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 A￿AItOr
LO￿¢r House
Lowth¢r Str¢¢t
Kenda]
Cumbria
LA9 4DX

Lakeland Housing Trust
Contents
Reference and Administrative Details
Tn￿¢£$. Report
2to7
I￿lePendent A￿lItorS. 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 NuM￿r
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$iDg Trust
Trustees, Report
Th¢ trusle¢5. who are directors for the pu￿0$¢$ of company law. present th¢ annual re￿￿rt 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¢CordaT￿t 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 FinA￿la1 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. cU￿￿t 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 st￿1fiCantIY 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 Vol￿te¢rS and provide esseniial a￿1¢¢ 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 C￿n 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 0￿r
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
i￿lude.
Grandy Nook (KEndalJ - ex￿rnaL ￿￿rkS w¢r¢ finished and all 6 apartments are now occupied. It was not
possible to proceed with building redev¢lopment platLS for the S￿￿1 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¢futt*ished 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 s￿art 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 vOl￿tary board MeMb￿S. 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 b*ck8round 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 grate￿1 for ¢ach and ¢v¢ry on¢ as it helps us lo contin￿llY 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 1￿creaSe 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 Compl￿ed
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¢$tri¢ted expenditure. Thi5 pfovldes sufficient fvnds to cover management and administration wsts and to
respond to emergency ¢Jpitsl ¢xp¢nditure which can arise from lime w tim¢.
Free re5crvc5 at the yetr ertd were £535.665 {2023- £65,391). This 15 equivalent to 20 months runnin8 costs and
is largely thic to the 8ener0115 legacy received during the year.
The Finance Gri)up regularly T¢vi¢ws th¢ finoncial position of th¢ Twst- ensuring that there are sufficient funds
eover ¢urrent and planned future ¢xp¢nditure, whilst also cnsuring that there is sufficieIit surplus for the
repayment of its borrowings.
Further inforn)ation in relation to anticipated financial issues is detsil¢d under Tlltu￿ Plans,.
Princip￿1￿￿￿1￿8S￿￿rc
The principal funding sources for the ¢lMrity are the renthls o￿ained from the properties and lewies.
S¢rntthr< governaTh¢¢ *Dd ￿%￿gement
olgov¢rning documellt
The Charity is ¢ontrolled by its governing document. a deed of trust, and ¢onstitules a limited company, limited
by 8uardntec. a5 defLtJed by the Compani¢s Act 2006.
R¢cruitni¢iii rtrtd4pp¢MNlpnent rpftru.fie¢
New trustees are nominated and appointed by the existing tn￿ttes.
Inthclioft dttdirnlning oftrwle
New In￿1¢¢$ ar¢ Selected based on theiT skills and knowledge of our local coM￿nitieS ensuring ihat the Tn￿t
alw*ys has trusiees with ¢xperience in financial and property management. New tru5t¢e& are provided with
copies of previous Board meering minut¢s, Inforn￿lion 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 t￿￿t 15 tnanagcd locally by TTUStees have lived in the area for TfLOSt of their lives and th give their
ser￿c¢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 Ju￿t 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 a￿1 Tcnartcy Group is respoJ)sibl¢ for setting rents, selccting new t¢nanls, undertaking rent
Teview vi51t5 and en5urin8 compliaTKe with l¢gislation. Tn￿1¢¢, 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 eX￿sed and to ensure
approprtate wntrols are in pl￿¢ to PTovid¢ r¢asollable asswan¢e agains¢ fraud and effor.
FinaDce5 are MY￿aged 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 L￿tIa￿d 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 In￿re¢S and staff at H&H Lartd 2nd Estates, Kendal.
Flllallclal InstrnMe￿ts
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.
c￿h]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 Tn￿ee 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¢ tn￿te¢s. r¢port and the finan¢ial st*ements 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 pn￿ent.
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 inte￿Ity 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&Y51￿1on in other jurisdictions.
Eg¢h tn]st¢¢ has taken st¢ps that they ought to have tsk¢D &% a tr￿Slee 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 CO￿panieS pfovisiDn 5t*tement
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
f￿ancial 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 le￿t twelve month5 from when the original financial statements were authorised
for issu¢.
Our responsibilities and the res]x)nsibilities of the trn￿te¢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, ba￿d 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¢ f￿a￿tI&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 appli￿ble, 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 ¢e￿e operations, or have no re￿iStiC
alternative but to do $0.
Audlt•r responslbllltles for the *udl¢ of¢he fJDkiDci*I ststerneDts
Our obje¢tiv¢s are to obtain r¢asonabl¢ gssurance about whether t]* financial statemenls a5 i whole are free
from ma¢erial mis$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, S￿spected 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 fi￿aT￿la1 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 a￿j regulations.
Use of report
Th?s report is made 501ely to the CI￿l￿bIe 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 req￿l￿d 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 reS￿nsibIlity 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$1
Statement of Financial Aclivitie5 for th¢ Year Ended 31 December 2024
ncluding Income and Expenditure Account and Statement of Total Recognised Gains
and L055es)
Urtrestritted
fund5
TotAI
2024
Total
2023
Not¢
Intome #nd EDdowmtnts from:
Donations and le￿tieS
Charitable activities
Investn]ent income
Other income
755,669
281,988
17.832
103.330
755.669
281.988
17,832
103.330
124,104
260.593
16,405
70,0￿
Totsl income
1,158.819
1,158,119
471,702
Exp¢Ddi¢vr¢ on:
Rai5inB funds
Charitable actiYitie5
(10.452)
1314,933)
(10,452)
(314,933)
(6,477)
{249,4791
Tothl expendittwe
(325.385)
325,385)
{255.9561
Net in¢tsme
833.434
833,434
215.746
Net mov¢ment in funds
833,434
833,434
215,746
Reeonciliation of funds
Tothl ffijnds brought fonvard
6.673,984
6.673,984
6,458,237
Total fimds carri¢d fonvard
19
7.507.418
7.507.418
6,673,983
All of the charity'5 activities derive from cotstinuing operations during the above two periods. All funds w¢r¢
unrestricted.
The fvnds breakdown ftsr 2023 1$ 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 c￿rrent 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 $tsts3
The charity is limited by guarantee, incoTpofdted in Ettgland and Wales, and ¢onsequently does not have shthr¢
¢apital. Each of the trustees is liable to contribute an amount exceeding £1 towards the assets of the ¢hoTity
in the event of liquidation.
The address of its r¢￿Stered otTice is=
Clo H&H Land & Esta*s
Cumbria Tourism Business Centr¢
w1nde￿¢re Road
Stsveley
LA8 9PL
These fu￿n¢]￿l statenwiis were auihoris¢d for is$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]n*Dcial 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 R￿UbliC 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 recO￿ls¢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 perfornia￿e by the Charity before th¢
charÈty is entitled to the fimds, the In￿Me 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
a￿ll[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
ft*r 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.
T*xatitsn
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 Tax*ion 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 Y￿r Ended 31 December 21J24
Tangible r￿ed gs$ets
Individual fixed assets c05ting £1,000.00 or more ar¢ initially reeorded at cos( less any subsequ¢nl A￿￿￿Ul9¢¢d
depreciation and subsequent accumulated impairnieth losse&
Freehold property is held at ¢4)st of purchase or value at the date of gifting and th¢ ¢ost of any improvements.
No depreciation is provided on Freehold property &8, in the trustees opinion, the market value of the prop¢rties
is in excess of the net book value and as such any depreciation w)uld not be material.
Depreel*tiou #nd 4mortis*tioTh
Depreciation is provided on taEJgible fixed a55ets so as to Mwite off th¢ wst or valU￿10n. less any estimated
residual value, over th¢ir ¢xp¢¢t¢d usefvl ¢¢onomie life as follows..
Agset elass
Fre¢hold land and buildings
Plant 0￿d machinery
Depretialion tnethod gnd rAte
Not depreciated
StraI￿thr line over 20 y¢ars
Trad¢ d¢blors
Trade d¢btor5 are 4mountg due from ¢uslom¢rs for merchandise 501d or xrvires perfomi¢d in the ordinary
course of business.
Trade debttsrs are recognised initially at th¢ tronsartiort price. They are subsequ¢ntly m¢8suTed ?t ¥morti5¢d c05t
using the etTective interest MetI￿)d, less prnvision for impaimieni. A provision for the impairment of trddc
debtors is established when There is obje¢tiv¢ evidence the charity will not b¢ able to ¢oll¢¢t all amounts due
accordins to the original tenDS of the reGciYabl¢s.
C*$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 Me￿￿red at amortL5ed cost
U5iThg the effective interesi method.
Page 15

Lakeland Housing Trust
Notes to the Finaneial Statements for the Y￿r 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 ful￿5 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 reCo￿lSe￿ wheh the clwity be￿Me$ 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 p￿fit or loss, whtch are initially measured at fair
value (which is nornially the transaction price excluding traD￿ctiOn 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 meaSU￿d 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 aMo￿ts 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 ar￿ther 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¢ller*l
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¢r*l
Tol#]
fund$
Propcty Tentals
281,988
281,98S
Tot*1 for 21124
281,988
281.988
Total foT 21J23
260,593
260,593
S JDvestm¢D¢ in¢omt
Unrestri¢trd
T￿￿dS
Gener*1
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
Tot*1
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
Govern*nee 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 tn￿te¢ 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 Flall*yD
£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
credi￿r$ 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
2￿4
2023
Bank loans
198,688
707,823
credI￿r$ 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
B*lan£e at JI
Deeember
2023
B*l*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 Th￿d9
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 pro￿rtY 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 a￿oUnts
Trustee expense5
Cost of trnstee me¢iillgs
Management fee5
Tn￿te¢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 A￿AItOr
LO￿¢r House
Lowth¢r Str¢¢t
Kenda]
Cumbria
LA9 4DX

Lakeland Housing Trust
Contents
Reference and Administrative Details
Tn￿¢£$. Report
2to7
I￿lePendent A￿lItorS. 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 NuM￿r
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$iDg Trust
Trustees, Report
Th¢ trusle¢5. who are directors for the pu￿0$¢$ of company law. present th¢ annual re￿￿rt 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¢CordaT￿t 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 FinA￿la1 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. cU￿￿t 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 st￿1fiCantIY 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 Vol￿te¢rS and provide esseniial a￿1¢¢ 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 C￿n 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 0￿r
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
i￿lude.
Grandy Nook (KEndalJ - ex￿rnaL ￿￿rkS w¢r¢ finished and all 6 apartments are now occupied. It was not
possible to proceed with building redev¢lopment platLS for the S￿￿1 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¢futt*ished 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 s￿art 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 vOl￿tary board MeMb￿S. 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 b*ck8round 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 grate￿1 for ¢ach and ¢v¢ry on¢ as it helps us lo contin￿llY 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 1￿creaSe 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 Compl￿ed
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¢$tri¢ted expenditure. Thi5 pfovldes sufficient fvnds to cover management and administration wsts and to
respond to emergency ¢Jpitsl ¢xp¢nditure which can arise from lime w tim¢.
Free re5crvc5 at the yetr ertd were £535.665 {2023- £65,391). This 15 equivalent to 20 months runnin8 costs and
is largely thic to the 8ener0115 legacy received during the year.
The Finance Gri)up regularly T¢vi¢ws th¢ finoncial position of th¢ Twst- ensuring that there are sufficient funds
eover ¢urrent and planned future ¢xp¢nditure, whilst also cnsuring that there is sufficieIit surplus for the
repayment of its borrowings.
Further inforn)ation in relation to anticipated financial issues is detsil¢d under Tlltu￿ Plans,.
Princip￿1￿￿￿1￿8S￿￿rc
The principal funding sources for the ¢lMrity are the renthls o￿ained from the properties and lewies.
S¢rntthr< governaTh¢¢ *Dd ￿%￿gement
olgov¢rning documellt
The Charity is ¢ontrolled by its governing document. a deed of trust, and ¢onstitules a limited company, limited
by 8uardntec. a5 defLtJed by the Compani¢s Act 2006.
R¢cruitni¢iii rtrtd4pp¢MNlpnent rpftru.fie¢
New trustees are nominated and appointed by the existing tn￿ttes.
Inthclioft dttdirnlning oftrwle
New In￿1¢¢$ ar¢ Selected based on theiT skills and knowledge of our local coM￿nitieS ensuring ihat the Tn￿t
alw*ys has trusiees with ¢xperience in financial and property management. New tru5t¢e& are provided with
copies of previous Board meering minut¢s, Inforn￿lion 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 t￿￿t 15 tnanagcd locally by TTUStees have lived in the area for TfLOSt of their lives and th give their
ser￿c¢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 Ju￿t 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 a￿1 Tcnartcy Group is respoJ)sibl¢ for setting rents, selccting new t¢nanls, undertaking rent
Teview vi51t5 and en5urin8 compliaTKe with l¢gislation. Tn￿1¢¢, 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 eX￿sed and to ensure
approprtate wntrols are in pl￿¢ to PTovid¢ r¢asollable asswan¢e agains¢ fraud and effor.
FinaDce5 are MY￿aged 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 L￿tIa￿d 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 In￿re¢S and staff at H&H Lartd 2nd Estates, Kendal.
Flllallclal InstrnMe￿ts
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.
c￿h]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 Tn￿ee 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¢ tn￿te¢s. r¢port and the finan¢ial st*ements 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 pn￿ent.
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 inte￿Ity 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&Y51￿1on in other jurisdictions.
Eg¢h tn]st¢¢ has taken st¢ps that they ought to have tsk¢D &% a tr￿Slee 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 CO￿panieS pfovisiDn 5t*tement
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
f￿ancial 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 le￿t twelve month5 from when the original financial statements were authorised
for issu¢.
Our responsibilities and the res]x)nsibilities of the trn￿te¢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, ba￿d 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¢ f￿a￿tI&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 appli￿ble, 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 ¢e￿e operations, or have no re￿iStiC
alternative but to do $0.
Audlt•r responslbllltles for the *udl¢ of¢he fJDkiDci*I ststerneDts
Our obje¢tiv¢s are to obtain r¢asonabl¢ gssurance about whether t]* financial statemenls a5 i whole are free
from ma¢erial mis$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, S￿spected 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 fi￿aT￿la1 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 a￿j regulations.
Use of report
Th?s report is made 501ely to the CI￿l￿bIe 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 req￿l￿d 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 reS￿nsibIlity 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$1
Statement of Financial Aclivitie5 for th¢ Year Ended 31 December 2024
ncluding Income and Expenditure Account and Statement of Total Recognised Gains
and L055es)
Urtrestritted
fund5
TotAI
2024
Total
2023
Not¢
Intome #nd EDdowmtnts from:
Donations and le￿tieS
Charitable activities
Investn]ent income
Other income
755,669
281,988
17.832
103.330
755.669
281.988
17,832
103.330
124,104
260.593
16,405
70,0￿
Totsl income
1,158.819
1,158,119
471,702
Exp¢Ddi¢vr¢ on:
Rai5inB funds
Charitable actiYitie5
(10.452)
1314,933)
(10,452)
(314,933)
(6,477)
{249,4791
Tothl expendittwe
(325.385)
325,385)
{255.9561
Net in¢tsme
833.434
833,434
215.746
Net mov¢ment in funds
833,434
833,434
215,746
Reeonciliation of funds
Tothl ffijnds brought fonvard
6.673,984
6.673,984
6,458,237
Total fimds carri¢d fonvard
19
7.507.418
7.507.418
6,673,983
All of the charity'5 activities derive from cotstinuing operations during the above two periods. All funds w¢r¢
unrestricted.
The fvnds breakdown ftsr 2023 1$ 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 c￿rrent 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 $tsts3
The charity is limited by guarantee, incoTpofdted in Ettgland and Wales, and ¢onsequently does not have shthr¢
¢apital. Each of the trustees is liable to contribute an amount exceeding £1 towards the assets of the ¢hoTity
in the event of liquidation.
The address of its r¢￿Stered otTice is=
Clo H&H Land & Esta*s
Cumbria Tourism Business Centr¢
w1nde￿¢re Road
Stsveley
LA8 9PL
These fu￿n¢]￿l statenwiis were auihoris¢d for is$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]n*Dcial 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 R￿UbliC 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 recO￿ls¢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 perfornia￿e by the Charity before th¢
charÈty is entitled to the fimds, the In￿Me 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
a￿ll[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
ft*r 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.
T*xatitsn
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 Tax*ion 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 Y￿r Ended 31 December 21J24
Tangible r￿ed gs$ets
Individual fixed assets c05ting £1,000.00 or more ar¢ initially reeorded at cos( less any subsequ¢nl A￿￿￿Ul9¢¢d
depreciation and subsequent accumulated impairnieth losse&
Freehold property is held at ¢4)st of purchase or value at the date of gifting and th¢ ¢ost of any improvements.
No depreciation is provided on Freehold property &8, in the trustees opinion, the market value of the prop¢rties
is in excess of the net book value and as such any depreciation w)uld not be material.
Depreel*tiou #nd 4mortis*tioTh
Depreciation is provided on taEJgible fixed a55ets so as to Mwite off th¢ wst or valU￿10n. less any estimated
residual value, over th¢ir ¢xp¢¢t¢d usefvl ¢¢onomie life as follows..
Agset elass
Fre¢hold land and buildings
Plant 0￿d machinery
Depretialion tnethod gnd rAte
Not depreciated
StraI￿thr line over 20 y¢ars
Trad¢ d¢blors
Trade d¢btor5 are 4mountg due from ¢uslom¢rs for merchandise 501d or xrvires perfomi¢d in the ordinary
course of business.
Trade debttsrs are recognised initially at th¢ tronsartiort price. They are subsequ¢ntly m¢8suTed ?t ¥morti5¢d c05t
using the etTective interest MetI￿)d, less prnvision for impaimieni. A provision for the impairment of trddc
debtors is established when There is obje¢tiv¢ evidence the charity will not b¢ able to ¢oll¢¢t all amounts due
accordins to the original tenDS of the reGciYabl¢s.
C*$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 Me￿￿red at amortL5ed cost
U5iThg the effective interesi method.
Page 15

Lakeland Housing Trust
Notes to the Finaneial Statements for the Y￿r 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 ful￿5 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 reCo￿lSe￿ wheh the clwity be￿Me$ 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 p￿fit or loss, whtch are initially measured at fair
value (which is nornially the transaction price excluding traD￿ctiOn 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 meaSU￿d 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 aMo￿ts 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 ar￿ther 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¢ller*l
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¢r*l
Tol#]
fund$
Propcty Tentals
281,988
281,98S
Tot*1 for 21124
281,988
281.988
Total foT 21J23
260,593
260,593
S JDvestm¢D¢ in¢omt
Unrestri¢trd
T￿￿dS
Gener*1
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
Tot*1
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
Govern*nee 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 tn￿te¢ 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 Flall*yD
£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
credi￿r$ 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
2￿4
2023
Bank loans
198,688
707,823
credI￿r$ 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
B*lan£e at JI
Deeember
2023
B*l*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 Th￿d9
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 pro￿rtY 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 a￿oUnts
Trustee expense5
Cost of trnstee me¢iillgs
Management fee5
Tn￿te¢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 De￿mber 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: enqU4riefi*s(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-fv*Sjwed knKlarrtl.Cc￿)aity 6J)961lTr ReBVAetth lif￿¥- LIA*lhLY 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 t*ken 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 lden￿fy 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