2022-03-31-accounts

REGISTERED COMPANY NUMBER: 02842017 (England and Wales) REGISTERED CHARITY NUMBER: 1040577

Report of the Trustees and

Financial Statements for the Year Ended 31 March 2022

for

The Cambridge Pringle Group A Company Limited by Guarantee

Lanham and Company Limited Statutory Auditors & Chartered Accountants 9 Great Chesterford Court London Road Great Chesterford Essex CB10 1PF

The Cambridge Pringle Group A Company Limited by Guarantee

Contents of the Financial Statements for the Year Ended 31 March 2022

		Page
Report of the Trustees	1	to	9
Report of the Independent Auditors	10	to	12
Statement of Financial Activities		13
Balance Sheet	14	to	15
Cash Flow Statement		16
Notes to the Cash Flow Statement		17
Notes to the Financial Statements	18	to	33
Detailed Statement of Financial Activities	34	to	35

The Cambridge Pringle Group A Company Limited by Guarantee

Report of the Trustees for the Year Ended 31 March 2022

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Principal Activity - provision of housing and its intensive management

The objects of The Cambridge Pringle Group are set out in its Memorandum of Association amended in 2016. The objects are now "to help and guide primarily users of and those needing to use mental health and learning disability services and secondarily those with related social care needs to live more independently by providing well managed economic housing with co-ordinated support by qualified people or ensuring the provision of such support by liaison with other organisations in Cambridgeshire and the Anglian region or such other facilities as the Trustees shall decide".

Principal activities and aims

The Cambridge Pringle Group (hereafter ‘the Charity’ or ‘CPG’) is a Charitable company. We have continued to deliver and slightly expand during the year 2021-22 the much-needed services for the residents of our properties in three areas of Cambridge, Haverhill, and Ely; recently we have further expanded our service areas to include Mildenhall. Our strategies and main activities towards the achievement of the Charity's objectives are described in the following paragraphs together with the rationale for our approach to the main activities involved.

Our principal activity, and strategic purpose, is the provision, management, and maintenance of housing on an intensive basis for our service users. We believe that for the people who are our residents, a supportive landlord can provide the best combination of good quality accommodation services and help with the wide variety of problems which residents encounter in the course of their lives with their particular needs. It requires a detailed, professional, supportive and patient approach from our staff, which is well beyond that of an ordinary landlord, as well as extra property maintenance and renewal works. We are exempt from the Local Housing allowance caps and able to operate under Housing Benefit Regulations as a specialist provider and not be assessed under the Housing Allowance element of Universal Credit. This exemplifies our intensive approach which, in many cases, also complements the services of support workers funded by local authorities for those residents who qualify for them. For a minority who, for differing reasons have not so qualified, we are able to apply non-housing benefit funds to help them. If we were a normal commercial landlord, our maintenance costs would be less and our staff costs would be much less. Overall, as an ordinary commercial landlord, our rents could be less than half our actual rents. Of our 9 staff, all except 2 work in direct contact with residents; this is equivalent to approximately 85% of our full time equivalent staff.

We attach great importance to understanding our residents in terms of the reasons why they wish to use our services, type of housing needs, length of stay with us, their feedback on our services, why they leave and what they move on to do. Furthermore, we aim to assess progress of our residents towards realistic potential outcomes in terms of the social impact of our services during their stay with us.

Our measurement and criteria of success are, firstly, numerical in terms of bed spaces, 58 in year 2020-21 and 63 in year 2021-22, and the percentage occupancy rate, which varies around 97%. This shows the need for our services and the desire to use them. Further measures include analysis of leavers. This must have strong regard to the reasons for different types of residents being with us. Success for them means staying with us for as long as they remain stable and reasonably content; some have stayed with us for 20 years. A quite different example is the young person with a traumatic background. Success for them might be, getting a job, being able to come off public benefits and move to a rented flat of their own or sharing. They normally stay 1 to 3 years. These factors are referred to in the Achievements and Performance section.

As well as the wide range of our activities, we have two development aims. One is to continuously improve the quality of our services, and the other is to expand the charitable activities of CPG to increase the number of bed spaces we offer, support a larger number of users, and widen the range of residents’ needs that we can accommodate. Improving the quality of services is in accord with the aim and mission of the charity and is seen partly as a way of achieving the second priority of expansion. We aim to provide a high standard of housing and to keep them well maintained. Working within our annual budget is an important factor for successfully managing our activities.

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The Cambridge Pringle Group

A Company Limited by Guarantee

Report of the Trustees for the Year Ended 31 March 2022

OBJECTIVES AND ACTIVITIES

Public benefit

Those with serious mental health and social care needs often have a prolonged period of illness and severely reduced quality of life. By our procedure of considering any referral of a person with a housing and social care need and by our policies of equal opportunities, we hope to facilitate improvements in the quality of life for each service user by providing a safe place of residence which he/she can feel confident is their home for as long as they need it. Such specialised housing is of benefit to relatives and carers and to society in many ways. We continuously assess service users in a Residents Pathway which refers to six stages of development in each person's psychological environment. Our day-to-day activities are accordingly designed to help residents to improve their living skills. Such improvements also benefit the wider community by reducing the burden of care. We seek to increase the public benefit of our activities and to make these more widely known. We maintain policies, procedures and codes of practice in line with the good practice guidance, legislation and contractual requirements. The above activities may all be regarded practically as social investment and their achievement is the fulfilment of our objects and aims.

We are members of the Almshouse Association, which supports organisations with some similar aims and activities to our Charity, as a further extension of our activities. It offers us potential for joint working and having a voice at national level including parliamentary lobbying by the Association.

The demanding nature of our work with residents calls for a considerable degree of training, experience and discipline and we find that these can mainly be achieved with employed staff. We can use volunteers to a small degree on minor tasks but our Trustees represent our main use of volunteers.

Governance

The Trustees have had regard to the public benefit guidance of the Charity Commission and believe that they have complied, in the way described above, with that duty. They have reviewed the various governance arrangements and policies of the Charity against the principles of the Charity Governance Code Guide. Generally, the Charity's arrangements are in accord with the principles but differ in detail. In the last ten years, a broad review has been done on several occasions but the differences are now being considered in more detail, this includes reflection and assessment against the code and reviews at Board Meetings.

Further information is set out in the section on 'Structure, Governance and Management' below.

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The Cambridge Pringle Group

A Company Limited by Guarantee

Report of the Trustees for the Year Ended 31 March 2022

ACHIEVEMENT AND PERFORMANCE

Significant charitable activities undertaken

Over the years we have acquired properties that we own or lease to accommodate residents. In 2020-21 we continued to deliver and slightly expanded the much needed services for the residents of our properties in our 'patch-areas' of East Anglia: Cambridge, Haverhill, Ely and more recently Mildenhall.

In year 2021-22 we sold in Cambridge a one bed house vacated by our resident. In Mildenhall we bought a six-bedroom house in July 2022, which is under renovation. Currently, in Cambridge we have potential for 24 beds in 5 properties (one of which is leased), in Haverhill 21 beds in 5 properties, in Ely 12 beds (2 of which are assigned for one resident requiring 24-hour care) in 4 properties, and in Mildenhall 6 beds (which are presently unoccupied). Generally, in houses where we provide accommodation for several residents there is a communal use kitchen and a sitting room, and several have a garden or other outdoor space. We have equipped all our houses to the defined standards of Houses of Multiple Occupation, HMO, even though most of them do not fall, by law, in that category. Where required, we apply for an environmental health licence to operate a House of Multiple Occupation. The licence is held by the current CEO for 5 years and thus far we have achieved Local Authority Certificates of HMO.

We have provided voluntary support efforts to help set up a Haverhill branch of the UK Men’s Sheds Association. The West Suffolk District Council allocated a grant (held in a CPG restricted fund) to help launch the initiative and others have made donations in kind. The aim is for it to become a member led, stand-alone entity for the benefit of participant’s health and wellbeing in the community. Setting up efforts have CPG’s support but when up and running, the Haverhill Men’s Shed will be independent of CPG. Some of our Haverhill residents show interest and we hope they also will benefit from participation if they so wish in several ways e.g., social and health benefits, acquiring practical skills, etc.

Achievements against objectives set

Our set objectives remain as in previous years and are to further improve the quality of all aspects of our housing service by intensive management and to seek innovative ways of increasing the number of tenants we can accommodate.

Since 2016 we have increased the number of bed spaces from 45 to the present 63. During the year 2021- 22 the average occupancy rate was 96%, equivalent to about 60 residents, and average residence periods were about; 60% stayed 1-5 years, 30% for longer than 5 years, and 10% for less than 1 year.

We carry out property searches with the aim of increasing the number of our bed spaces. Whilst in year 2020-21 most proved impracticable, we recently purchased a new property in Mildenhall and still plan to acquire further property where possible.

CPG support staff focus on individual needs of residents within the frame of our Resident Pathway Plan Policy. At the end of the Covid-19 pandemic, our working methods were readjusted to in person and virtual support for example on assessment of residents' living skills, accommodation needs, their meaningful use of time, and their wellbeing. Amongst other things, the computer tablets we provided last year due to covid constraints are still available to residents for virtual communication where a resident prefers. Progress of our residents from when they join CPG until they leave, as indicated via the periodic reviews, helps us understand outcomes and impacts of our services on those who stay with us and on the community.

In most years, several of our tenants improve their living skills: some move on to normal rented housing and a few find employment. A few are not able to live within our terms and so are required to move out. We do our best to avoid such results but, for the sake of the majority who do live happily by our rules, we do have to apply reasonable discipline. In the year 2021-2022, one resident moved out.

Performance and outcome criteria

Our approach to selection of performance and outcome criteria reflects the Charity's objectives as set out in the Memorandum of Association. Performance criteria relate mainly to how we build up and manage our principal activities whilst outcome criteria are focused more on the impacts of the services we provide to our residents and on the wider community. Measurement of our performance therefore presently relates to:

a) Quantity objectives - increasing the number of bed spaces we provide, achieving a high occupancy rate, over 95%, minimising rent arrears and bad debt by effective procedures (which also help residents manage their daily living), and the extent of staff training provided, which is of fundamental importance to our aim of maintaining a supportive service towards our residents.

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The Cambridge Pringle Group

A Company Limited by Guarantee

Report of the Trustees for the Year Ended 31 March 2022

b) Quality objectives - e.g., of housing standards achieved and maintained.

c) Outcome criteria - mainly relate to quantifying the degree of our success and these are being developed. We assess service users in a Residents Pathway which refers to six stages of development in each person's psychological environment. Our day-to-day activities are accordingly designed to help residents to improve their living skills.

We have in place and implement a staff training and development policy designed to help ensure our staff can:

• make the most of their potential and develop appropriate behaviours, knowledge, and experience to enable them to perform their role to the highest standard, and

• contribute effectively and efficiently towards the achievement of CPG's objectives.

Staff training is organised under the categories; mandatory, required, and requested (i.e., training that is not an identified business need but where there is relevance to CPG). Procedures for applying to undertake a training and development activity are prescribed as appropriate for; internal courses, computer-based training, external day release, external block study. We guide staff on the level of support we can offer towards different trainings. In addition, arrangements are in place for a training programme for Trustees (in house and external as needed by the Trustee).

Factors affecting achievement of our aims

We shall continue to implement a range of improvements and innovations to help more fully achieve our longstanding aims of offering a safe home and a long-term housing service for as long as required by our residents. We see these aims as the foundation for developing independent living and recovery for our tenants.

Planning for expansion and improvement of our houses is on a forward-looking approach that considers future requirements e.g., on review and improvement where necessary of the thermal insulation and updating of heating systems of our houses as related to proposals for Minimum Energy Performance of Buildings. We have carried out an assessment of the Energy Performance Certificate (EPC) of all our properties and are planning for a prioritised implementation of improvements in the coming year.

In the context of the current major changes in the structure of national and local government mental health support, we are looking at various ways of providing unfunded help for our tenants. Service users in crisis are provided for by the NHS, and those with serious problems have their support funded by the County Council through its main contractor. These latter potential users are largely no longer available to us as tenants. We shall therefore continue to explore new ways of finding tenants who need the specialised housing management that we offer and who are supported by another organisation. This means widening the scope of mental health conditions and social care needs that we look for in potential tenants. We continue to have difficulty in finding tenants with similar needs to those we have traditionally housed; either they are being more easily housed by the larger relevant organisations or the system is less efficient at knowing and identifying those in need - possibly both these factors.

Our efforts to expand our services to meet foreseen needs requires additional staff from time to time and this has proved to be a significant difficulty in year 2021-22 - and is currently. This challenge affects the wider social care and support sector and we will therefore address the matter by a combination of new recruitment initiatives and review and adjustment of staff salary scales as and when necessary.

Expenditure to raise future income

A proportion of our expenditure is in the form of interest and capital repayments on bank loans that have or will be used to fund investments in additional properties and their upgrading to meet CPG's standards. The aims are to increase the number of bed spaces and to increase our future incomes. We do not at present engage in material fundraising activities or hold material financial investments. Further information on policies and activities to increase future incomes are provided in the section on Future Plans below.

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The Cambridge Pringle Group A Company Limited by Guarantee

Report of the Trustees for the Year Ended 31 March 2022

FINANCIAL REVIEW

Income and expenditure

The Charity had a satisfactory year despite several ongoing constraints of Covid-19 up until 21 February 2022 when the last domestic Covid restrictions in England were lifted.

Income and expenses were well managed and reasonably in accordance with budgets. The charitable activity income budget, based on a residents’ occupancy rate of 96% (compares to actual 97%), was £603,767 of which Housing Benefit is our principal source of funding, whilst expenditure was £517,551.Mainly due to the nature of our residents and their circumstances, each year we have some arrears including a portion which it is impracticable to collect. Thus, income collection was satisfactorily in accordance with our normal expectations. In expenditure, payroll costs were 91% of budget but other costs were 108%, partly due to extra costs of Covid-19.

Overall, we were able to continue, when necessary, with staff working mainly at or from home because we had comprehensive computer and communication systems already in place and our procedures already provided for an above average degree of safe working practices. Dealing with increased wear and tear to furnishings and fittings in our properties that occurred during Covid-19 lockdowns in 2020-2021and subsequently, has continued during 2021-22 and into the current year.

Reserves

The Charity ended the year in a strong financial position. Net asset value was up mainly due to property price increase, and taking into account an increase of £74,000 in the pension scheme liability as shown by its latest valuation.

There are three unrestricted funds	31 March 2022
	£000's
a) a Building and Development Reserve, BDR.	3,458
b) a Revaluation Reserve, RR.	1,521
c) a General Reserve, 'buffer reserve'	100
	Screwfix; West Suffolk, for Haverhill Men’s Shed
There were two Restricted funds, total income £6,000	support.

Together, the first two Reserves represent 91.6% of the present value of the Group's freehold properties, which are used practically entirely for the Charity's main object, that is, providing housing for residents.The General Reserve, represented mainly by cash in the current account or savings with easy access, is to ensure there are sufficient working funds to manage monthly income and expense fluctuations for which purpose cash flow is carefully forecast and managed. On average, the cash reserve should be two to three months running costs, that is, presently between £80,000 and £120,000. This also includes the Residents Welfare Fund which has a yearly budget of £3,000. The Trustees have agreed appropriate amounts between reserves to maintain the policy. The BDR and RR are defined in the notes to the accounts. Except for periods when cash is held at the bank with the intention of buying another house, they can only be realised by disposing of tangible fixed assets. The total amount of reserves is the limit of the housing resource we can apply and is therefore sufficient to meet our operating policies. There are no material expenditure commitments as of 31 March 2022.

Other matters

Residential property prices have risen since March 2020, when our properties were last revalued. In October 2022 we updated the property valuations based on published prices of national property agents for the areas where our property is located, adjusted to reflect specific aspects of our properties and to a common base date on March 2022. This procedure indicated an increase of approximately 2% since March 2020.

At 31 March 2022, the Charity was in a sound position regarding its assets and its income was adequate to meet on-going costs. The Board's considered view is that these factors will continue to be satisfactory for the next two or three years and probably in the much longer term. At present, the Charity certainly has the resources to continue to operate as a going concern.

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The Cambridge Pringle Group A Company Limited by Guarantee

Report of the Trustees for the Year Ended 31 March 2022

FUTURE PLANS

Our future performance depends almost entirely on our fixed assets of housing and because these are 94% owned by the Charity, we have a very reliable foundation for continuing with our housing policy. Income is approximately 95% from Housing Benefit which appears unlikely to be radically changed. We are not dependent on charitable donations, grants, or other funding and, even in the worst case of a national or local government decision adversely affecting our Housing Benefit rent income, we could resort to commercial renting of our property. We would not be able to offer such assistance to residents as we now do but the Charity would be able to continue in a different form.

We adopted a 5-year plan in 2017 (2017-2021). An updated 5-year plan 2021-2026 has been prepared and was adopted by the Board on 25th October 2021. The aim of the earlier plan to increase the number of bed spaces to 100 is still embodied in the updated plan with the objective of spreading extra rent income over our fixed costs including management and administration, thereby increasing our overall efficiency. Alongside this remains our second developmental aim of continuously improving the standard of our service to residents. This we believe will improve their capacity to live independently. A vital factor in this expansion is the sourcing of capital funds which is difficult for a not-for-profit Charitable company. However, we have used 3 or 4 ways of aiding this process. One is to generate a modest surplus from non-housing benefit income. This not only helps the purchase of additional houses but facilitates further borrowing. For example, as opportunities arise, we shall sell our one bed flats in Cambridge, each worth around £200,000 or more and re-invest in 3 bed houses in Haverhill, Ely or Mildenhall for about £250,000, thus also yielding 2 to 3 times as much rental income. This is a more capital efficient way of funding: our aim being to provide bed spaces at a capital cost of about £80,000. We also lease properties from owners over 5 to 10 years. Membership of the Almshouse Association is now part of our future direction. Our experience of intensive housing management and helping residents seems likely to be useful to some of the smaller Almshouses. This may provide a modest extension of our activities.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The Cambridge Pringle Group is a Registered Charity and a Company limited by Guarantee, incorporated on the 3 August 1993 and registered as a charity on 8 September 1994. The governing document is the Memorandum and Articles of Association.

Structure - organisational

The organisational structure of The Cambridge Pringle Group is simple and practical, as appropriate for its size and the services that it provides. Our Board presently consists of six volunteer Trustee Directors including the Chairman. Our Chief Executive and our Company Secretary are members of staff and report to the Chair and liaise with all Trustees. Senior staff, reporting to the Chief Executive, manage accounts, lead our work in Cambridge, Haverhill and Ely, together with other specialist staff, for housing support, and maintenance of properties. Arrangements for applying similar arrangements for Mildenhall are being prepared.

Some areas of decision making have been delegated to our Operations Committee which meets monthly and comprises the Chairman, Chief Executive, Company Secretary and one other Trustee. Other Trustees attend in rotation and other senior staff attend as needed. Decisions not delegated to the Operations Committee are considered and recommendations made to the full Board to whom formal minutes of the Operations Committee are circulated.

The full Board has held virtual meetings four times a year via Zoom. The formal meetings are followed, generally monthly, by informal meetings with other staff and from time to time with residents.

There were 9 members of staff, amounting to 7.18 full time equivalents. The pay and remuneration of our key management personnel are set annually by the Trustees having regard to advertised and known salaries and terms of comparable posts in similar organisations. Other than the services of the Trustees, the work of CPG is not dependent on unpaid volunteers or donations-in-kind, though these offers are welcomed.

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The Cambridge Pringle Group

A Company Limited by Guarantee

Report of the Trustees for the Year Ended 31 March 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT Governance - recruitment, appointment, induction and training of trustees

The Articles of Association of The Cambridge Pringle Group, CPG, provide that its members are those people admitted to membership by the Management Committee, also referred to as the Board of Directors, plus honorary officers and members. It consists of 3 to 9 members elected as Trustee Directors or referred to as Trustees. In recent years, new members have all been elected to the Management Committee. The normal procedure is that potential Trustees are interviewed by the Chairman, usually with another Trustee or Chief Executive. Information, interview comments and recommendations are then circulated to the other Trustees. The potential Trustee is invited to the next Board meeting and introduced to those present. The whole Board then makes the decision whether to appoint a new Trustee Director. A flexible package has been designed for induction of Trustees and for training of Trustees present and future. This includes the requirement that they familiarise themselves with relevant information including the Memorandum and Articles of Association, Codes of Practice and other guidance provided.

The present Board represents a useful range of business, property, engineering, health, social care, and financial knowledge. Trustees may claim directly incurred expenses, but do not receive any remuneration for their services. We wish to broaden the range of expertise and the diversity of the Board and continue to seek potential new Trustees.

CPG has regular contacts relating to its residents with the following organisations: Cambridgeshire & Peterborough NHS Trust, Cambridgeshire Learning Disability Partnership, Edmunds Trust, Metropolitan, West Suffolk District Council Homelessness Project, and the Men’s Shed organisation.

We regularly assess and as necessary adjust our policies and procedures, particularly those covered by our insurers.

Significant changes after 31 March 2021

Mrs Preeya Patel resigned as Trustee in May 2021, due to an unfortunate combination of domestic and professional pressing duties. Subsequently, after a recruitment campaign we recruited a new Trustee, Mr Mukesh Malholtra who formally joined the CPG Board on 7th December 2021. Mr Malhotra has a background in accounting and finance and has subsequently accepted the role of Honorary Treasurer of the Charity.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number

02842017 (England and Wales)

Registered Charity number

1040577

Registered office

279 High Barns Ely Cambridgeshire CB7 4RN

Trustees

Mr C R Marshall Chairman to 16 May 2022 Mr I Crowther Mr D D Brown Mr W D G Lawn Chairman from 16 May 2022 Mrs A J Martin Mrs P Patel (resigned 31.5.21) Mr M Malhotra Hon Treasurer from 17 May 2022 (appointed 7.12.21)

Company Secretary

Mrs P Rimmer

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The Cambridge Pringle Group A Company Limited by Guarantee

Report of the Trustees for the Year Ended 31 March 2022

REFERENCE AND ADMINISTRATIVE DETAILS Auditors

Lanham and Company Limited Statutory Auditors & Chartered Accountants 9 Great Chesterford Court London Road Great Chesterford Essex CB10 1PF

Principle address

The principle address of the charity is that of the registered office as shown above.

Bankers

Nat West Bank Plc, Cambridge

Chief Executive Officer Mr A Cullup Company Secretary Mrs P Rimmer

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of The Cambridge Pringle Group for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charity SORP;

• make judgements and estimates that are reasonable and prudent;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

• there is no relevant audit information of which the charitable company's auditors are unaware; and

• the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

AUDITORS

The auditors, Lanham and Company Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

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The Cambridge Pringle Group A Company Limited by Guarantee

Report of the Trustees for the Year Ended 31 March 2022

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on ............................................. and signed on its behalf by:

........................................................................ Mr W D G Lawn - Trustee

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Report of the Independent Auditors to the Members of The Cambridge Pringle Group

Opinion

We have audited the financial statements of The Cambridge Pringle Group (the 'charitable company') for the year ended 31 March 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the charitable company's affairs as at 31 March 2022 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and the provisions available for small entities, in the circumstances set out in note 26 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the Report of the Trustees has been prepared in accordance with applicable legal requirements.

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Report of the Independent Auditors to the Members of The Cambridge Pringle Group

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of trustees' remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit; or

• the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

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Report of the Independent Auditors to the Members of

The Cambridge Pringle Group

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We have obtained an understanding of the legal and regulatory framework applicable to the company, focusing on provisions of those laws and regulations which had a direct effect on the determination of material amounts and disclosures in the Financial Statements.

We have considered the nature of the industry and sector, control environment and business framework.

We have enquired of management and trustees in regard to their own assessment of the risks of irregularities, including fraud and obtained relevant documentation and representations in order to form an opinion on potential irregularities including fraud.

We have reviewed the company's documentation of their policies and procedures relating to identifying, evaluating and complying with laws and regulations, detecting and responding to the risks of fraud, and the internal controls established to mitigate the risks of fraud and non-compliance with laws and regulations.

Audit procedures performed during the audit included transaction testing with a focus on areas of judgement and estimations, and entries determined to be large of relating to unusual transactions. These audit procedures are designed to provide reasonable assurance that the Financial Statements were free from fraud or error. However, detecting irregularities that result from fraud is inherently more difficult than detecting those that result from error, as those irregularities that result from fraud may involve collusion, deliberate concealment, forgery or intentional misrepresentations.

No instances of non- compliance with laws and regulations of fraud were communicated to us during the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Andrew Ireland FCCA (Senior Statutory Auditor) for and on behalf of Lanham and Company Limited Statutory Auditors & Chartered Accountants 9 Great Chesterford Court London Road Great Chesterford Essex CB10 1PF

Date: .............................................

Page 12

The Cambridge Pringle Group A Company Limited by Guarantee

Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 31 March 2022

Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Charitable activities Housing activities Investment income 3 Other income 5 Total EXPENDITURE ON Charitable activities 6 Support activities Housing activities Other Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) Transfers between funds 23 Other recognised gains/(losses) Gains on revaluation of fixed assets Actuarial gains/(losses) on defined benefit schemes Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD	Unrestricted funds £ 4,463 624,074 407 500 629,444 17,249 407,990 12,000 437,239 (2) 192,203 (5) 146,728 75,000 413,926 5,078,686 5,492,612	Restricted funds £ - - - - - - 210 - 210 - (210) 5 - - (205) 5,205 5,000	31.3.22 Total funds £ 4,463 624,074 407 500 629,444 17,249 408,200 12,000 437,449 (2) 191,993 - 146,728 75,000 413,721 5,083,891 5,497,612	31.3.21 Total funds £ 18,322 576,849 5,417 - 600,588 17,775 480,156 9,053 506,984 - 93,604 - - (77,000) 16,604 5,067,287 5,083,891

The notes form part of these financial statements

Page 13

The Cambridge Pringle Group A Company Limited by Guarantee

Balance Sheet 31 March 2022

Notes FIXED ASSETS Tangible assets 13 Investments Investments 14 Investment property 15 CURRENT ASSETS Debtors 16 Cash at bank CREDITORS Amounts falling due within one year 17 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 18 PROVISIONS FOR LIABILITIES 22 PENSION LIABILITY 24 NET ASSETS FUNDS 23 Unrestricted funds: General fund Building and development fund Revaluation reserve Restricted funds TOTAL FUNDS	Unrestricted funds £ 5,657,587 - - 5,657,587 38,244 479,163 517,407 (79,904) 437,503 6,095,090 (526,478) (15,000) (61,000) 5,492,612	Restricted funds £ - - - - - 5,000 5,000 - 5,000 5,000 - - - 5,000	31.3.22 Total funds £ 5,657,587 - - 5,657,587 38,244 484,163 522,407 (79,904) 442,503 6,100,090 (526,478) (15,000) (61,000) 5,497,612 367,198 3,458,165 1,667,249 5,492,612 5,000 5,497,612	31.3.21 Total funds £ 5,391,081 2 37,000 5,428,083 17,027 409,237 426,264 (65,743) 360,521 5,788,604 (563,713) (15,000) (126,000) 5,083,891 100,000 3,458,165 1,520,521 5,078,686 5,205 5,083,891

The notes form part of these financial statements

continued...

Page 14

The Cambridge Pringle Group A Company Limited by Guarantee

Balance Sheet - continued 31 March 2022

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:

............................................. Mr W D G Lawn - Trustee

The notes form part of these financial statements

Page 15

The Cambridge Pringle Group A Company Limited by Guarantee

Cash Flow Statement for the Year Ended 31 March 2022

Notes Cash flows from operating activities Cash generated from operations 1 Interest paid Net cash provided by operating activities Cash flows from investing activities Purchase of tangible fixed assets Sale of tangible fixed assets Sale of investment property Interest received Investment property income Net cash (used in)/provided by investing activities Cash flows from financing activities New loans in year Loan repayments in year Net cash (used in)/provided by financing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period	31.3.22 £ 105,703 (18,060) 87,643 (39,531) 500 37,000 32 375 (1,624) - (11,093) (11,093) 74,926 409,237 484,163	31.3.21 £ 119,895 (18,047) 101,848 (100,468) (53) 128,617 12 2,850 30,958 50,000 (27,187) 22,813 155,619 253,618 409,237

The notes form part of these financial statements

Page 16

The Cambridge Pringle Group A Company Limited by Guarantee

Notes to the Cash Flow Statement for the Year Ended 31 March 2022

1.	RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM	OPERATING ACTIVITIES	OPERATING ACTIVITIES
		31.3.22	31.3.21
		£	£
	Net income for the reporting period (as per the Statement of Financial
	Activities)	191,993	93,604
	Adjustments for:
	Depreciation charges	12,976	4,576
	Losses on investments	2	-
	(Profit)/loss on disposal of fixed assets	(500)	53
	Interest received	(32)	(12)
	Interest paid	18,060	18,047
	Revaluation of properties	(93,224)	-
	Investment property income	(375)	(2,850)
	(Increase)/decrease in debtors	(21,217)	2,003
	Increase in creditors	10,828	8,474
	Difference between pension charge and cash contributions	(12,808)	(4,000)
	Net cash provided by operations	105,703	119,895

2. ANALYSIS OF CHANGES IN NET DEBT

	At 1.4.21	Cash flow	At 31.3.22
	£	£	£
Net cash
Cash at bank	409,237	74,926	484,163
	409,237	74,926	484,163
Debt
Debts falling due within 1 year	(32,446)	(3,333)	(35,779)
Debts falling due after 1 year	(563,713)	37,235	(526,478)
	(596,159)	33,902	(562,257)
Total	(186,922)	108,828	(78,094)

The notes form part of these financial statements

Page 17

The Cambridge Pringle Group A Company Limited by Guarantee

Notes to the Financial Statements for the Year Ended 31 March 2022

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. With regard to the following year, the charity has a stable tenancy base and the rental income is expected to remain steady. The charity also has strong reserves.

Public benefit

The charity is a public benefit entity.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Revenue is measured at the fair value of the consideration received or receivable. Revenue from operating leases is recognised on a straight-line basis over the lease term. The aggregate cost of any lease incentives provided is recognised as a reduction to the revenue recognised on a straight-line basis.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Governance costs

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees, registration fees, management sundries and legal costs.

Allocation and apportionment of costs

All costs relating directly to the properties are allocated to housing activities, all non-direct costs are allocated to support activities.

Tangible fixed assets

Housing properties are principally properties available for rent and are stated at fair value, the trustees consider that the residual value of the properties are in excess of the fair value and therefore no depreciation charge is made.

Major components of housing properties, such as boilers, showers etc have been accounted for and depreciated separately from the connected housing property, over the expected useful economic life.

Any grant relating to a component is amortised over the same time period as the component.

continued...

Page 18

The Cambridge Pringle Group

A Company Limited by Guarantee

Notes to the Financial Statements - continued for the Year Ended 31 March 2022

1. ACCOUNTING POLICIES - continued

Tangible fixed assets

Tangible fixed assets costing more than £2,000 are capitalised and included at cost including any incidental expenses of acquisition.

Depreciation

Depreciation is charged a the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property - between 3 - 10 years Plant and machinery - 25% on cost Fixtures and fittings - 25% on cost Computer equipment - 33% on cost

Revaluation policy

The charity has adopted the revaluation model to revalue items of freehold property whose fair value can be measured reliably. The revaluations shall be made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting period.

The fair value of land and buildings is usually determined from market-based evidence by appraisal that is normally undertaken by professionally qualified valuers.

The professional revaluations are carried out at regular intervals to reflect market values. Between the professional valuations the trustees adjust for current market value movements.

Revaluation gains and losses are recognised in the Statement of Financial Activities and added to reserves in a separate revaluation reserve.

Investment property

Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date and changes in fair value are recognised in profit or loss.

In order to ascertain the fair value at each reporting date, investment properties have been valued using an open market valuation on a freehold basis subject to the existing tenancies. Revaluations are conducted annually by the directors.

Investments

The investment in the trading subsidiary is a form of basic financial instrument and is recognised at the cost price.

Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the directors in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the directors for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

continued...

Page 19

The Cambridge Pringle Group A Company Limited by Guarantee

Notes to the Financial Statements - continued for the Year Ended 31 March 2022

1. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits

The charity participates in a multi-employer defined benefit scheme. The net defined benefit liability is arrived at by deducting the present value of the charity's obligations from the fair value of its share of pension scheme assets. Further details of this scheme are contained in note 24 to these accounts.

Financial instruments

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measure at present value.

Financial instruments which meet the criteria of a basic financial instrument as defined in section 11 of FRS 102 are accounted for under an amortised historic cost model.

Net investment gains and losses

The SOFA includes realised gains and losses from investments that have been sold, and unrealised gains and losses arising from the revaluation of investments that are still held.

2. DONATIONS AND LEGACIES

	31.3.22	31.3.21
	£	£
Donations	-	25
Grants	-	7,000
Miscellaneous income	4,046	10,464
CBIL scheme	417	833
	4,463	18,322
Grants received, included in the above, are as follows:
	31.3.22	31.3.21
	£	£
The Screwfix Foundation	-	5,000
Suffolk County Council	-	2,000
	-	7,000

continued...

Page 20

The Cambridge Pringle Group A Company Limited by Guarantee

Notes to the Financial Statements - continued for the Year Ended 31 March 2022

3. INVESTMENT INCOME Rents received Investment property gains Ground rent receivable Deposit account interest 4. INCOME FROM CHARITABLE ACTIVITIES Activity Rents receivable Housing activities 5. OTHER INCOME Gain on sale of tangible fixed assets 6. CHARITABLE ACTIVITIES COSTS Support activities Housing activities 7. DIRECT COSTS OF CHARITABLE ACTIVITIES Staff costs Other staff costs including travel Support costs Communication costs Housing costs Management and administration Locality expenses Depreciation Impairment losses Interest payable and similar charges	Direct Costs (see note 7) £ 10,486 404,806 415,292	31.3.22 £ - - 375 32 407 31.3.22 £ 624,074 31.3.22 £ 500 Support costs (see note 8) £ 6,763 3,394 10,157 31.3.22 £ 260,502 7,024 13,595 8,255 187,302 592 210 12,976 (93,224) 18,060 415,292	31.3.21 £ 2,555 1,000 1,850 12 5,417 31.3.21 £ 576,849
			31.3.21 £ - Totals £ 17,249 408,200
			425,449
			31.3.21 £ 271,516 901 12,791 8,687 166,206 731 1,795 4,576 - 18,047
			485,250

continued...

Page 21

The Cambridge Pringle Group A Company Limited by Guarantee

Notes to the Financial Statements - continued for the Year Ended 31 March 2022

8. SUPPORT COSTS

SUPPORT COSTS
	Governance
	costs
	£
Support activities	6,763
Housing activities	3,394
	10,157

Support costs, included in the above, are as follows:

Governance costs

Governance costs
			31.3.22	31.3.21
	Support	Housing	Total	Total
	activities	activities	activities	activities
	£	£	£	£
Auditors' remuneration	4,063	-	4,063	4,560
Auditors' remuneration for non audit work	2,700	-	2,700	2,520
Sundries	-	3,394	3,394	2,541
Legal fees	-	-	-	3,060
	6,763	3,394	10,157	12,681

9.

NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

	31.3.22	31.3.21
	£	£
Auditors' remuneration	4,063	4,560
Auditors' remuneration for non audit work	2,700	2,520
Depreciation - owned assets	12,977	4,581
Surplus/(deficit) on disposal of fixed assets	(500)	53

10. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2022 nor for the year ended 31 March 2021.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2022 nor for the year ended 31 March 2021.

continued...

Page 22

The Cambridge Pringle Group A Company Limited by Guarantee

Notes to the Financial Statements - continued for the Year Ended 31 March 2022

11. STAFF COSTS

Wages and salaries Social security costs Other pension costs	31.3.22 £ 223,866 14,465 22,171 260,502	31.3.21 £ 233,370 14,824 23,322
		271,516

The employee benefits of key management personnel during the year were £81,198.

The average monthly number of employees during the year was as follows:

Direct charitable No employees received emoluments in excess of £60,000. 12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL INCOME AND ENDOWMENTS FROM Donations and legacies Charitable activities Housing activities Investment income Total EXPENDITURE ON Charitable activities Support activities Housing activities Other Total NET INCOME Other recognised gains/(losses) Actuarial gains/(losses) on defined benefit schemes Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD	ACTIVITIES Unrestricted funds £ 11,322 576,849 5,417 593,588 17,775 478,361 9,053 505,189 88,399 (77,000) 11,399 5,067,287 5,078,686		31.3.22 9 Restricted funds £ 7,000 - - 7,000 - 1,795 - 1,795 5,205 - 5,205 - 5,205

continued...

Page 23

The Cambridge Pringle Group A Company Limited by Guarantee

Notes to the Financial Statements - continued for the Year Ended 31 March 2022

13. TANGIBLE FIXED ASSETS

COST OR VALUATION At 1 April 2021 Additions Disposals Revaluations At 31 March 2022 DEPRECIATION At 1 April 2021 Charge for year Eliminated on disposal At 31 March 2022 NET BOOK VALUE At 31 March 2022 At 31 March 2021	Freehold property £ 5,378,303 - - 239,952 5,618,255 - - - - 5,618,255 5,378,303	Improvements to property £ 18,776 39,531 - - 58,307 7,873 12,039 - 19,912 38,395 10,903	Plant and machinery £ 9,245 - (5,495) - 3,750 7,370 938 (5,495) 2,813 937 1,875	Fixtures and fittings £ 26,010 - - - 26,010 26,010 - - 26,010 - -	Totals £ 5,432,334 39,531 (5,495) 239,952 5,706,322 41,253 12,977 (5,495) 48,735 5,657,587 5,391,081

Cost or valuation at 31 March 2022 is represented by:

			Improvements		Fixtures
		Freehold	to	Plant and	and
		property	property	machinery	fittings	Totals
		£	£	£	£	£
Valuation in	2022	5,618,255	58,307	3,750	26,010	5,706,322

If the properties had not been revalued they would have been included at the following historical cost of £4,100,129 for freehold properties.

All assets held are utilised in the principal activity of the charity. The properties were valued on a market value basis, with the benefit of vacant possession in October 2020 by Giles Winton-Smith BSc (Hons) MRICS. These valuations have been updated by the trustees in the current year to reflect market value movement at the year end.

14. FIXED ASSET INVESTMENTS

There were no investment assets outside the UK.

The company's investments at the balance sheet date in the share capital of companies include the following:

Pringle House Management Services Limited

Registered office: Nature of business: Administration of service charges of Pringle House.

% Class of share: holding Ordinary 100 31.3.22 31.3.21 £ £ Aggregate capital and reserves - 2

continued...

Page 24

The Cambridge Pringle Group A Company Limited by Guarantee

Notes to the Financial Statements - continued for the Year Ended 31 March 2022

15. INVESTMENT PROPERTY

FAIR VALUE At 1 April 2021 Disposals At 31 March 2022 NET BOOK VALUE At 31 March 2022 At 31 March 2021 16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.22 £ Rent arrears 21,157 Other debtors 17,087 38,244 17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.22 £ Bank loans and overdrafts (see note 19) 35,779 Trade creditors 10,533 Social security and other taxes 4,359 Accrued expenses 29,233 79,904 18. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 31.3.22 £ Bank loans (see note 19) 526,478 19. LOANS An analysis of the maturity of loans is given below: 31.3.22 £ Amounts falling due within one year on demand: Bank loans 35,779 Amounts falling between one and two years: Bank loans - 1-2 years 36,957 Amounts falling due between two and five years: Bank loans - 2-5 years 113,045

£ 37,000 (37,000) - - 37,000 31.3.21 £ 1,041 15,986 17,027 31.3.21 £ 32,446 9,406 8,130 15,761 65,743 31.3.21 £ 563,713 31.3.21 £ 32,446 36,655 105,525

Page 25

continued...

The Cambridge Pringle Group A Company Limited by Guarantee

Notes to the Financial Statements - continued for the Year Ended 31 March 2022

19. LOANS - continued

LOANS - continued
	31.3.22	31.3.21
	£	£
Amounts falling due in more than five years:
Repayable by instalments:
Bank loans due over 5 years	376,476	421,533

20. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

	31.3.22	31.3.21
	£	£
Within one year	5,608	10,208
Between one and five years	-	4,600
	5,608	14,808

Operating lease payments of £15,117 were recognised as an expense during the year in regards to property rental.

Minimum lease payments due to the charity as a lessor under non-cancellable operating leases fall due as follows:

	31.3.22	31.3.21
	£	£
Within one year	-	375
	-	375

21. SECURED DEBTS

The following secured debts are included within creditors:

	31.3.22	31.3.21
	£	£
Bank loans	562,257	596,159

National Westminster Bank PLC hold a legal charge over 217 The Rowan, Milton, Cambridge, CB24 6ZX dated the 3 October 2014 and 61 Green End Road, Cambridge dated the 2 December 2010 in respect of a loan facility to the charity.

Page 26

continued...

The Cambridge Pringle Group

A Company Limited by Guarantee

Notes to the Financial Statements - continued for the Year Ended 31 March 2022

22. PROVISIONS FOR LIABILITIES

PROVISIONS FOR LIABILITIES
	31.3.22	31.3.21
	£	£
Provision for building works	15,000	15,000

This is a provision for building works to restore a leased building at the end of the lease period in January 2026, back to the condition at the start of the lease.

23. MOVEMENT IN FUNDS

Unrestricted funds General fund Building and development fund Revaluation reserve Restricted funds Locality Budget The Screwfix Foundation TOTAL FUNDS Net movement in funds, included in the above are Unrestricted funds General fund Revaluation reserve Restricted funds Locality Budget TOTAL FUNDS	At 1.4.21 £ 100,000 3,458,165 1,520,521 5,078,686 205 5,000 5,205 5,083,891 as follows: Incoming resources £ 629,444 - 629,444 - 629,444		Net movement in funds £ 267,203 - 146,728 413,931 (210) - (210) 413,721 Resources expended £ (437,239) - (437,239) (210) (437,449)		Transfers between funds £ (5) - - (5) 5 - 5 - Gains and losses £ 74,998 146,728 221,726 - 221,726	At 31.3.22 £ 367,198 3,458,165 1,667,249 5,492,612 - 5,000 5,000 5,497,612 Movement in funds £ 267,203 146,728 413,931 (210) 413,721
	as

continued...

Page 27

The Cambridge Pringle Group A Company Limited by Guarantee

Notes to the Financial Statements - continued for the Year Ended 31 March 2022

23. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Net movement At 1.4.20 in funds £ £ Unrestricted funds General fund 80,000 11,399 Building and development fund 3,466,766 - Revaluation reserve 1,520,521 - 5,067,287 11,399 Restricted funds Locality Budget - 205 The Screwfix Foundation - 5,000 - 5,205 TOTAL FUNDS 5,067,287 16,604 Comparative net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 593,588 (505,189) Restricted funds Locality Budget 2,000 (1,795) The Screwfix Foundation 5,000 - 7,000 (1,795) TOTAL FUNDS 600,588 (506,984)		Transfers between funds £ 8,601 (8,601) - - - - - - Gains and losses £ (77,000) - - - (77,000)	At 31.3.21 £ 100,000 3,458,165 1,520,521	At 31.3.21 £ 100,000 3,458,165 1,520,521
			5,078,686 205 5,000
			5,205
			5,083,891
			Movement in funds £ 11,399 205 5,000 5,205 16,604
				5,205
				16,604

continued...

Page 28

The Cambridge Pringle Group A Company Limited by Guarantee

Notes to the Financial Statements - continued for the Year Ended 31 March 2022

23. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds General fund Building and development fund Revaluation reserve Restricted funds Locality Budget The Screwfix Foundation TOTAL FUNDS	At 1.4.20 £ 80,000 3,466,766 1,520,521 5,067,287 - - - 5,067,287	Net movement in funds £ 278,602 - 146,728 425,330 (5) 5,000 4,995 430,325	Transfers between funds £ 8,596 (8,601) - (5) 5 - 5 -	At 31.3.22 £ 367,198 3,458,165 1,667,249
				5,492,612 - 5,000
				5,000
				5,497,612

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming resources £ Unrestricted funds General fund 1,223,032 Revaluation reserve - 1,223,032 Restricted funds Locality Budget 2,000 The Screwfix Foundation 5,000 7,000 TOTAL FUNDS 1,230,032	Resources expended £ (942,428) - (942,428) (2,005) - (2,005) (944,433)	Gains and Movement losses in funds £ £ (2,002) 278,602 146,728 146,728 144,726 425,330 - (5) - 5,000 - 4,995 144,726 430,325	Gains and Movement losses in funds £ £ (2,002) 278,602 146,728 146,728 144,726 425,330 - (5) - 5,000 - 4,995 144,726 430,325
			425,330 (5) 5,000
			4,995
			430,325

The general reserve represents the free funds of the charity which are not designated for particular purposes

The revaluation reserve is required by the Companies Act and represents the amount by which the property value exceeds their historic cost.

Restricted funds

Locality budget grant

Funding was provided by Suffolk County Council to be used towards the cost of tablets for residents in Haverhill.

The Screwfix Foundation

A donation was received in the year from The Screwfix Foundation, this is to be used towards planned kitchen works at one of the properties in the next financial year 2021/22.

continued...

Page 29

The Cambridge Pringle Group A Company Limited by Guarantee

Notes to the Financial Statements - continued for the Year Ended 31 March 2022

23. MOVEMENT IN FUNDS - continued

Designated funds

Building and Development fund

This is for the development and expansion of the support and housing activities of the Group. Broadly, the general reserve is used to meet the working capital needs of the Group plus a budget contingency amount. Significant funds in excess of those needs will be transferred to the Building and Development fund.

Transfers between funds

The board agreed a transfer from the building and development fund to the general fund of £8,601 to maintain the fund as an average value represented by cash at bank.

24. EMPLOYEE BENEFIT OBLIGATIONS

SCHEME: TPT Retirement Solutions - Social Housing Pension Scheme

The charity participates in the Social Housing Pension Scheme (the Scheme), a multi-employer scheme which provides benefits to some 500 non-associated employers. The Scheme is a defined benefit scheme in the UK.

The Scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK.

The last completed triennial valuation of the scheme for funding purposes was carried out as at 30 September 2017. This valuation revealed a deficit of £1,522m. A Recovery Plan has been put in place with the aim of removing this deficit by 30 September 2026. The Scheme is classified as a 'last-man standing arrangement'. Therefore the charity is potentially liable for other participating employers' obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the Scheme.

Participating employers are legally required to meet their share of the Scheme deficit on an annuity purchase basis on withdrawal from the Scheme. For financial years ending on or before 28 February 2019, it was not possible for the charity to obtain sufficient information to enable it to account for the Scheme as a defined benefit scheme, therefore the charity has accounted for the Scheme as a defined contribution scheme.

For financial years ending on or after 31 March 2019, it is possible to obtain sufficient information to enable the charity to account for the Scheme as a defined benefit scheme.

For accounting purposes, a valuation of the scheme was carried out with an effective date of 30 September 2018. The liability figures from this valuation were rolled forward for accounting year-ends from 31 March 2019 to 29 February 2020 inclusive.

Similarly, actuarial valuations of the scheme were carried out as at 30 September 2019 to inform the liabilities for accounting year ends from 31 March 2020 to 28 February 2021 inclusive, and as at 30 September 2020 to inform the liabilities for accounting year ends from 31 March 2021 to 28 February 2022 inclusive.

The liabilities are compared, at the relevant accounting date, with the charity’s fair share of the Scheme’s total assets to calculate the charity’s net deficit or surplus.

continued...

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The Cambridge Pringle Group A Company Limited by Guarantee

Notes to the Financial Statements - continued for the Year Ended 31 March 2022

24. EMPLOYEE BENEFIT OBLIGATIONS - continued

The amounts recognised in the Statement of Financial Activities are as follows:

	Defined benefit	Defined benefit
	pension plans
	31.3.22	31.3.21
	£	£
Current service cost	29,000	19,000
Net interest from net defined benefit
asset/liability	3,000	1,000
Past service cost	-	-
Expenses	3,000	3,000
	35,000	23,000
Actual return on plan assets	58,000	41,000

Changes in the present value of the defined benefit obligation are as follows:

Opening defined benefit obligation Current service cost Contributions by scheme participants Interest cost Expenses Benefits paid Actuarial (gains)/losses due to scheme experience Remeasurements: Actuarial (gains)/losses from changes in demographic assumptions Actuarial (gains)/losses from changes in financial assumptions	Defined benefit pension plans 31.3.22 31.3.21 £ £ 516,000 368,000 29,000 19,000 13,000 14,000 12,000 9,000 3,000 3,000 (7,000) (7,000) 35,000 2,000 (7,000) 2,000 (54,000) 106,000 540,000 516,000	Defined benefit pension plans 31.3.22 31.3.21 £ £ 516,000 368,000 29,000 19,000 13,000 14,000 12,000 9,000 3,000 3,000 (7,000) (7,000) 35,000 2,000 (7,000) 2,000 (54,000) 106,000 540,000 516,000
		516,000

continued...

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The Cambridge Pringle Group A Company Limited by Guarantee

Notes to the Financial Statements - continued for the Year Ended 31 March 2022

24. EMPLOYEE BENEFIT OBLIGATIONS - continued

Changes in the fair value of scheme assets are as follows:

Opening fair value of scheme assets Contributions by employer Contributions by scheme participants Interest income Benefits paid Experience return on plan assets	Defined benefit pension plans 31.3.22 31.3.21 £ £ 390,000 316,000 25,000 26,000 13,000 14,000 9,000 8,000 (7,000) (7,000) 49,000 33,000 479,000 390,000

The amounts recognised in other recognised gains and losses are as follows:

Actuarial (gains)/losses from changes in demographic assumptions Actuarial (gains)/losses from changes in financial assumptions Experience return on plan assets Experience gains/(losses) arising on the plan liabilities	Defined benefit pension plans 31.3.22 31.3.21 £ £ 7,000 (2,000) 54,000 (106,000) 49,000 33,000 (35,000) (2,000) 75,000 (77,000)

The major categories of scheme assets as a percentage of total scheme assets are as follows:

	Defined benefit	Defined benefit
	pension plans
	31.3.22	31.3.21
Equities	19%	16%
Liability Driven Investment	28%	25%
Alternative Risk Premia	3%	4%
Bonds	7%	6%
Absolute Return	4%	6%
Secured Income	4%	4%
Property and Infrastructure	12%	11%
Risk Sharing	3%	4%
Emerging Markets Debt	3%	4%
Insurance-Lined Securities	2%	2%
Credit Relative Value	3%	3%
Other	12%	15%
	100%	100%

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The Cambridge Pringle Group A Company Limited by Guarantee

Notes to the Financial Statements - continued for the Year Ended 31 March 2022

24. EMPLOYEE BENEFIT OBLIGATIONS - continued

None of the fair values of the assets shown above include any direct investments in the employer's own financial instruments or any property occupied by, or other assets used by, the employer.

Principal actuarial assumptions at the Balance Sheet date (expressed as weighted averages):

	31.3.22	31.3.21
Discount rate	2.78%	2.21%
Inflation (RPI)	3.47%	3.22%
Inflation (CPI)	3.14%	2.87%
Salary growth	4.14%	3.87%
Allowance for trade of pension for cash at retirement, percentage of max.	75.00%	75.00%

The mortality assumptions adopted at 31 March 2022 imply the following life expectancies:

	Life expectancy at age 65
	Years
Male retiring in 2022	21.1
Female retiring in 2022	23.7
Male retiring in 2042	22.4
Female retiring in 2042	25.2

25. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2022.

26. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to assist with the preparation of the financial statements.

27. ULTIMATE CONTROLLING PARTY

Throughout the year the charity was controlled jointly by the board of directors, there is no overall controlling party.

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The Cambridge Pringle Group A Company Limited by Guarantee

Detailed Statement of Financial Activities for the Year Ended 31 March 2022

	31.3.22	31.3.21
	£	£
INCOME AND ENDOWMENTS
Donations and legacies
Donations	-	25
Grants	-	7,000
Miscellaneous income	4,046	10,464
CBIL scheme	417	833
	4,463	18,322
Investment income
Rents received	-	2,555
Investment property gains	-	1,000
Ground rent receivable	375	1,850
Deposit account interest	32	12
	407	5,417
Charitable activities
Rents receivable	624,074	576,849
Other income
Gain on sale of tangible fixed assets	500	-
Total incoming resources	629,444	600,588
EXPENDITURE
Charitable activities
Salaries and staff costs	223,866	233,370
Social security	14,465	14,824
Pensions	22,171	23,322
Other staff costs including travel	7,024	901
Support costs	13,595	12,791
Communication costs	8,255	8,687
Housing costs	187,302	166,206
Management and administration	592	731
Locality expenses	210	1,795
Property improvement depreciation	12,038	3,638
Plant & machinery depreciation	938	938
Impairment losses for tangible fixed assets	(93,224)	-
Bank loan interest	18,060	18,047
	415,292	485,250
Other
Loss on sale of tangible fixed assets	-	53
Interest on pension scheme liabilities	12,000	9,000
	12,000	9,053

This page does not form part of the statutory financial statements

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The Cambridge Pringle Group A Company Limited by Guarantee

Detailed Statement of Financial Activities for the Year Ended 31 March 2022

	31.3.22	31.3.21
	£	£
Support costs
Governance costs
Auditors' remuneration	4,063	4,560
Auditors' remuneration for non audit work	2,700	2,520
Sundries	3,394	2,541
Legal fees	-	3,060
	10,157	12,681
Total resources expended	437,449	506,984
Net income before gains and losses	191,995	93,604
Realised recognised gains and losses
Realised gains/(losses) on fixed asset investments	(2)	-
Net income	191,993	93,604

This page does not form part of the statutory financial statements

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