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2024-03-31-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 2024

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 2024

Page
Report of the Trustees 1 to 8
Report of the Independent Auditors 9 to 11
Statement of Financial Activities 12
Balance Sheet 13
Cash Flow Statement 14
Notes to the Cash Flow Statement 15
Notes to the Financial Statements 16 to 30
Detailed Statement of Financial Activities 31

The Cambridge Pringle Group A Company Limited by Guarantee

Report of the Trustees for the Year Ended 31 March 2024

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 2024. 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 organisation. We have continued to deliver in the year 2023-24 the much-needed services for the residents of our properties in four areas of Cambridge, Haverhill, and Ely; and 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 with their special needs encounter during their lives. 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. Due to our higher housing and staffing costs, 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 our actual rents. Of our 11 staff, all except 2 work in direct contact with residents; this equates to approximately 82% 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 of and criteria for success are, firstly, numerical in terms of bed spaces, 66 in the year 2022-23 and 66 in the year 2023-24, and the percentage occupancy rate, which has varied around 91%. This shows the need for our services and the desire to use them. A further measure is an analysis of leavers, with 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. Another 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 further 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 second is to expand the charitable activities of CPG and increase the number of bed spaces we offer so that we can support a larger number of users and widen the range of mental health problems of the residents 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, through the enhancement of our reputation. 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.

Page 1

The Cambridge Pringle Group

A Company Limited by Guarantee

Report of the Trustees for the Year Ended 31 March 2024

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 via 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.

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 have also used 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.

Further details are in the section on 'Structure, Governance and Management' below.

Page 2

The Cambridge Pringle Group

A Company Limited by Guarantee

Report of the Trustees for the Year Ended 31 March 2024

ACHIEVEMENT AND PERFORMANCE

Significant charitable activities undertaken

Over the years we have acquired properties that we own or lease to accommodate residents. In 2023-24 we continued to deliver the much needed services for the residents of our properties in our 'patch-areas' within East Anglia: Cambridge, Haverhill, Ely and Mildenhall.

Currently, in Cambridge we have 24 beds in 7 properties (one of which is leased), in Haverhill 24 beds in 6 properties, in Ely 12 beds in 4 properties, and in Mildenhall 6 beds in 1 property. Generally, in houses where we provide accommodation for several residents there is a communal 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, within 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.

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 and thereby expand the reach of the public benefit services we offer.

Since 2016 we have increased the number of bed spaces from 45 to the present 66. During the year 2023-24 the average occupancy rate was 91%, equivalent to about 62 residents, and average residence periods were about: 60% staying 1-5 years, 30% for longer than 5 years, and 10% for less than 1 year.

Our support staff focus on individual needs of residents using working methods that include personal and virtual support for example on assessment of residents' living skills, accommodation needs, their meaningful use of time, and their wellbeing.

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 rules 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.

Performance and outcome criteria

Our approach to selection of performance and outcome criteria reflects the Charity's objects 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.

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: 1. 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

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

Page 3

The Cambridge Pringle Group A Company Limited by Guarantee

Report of the Trustees for the Year Ended 31 March 2024

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 us 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. The Charity buys and refurbishes the property for charitable purposes as and when it is feasible and maintains and upgrades its current properties to good standards to support our residents' needs.

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 range 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 the year 2023-24. This challenge affects the wider social care and support sector. As part of our commitment to support continuous operation, The Board again took the unanimous decision to increase salaries for all staff and to introduce a new salary structure to attract new staff and retain and boost existing staff morale.

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.

FINANCIAL REVIEW

Income and expenditure

The Charity had a satisfactory year despite several ongoing constraints, such staff recruitment issues and rising inflation and interest rates.

Income and expenses were well managed and reasonably in accordance with budgets. The charitable activity income budget, based on a residents' occupancy rate of 95% (compares to actual 91%) was £719,913 of which Housing Benefit is our principal source of funding, whilst expenditure was £614,033. Mainly due to the nature of our residents and their circumstances, each year we have some arrears including a significant fraction which it is impracticable to collect. Thus, income collection was satisfactorily in accordance with our normal expectations.

Page 4

The Cambridge Pringle Group A Company Limited by Guarantee

Report of the Trustees for the Year Ended 31 March 2024

FINANCIAL REVIEW

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 £6,000 in the pension scheme liability as shown by its latest valuation

There are three unrestricted funds 31 March 2024
£000's
a) a Building and Development Reserve, BDR. 4,058
b) a Revaluation Reserve, RR. 1,832
c) a General Reserve, 'buffer reserve' 100

Together, the first two Reserves represent 92% 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 at 31 March 2024.

Other matters

Residential property prices have risen slightly since March 2023, when our properties were last revalued. On 31st March 2024 we updated the property valuations based on Land Registry indexes reflecting location and property type at this date. This procedure indicated an increase of approximately 3.2% since March 2023.

At 31 March 2024, 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

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 2021, 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 annually updated budget 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 Organisation. However, we have used three or four 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, 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 no longer part of our future direction.

Page 5

The Cambridge Pringle Group A Company Limited by Guarantee

Report of the Trustees for the Year Ended 31 March 2024

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 five volunteer Trustee Directors including the Chairman. Our Chief Executive and our Charity 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.

Some areas of decision making have been delegated to our Operations Committee which meets monthly and comprises the Chairman, Chief Executive, Charity 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 11 members of staff, amounting to 9.01 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.

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 2024

Mr M Malhotra, Hon Treasurer offered his resignation from the Board and the Charity on 17 Aug 2024. Mr I Crowther resigned from the Board and the Charity on 5 July 2023. No other significant changes

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

02842017 (England and Wales)

Page 6

The Cambridge Pringle Group A Company Limited by Guarantee

Report of the Trustees for the Year Ended 31 March 2024

Registered Charity number 1040577

Registered office

279 High Barns Ely Cambridgeshire CB7 4RN

Trustees

Mr C R Marshall Mr I Crowther (resigned 16.7.24) Mr D D Brown Mr W D G Lawn Chairman from 16 May 2022 Mrs A J Martin Mr M Malhotra (resigned 20.8.24)

Company Secretary

Mrs P Rimmer

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

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

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.

Page 7

The Cambridge Pringle Group A Company Limited by Guarantee

Report of the Trustees for the Year Ended 31 March 2024

STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued

In so far as the trustees are aware:

AUDITORS

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

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

Page 8

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 2024 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:

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 23 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:

Page 9

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:

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.

Page 10

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 11

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 2024

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Charitable activities
4
Housing activities
Investment income
3
Total
EXPENDITURE ON
Charitable activities
5
Support activities
Housing activities
Other
Total
NET INCOME
Transfers between funds
20
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
£
5,428
718,449
700
724,577
19,070
587,613
3,000
609,683
114,894
5,000
121,306
(18,000)
223,200
5,767,504
5,990,704		 Restricted
funds
£
9,600
-
-
9,600
-
9,600
-
9,600
-
(5,000)
-
-
(5,000)
5,000
-		 31.3.24
Total
funds
£
15,028
718,449
700
734,177
19,070
597,213
3,000
619,283
114,894
-
121,306
(18,000)
218,200
5,772,504
5,990,704		 31.3.23
Total
funds
£
3,552
661,340
910
665,802
21,356
499,066
5,711
526,133
139,669
-
150,223
(15,000)
274,892
5,497,612
5,772,504

The notes form part of these financial statements

Page 12

The Cambridge Pringle Group A Company Limited by Guarantee

Balance Sheet 31 March 2024

Notes
FIXED ASSETS
Tangible assets
12
CURRENT ASSETS
Debtors
13
Cash at bank
CREDITORS
Amounts falling due within one year
14
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS
Amounts falling due after more than one year
15
PROVISIONS FOR LIABILITIES
19
PENSION LIABILITY
21
NET ASSETS
FUNDS
20
Unrestricted funds:
General fund
Building and development fund
Revaluation reserve
Restricted funds
TOTAL FUNDS		 Unrestricted
funds
£
6,428,988
34,937
148,815
183,752
(78,492)
105,260
6,534,248
(457,379)
(17,000)
(69,165)
5,990,704		 Restricted
funds
£
-
-
-
-
-
-
-
-
-
-
-		 31.3.24
Total
funds
£
6,428,988
34,937
148,815
183,752
(78,492)
105,260
6,534,248
(457,379)
(17,000)
(69,165)
5,990,704
100,000
4,058,450
1,832,254
5,990,704
-
5,990,704		 31.3.23
Total
funds
£
6,193,725
47,165
177,884
225,049
(76,590)
148,459
6,342,184
(489,680)
(17,000)
(63,000)
5,772,504
180,000
3,876,555
1,710,949
5,767,504
5,000
5,772,504

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 13

The Cambridge Pringle Group A Company Limited by Guarantee

Cash Flow Statement for the Year Ended 31 March 2024

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
Interest received
Net cash used in investing activities
Cash flows from financing activities
Loan repayments in year
Net cash used in 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		 31.3.24
£
119,143
(38,389)
80,754
(79,230)
-
700
(78,530)
(31,293)
(31,293)
(29,069)
177,884
148,815		 31.3.23
£
140,538
(24,041)
116,497
(655,363)
267,289
910
(387,164)
(35,612)
(35,612)
(306,279)
484,163
177,884

The notes form part of these financial statements

Page 14

The Cambridge Pringle Group A Company Limited by Guarantee

Notes to the Cash Flow Statement for the Year Ended 31 March 2024

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES OPERATING ACTIVITIES
31.3.24 31.3.23
£ £
Net income for the reporting period (as per the Statement of Financial
Activities) 114,894 139,669
Adjustments for:
Depreciation charges 18,274 13,894
Loss on disposal of fixed assets - 3,711
Interest received (700) (910)
Interest paid 38,389 24,041
Non cash pension movement 9,000 -
Revaluation of properties (53,001) (13,445)
Decrease/(increase) in debtors 12,228 (8,921)
Increase/(decrease) in creditors 894 (4,501)
Difference between pension charge and cash contributions (20,835) (13,000)
Net cash provided by operations 119,143 140,538

2.

ANALYSIS OF CHANGES IN NET DEBT

At 1.4.23 Cash flow At 31.3.24
£ £ £
Net cash
Cash at bank 177,884 (29,069) 148,815
177,884 (29,069) 148,815
Debt
Debts falling due within 1 year (36,966) (1,008) (37,974)
Debts falling due after 1 year (489,680) 32,301 (457,379)
(526,646) 31,293 (495,353)
Total (348,762) 2,224 (346,538)

The notes form part of these financial statements

Page 15

The Cambridge Pringle Group

A Company Limited by Guarantee

Notes to the Financial Statements for the Year Ended 31 March 2024

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, 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.

Page 16

continued...

The Cambridge Pringle Group

A Company Limited by Guarantee

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

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.

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.

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.

continued...

Page 17

The Cambridge Pringle Group A Company Limited by Guarantee

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

1. ACCOUNTING POLICIES - continued

Financial instruments

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

31.3.24 31.3.23
£ £
Grants - 1,000
Miscellaneous income 15,028 2,552
15,028 3,552
Grants received, included in the above, are as follows:
31.3.24 31.3.23
£ £
Suffolk Community Restart Fund - 1,000
3. INVESTMENT INCOME
31.3.24 31.3.23
£ £
Deposit account interest 700 910
4. INCOME FROM CHARITABLE ACTIVITIES
31.3.24 31.3.23
Activity £ £
Rents receivable Housing activities 718,449 661,340

continued...

Page 18

A Company Limited by Guarantee

The Cambridge Pringle Group

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

5. CHARITABLE ACTIVITIES COSTS

Support activities
Housing activities
6.
DIRECT COSTS OF CHARITABLE ACTIVITIES
Staff costs
Other staff costs including travel
Support costs
Communication costs
Housing costs
Management and administration
Sundries
Depreciation
Impairment losses
Interest payable and similar charges
7.
SUPPORT COSTS
Support activities
Support costs, included in the above, are as follows:
Governance costs
Auditors' remuneration
Auditors' remuneration for non audit work
Sundries		 Direct
Costs (see
note 6)
£
7,257
597,213
604,470		 Support
costs (see
note 7)
Totals
£
£
11,813
19,070
-
597,213
11,813
616,283
31.3.24
31.3.23
£
£
317,595
264,305
21,882
13,131
14,752
13,637
7,904
8,430
236,936
184,464
1,250
1,173
489
1,000
18,274
13,894
(53,001)
(15,445)
38,389
24,041
604,470
508,630
Governance
costs
£
11,813
31.3.24
31.3.23
Support
Total
activities
activities
£
£
4,900
4,750
4,119
4,413
2,794
2,629
11,813
11,792

continued...

Page 19

The Cambridge Pringle Group A Company Limited by Guarantee

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

8. NET INCOME/(EXPENDITURE)

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

31.3.24 31.3.23
£ £
Auditors' remuneration 4,900 4,750
Auditors' remuneration for non audit work 4,119 4,413
Depreciation - owned assets 18,274 13,893
Deficit on disposal of fixed assets - 3,711

9. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.

10. STAFF COSTS

STAFF COSTS
Wages and salaries
Social security costs
Other pension costs		 31.3.24
£
285,704
19,057
12,834
317,595		 31.3.23
£
237,822
17,018
9,465
264,305

The employee benefits of key management personnel during the year were £98,642.(31 March 2023: £94,436)

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

Chief Executive / Company Secretary
Management
Administration
Finance		 31.3.24
2
4
3
1
10		 31.3.23
2
4
4
1
11

No employees received emoluments in excess of £60,000.

continued...

Page 20

The Cambridge Pringle Group A Company Limited by Guarantee

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

11.
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)
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		 ACTIVITIES
Unrestricted
funds
£
2,552
661,340
910
664,802
20,356
499,066
5,711
525,133
139,669
150,223
(15,000)
274,892
5,492,612
5,767,504		 Restricted
funds
£
1,000
-
-
1,000
1,000
-
-
1,000
-
-
-
-
5,000
5,000		 Total
funds
£
3,552
661,340
910
665,802
21,356
499,066
5,711
526,133
139,669
150,223
(15,000)
274,892
5,497,612
5,772,504

continued...

Page 21

The Cambridge Pringle Group A Company Limited by Guarantee

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

12. TANGIBLE FIXED ASSETS

Improvements
Freehold
to
property
property
£
£
COST OR VALUATION
At 1 April 2023
6,157,666
68,927
Additions
44,778
34,452
Revaluations
174,307
-
At 31 March 2024
6,376,751
103,379
DEPRECIATION
At 1 April 2023
-
32,868
Charge for year
-
18,274
At 31 March 2024
-
51,142
NET BOOK VALUE
At 31 March 2024
6,376,751
52,237
At 31 March 2023
6,157,666
36,059
Cost or valuation at 31 March 2024 is represented by:
Improvements
Freehold
to
property
property
£
£
Valuation in 2024
6,376,751
-
Cost
-
103,379
6,376,751
103,379		 Plant and
machinery
£
3,750
-
-
3,750
3,750
-
3,750
-
-
Plant and
machinery
£
-
3,750
3,750		 Fixtures
and
fittings
£
26,010
-
-
26,010
26,010
-
26,010
-
-
Fixtures
and
fittings
£
-
26,010
26,010		 Totals
£
6,256,353
79,230
174,307
6,509,890
62,628
18,274
80,902
6,428,988
6,193,725
Totals
£
6,376,751
133,139
6,509,890

If the properties had not been revalued they would have been included at the following historical cost of £4,625,172 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.

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.24 31.3.23
£ £
Rent arrears 20,927 29,511
Other debtors 14,010 17,654
34,937 47,165

continued...

Page 22

The Cambridge Pringle Group A Company Limited by Guarantee

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

14.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24
£
Bank loans and overdrafts (see note 16)
37,974
Trade creditors
6,455
Social security and other taxes
2,597
Accrued expenses
31,466
78,492
15.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24
£
Bank loans (see note 16)
457,379
16.
LOANS
An analysis of the maturity of loans is given below:
31.3.24
£
Amounts falling due within one year on demand:
Bank loans
37,974
Amounts falling between one and two years:
Bank loans - 1-2 years
39,226
Amounts falling due between two and five years:
Bank loans - 2-5 years
96,273
Amounts falling due in more than five years:
Repayable by instalments:
Bank loans due over 5 years
321,880
17.
LEASING AGREEMENTS
Minimum lease payments under non-cancellable operating leases fall due as follows:
31.3.24
£
Within one year
11,216
Between one and five years
22,432
33,648		 31.3.23
£
36,966
13,091
5,385
21,148
76,590
31.3.23
£
489,680		 31.3.23
£
36,966
13,091
5,385
21,148
76,590
31.3.23
£
489,680
31.3.23
£
36,966
38,185
104,172
347,323
31.3.23
£
11,216
33,648
44,864
44,864

Operating lease payments of £12,531 were recognised as an expense during the year in regards to property rental.

continued...

Page 23

The Cambridge Pringle Group A Company Limited by Guarantee

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

18. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£ £
Bank loans 495,353 526,646

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.

19. PROVISIONS FOR LIABILITIES

PROVISIONS FOR LIABILITIES
31.3.24 31.3.23
£ £
Provision for building works 17,000 17,000

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.

20. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Building and development fund
Revaluation reserve
Restricted funds
The Screwfix Foundation
TOTAL FUNDS
Net movement in funds, included in the above are
Unrestricted funds
General fund
Revaluation reserve
Restricted funds
Rough Sleepers
TOTAL FUNDS		 At 1.4.23
£
180,000
3,876,556
1,710,948
5,767,504
5,000
5,772,504
as follows:
Incoming
resources
£
724,577
-
724,577
9,600
734,177		 Net
movement
in funds
£
96,894
-
121,306
218,200
-
218,200
Resources
expended
£
(609,683)
-
(609,683)
(9,600)
(619,283)		 Transfers
between
funds
£
(176,894)
181,894
-
5,000
(5,000)
-
Gains and
losses
£
(18,000)
121,306
103,306
-
103,306		 At
31.3.24
£
100,000
4,058,450
1,832,254
5,990,704
-
5,990,704
Movement
in funds
£
96,894
121,306
218,200
-
218,200
as

continued...

Page 24

The Cambridge Pringle Group A Company Limited by Guarantee

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

20. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Net
movement
At 1.4.22
in funds
£
£
Unrestricted funds
General fund
367,198
124,669
Building and development fund
3,458,165
-
Revaluation reserve
1,667,249
150,223
5,492,612
274,892
Restricted funds
The Screwfix Foundation
5,000
-
TOTAL FUNDS
5,497,612
274,892
Comparative net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
664,802
(525,133)
Revaluation reserve
-
-
664,802
(525,133)
Restricted funds
Men's shed
1,000
(1,000)
TOTAL FUNDS
665,802
(526,133)		 Transfers
between
funds
£
(311,867)
418,390
(106,523)
-
-
-
Gains and
losses
£
(15,000)
150,223
135,223
-
135,223		 At
31.3.23
£
180,000
3,876,555
1,710,949		 At
31.3.23
£
180,000
3,876,555
1,710,949
5,767,504
5,000
5,772,504
Movement
in funds
£
124,669
150,223
274,892
-
274,892
274,892
-
274,892

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
The Screwfix Foundation
TOTAL FUNDS		 At 1.4.22
£
367,198
3,458,165
1,667,249
5,492,612
5,000
5,497,612		 Net
movement
in funds
£
221,563
-
271,529
493,092
-
493,092		 Transfers
between
funds
£
(488,761)
600,284
(106,523)
5,000
(5,000)
-		 At
31.3.24
£
100,000
4,058,449
1,832,255
5,990,704
-
5,990,704

Page 25

continued...

The Cambridge Pringle Group A Company Limited by Guarantee

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

20. MOVEMENT IN FUNDS - continued

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

Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
1,389,379
(1,134,816 )
Revaluation reserve
-
-
1,389,379
(1,134,816 )
Restricted funds
Men's shed
1,000
(1,000)
Rough Sleepers
9,600
(9,600)
10,600
(10,600)
TOTAL FUNDS
1,399,979
(1,145,416 )		 Gains and
Movement
losses
in funds
£
£
(33,000)
221,563
271,529
271,529
238,529
493,092
-
-
-
-
-
-
238,529
493,092

The general reserve (or fund) represents the free funds of the charity and are intended to show the working capital needs of the Group, about 3 months expenditure, £100,000.

Significant funds in excess of these needs will be transferred to the Building and Development Fund".

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

Restricted funds

Men's Shed

Funding was provided by Suffolk Community Restart Fund to be used towards setting up a Haverhill branch of the UK Men's Sheds Association.

The Screwfix Foundation

A donation was received from The Screwfix Foundation and was used towards planned kitchen works at one of the properties in the financial year.

Rough Sleepers

Funding was provided by West Suffolk for the provision of one bed space to be ring-fenced for rough sleepers.

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 general fund to the building and development fund of £176,894 to maintain the general fund as an average value represented by cash at bank.

A transfer of £5,000 was made from the restricted Screwfix Foundation fund to the general fund, following use of the donation towards kitchen work in the year which is held for general and not a restricted purpose.

Page 26

continued...

The Cambridge Pringle Group A Company Limited by Guarantee

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

21. 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 2023. This valuation revealed a deficit of £693m. A Recovery Plan has been put in place with the aim of removing this deficit by 31 March 2028. 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 accounting purposes, a valuation of the scheme was carried out with an effective date of 30 September 2023. The liability figures from this valuation were rolled forward for accounting year-ends from 31 March 2024 to 28 February 2025 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.

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

Current service cost
Net interest from net defined benefit
asset/liability
Past service cost
Expenses
Actual return on plan assets		 Defined benefit
pension plans
31.3.24
31.3.23
£
£
-
-
3,000
2,000
-
-
3,000
3,000
6,000
5,000
(9,000)
(208,000)

continued...

Page 27

The Cambridge Pringle Group A Company Limited by Guarantee

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

21. EMPLOYEE BENEFIT OBLIGATIONS - continued

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

Opening defined benefit obligation
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
31.3.24
31.3.23
£
£
354,000
540,000
17,000
15,000
3,000
3,000
(4,000)
(4,000)
4,000
(19,000)
(3,000)
(1,000)
(6,000)
(180,000)
365,000
354,000

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

Opening fair value of scheme assets
Contributions by employer
Interest income
Benefits paid
Experience return on plan
assets		 Defined benefit
pension plans
31.3.24
31.3.23
£
£
291,000
479,000
17,835
18,000
14,000
13,000
(4,000)
(4,000)
(23,000)
(215,000)
295,835
291,000

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
31.3.24
31.3.23
£
£
3,000
1,000
6,000
180,000
(23,000)
(215,000)
(4,000)
19,000
(18,000)
(15,000)

continued...

Page 28

The Cambridge Pringle Group A Company Limited by Guarantee

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

21. EMPLOYEE BENEFIT OBLIGATIONS - continued

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

Equities
Liability Driven Investment
Alternative Risk Premia
Private Debt
Absolute Return
Secured Income
Property and Infrastructure
Risk Sharing
Emerging Markets Debt
Insurance-Linked Securities
Credit Relative Value
Other		 Defined benefit
pension plans
31.3.24
31.3.23
9.80%
2.72%
40.54%
45.58%
3.04%
-
4.05%
-
3.72%
1.02%
3.04%
4.42%
14.86%
18.71%
5.74%
7.14%
1.35%
0.68%
0.68%
2.38%
3.38%
3.74%
9.80%
12.93%
100.00%
100.00%		 Defined benefit
pension plans
31.3.24
31.3.23
9.80%
2.72%
40.54%
45.58%
3.04%
-
4.05%
-
3.72%
1.02%
3.04%
4.42%
14.86%
18.71%
5.74%
7.14%
1.35%
0.68%
0.68%
2.38%
3.38%
3.74%
9.80%
12.93%
100.00%
100.00%
100.00%

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):

31.3.24 31.3.23
Discount rate 4.92% 4.84%
Inflation (RPI) 3.11% 3.17%
Inflation (CPI) 2.79% 2.80%
Salary growth 3.79% 3.80%
Allowance for commutation of pension for cash at retirement, percentage of
max. 75.00% 75.00%

The mortality assumptions adopted at 31 March 2024 imply the following life expectancies:

Life expectancy at age 65
Years
Male retiring in 2024 20.5
Female retiring in 2024 23.0
Male retiring in 2044 21.8
Female retiring in 2044 24.4

continued...

Page 29

The Cambridge Pringle Group A Company Limited by Guarantee

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

22. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2024.

23. 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.

24. ULTIMATE CONTROLLING PARTY

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

Page 30

The Cambridge Pringle Group A Company Limited by Guarantee

Detailed Statement of Financial Activities for the Year Ended 31 March 2024

31.3.24 31.3.23
£ £
INCOME AND ENDOWMENTS
Donations and legacies
Grants - 1,000
Miscellaneous income 15,028 2,552
15,028 3,552
Investment income
Deposit account interest 700 910
Charitable activities
Rents receivable 718,449 661,340
Total incoming resources 734,177 665,802
EXPENDITURE
Charitable activities
Salaries and staff costs 285,704 237,822
Social security 19,057 17,018
Pensions 12,834 9,465
Other staff costs including travel 21,882 13,131
Support costs 14,752 13,637
Communication costs 7,904 8,430
Housing costs 236,936 184,464
Management and administration 1,250 1,173
Sundries 489 1,000
Depreciation of tangible fixed assets 18,274 13,894
Impairment losses for tangible fixed assets (53,001) (15,445)
Bank loan interest 38,389 24,041
604,470 508,630
Other
Loss on sale of tangible fixed assets - 3,711
Interest on pension scheme liabilities 3,000 2,000
3,000 5,711
Support costs
Governance costs
Auditors' remuneration 4,900 4,750
Auditors' remuneration for non audit work 4,119 4,413
Sundries 2,794 2,629
11,813 11,792
Total resources expended 619,283 526,133
Net income 114,894 139,669

This page does not form part of the statutory financial statements

Page 31