal and profr5sional fees (property) Bank Charges Loan inl¢r¢st Depreciation of plant and machinery The audit of the ¢haritys annual aoUnts Trustee expense5 Cost of trnstee me¢iillgs Management fee5 Tnte¢s. liobility insuranc¢ L¢gal and professional fees (10.052) (7.046) (5021 114,717} 1117,677} (4,955) (2261 (47.677) (767) (5.563) (1,2671 (585) {47,888) (596) 13 (19,729) (158,171} (6.038) (181) (54.452) (767) 15,642) {859) (57.847} {561) {634 314,933 249,479 This page does not form part of the statutory financial statements. Pag¢ 24
Company registration number.. 10298071 Charity registrdtion number: 1175184 Lakejand Housing Trust IA company limited by guoranle¢) Annual Report and FinaTKial Stst¢m¢nts for the YearEnded 3 l December 2024 Stables Thompson & Bri5coe Limit¢d Chartered A¢¢ountant5 & Statutory AAItOr LO¢r House Lowth¢r Str¢¢t Kenda] Cumbria LA9 4DX
Lakeland Housing Trust Contents Reference and Administrative Details Tn¢£$. Report 2to7 IlePendent AlItorS. Report 8tolO Statement of Financia] Activities Balance Shttt 12 Noles to the FLnaiJGLai Statements 13to22
Lakeland Housing Trust Ref¢r¢nce and Administrative Details Ms Y Blarnire MrJHLaw Mt3 D A Hall Mr C R A Flanaga Mr J M Holmes Mr I R Bonham Mr5 S M Tomlinson MrCTSB&tten Mr B R P Dobson Mrs H E Caldw¢ll Mr S E Woodall Mrs M Johnston Mrs D R Matthews Mrs CN M¢K¢ev¢T Cbarity RegistrAtioTh Number 1175184 Comp*My Regisir9tion NuMr 10298071 The charity is in¢oTporated in England and Wales. ¢10 H&H Iand & EstatC5 Cumbria Tourism Busaness Ccntre Windemiere Road Staveley LA8 9PL Registered Offiee Auditor Stables Thompson & Briscoe Limited Chartered A¢¢ount4nts & Ststutory Auditr>r Lowther How¢ Lowth¢T Street Kendal Cumbria LA9 4DX Pag¢ I
Lakeland Hou$iDg Trust Trustees, Report Th¢ trusle¢5. who are directors for the pu0$¢$ of company law. present th¢ annual rert togdher with th¢ financial staiements and auditors, report of ihe charitable company for the year ended 3 1 December 2024. Th¢ financial statements have been prepared in a¢CordaTt with the ac¢ounting policies set out in notrs lo th¢ acwunts comply with the eh&rity's gov¢rning documenL the Charities Art 2011 and Accounting and R¢ptsning by Charitie5'. Slatement of R¢coTnTnend¢d Pra¢tic¢ applicable to charities preparing their accounts in a¢wrdanre with the FinAla1 R¢portiD8 Standard applicable in the UK and Republi¢ of Ireland published in October 2019. Fornied in 1937, The Lakeland Housing Trust is a Registered Clwitabl¢ Company. the operations were origir>ally through an unincoTporated CILarity No 701075 all the assets and op¢ration5 transftrred on I January 2019 to this thaTitable company- Charity No 1175184. The Trust cutTently ow15 aTHI manog¢$ 53 properti¢s in the ¢entra] Lak¢land are4 all within the Lake Dlstrirt National Park t4)undary. Tourism is an essential part of lile in central Lakeland but the incre&sing second home and holiday let market meatL5 house pri¢¢$ have increased at a rate that makes it very difficult foT local people to buy or r¢nt a horne. As a consequence, the sense of 'local commullity 15 being losi. Objectlves and ActivAties ObJ¢ets and ¢YlmY Th¢ Lakeland Housing TTUSt provides rented homes for local people 74ho ¢anwi afford to buy or long-iemj rent accommodation at current market prire5. Out a(fordabl¢ reuts have resbjlted in several of our tenant5 being able to save for dep)sits and subs¢quently buy their OWD homE. Vacancies gre advertised in the lo¢al pT¢ss and priority considerntion is giv¢n on the basis of need, io lo¢ai people working or retired in the area or who have strong local family ¢onn¢ctions. cUt properties ar¢ situated mainly in the Ambleside. Conision, Hawksh¢ad and Troutbe¢k areas. Fundra£slng 4isdosMTr Th¢ ¢harity does nol carry out significant thndraising activttie5. However, a r¢cent focu5 on media and marketing activities has led to financial dtsrtauons and offers to sell hoThes at st1fiCantIY below market value. Publlc beve Th¢ tnLSt¢es confirnj that they have romplied with the requircments of section 17 of the Charities Act 2011 to hav¢ du¢ r¢gard to the public b¢fit guidance published by the Charity Conllnission for England and Wales. Use wduftleers Th¢ trust¢¢$ 8re all Volte¢rS and provide esseniial a1¢¢ and prartical supp)rt in the runThirtg of the Trust. Achievements and performaDte Perhap5 the greatesi achievement of this 87 year-old charity is that it continues to offer the very s¢rvic¢ it Was founded for- namely the provision of housing at a sub5idi5ed rate for local people in th¢ CeTJtraV&)uth Lak¢$ area. The need for such housing is Cn mor¢ a¢ut¢ than it in 1937 and w¢"re pleased to report that our sio¢k of 53 properties will bc increasing 10 54 with work having begun a newthuild c4)tta8e alon85ide 0r existing propErti¢s in Skelwith Bridge. Page 2
Iakeland Housing Trust Trusteesl Report We ¢oniinue to upgrnde our properties to %hieve an EPC 'C' rating {or belter) as they are vacated 8md will continue that work in 2025. Other notable improv¢ments to our properties that were ¢ompleted in the year ilude. Grandy Nook (KEndalJ - exrnaL rkS w¢r¢ finished and all 6 apartments are now occupied. It was not possible to proceed with building redev¢lopment platLS for the S1 bungalow in the grounds however plans are progressing to lease it to a local crafisperson. NeaN4m Hursi C.oiiages (Skelwiih}- Nos. 3 and 4 havc bEen Gompl¢t¢ly r¢futtished and our now let. Sideyjknk fTrouibeck)- reroofing and a new fr(pnt door. 5 Fsrz Stsps (Liiile Langdol¢)- ¢ornpletely refvrbish¢d and now let. High Grefngulv fNEur Sawrey) - major refvt4)ishment followin8 extensive internal w4t¢r damage. These works began during ihe year and be wmpleted in 2025. All of ihe above is ov¢rs¢¢n by th¢ BuiEding Group. led by Joht) Holmes and a5SiStcd by sart Woodall and other voluntary board members. Their work is invaluable and mu¢h appreciated. Equally important is the work undertaken by the R¢nts and Tenancies Conmittee, led by SUS Tomlinson and assist¢d by other vOltary board MeMbS. Seven ienan¢i¢s b¢gan in the year with only on¢ of our properties (High Gr¢engote) r¢mainin8 vacatit &$ described above. Each n¢w tenancy 15 widElY advertised with the Committee receiving a ¢onsid¢r4bl¢ volume of eligible applirations on eath occasion. Gr¢at care is taken to Select candidate5 for interyiew, undertake bck8round checks and offer propet1i¢$ to the most deserving tenants. The on8oin8 work of the committee. including overseeing biennial inspections of all our properties, is rnuch appreciated. Finally, we are pleased to rerrfTrrt that a number of donations w¢r¢ received by the Trust during thc yt8f - remY4in grate1 for ¢ach and ¢v¢ry on¢ as it helps us lo continllY upgrade 0 properties. Of particular not¢, however. a £750.000 Icgary re¢eived during th¢ year (with a final settlement due in 2025) whirh will ¢nabl¢ us to add to our property Ix>rtfolio. This v¢ry generous gift is to remain anonymous at the time of writing. FIDan¢i41 review The TTUSt receivcd incoEne of £1.I58.819 in the year {2023- £471.702) the increase main]y due to an 1creaSe of £63 1,565 in donations and legaeie5. Renial ittcome was £21 J95 higher reflecttng the in¢Teas¢ in the number of properties to rent. Runni expenses were also higher than last year at £325,385 {2023 - £255,956). Part of thi5 incttase relii¢d to contrdcted for repairs and improv¢meThts at Grecn Gate Coltage following flood damage which was Compled after the end of the year and was partially ¢ov¢r¢d by insurdnce. The housing d¢v¢lopment c4)sts capitali5ed were £364.468 in th¢ y¢4r wmpared to £752,268 last year. The net surplus transferred to ndS £833,434 (2023 - £215,746). Pag¢ 3
Lakeland Housing Trust Trustees, Report Poliq on res¢rv¢s It is the policy of th¢ Tru# to maintain unrestrid¢d funds at a level Mthich equates to approximat¢ly six month5 unr¢$tri¢ted expenditure. Thi5 pfovldes sufficient fvnds to cover management and administration wsts and to respond to emergency ¢Jpitsl ¢xp¢nditure which can arise from lime w tim¢. Free re5crvc5 at the yetr ertd were £535.665 {2023- £65,391). This 15 equivalent to 20 months runnin8 costs and is largely thic to the 8ener0115 legacy received during the year. The Finance Gri)up regularly T¢vi¢ws th¢ finoncial position of th¢ Twst- ensuring that there are sufficient funds eover ¢urrent and planned future ¢xp¢nditure, whilst also cnsuring that there is sufficieIit surplus for the repayment of its borrowings. Further inforn)ation in relation to anticipated financial issues is detsil¢d under Tlltu Plans,. Princip118Src The principal funding sources for the ¢lMrity are the renthls oained from the properties and lewies. S¢rntthr< governaTh¢¢ Dd %gement olgov¢rning documellt The Charity is ¢ontrolled by its governing document. a deed of trust, and ¢onstitules a limited company, limited by 8uardntec. a5 defLtJed by the Compani¢s Act 2006. R¢cruitni¢iii rtrtd4pp¢MNlpnent rpftru.fie¢ New trustees are nominated and appointed by the existing tnttes. Inthclioft dttdirnlning oftrwle New In1¢¢$ ar¢ Selected based on theiT skills and knowledge of our local coMnitieS ensuring ihat the Tnt alwys has trusiees with ¢xperience in financial and property management. New tru5t¢e& are provided with copies of previous Board meering minut¢s, Infornlion about the Tntsl it$ properties, its tenants and the mmvnity Deed5 WSthin the Central Lakes are Page 4
L#keland Housing Trust Trustees, Report The tt 15 tnanagcd locally by TTUStees have lived in the area for TfLOSt of their lives and th give their serc¢S voluntsrily. They have a dcep rommitment to the preservation pmsperity of integrated local communities and v&lu¢ th¢ traditional vemacular architethre of th¢ Lak¢ District. All improvemenis are carried out syThpath¢ti¢ally. All the Trustees ¢ontittue to give & gNi de of advic¢ and practical a55iStance in the rut)ning of the Trust. The daY-laY admittistration of the Trust transferred frotn Ingalls Accountants, Kendal to H&H Land & Estatts, Kendal in Jut 2019. This change w95 necessary due to the ¢urrnt and 8nticipated futllre gro*th of the Tnjsl. The rel¢vant exp¢ri¢n¢e and expertise of H&H Land Esiates stsff has ¢nsured that the Trnst continues be managed effectively. The Trust'5 Buildings Group overse¢5 the nJaintenan¢e of th¢ propertie5 and plan5 for fith]re works, ensuring ¢omplian¢¢ with relevani legislation. Tn]5tee, John Holmes, has ably lcd ihe Group, supported by a local architet4 Stuxrt Woodhall, who manages some of the larger projects on b¢half of the Trust. Charles Flanagan, my predecessor, has also provided inv8]uable support. The Trust's Rents a1 Tcnartcy Group is respoJ)sibl¢ for setting rents, selccting new t¢nanls, undertaking rent Teview vi51t5 and en5urin8 compliaTKe with l¢gislation. Tn1¢¢, Sue Tomlin50n has ably led this Group. The Finance Group is ttsponsible for monitorithg and reviewing the financial health of the TNst. Our new trwstee. Jam¢s Law. who has his accountancy business, has provided ¢x¢ell¢nt 511PPOrt and advice and worked effectively with H&H Client Account Manager. Karen Pbilipson The Tn¢S solieitor& Temple Heeli5 have continued to provide ¢55ential legal advice. Page 5
Lakeland Housing Trust Trustees, Report Mojor risks oftht>se rii Risk management Risk management The trustees have a duty lo id¢ntify and review the H5k$ to th¢ ¢harity i5 eXsed and to ensure approprtate wntrols are in pl¢ to PTovid¢ r¢asollable asswan¢e agains¢ fraud and effor. FinaDce5 are MYaged by the fthan¢e offi¢¢r at H&H Land and Estates, Kendal and overs¢en by the Lakeland Housin8 Trust Board of Trustees. Specifi¢ oversight Tespon5ibility 5its with a trnstee who is a chartered a¢¢ountant. A 5-y¢ar financial plan is in place that is regul3xly monitored, ensuring that any UT)for¢s¢en are catered for and that addiuona] planned expendibjre is affordable and ¢ar¢fully mana8¢d. Conclusion The need for affordablc housing is as a¢uk today as it when The LtIad Housing Tn founded in 1937 1&% thc Lake County Cottage SoGitty). The Trnst is eommEtted to continuing to offtr low ¢ost rented housing - h¢lpin8 to keep villa8e5 alive and allomqng lo¢ people to live and work in the heart of the L4k¢ District. The Trust w¢l¢om¢$ the ex¢ellent support of the Westmorland & Fumess Council artsj the Lake District National Park Auihority. I am 8rdteful for the support of fellow Inre¢S and staff at H&H Lartd 2nd Estates, Kendal. Flllallclal InstrnMets Objeeiive5 andptsllcies The charity's a¢tiviti¢S ¢XFK>S¢ 1¢ to a limit¢d number of financial risks in¢luding flow risk, credit risk wjd liquidity tisk. The charity does nol us¢ derivative fllwicial instrum¢Dt5. ch]lOW Underlying annual ¢xpendi¢ur¢ is covered by rerrtal inrom¢ from let properties with &xtraordinary ¢apits] ¢xp¢nditui¢ gen¢rnlly fiLttded from a modest anniial surplus. donation$ andKor bank loans wlten rcquired. Interest aring assets and liabilities are held at a fixed rate to ensure certainry of cashflow. The charity'5 flow is monitored regularly by the Fina¢ Group and at Tnee Board mectirt8S. Credii risk The charity's principal finan¢ial ass¢ts are the PTopertics it owns, fixed t¢nn savings accounts and bank balance5. The credit risk on liquid fimds is limit¢d because the Unterpartles are banks with high Credit rdting5. charity ha5 significant ¢tsncenrration of credit risk. with exp05ur¢ $PTead over a number of COUDt¢rparties. Liguidity In Ord to ensure that 5uffitienl (unds are available for ongoing operations and d¢Yelopments, the eharity Use5 a mixture of rental income, short tern) cash inve51]nents and long lem debt finance. The charity is a150 fortunate to receive o¢¢asionai ¢ash don*ions and1¢8acy income. Further details regarding liquidity risk can be found in Note 2 of the FinaDcAal Statements. Pase 6
Lakeland Housing Trust Trustees, Report Stattment of trustees. responslblllties The trustees (who 8r¢ also the direclor5 of Lakeland Housing TNst for the purposes of ¢ompany law} ar¢ r¢sponsible for preparing th¢ tnte¢s. r¢port and the finan¢ial stements in a¢¢ordance with applicable law and United Kingdom Accounting Siandards {United Kingdom Gcnerally Accepted A¢¢ountin8 Practice), includin8 FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" The report and accounts havc been prepared in accordance with the provisions in th¢ Companies Act 2006 relating to small mpani¢s. Company law requires the trustees io prepar¢ fjnancial statements for each financial year. Under eompany law the trustees musl not approve the financial statements unless they are satisfied that they give a true and fair Yiew of the state of affairs of the charitable c4)mpafty and of the incoming r¢sour¢es and application of Tesources, including its income and expenditur¢, of the charitable company for that peri. In pr¢porin8 these financial ststements, the trusie¢s ar¢ required to.. select suitable accounting policies and apply them ¢onsist¢ntly,' obseThe the methods and principles in the Charities SORP. rnake judgements and estimates that arc reasonabl¢ and pnent. state whether applicable a¢¢ouniing slandards. comprishng FRS 102 have been follow¢d, subject to atty aterial departure5 disrlosed and explained in th¢ fina]41 slatemenis" and prepar¢ th¢ fiJ)ancia] siatements on the going concern basis unless it is inappropriate to presume that the ¢haritabl¢ company Mryll continue in busines5. The trustee5 are re5rK>n5ible for keeping proper ac¢ounting records that can disclose with reasonable a¢curacy at any time thc financial position of the charitable compat)y and et)able thern to cnsure that the finan¢ia] statements Comply with the CK)mpanies Act 2006. They are Also responsible for safeguarding the a5set5 of the charitablc Company And h¢n¢e for tsking rwonabl¢ step5 for the prevention and det¢¢tion of hud and oth¢r irregularities. Th¢ trustees are responsible for the rnaint¢nanG¢ aTkl inteIty of the corporatt and financial inforn)ation included on the charitable companls website. Legislation goveming th¢ preparation and dissemination of financial ststernents may differ from le&Y511on in other jurisdictions. Eg¢h tn]st¢¢ has taken st¢ps that they ought to have tsk¢D &% a trSlee in order to make themselves aware of any relevant audit information and io establish that the charity's audiioi is awar¢ of that inforniation. The trustees Confirn) that there is no rekvoni inforniation that they know of and of 1¢h th¢y know the auditor is unaware. Small COpanieS pfovisiDn 5ttement This report has been prepared in accorda¢ the small companies regime Lmder the Companies 2006. The Annual rep)rt was #pproved by the tru5tee5 of the charity on 28 April 2025 and signed on its behalf by.. MrCTSBatten Trnstee Page 7
Lakeland Housing Trust IndepeDdeDt Auditor'$ Report to the Members of Lakeland Housing Trust OplnioD We have audiled the financial 5thleTner of Lakeland Housing Trust (the 'charity') for the year ended 31 D¢¢¢mb¢r 2024, which comprise the Ststement of Finan¢ial A¢tivities, Balance Sheet, and Note5 to the Finan¢ial Statements, including a summary of significant a¢¢ounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Ae¢ounting Standard& comprising Charities SORP- FRS 102'The Finan¢i&l Reporting Standard applicablc in the UK and Republi¢ of Ireland, and applicable law {United Kingdom Generally Accepted A¢¢ounting Prac¢ice). In our opiniort the finantia] statements.. give a true and fair view of the State of the ctwity's affairs &$ at 31 D¢c¢mber 2024 and of its incoming T¢soU¢s and application of resource5. includin¥ its inrom¢ and ¢xpendityr¢, for the y¢gr then eT¥Jed: have beett properly prepared in accordance with United Kingdom Generally Accepted A¢wunting Practi¢e' hav¢ be¢n prpared ID accordance with the requirements of the Companies A¢1 2006. B#sis for OPIDIO We ¢ondu¢t¢d our audit in ac¢ordwe with International Standards on Auditit)g (UK) IISAS {UKI) and appli¢able law. Our responsibilities under tho$¢ standard5 are further d¢5¢ribEd in the auditor responsibilities for the audif of the financial slatem¢Dts se¢Èton of our report. We are independent of the Charity in a¢¢ordan¢e wilh the ethical requirements that are relevant to our audii of ih¢ financial statements in the UK. including the FRC'S Ethical Stsndard. aTLd the provisions available for small entities, in the circumstances set out in noie to the fancial 5tatem¢Dt5. and w¢ have fidfilled our other ethical responsibilities in accordance with these r¢quir¢m¢nts. We beli¢v¢ that th¢ audit ¢vidence we have obtsined is sutTi¢ient and aFvropriate to provide a basis for our opinion. Conclusions r¢l8tiDg to ¥olng eDntern In audititlg the financial stsiements, w¢ have concluded that the tru5te¢s use of the going ¢on¢¢rn basis of a¢¢ourtting in the preparaiiot) of ihe finan¢ia] statements is appropriate. Bas¢d on th¢ wotk we have perfornied. we Imve not identified any material uncertaintie5 relating to events or ¢onditions that, individually or collectively, may cast significaDi doubt on the charity's ability to conlinut &% a going ¢on¢¢rn for a period of at let twelve month5 from when the original financial statements were authorised for issu¢. Our responsibilities and the res]x)nsibilities of the trnte¢s with respect to going concern are described in the relevant sections of this report. Other iDlorni•tio The tru5tee5 are r¢spon5ible for the other infomjarion. Th¢ other information comprises the information included in th¢ annual report, other than the financia] 5tatefft¢]Jts wd our audLtor's report thereon. Our opinion on th¢ financial ststements does not cover tbe other infonnation and. except to th¢ ¢xtent otheNise explicitly stated in our repo¢ w¢ do not express any fonn of assurance conclusion thereon. In connectLtsTi With ow audii of the financial sthiem¢nts, our responsibility is to read th¢ othrr infomiation at, in doing 50, consider whether the other Tnformation is matcrially inconsistent with the financial ststements or our knowled8e obtained in th¢ audit OT otherwise appears to b¢ materially misstated. If we idefttify such matrri incon$isten¢i¢s or apparent material misstatements, wt are required to d¢t¢miin¢ th¢ther there is a material missts*m¢nt in th¢ fjnancial stst¢ments or a material mi55tatement of the other infomiation. If, bas¢d on the work we have perforn)¢d, w¢ ¢on¢lud¢ thai rh¢r¢ is a material mi5StateTn¢nt of this tsiher information, we ar¢ Tequired its report thai fa¢t. We have nothing to report in this regard. Pagc 8
Lakeland Housing Trust Independent Auditor's Report to the Members of Lakeland Housing Trust Oplnlon on other matter preserfbed by ¢h¢ Componies Act 21106 In our opinion, bad on th¢ work undertaken the ¢ourse of the audi¢: the inforniation givcn in the Tru5tCCs' Report for th¢ financial y¢ar for vthieh the financial Ststements are pr¢par¢d is ¢onsist¢nt with th¢ financial stakments. and the Tnjsiees. Report has been prepared in accordance with applicable legal Itquir¢metts. Mgtten OD wbirh we are required to report by ex¢epti•n In the liglrt of our knowledge and understanding of the charity and it5 environment obtained in the Course of the audiL wc have not identified matertal rllisstatements in th¢ Trnstees, Report. We have tjothing to report in r¢spect of the following mattcT5 where the Compani¢s Act 2006 requires us to report to you if, in our opinion.. adequat¢ accountin8 records have not bcen kept, or ad¢qyat¢ for our audit have not been re¢eiv¢d frorn bran¢h¢s not V15jted by us,. or the fihaneial sratements are not itt agreemenl with the 8¢countin8 T¢¢ords and returns., or certain disclosures of trustees remunerdtion spccified by law ar¢ Mot mad¢; or we have not received 211 the inforniation and explanations we r¢quiTe for our audit. Respon$ibillties of trn$te¢$ As explained more fully in the Siatement of tNstees' responsibilities Is¢t out on page 7), the trust¢u ar¢ r¢sponsible for the pr¢par4tion of th¢ fatI&l siatrments and for being satisfied they give a true and fair view, and for such inlernal control as the trustees detemine is necessary to enable the prepaiation of finart¢ial statements that are free from material mi5Statement. whether due to fraud or ¢rmr. Irt prepaTing thc financial stalements. the trustees are resp)nsibl¢ for os5es5ing the charity's ability to continue as going wnc¢rn, dis¢lg5ing, as applible, matters trelat¢d to going cowern and usin8 the 80ins ¢on¢ern basis of accounting unless the trustees either intend to liquidate the ¢harity or to ¢ee operations, or have no reiStiC alternative but to do $0. Audlt•r responslbllltles for the udl¢ of¢he fJDkiDciI ststerneDts Our obje¢tiv¢s are to obtain r¢asonabl¢ gssurance about whether t]* financial statemenls a5 i whole are free from ma¢erial mis$latem¢n( whether due to frdud or error, Ind to issue an auditOT'5 rcport that includes our opinion. Reasonable assurance is a high l¢vel of aSSurar¢. but 15 not a guaranttt that an Budit conducted in accordance with ISA$ will always d¢Tra a mat¢rial mis5taternent when it exisis. Misstat¢ments can arise from fraud or ern)r and are considered material if, individually or in the aggTegale. they Could reasonably be ¢xped¢41 tg influ¢n¢¢ the economic decisions of users taken on lh¢ basis of th¢se fllwicial statements. The extettt to which ow pn)¢edures ar¢ ¢apabl¢ of detectin8 irregularities, including fraud is detailed below. Page 9
Lak¢land Housing Trust Independent Auditor's Report to the Members of Lakeland Housing Trust W¢ id¢ntifi¢d arw of laws and r¢8ulations that could r¢asonably be expected to have a material ¢ffe¢t on the financial $tat¢ments from our experience and from discussions with management. We reviewed any related rrespondertce and r¢¢ords of trus¢e¢ m¢¢tin8S to assess cornpliance with laws and r¢gulations aT discussed the rurresjt P)51tion with mmgement. W¢ ensur¢d the audit ttam were alert for Any indications of non-compliance throughout the audit work. Th¢ charilabl¢ company is manwd by a man4ement company which reduces the risk of fraud. We assessed th¢ manag¢ment ¢ompany'$ ptsli¢i¢$ and procedures on fraud risks. No instsn¢¢s of actual, Sspected or alleged fraud were identified by us or the managiDg company in thc year. Owing to the inherent limitations of an audit. iheie is an unavoidable risk that wt may not have dete¢t¢d som¢ material misstatements in the fiaTla1 5Èatement5, even Ihough we hav¢ properly plaDtLed and perfomied our audit in a¢¢ordanc¢ wi¢h auditing standards. For example, the fiLrth¢r removed non-compliance with laws and regulations litr¢gulaTiti¢$) is from the events and tran5actiorts refle¢t¢d in th¢ financial statcmcnts, the less likely the inherentty limited procedures required by auditing standards would identify it, In addition, as wth any audit, there remained a higher risk of nond¢te¢tion of trregulariti¢s, as these may involve collusion, forgery, intentÉonal omissions. tnisr¢presentstions or ihe override of controls. We are not responstble for preventing non-¢ompl1a¢ and cannot b¢ expected tsi detect LXTrmpliaA¢e with all laws aj regulations. Use of report Th?s report is made 501ely to the CIlbIe company's ttVSte. &8 a body. in accordanct with Chapter 3 of Part 16 of th¢ Companies Act 2006. Our audit work has been undenak¢n so that we might State to the charity's trustees those matters we reqld io stsi¢ ttF them in an auditor's rewjrt wjd for no oth¢r purpose. To the fullesi exteni pemiitted by law, w¢ do not 8¢¢ept or &%sume reSnsibIlity to anyoJ]e other than the charitabl¢ company and it5 tTUSt¢¢5 a5 a body* for audit worK for this reporL or for the opinions we have forn)ed. H M Holrnes Bse FC.A (Senior Statutory Auditor) For and on behalf of Stables Thompson & Briso)e Limited, Ststutory Auditor Lother House Lomther Str¢¢1 Kehdal Cumbrig4 LA9 4DX Dats.. 17 fvl Ic Page 10
Lakeland Housing Tru$1 Statement of Financial Aclivitie5 for th¢ Year Ended 31 December 2024 ncluding Income and Expenditure Account and Statement of Total Recognised Gains and L055es) Urtrestritted fund5 TotAI 2024 Total 2023 Not¢ Intome #nd EDdowmtnts from: Donations and letieS Charitable activities Investn]ent income Other income 755,669 281,988 17.832 103.330 755.669 281.988 17,832 103.330 124,104 260.593 16,405 70,0 Totsl income 1,158.819 1,158,119 471,702 Exp¢Ddi¢vr¢ on: Rai5inB funds Charitable actiYitie5 (10.452) 1314,933) (10,452) (314,933) (6,477) {249,4791 Tothl expendittwe (325.385) 325,385) {255.9561 Net in¢tsme 833.434 833,434 215.746 Net mov¢ment in funds 833,434 833,434 215,746 Reeonciliation of funds Tothl ffijnds brought fonvard 6.673,984 6.673,984 6,458,237 Total fimds carri¢d fonvard 19 7.507.418 7.507.418 6,673,983 All of the charity'5 activities derive from cotstinuing operations during the above two periods. All funds w¢r¢ unrestricted. The fvnds breakdown ftsr 2023 1$ sknwn in not¢ 19. The note5 on pages 13 to 22 form an integral part of th¢ financial staternents. Page 11
Lakeland Housing Trust (Registration number: 10298071) Balance Sheet as at 31 Deeember 2024 2024 2023 Fixed 85sd5 Tan8Lble 8sset5 14 6.971,753 6.608,053 Current assets Debtor5 Cash at bank and in hatxl 15 63,356 864.148 8.912 800,132 16 927.504 809.044 Creditors: Amounts f&lling due withiD yeir 17 (193.151) (35291 Net current assets 734,353 773,753 Tot•1 assets less crrent 114billties 7,706.106 7.381.806 Creditor8: Amounts falling due after th*D one year 198.688} {707,8231 Net 8ssets 7,507.418 6,673,983 Funds of the eharity: Unr¢stritted ID¢ome fund$ UnrestrActed fijnds 7507418 6 673.983 Total fvnds 19 7,507.418 6.673.983 These fllwicial statements have been prepoxed in arxordan¢e with the special provisions relating to ¢ompani¢s 5ubj.ect to the small compantcs rc8im¢ within Part 15 of the Compani¢5 Act 2006. The finaDcial statements on pa8es I I to 22 were approved by the tms¢¢¢s, and auth0ri5ed foT Lssue on 28 April 2025 and signed on their behalf by= MrCTSBatten Trustee The notes on page5 13 to 22 fonn an inlegral part of these financia] statwn¢nts. Pa¥e 12
Lakeland Housing Trust Notes to Ihe Finan¢i21 Statements for the Year Ended 31 December 2024 I Cbarity $tsts3 The charity is limited by guarantee, incoTpofdted in Ettgland and Wales, and ¢onsequently does not have shthr¢ ¢apital. Each of the trustees is liable to contribute an amount exceeding £1 towards the assets of the ¢hoTity in the event of liquidation. The address of its r¢Stered otTice is= Clo H&H Land & Estas Cumbria Tourism Business Centr¢ w1nde¢re Road Stsveley LA8 9PL These fun¢]l statenwiis were auihoris¢d for is$ue by the trustee5 on 28 April 2025. 2 Aecounting policiti SummAry of significant gctouThting policies and key ac£olllltiDg estimates The prinGipal accounting poli¢ies applied in the preparation of these financial statements are set out below. These policies havc bEcn consistently appli¢d to all th¢ y¢ars presented, unles$ oth¢nvise st&t¢d. Ststement of ¢ompliADce Th¢ f]nDcial Statements have been prepared in accordance with Accouniing and Reportin8 by Chzritie5'. Ststement of Recommended Practice (applicable to charities preparing their account$ in a¢Idance with the Financial Reportin8 Standard applicable in the UK and Republic of Ircland (FRS 102)) (issued in O¢tob¢r 2019) {Charitie$ SORP (FRS 102}). the Financial Reporting Stsndard appli¢able in the UK RUbliC of Ir¢lond (FRS 102) and the Compani¢s 2006. Bxsis of preparation Lakeland Housing Trnst meets the definition of a public benefit entity under FRS 102. Assets and liabiliiies aye initially recOls¢d at histori¢al wst or transaction value unless herwISe stated in the relevant accountin¥ policy notes. The fmaDcial 5¢atements are prepared in sterling which is the functional currency of th¢ charity and rollnd to the nearest £. Going etsntern The tNstees eonsider that there are material un¢ertainti¢s ab¢)ut the ch8riWs ability to Continue &8 a goin8 n¢¢rn nor any si8nificant areas of uncertainty ihat alTect the cwing value of assets h¢ld by ihe charity. ltttome and eDdowment8 All income is reco8niscd once the charity has ¢ntiilement to the income. it 1$ probable that the in¢om¢ will be re¢¢iv¢d and th¢ amount of the income receivable ¢8n be m¢aswed r¢liably. Page 13
Lakeland Housing Trust Notes to the Financlal Ststements for the Year Ended 31 Decellbber 2024 Domadons andlegocies Donaiions ar¢ r¢¢o8ni5ed when the charity has b¢en notified in wrttittg of both the amount and settl¢m¢nt dal¢. ITh the event thai & donation is subject lo conditions that require a level of perforniae by the Charity before th¢ charÈty is entitled to the fimds, the InMe is defrrred and not re¢ognispAI ulltil either those conditions art fully me( or the fulfilment tsf ihose ¢ondiiions is wholly within th¢ ¢ontrol of the charity and it hs probable that these Conditions will be fvlfilled in the reporting period. txgacy gills ar¢ reco8niscd on a ¢a5e by w bL%is following the grant of probate when th¢ admini5tratorlexe¢ulor for th¢ ¢state h&8 cornmunicated in witin8 both the amounl and s¢ttl¢ment dale. In the event that the gift is in the forni of an asset other than ¢ash or a finon¢ial asset traded on a recognised Stock exchange, recognition is subject to th¢ Yalue of ihe gift being reliably mea5ur8ble with a degree of reasonable all[8¢Y and the ¢itl¢ ¢0 the assei having been tranSfe¢d to the ¢hority. INvesthieHtincome Dividend5 are recognised once th¢ dividend has been d¢¢lar¢d and notification has been r¢c¢iY¢d of the d2vidend Expenditure All expenditure ts recogn15ed on¢¢ there is a legal or cot)Strurtive obligatioll to that expendityre, it 15 probable s¢til¢meni is r¢quir¢d and the arnotsnt Can be measured reliably. All costs arc allocated to the appli¢oble expendits headjng that a88regate similar ¢o$ts to that cattgory. Where costs canmt be directly attributed to particular li¢adings they have bcen allo¢&d on a ba515 con515tent wilh the use of Tesources, with Centrai staff Costs allocated on th¢ basis of time spent, and d¢pre¢iation charges a]local¢d on the portion of the asset's US¢. Other supp)rt costs #re allocated based ol) the spread of sthlT¢osis. R¢thrbishment and upgrading costs to ex]stin8 properties are ¢apitalis¢d and Sho as additions to freehold prop¢Tti¢s. Genttxl repairs and maintenance ¢osts ar¢ expensed. Rdlslngjunds These are costs incurred in attra¢ting voluntary income. the moJw¢rt of inve51ments and thos¢ incurred in trading artivtti¢s that raise funds. Ch4rllAble 4clivlii Charitable expendibfft comprises those ¢osts incurred by the ¢harity the delivery of its a¢tiviii¢s and service5 ftr its benefi¢iaries. It includes both cosrs thai be allocated dI¢t1Y to su¢h activities and those of an indir¢¢i natur¢ n¢¢¢5sary to 5UPPOrt them. Covern#nce costs These include the c4)sis attriblthle tri the charity's complian¢¢ with wn5titutional and statutory requiremcnts, including audit, strate8ic management And iNst¢es meetingws and r¢imburs¢d ¢xpenses. Txatitsn The charity is considered pass the tests set out in Paragraph I S¢h¢dule 6 of the Fina¢ Ad 2010 and therefore it meets the defiTLitiOn of a ¢haritable compaTLy for UK ¢oryoraiion tax purposes. A¢¢ordingly, the charity is potentially exempt from twtion in respect of income or ¢apital gains received within categories cover¢d by Chapter 3 Part I l of the Cotpora¢ion T&x Act 2010 or Section 256 of the Taxion of Chargeable Gains A¢1 1992, to the extent that such inGome or gains arc applied exclusively to charitable purposes. Page 14
Lakeland Housing Trust Notts to the Financial Statements for Ihe Yr Ended 31 December 21J24 Tangible red gs$ets Individual fixed assets c05ting £1,000.00 or more ar¢ initially reeorded at cos( less any subsequ¢nl AUl9¢¢d depreciation and subsequent accumulated impairnieth losse& Freehold property is held at ¢4)st of purchase or value at the date of gifting and th¢ ¢ost of any improvements. No depreciation is provided on Freehold property &8, in the trustees opinion, the market value of the prop¢rties is in excess of the net book value and as such any depreciation w)uld not be material. Depreeltiou #nd 4mortistioTh Depreciation is provided on taEJgible fixed a55ets so as to Mwite off th¢ wst or valU10n. less any estimated residual value, over th¢ir ¢xp¢¢t¢d usefvl ¢¢onomie life as follows.. Agset elass Fre¢hold land and buildings Plant 0d machinery Depretialion tnethod gnd rAte Not depreciated StraIthr line over 20 y¢ars Trad¢ d¢blors Trade d¢btor5 are 4mountg due from ¢uslom¢rs for merchandise 501d or xrvires perfomi¢d in the ordinary course of business. Trade debttsrs are recognised initially at th¢ tronsartiort price. They are subsequ¢ntly m¢8suTed ?t ¥morti5¢d c05t using the etTective interest MetI)d, less prnvision for impaimieni. A provision for the impairment of trddc debtors is established when There is obje¢tiv¢ evidence the charity will not b¢ able to ¢oll¢¢t all amounts due accordins to the original tenDS of the reGciYabl¢s. C*$h gnd ei$h equivalents Cash and ¢8sh ¢quiva]ents comprise G&sh hwjd and rAII d¢posits, and other short-temi highly liquid investmenis that are r¢adtly ¢onv¢rtibl¢ ttTr a known arnount of cash and are subject to an insi8nifi¢ant risk of h•ge iti value. Trade eredttOTJ Trnde ¢r¢ditors are obligations to Pay for goods or seTViGe5 ihat have be¢Th a¢quired in the ordinary course of business from suppliers. A¢¢ounts payable are classified as current liabilities if the charity does not have art conditional righL at the end of the reporting period, to defer settlement of the creditor for at le8St twelve month5 aft¢T the reportin8 date. If there is an unconditional right to defrr settltmtnt for at least tsvelve months after the reporting date. Ihcy are prcs¢nttd &$ nonrfurrent ligbilities. Trade creditors are r¢¢ognts¢d initialty at the transaction pritt subsequently Mered at amortL5ed cost U5iThg the effective interesi method. Page 15
Lakeland Housing Trust Notes to the Finaneial Statements for the Yr Ended 31 December 2024 Borrowlngs lttterest-b¢aring borrowings aT¢ initially r¢corded at fair value, net of transa¢tion ¢ost$. Inlerest-b¢aring born)$ are subsequently Carried at amortised cost, with the difference between the proceeds, net of transa¢tion costs, and the amouttt due on r¢d¢mption being recognised as a charge to the Statement tsf Financial A¢iivities over the period of the relcvhttt Eorrowing. Inter¢ exp¢ns¢ is rewgnised on the b&sis of the ¢ffective interest method and 15 iTh¢lud¢d in interesi payable nd similar Charges. Borrowings are classifled current liabilities unless the Charity has an UllCODditional right to defer settlement of thc liability for at least twelve months after th¢ reportitt¥ date. Fwid strllcture Unre5trtcted income ful5 are 8eneral fimds that are availabl¢ for at th¢ trustets discretion furtbcrBnee of the objectives of the charity- Fin¥n¢ial instruments Cl4sslJlctsilt>M Financial assets and financial Itabilities are reColSe wheh the clwity beMe$ a party to the conira¢tual provistons of th¢ instrumeni. Financial liabili¢ies and equity instruments ore ¢lassifi¢d accordin8 to the substance of th¢ contrartual atrang¢tnent5 entered into. An ¢quity instrutnent is any ¢onira¢t that ¢vid¢sK¢s a residual interest in the assets of the charity after deductin8 all of its liabilitie5. Recognldon widmeaTurepo¢nt All financia] a55ets and liabilitie5 art initially measured al ttaiiwtion pri¢¢ (in¢ludin8 transgctioii costs). except for those fJnan¢ial assets Classified as at fair value through pfit or loss, whtch are initially measured at fair value (which is nornially the transaction price excluding traDctiOn costs), unless the aTrJngement ci)nstitut¢s a fLnancin8 transa¢tion. If an arran8¢ment con5tttutes a ftnancing transactioJ4 ihe financial osset or financial liability is meaSUd at the pr¢s¢nt valv¢ of the fvture paymen15 discounted at a market rdte of iThterest for & similar debt instrument. Financial assets attd liabilities are only offsd in the statement of financial position wh¢n, and only wh¢n th¢r¢ exists a legally enforceable right to set off the r¢¢ognised aMots and the charity int¢nds ¢ither to Settle on a net basis, or to realise the &8set and settle the liability simultaD¢ousIy. Financial assets are dere¢ognised when and only when a) the contractual rigllts to the flows from the fina]1 assd expire or Ire settl¢d, bl th¢ Charty transf¢rs to another party 5ubstsntially all of the risks and rewards of owneT5hip of the finanGial asse( or ¢) the Charity, d¢5Pit¢ havin8 retaÉned some, but not 1, signifi¢aM risks and rewards of ownership, has transferred Control of the asset ro arther party. Financial liabilities are dereco8nised only when the obligation S]fied in the contrfKt is disd)8rg¢d, un¢ell¢d or expjre5. Page 16
Lakeland HousiDg Trnst Not to the FinanciAI Statements for the Year Ended 31 December 2024 3 Ineome from doD•tion$ and l¢pti¢8 Unrestritted d$ G¢llerl Totsl 2024 2•23 Donation$ and legacies" Donations from individuals Legacies 5,069 750,000 5,669 750,000 755,669 1.664 122,440 755 069 4 llleome from thgritable activlties Unrestrlthd funds G¢n¢rl Tol#] fund$ Propcty Tentals 281,988 281,98S Tot1 for 21124 281,988 281.988 Total foT 21J23 260,593 260,593 S JDvestm¢D¢ in¢omt Unrestri¢trd TdS Gener1 Totsl Interest receivable and Similar income: IDt¢r¢$t receivable on bank deposAIs 17,832 17,832 Total for 2024 17,832 17,832 Total for 21123 16.405 16,405 6 Other ltteome Unre$tri¢¢¢d futsds General Tot41 2024 Tot41 2023 Gains on sale of tangible fixed Sets for chaTity'5 own 70,61 tnsurance proceeds 103,330 103,330 103,330 103 330 70,600 Page 17
Lakeland Housing Trust Notes to the Finan¢ial Statements for the Year Ended 31 December 2024 7 Expenditsre raiiiD% A) Costs of generAtiJhg donAtions And legaeies Unrestricted funds General Totsl tknDds Note Mark¢tin8 and publicity 10.452 10.452 Trfvtsl for 2024 10,452 10,452 Totsl for 21123 6,477 Tot1 8 Expenditure on chAritwble ctivitie5 Uttrestrleted Totsl 21124 Total 2023 General Note Property reDt*Js Local oceupancy proj¢ Financ¢ ¢osts Depre¢iation, amortisaiion at)d other similar ¢osts Gov¢man¢e ¢osts 193,990 193,990 144,395 502 47,903 54.633 54,633 767 65,543 767 65,543 767 55,912 314.933 314,933 249,479 Page 18
Lakeland Housing Trust Notes to the Finaneial Statements for the Y¢8r Ended 31 Deeember 2024 9 An4lysis of gov¢rnAJhce And support costs Governnee Costs Unrestric¢ed fullds GenerAI Tot•1 2024 Total 2023 Audit fees Audit of the financial siaiements Truste¢s remuneration and expenses Legal fees Cost of trustee meetings Management fees Tntsiees. liability insurance 5.642 859 634 5,642 859 634 5,563 .267 13 585 47,888 596 57,847 561 57,847 561 T17¢¢ exp¢n5¢s Includes a gifi to a tnte¢ on retir¢m¢ni of £1 19. 10 Net incomingloutgoing resource5 Net in¢oming resources for the year include.. 2024 2(123 Audit fee$ Profit on disposal oftangible fixed as$¢ts D¢preciation of fixed assets 5,642 5,563 {70,6001 767 767 11 Trnjttes remvntratlon expenses During the year rh¢ ¢harity made the followills transactions with truste¢s'. Mr M Tiilyer £26812023.. £791) of expenses were reimbursed to Mr M Tillyer during the year. Mr J M Holmes £395 (2023.. £476) of ¢xp¢ngs were reimbursed to Mr J M Holm¢s during the year. Mrc R A FlallyD £77 (2023.. £Nill of expenses were reimbursed io Mr C R A Flanagan during th¢ year. No trustcts, any persons ¢onne¢t¢d with them. have received any remuneration from the Charity during th¢ yc2r. No trnst¢¢5 have received atry other benefits from th¢ charity during the year. Page 19
Lakeland Housing Trust Notos to the Financial Statements for the Year Ended 31 December 2024 12 Auditon. remuLtration 2024 2023 Audit of the f¢]1 statements 5,642 5.563 13 T#tIOn The charity is a registered charity and 15 therefore exempi from taxation. 14 Tangibl¢ fixed assets Land buildings Furnithrt And equipment Totil Cost At l January 2024 Additions 6,593.489 364,467 15,331 6.608,820 364.467 At 31 December 2024 6,957,956 15,331 6,973,287 DepreciatlOD At l January 2024 Charge for the year At 31 December 2024 767 767 767 767 1,534 1,534 Nel book value At 31 December 2024 6,957,956 13,797 6,971,753 At 31 December 2023 6,593.489 14,564 6,608,053 15 Debtors 2024 2023 Trade debtor5 Prepayments Othcr debtor5 4.988 7,088 51,280 3,575 5,337 63.356 16 C$8b Ind ¢g$h ¢quivalents 2024 21123 Cash at bank Short-t¢m) deposits 76,914 787234 10,873 789 259 864.148 800.132 P#g¢ 20
Lakeland Housing Trust Not to the Financial Statements for the Y¢ar Ended 31 December 2024 17 Creditors: falliDg due witbin o*¢ yeAr 2024 2023 Bank loans Trdde creditots Accrnals 7.536 176,159 9,456 16,0¢)0 10.291 9.000 35 193,151 91 credir$ due within one y¢ar include5 the following liabiliti¢s, on which security ha5 b¢M given by the charity.. 2024 2023 Bank 108n 7,536 18 Creditors: Amounts falling due 4ft¢T one year 24 2023 Bank loans 198,688 707,823 credIr$ amounts falling due after mre than on¢ y¢ar includes the following liabilities, on whi¢h security Itss been given by the charity.. 2K4 2023 Bank loan 198 688 Included in th¢ creditors are the following amounts due after more than five years.. 2024 2023 After more than five y¢8fS by instslment$ 168,544 633.823 Btrrrnwiny du¢ after five yeArs The bank loan is Secured seven of the properties owned by the Twst. The loan 15 limited 10 £750.000 of which £750,000 was drawn dowm by the year end. The loan is to be repaid over 264 months from 8 Mwch 2022 with interest ch8rged at 2.50/0 pa over th¢ Bank of England base rate with a minimum iDt¢r¢st rate of 2.5V•pa. The firm 24 month5 were on aD Inter only IMSIS. 19 Funds B41gn¢¢ •t 31 December 21124 BAlaDce at I Janu8ry 2(124 Incomlng resources Resourees txp¢nded Unrestrkttd funds General 6,673.984 1,158.819 {325.385} 7,507,418 Page21
Lakeland Housing Trust Notes to the Finanelal Statsmellts for ihe Year Ended 31 December 2024 Blan£e at JI Deeember 2023 Bl*net At I January 21123 ResouMe8 txptndtd resou¢5 Unr¢J¢ricted funds General 6 458 237 471702 255 956 6 673 983 20 Analysis of net ass•ts between Thd9 Unrestricted fuDd$ Generwl TotAI funds at 31 De¢ember 2024 Tan8ibl¢ rtxed ass¢ts Current assets Current liabilitie5 Crcditor5 over l year Total nei assets 6,971,753 927.504 6,971,753 927.504 1193,151) 1198.688) (198.688) 7,507.418 7,507.418 iJnre8trttted funds GeDeral Totsl funds at 31 D¢cember 2023 Tangible fixed assets Cutr¢nt a55¢ts Current liabilities Creditors over l year 6.608,053 809.044 135,2911 707,823) 6.608,053 809.044 (35.291) 707,823 Total net asset$ 6,673,983 6,673,983 21 Related party trall8adioDS DuTin8 th¢ yeoT the Charity mad¢ th¢ following r¢lat¢d paty transaction5.' S Woodall S Woodall is a twste¢ and aiso do¢s work for the charity under the name of Green Swallow. S Woodall does the work under the name of his ¢ompany Gr¢¢n Swallow. He contribute5 a great deal of tilne voluntsrily to the w)rk of the charity and only charges for specifi¢ and ne¢¢ss8ry work proj¢¢ts. Th¢ anN)unt5 involved were £1,200 in 2024 and £2,920 itt 2023.. At the ba]an¢e dale the amount due knlfrom S Woodall was £Nil12023- £Nil). Page 22
Lakeland Housing Trnst Detailed Statement of Financial Activities for the Year Ended 31 December 2024 Total 2024 To¢*1 2023 JTheomt Endowment$ frorn: Donations and legacies {analysed bek>w) Charitsble activities (analysed b¢low) Investment income {analysed 10> Other in¢om¢ (¥nalys¢d below) 755.669 281,988 17.832 103 J30 124,104 260,593 16,405 70,600 Total income 1,158,819 471.702 Expeudtture on: Raistng fvnds (analysed below) Charitable a¢tiviti¢s (analysed below) 110,452) (314,933} (6,477) {249,479) Total expenditwe (325 J85) (255,956) N¢t income 833.434 215,746 Net rnovement ill fvnds 833,434 215.746 ReeonciliA¢ion of funds Total funds brought forward 6,673,984 6.458,237 Total funds catTied forward 7,507,418 6.673,983 This page does not fom p&rt of th¢ slatutory fittancial statements. Page 23
Lakeland Housing Trust D¢tail¢d Statement of Finaneial Activities for the Year Ended 31 December 2024 Total 2024 21123 Don&tions &ndlegA¢ies Legacies and bcque5ts Appeals and donatiODS 750,000 5,669 122.440 1,664 755,669 124,104 Charltoble l£tting of n-in¥¢51M¢fftt prortY in furtherance of the chaTity'S object$ 281,988 260,593 281.988 260,593 Inknest on cash d¢p05its 17,832 16,405 17,832 16,405 Other iftcome Gains on sal¢ of tan8ibl¢ fixed a55ets for charity's own use Other inc4)m¢ 70.600 103,330 103,330 70,600 Adv¢rtising (10,452) {6,477) 10.452 {6,477) Charit4ble 4divili¢s Rates and property expenses IATrcal oc¢upancy project InsuratKe Repairs and maintenance Legal and profr5sional fees (property) Bank Charges Loan inl¢r¢st Depreciation of plant and machinery The audit of the ¢haritys annual aoUnts Trustee expense5 Cost of trnstee me¢iillgs Management fee5 Tnte¢s. liobility insuranc¢ L¢gal and professional fees (10.052) (7.046) (5021 114,717} 1117,677} (4,955) (2261 (47.677) (767) (5.563) (1,2671 (585) {47,888) (596) 13 (19,729) (158,171} (6.038) (181) (54.452) (767) 15,642) {859) (57.847} {561) {634 314,933 249,479 This page does not form part of the statutory financial statements. Pag¢ 24
STABLESTHOMPSON & BRISCOE www.stb-accouniants.co.uk 28 April 2025 The Trustees Lakeland Housin8 Trust Cumbria Tourism Business Centre Windem)ere Road Staveley Cumbria LA8 9PL Dear Sirs, REPORT TO MANAGEMENT During the course of our audit for the year ended 31 Dember 2024 only one matter arose which we consider should be brought to your attention. Accompanylng thls letter Is a memorandum notin8 this point together with any recommendations we have for possible improvements whlch could be made. This matter came to light durin8 the course of our normal audit tests which are designed to assist 115 in ftsiming our opinion on the financial ststements. Our tests may not necessarily disclose all elrors or irregularitie5 and should not be relied upon to do so. However, if any irregularity did come to our attention durin8 our audit tests, we would, of course, inform you immediatety. We would be grateful if you tould enter managemenys comments against each point under the 'managÈment response. column of the memorandum and return it to U5 due course. We have complied with the Financial Reporting Council's Ethical Standard and all threats to our independence, as identified to you, have been properly addressed through appiopriate safeguards. No additional lacts or matters have arisen during the course o( the audit that we Wish to draw to your attention and we confirm that we are independent and able io express an obiective oplnion on the financlal ststemenis. This report has been prepared for the sole use of the trustees of Lakeland Housing Trust and must not be shown to third parties without OLJr prior consent. No respon51bilities are accepted by Siables Thomp50n & Briscoe towards any party acting or refraining from action 35 a result of thi5 report. Finallyi we would like to expres5 our thanks to all members of the charity's staff who assisted us in carryin8 Out our work. Yours faithfully, Lowlher 14ouse, Lrjwihei Slreei. Kendal. Cumbrid LA9 4DX Tel..1015391720465 Email: enqU4riefis(b-acc(nIanlS.Co.Uk Unil 27. Cuml)erland H(>u, KirkFty Stephen BUSI$£ Park. Si Luke.'5 Road. Kirkby Siephen, Cuml>ria CAI 7 4HT Tel.. 1017683171272 Email.. kirkbyQ5tb-acLf)uritant5.co.uk SthknTtrKpmp4in & Ud-fvSjwed knKlarrtl.Cc)aity 6J)961lTr ReBVAetth lif¥- LIAlhLY F*xw.. IThKlwSirwL Kprthl. fumhlia [A?)x
SIGNIFICANT N14TfERS RELEVENTTO OURAVClff FOR THEYE4R ENDED31 DECEMBER XQ4 Audh Pwroach Ourgeneral audlt approach was detennlned by our assessment of the audlt both In terms of the potential misststement In the finandal $tstements and ofthècontrol •nvironmeTrt In whkh the tharitabl• cornpanyoperaie To summarl% ourapproach, we. updated our under51andlng ofthe bu$lness and Its IronMent. reviewed the desi8n and implementation of key Intemal Ilnanclal control systems; and planned and perfornied an audit with professional sceptlclsm recognlslng that circumstances mayexist that causethe flnancial slatements to be materialty mi55tated. Slgnlficant rfsks arfse on mostaudlts and are often derived from bu$lnes$ rlsks that rnay result In a material misstatemen¢ relate to unusual transactlons that occur Infrequentty, or ludsemental rnatters where measurement is uncertain. In areas where we Identlfied the ential for signlfSeant rlsl we extended our audit testinE to Indude more detalled substantivework. Ourwork In other areas wa5 proportlonally less. We appty the concept of materlallty both In plannlngand performln8 the audlL and in evaluating the effertof identlfied mlsstatements on the auditand of uncorTetted rni5Statement> In general, misstatements, Ineludlng omlssions, are consldered to be material rf. ij)dNidualty or In the aggregate, they could reasonabfy be expected to Influence the economlc decislons of users tken on the bas15 of the flnancial statements. ludBments about materlallty are made In the Ilght of $urroundlng clrcumstsnces and are affected by our perception of the flnanclal Infomiation needs of users of the financlal $tstements, and by the size or nature of a misststement or a combination of both. TheTewere no changes to ouraudit approach as thscussed at our meetin& Summary ol ¥18nlfkantaudltflndlngs Nothing has been noted Intemal contro15 The purpose ofthe audit was for u$ to expws an opinton on the financlal statements. The audit included consideration of Internal controls relevant to the preparatSon of the financTal statements In order to deslgn aud6t procedures that are approprfate in the clrcumslance but not for the purpose of expresslns an oplnlon on the effectiveness of internal control. Our audit is, therefore, not designed to ldenfy all control weaknesses and the matters reported below are limited to those deficiencie5 thatwe have identlfied durFn8 the audit.
Control weakness Identlfled Potentlal hMplkatJon$an recommendatlons Management re4>ons• Prccedurns at H&H referto Landmark software rathev than QuickBooks. Small Imue though itcould Imply that contro15 are not up to date and may mlss key procedures. Summary ofaudlt dlfferences and draft letter of rq)MsentathJn The unadjusted misstatements were notcon5idered be materfal and are Ilsted In the letter ol Tepresentstlon. We have sentthe letter of management represeJ)tstloTrs requlrnd In connectlon wlth our audft separatety foryour approval. Outstandh¥ Matter5 Prlor to issuin8 ouraudit reFX>rtwe requlr the si8ned letterof rep¥esentatlon Antldpat*l audlt report We antklpate that we wlll ISS an unmodlfied audh Teport for the year, subiect to the satislactory cEearance of ary outstand5nglunresolved the matters outlined In this reporL