CAMBRIDGE vicfoKIA HOMES (CIO) rtNANCIAL STATEMENI'S FOR THE YEAR ENDED 3 1ST DECLMBER 2023 CONTENTS AND INFORMATION covrEN'rs, PAGB.. Trustees, Annual Report [￿d¢pelldent ExamineE5 Report Statement of Financial Activities Balance Sheet Statement of Cash Flow Notes to the Finan¢ial Statements 8- 13 TRUSTEES: A R Blake. (Treasurer) P Cowell M Wsshart J Davisoo (Chair) R Harding J Jones R MonK (President) M Wells TRUST ADDRESS.. 38 Victoria Homes Victoria Road Cambridge CB4 3DX CHARITY REGISTRATION NUMBER.. 1177888 INDEPENDENT EXAMINERS.. Prentis & Co LLP Chaff￿red Accountsnts & JrAdepeTrdent Examine 115c Milton Road Cambridge C84 IXE BANKERS.. Barclays Bsnk CamDridge Branch St Andrews Street Catubridge CB2 3AX INVESTMENT MANAGERS.. Charles Stsnley & Co. Limiie41 1st Floor 3 Station Square Cambridoe CBI 2GB CAMBRIDGE vicfoKIA HOME,S (CIO) FtNANCLAL STATEMENfs FOR THE YEAR ENDED 3 ISF DECEMBER 2023 TRUSTEES, ANNUAL REPORT The trustees present their annual repDrt alld financial statements of the charity for the year end¢d 3 1st DeceTnber2023. The financial sthtements have been prepared accordance with the accounlingw)li¢ies Set out in note I to the accounts and comply with the charity'5 trust deed. the Charities Ac¢ 2011 and Accounting and R¢por.ing by CharitEes.' Statement of RecomrrA¢nd¢d Practice applicablc to ch2rities prep2ripg their accounts in Bccordance with the Financial Reporting Standard applicable in th¢ UK and Eiepublic of Ireland (FRS102) (effeciive l Janu84" 2019). I. OBJECTIVES, AcrIvrriES thD PUBLIC BEYEFrr The objects of the CIO are to prov:de subsidised accommod￿lon. associated tariliti6s and financial support for the elderly aTrd infimi over 60 yews of age,. in particulaT but noi exclusively to those who have previously lived within 20 tniles of Great St MaTls Chur¢lk in Cambridge and members of Frielldly Societie5. The ch￿ltY maintains 16 one bedroom unfi]rnished bullga':ows to provide convenient accommodation for elderly people in a ¢omrrtunity settitL& The bungalows are set in attractive landscaped ￿oUn(b, alongsid¢ allottllents and & pavilion which provide social faciliiies for the residents. There i5 a part time W￿den, but rhey is no provision for nursing or other care services because the accou]￿QdatIon is primarily for those able to live independently irt the cotnmunity. The Trnstees encournge a positive sense of community atnongst the residew as self-help and independent Ikving are recognised &8 important elements for maintaining a healthy lifestyle. The trustees confirm that the> hav¢ refe￿ed to guidanG¢ issued by th¢ Charity Commission on public benefit wben reyiewing the charitls aims and firture plan5. 2. STRUCTLRE GOVERNADICE MD.MANAGEMENT The charity was originally fotTned undcr a trust deed 18J i. In 2019 it was recoThstiwt¢d Charttable Incorw)rated Orgattisation, charity registration number 1177888. The management of the Cambridge VictDria Homes is undertaken by a Committee of Trustees. The Trustees meet every month, excluding ALgust and December, lo a￿ce the broad strate￿ and areas of activity for the charity. including cottsideration of investFr.ents, reserycs and risk manJgem¢nl policy p¢rfOrnl&￿Ctt. The trustees appoint a Chairperson to chair th¢ meeting5 of the charity trustees and ovetsee the generdl n￿mIng of the CIO, as well &8 Othef offic¢r positions such as President and Tre&surer. These officers are notinally expe¢t¢d to 5erv¢ for a tenn of at least two years, although this can be exiended at the discretioTh of the charity tnisie¢g. The day to day runni￿ of the Homes is ￿dertakell by a part time Secretary and Warden who are remunera￿ and report dwectly to the Commitree. The Committee keep5 under review the skill requirements of the Trust. It ensures tha¥ in the event a T￿￿tee ￿t￿e8 Dr additional t￿Stee8 are required, new Tn￿￿¢5 have 5ki115 that ar- able to contr1￿Ule towards achieving Li)e charity's obje¢tive5. No other organisation m8k¢s any apw)itllments ts) the Committee and decision5 about new trustees ar¢ mad¢ solely by the Committ¢e. The induction proce55 for any newly appointed TTUStee eompris¢s a meeting with the Chaimian. introduction to the rEsid¢nts, and PrOv￿10n of copies of the trust's con¢itutiOn, OEmtional guidelin&8, policies and the last two yeaTS finan¢ia] statements. 3. ACHIEVEMEINTS AND PERFORL¥IANCE The charity has achieved its objettives during the year. The results for the year are considered to be satisfactory and in line with the budget for the yesr. Olle vaG￿ry ￿Gu￿Bd in September 202) and this w&% filled in December2023. Othetivise all proporties We￿ occupied throughout the year with 17 Charity beneficiaTies. During 2023, in addition to tbe regular maintenan¢¢ WOTL specific maintenance items for the charity includBd.. Major repair work to the front wall along the Homes Site, cost £7.700. Extensive and [en￿￿Y iiivestigation of surface wa1erlle￿d&rnp issues at property DO 3, rc5ulting eventually in th¢ inslaliatioll of & French dra￿ and repointing work. The effectiveness of these is beii)g monitored. Repairs to a Sudden and njajor water leak in th¢ car p&L cost £1,800. CAMBRIDGE vicfoRtA HOMES (CIO) PAGE2 FINANCJAL STATEMENTS FOR THE YEAii ENDED 3 1ST DECEMBER 2023 TRUSTEES, ANNUAL REPORT.....CONT Lagging of all boiler ¢xt¢rnal pip¢s for all prop¢rties on sitr following frozen condensate issues the previous winter, cost £500. Significant i¢pairs to th¢ pavilion automatic doors costing J￿$t0ver £3,000. Kedecoration and repaiTS to th6 vacant utlit no 22 costing approx]n￿telY £1,400. No major repairs or refurbisbment were needed to any of the Homes properties in 2023. This enabled the Trust￿ to offtr each resident & £100 grant over the winter of 2023 to help towards the incrwing energy costs wthich they were expErieLcin The signifi¢ant inor¢8se in energy Costs oY¢r the I￿1 year b&$ put pressure on this axea of the Homes budgets, with Trttstees noting a doubling in Costs. Trustees have aLSO noLed that the ￿arioUS regJktory checks such a5 fire Safety inspection, PAT testing. gas safety checks ar¢ now costing the Home5 nearly £3,000 PEr anllu￿L Tbe Homes emergency lifeline provider was changed to Careline 365 during 2023, follow￿ng the loss of accreditation by the previous provider. This necessitated a rhang¢ of equipriient in all properties bui following some initia] teething probl¢ms, the system with.the new provider appears to be w0￿]ng WEII. In Tespect of social events, the residents celebrated the King's Coronation with a Cel¢br&tion Tea in the pavilion. part fullded by a £150 grant from Cambridge City Council. The Clwity &-o fijnded a very successful river trip outiDg in latr summer, as well a number of lunches during the year for the residents. 4. FINAIYCIAL REVIEW The ll¢t income for ihe year WLS £28,206 (2022 net income £20,830). The net movemeDt in fund5 W&5 a increase of £40,025 12022 decrease £48,650). Princip81 Futsding Sources The principal sources of fijnding for tbe Charity are the l¢vie5 rxeiNed from residents and returns ¢arned from the investtnents. From time to time it re¢eiYes bequests and donatiOD4 usua15y sthall scale, whicb are tsfully receiyed and used to fiwtlLer tht Homes objectives. Principal Areas of Expenditure a} Repairs and MaintetLance- The cos¢ of maintaÉtJitJg the homes to a high standard rematns a sigpifi¢ant burden on the Charity's financial resourc¢s and every projert is CaTefLlly considered prior to itnplementation. Major refurbis4ment works must be planned in conjunction with rouline Main￿￿￿ee but the opportunity is takell, pr(>perties oecotne vacÉtht, to upgr&d¢ and r¢fithish the hom¢5 as Decessary. b) staff￿g- the Charity employs a part time Se&retaT)' (15 hows per week) and a part time Warden (18 bours per week) and m&k¢5 4 paytnenL lo one rEsident to manage the pavilion opening and closing. A telephone lifeline system is a)so colltra¢ted w provide emergency support for the residents. The Trust￿ are satisfitd that these provisions meet the Homes day to day operational requiren)ents. Reserves Polic It is the policy of the Charity to hold unrestricted flltlds at a level sufficient to cover the costs of maintainsng each residential property at th¢ appropriate srandard for the foreseeable futsL-- The general fijnds al ?1 December 2023 were ri.44m (2022 £1.38m) as shown in note 10.. A substantial proportion of the Clthrity's properties and infrastructure are over 100 vears and as a consequence requir¢ both regular rnaintenaDce and iniprovttnents. The investtnents are held to both generate income and to fulld unex￿ted major building wotks to achiEve the policy noted above. Th¢ Tru$l¢es' &im, bv planning regulw nwintengnce, is to break departures disclosed aDd explained in the financial statem¢Dts. Prepare the fmancial statemeDt5 on the going concern basis unl¢ss it is inappropriate to presume that the charity wi]1 continue in orKration. (sv) The trustees arc responsible for keeping proper accounting re¢ords which disclose with reasonable accuracy at aiiy time, the fllMncial position of the charity. and to enabl¢ theni to ¢nsure thai the financial statements wmply with the Ch￿l￿eS Act 2011, and the dpplicable Ch&rity (Accounts aThd Rcpirts) Regularions. They are also re5pon5ible for safeguarding the assets of th¢ ¢hariiy and hence for tsking re￿Onable steps for the pr¢vention dnd detection of fraud and other irregularities. 7. KEY MANAGEMETrrr PEIISONNEL REMLNERATIO. llje Board of Tru5k¢s consider themselves to be the key nianagement aDd are not Temunernted. 8. APPROVAL DECLARATIOIY Tht reptsrt was approved by the trusttts on Si & 4 2bl and signed on their behalf. A R BLAKE- TRUSTEE CAMBRIDGE VICTORIA IIOME,S (CIO) FINANCIAL STATEMENTS FOR THE YEAR ENDED 3 1ST DECEMBER 2023 INDEPENDENT EXAMNER'S REPORT TO TFtE TRUSTEES OF CAMBRJDGE VICTOLUA HOMES ICIOI I report to th¢ ChaTity Trustee5 On tny examination of the accounts of the Charity for the year ended 3 1st December 2023, which are set out on pages 5 to 13. RESPONSIBILITIES AFID BASIS OF REPORT As the Charity's Trustees of tbe Cbarity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 I'the 201 l Act). 14&ving been s&'isfied that the ￿countS of the Charity are no:. required to be audited under the 2011 Aet and are eligible for independent examination, I report in respect of exa￿l￿ation of your Cfr.arityi accounts are carried out uNder s.145 of th¢ Charities Act 2011 Cthe 201 l ACV). In carying out my examination I ha¥¢ follow¢d the Direction5 giv¢ll by the Charity Commission under s.145(5)(b) of the 2011 ACL INDEPENDENT EXAMtN8RS' STATEMENT I have completed my examination. I confirm that no rnatter5 have come to my attention in connection with the Exarnination which give me cause to believe.. Qll accounting records were not kept in respect of th- Cb.arity as required by s.130 of the 2011 ACL 121 the accounts do not accord with those accounting record.s- 131 the accounts do not comply +the applicabl¢ r¢quirep]ents concerning the fom and coiitents of tii¢ accounts set out in the Charities (Accounts and Re￿￿") ReaLilatÉons 2008 other than any requirement that the accounts give a knie faiv view which is ￿0t & Tr.atter coYidered as part of independent e￿MinatiOn. or. (41 the account5 have noi been prep&ed in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by th3riti¢s (appli¢able to ¢harities preparing their accouits in accordance wÈth the Fipancial Reporting Swida..d app1s￿ble in the UK and Republic of Ireland (FRS102)1. I have no Collcerns and have come across no other matters in conThection with the examination to which attention should be drawn in this report in order to enable a proper uTrderstandin8 of the accounts to be reactLed. IAN W SHIPLEY FCCA FOR AND ON BEHALF OF.. PRENTIS & CO LLP CHARTERED AccouNfAM'S & INDEPENT)ENT EXAMtNERS 115c Milton lioad C￿nbridge CB4 IXE -,r CAMBRIDGE VICTORIA HOMES {CIO} FtNANCIAL STATEMENTS FOR THE YEAR ENDED 3 1ST DECEMBER 2023 STAI'EMENT OF FINANCIAL ACTIVITIES Note5 2023 2023 Unresiricted Restricted Funds Fund5 2022 2022 2023 Unresticted Restricted Total Fund5 Funds 2022 rotsl INcof*lE Covenants, donations YLnd legacies Investrn¢nt income Income from charitablt aetivitieg: Levies from residents Other in¢oming r¢sourc¢s Total income 1,120 36,020 1,120 36,292 305 31,780 305 31.859 272 79 99.645 3,868 99.645 3,868 96,798 2,026 130,909 96,798 2,496 47D 140,653 272 140,925 549 131,458 EXPENDITLRE Costs of r8ising funds- Investment management ¢05ts 6,130 6,130 6,191 6,191 Expellditurc oll charitable activities: Light and heat Rates Insurance Repairs and maintenance Subscriptions Wages and honorarium Telephone and care call Printing, stationery and &d￿ertising Gifts alld partitg for residents and staff Sundry expenses Depreciation lttdependent examination fee Total expenditure 5,053 892 2.478 24,437 243 32,059 3,825 171 3,382 5,053 892 2.478 24,437 243 32,059 3.825 171 i,i82 396 32.150 2,689 830 2,269 29,205 222 29.i46 3.414 348 1224 727 32,272 1,421 2.689 830 2,269 29,205 222 29.346 3,414 348 1,694 727 32,272 1,421 110,628 470 32,150 1,503 112,719 112.719 110,158 470 Net incotnc and not movement in funds before gaills and losse5 on investment$ Net gains on investment Net movement in funds for the year 27,934 11.819 272 28206 20,751 {69,480) (48,7291 79 20,830 (69,480) (48,650) 39,753 272 40.025 79 ReconciliAtion olfllrtds Total funds brought fonvard Total funds taTried fon¥ard 1.919,445 19209 1,938,654 1,968,174 19,130 1,987,304 1,9£9,198 19,481 1,978,679 1,919.445 19,209 1,93 8.654 Th¢ Siatement of Financial Activities includes all gail￿ and losses reCO￿lsed in the year. All income and expenditure derive from continuing activities. The notes on pages 8 ro 13 lorni part of these f￿a￿ClaI 5tatetnents. CAMBRIDGE VICTORIA HOMES (CIO) PAGE 6 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 BALANCE SHEET Note 2023 2022 FIXED ASSETS Tangible assets Investtnents 816,534 677,170 1.493,704 848.684 668,832 Total fixed assets 1,517,516 CURRENT ASSETS Dcbtors Cash at bank and ill hand 2,086 487,367 1,483 425,401 Total current asscts 489.453 426,884 LL4BILITIES.. Creditors.. ￿n￿llnts falling due within one year 4.478 5,746 Net Current Assets 484.975 421,lJ8 NET ASSETS 1,9 18,679 1,938,654 THE FUNDS or ThlE CHARtTY R¢stricted Fut]ds Unrestricted Funds 19,481 1,959.198 1,978,679 19,209 1,919,445 1,9J8,654 10 Totd Chariiy Funds li These financial statements were approved by the TTUStxs on I i J•1 2>1 and signed on its behalf. A R BLAKE TRUSTEE The ngtes on pages 8 ￿ 13 fotin part of these fu)anciaS staternents. CAMBRIDGE VICTORIA HOMES (CIO) PAGF. 7 FtNANCIAL STATEMENTS FOR THE YEAR ENDED 3 1ST DECEMBER 2023 STATEMENT OF CASH FLOW Note 2023 2022 Net cash provided byl{used in) oper&ting activities 14 22.193 22,078 CASH fLOW FROM FNVESTING ACTIVITIES: Interest and dividends REntal income Purchase of investments Purchase of fixed assets Proceeds from sale of investments 23,496 12,796 (153,905) 19,319 12.540 (156,456) (1,148) 138,295 157,386 Net c￿h provided by investing activitie5 39,773 12,550 Change in ¢&8h and cash equivalents in the year Cash and cash equivalents brought forW￿d Cash and cash equivalents Carried forward 61,966 425.401 34,628 390,773 425,401 487,367 CAMEIRIDGE VICTORIA HOMES (CIO) PAGE FINANCIAL STATEMENTS FOR THE YEAR ENDED 3 1ST DECEMBER 2023 NOTES TO THB FINANCIAL STAYFMEKrs ACCOtn(riNG POLICIES The followin8 acrounting pol.cies halr been used cons5Stently throughout the year in dealiftg with iterns whi¢h are ¢onsidered Material in relation 10 the f￿anCEll statements. (a) BASIS OF PREPARATION OF FDJANCIAL STATEMENTS AND GOING CONCERN TtLe financial statemenrs have been PTepared under the hisiorical c05t wnvention with the exception that investments are included at mthet value and include the rn5uIts of th¢ ¢harityS Ope￿LIOnS which are described in the Tru5te¢s' Report and all of which are continuing. The f￿ancial statements have been preparEd in ￿cOrdanCe with the Statemetkt of Recommended Practice"Accounting and ReLWrttng by ChHritt¢5 applicable to chBritics preparing their accounts i cordance with Financial Reporting Standard applicable in the LfK and Republic of Ireland (FRS 102) {effective l January 2019) and the Charities A¢t2011. The Charity constitute5 a publi¢ benefii entity as deflljed by FRS 102. The Trllstees consider that there are no rnat¢ri31 uncertainties about the Charitys ability to coiitinue as a going concern. With respect to the next reporting period, 3 1st December 2024, the most significant aTeas of uncertainty that affect the carrying valu¢ of assets held by itrke Charity are the perforniance of investment markets (see the investtner.t policy and perfomiance and risk TnanagemerLt sections of the Tw¢L¢es annual rq)oft for more infortnation) and risk Df Knajor unforese¢n work on the charl￿5 properti￿. (b) INCOME RECOGNITION AII iDcorne and grancs are recogni5¢d in th¢ Statement of FinaDcia] Activities when the charity has entitlement to ihe incotne ar.d there is reasonable &surance of receipt. When a clp&itn for repaynent of income tax has or will be tnade, such income Ès grossed up for the tax recoverable. The followiThg accouDtir. policies are applied to income.. Donations and all other receipts from fiJndraisiDg are reported gr05s and recognised when the charity bas Entitlement to the dollation and can be measured reliably. Investtnent income is account¢d for when recelvable. Debtors are recognised at the settl¢m¢nt amount due. (¢) EXPENDITURE RECOGNITION All expwnditure is accounwd for on an accruals basis. Costs of r&ising ￿ndS are costs asswiated with the management of inve5kn1erJts. Charitable expenditure comprises those c(Fsts incunEd biff the char-.ty in the delivery of its activities and servic¢5 to the beneficiaries. Gov¢rnan¢e cost8 include wsts associ&t£d with Klleeting the constitutional and sratutory Tequiretnents of the Charity. Value added t&Y is not recoverable by the charity. and as such is included in the relevant costs in the Statemeni Financial Activities. Liabiliti¢s are recognised as expenditure as soon as there 15 a legal or constru¢:.ive obligation conmiitttng thc charity to that expenditure, li is probable that scttlemenl will be required and the amount of the obligation can be messllr£d reliably. (d) FUND ACCOtFKrtNG Unrestricted fi￿d5 are general fund5 tbat are available for use at the Trust￿ discretion in kntherance of the objettives of th¢ ¢harity. Desig]ated funds are u[￿triCted funds set aside at ihe discretion of tiie Trusiees for specific P￿.poses. Restrictcd futLds are those donated for use in a p¥rticul8r area or for specific purposes. the use of which is restricted to that area or purpose bv the donor. cAMBRI[￿E vIcfoBJA HOMES (CIO) PAGE 9 FINANCIAL STAIEMENTS FOR THE YEAR ENDED 31ST DECEMBER2023 NOTES TO THE FINANCIAL STATEMENrs (e) TANGIBLE FIXED ASSEfs AND DEPRECIATION AJI assets costiDg that £l(M)O are capita]ised and valued * bistorical wsL DepTeciatiou is pmvided on cost or de¢ll￿ T￿luatIon in equal ontwal iDstslments ov¢r the estimated ]ives of the a5s¢ts at th¢ followiDgTrtes: Freehold building8 2% straight line basi5 is not depreciated 5traigbt IiDe b&si$ 25% straigbt lit)e b&8is Fixtires and fi Office equipment (fj FIXBD ASSET INVESTMENTS Investments are a fonn of basir fitmncial imtrument and are ]￿tsalty reCO￿lsed at theirtrwjsaction va]ue and subsequently measw¢d at tbeirfaiT Tr2lue &$ at the ba]ance sheet date usit)g the closing quoted market pr&rx. Th StatemeDt of Financial Artivities includes the net gains and losses arising on revalu￿]0￿ and disp05als througbo the year. The ch&rity does nirt g¢nernlly acquire put optio])s. tsivatives or othcr con4)lex financial iL8truments. The main forln offiDan¢ial risk faced bythe charity is that of volati]ty in equity maTkets and investsnentn￿kCts due to wider economic cond3tiODS. th¢ attitude of investo￿ to inV¢sty￿triSk. Cl￿g¢S in s￿l]n}ent concerning equitl¢s and within parti¢ll￿ secti¥3 or sub sector5. (g) GAINS AND LOSSES ON tNVESTMENTS All gains 8nd losses are taken to the stat¢￿ent of FiDarKial Activitie5 as thcy arise. Realised WaiDS and losses OD investtnents Cal￿ated as the differentt tttwcen sales pro¢e¢ds and opejjing market value (or purchase ¢ost if uired in the year). Unrealised gaiTJS alld losses aTe col¢ulated a5 the difference Fxtw¢eD fair value at the year end and opening market value ((r purch￿ cost if acquired ID the ycar). Realis¢d and unrealised gains Are not s¢paratcd in the Statement of FinwkcI￿ Artivities. (h) CASH AT BANK AND IN HAND Cash at bank and ¢ash in hand includes cash 8Dd slmjrttenn highty liquid iDvestrnents with a maturity of one year or less from the date of acquisition or of the (kposii or sitnilaT aCcO￿L INVESTMEYr rNCOME YEAR ENDED 31ST DECEMBER 2023 2023 2023 Unrestricted Restricted 2023 Total Income from UK listed invest￿ents ]nco￿ from non UK listed investrtKnts Bank and other int¢rest UK rental income 14,221 4,624 4,379 12.796 14,221 4.624 4,651 12.796 2T2 36,020 272 36.292 INVESTMENT INCOMB YEAR ENDED 3 1ST DECEMBER 2022 2022 2022 Unrestricted Restricted 2022 Total tn¢ome froD) UK listed investm¢nts Incom¢ from non UK listed investDKDts Bpllk and otheT interest UK rental income 15,698 2,756 786 11540 15.698 2,756 865 12,540 79 31,780 79 31,859 CAMBRIDGE VICTORIA HOMES (CIO) PAGC 10 FINANCtAL STATEMENTS FOR THE YEAR ENDED 3 1ST DECEMBEK2023 NOTES TO THE F[NANc￿ STATEMENrs NET INCOME FOR THE YEAR The s"Jrplus of ip.come over expend.'ttre for the year is stated after £h&rging'. Depreciation of tangible fixed assets Independent examiner fee 2023 2022 32,150 1,503 32.272 1,421 STAFF COSTS Tlie st&iTcosts were.. Salaries Pe￿]0￿ contributions Agency stsff 2023 2022 31,190 244 625 29,131 215 32,059 29,346 The average rnonthly nutnber ofstatF¢tnplo￿I by the thity during the yur wa% ￿ follows.. 2023 2022 Direct charitable No employees emoluments exceeded £60,000. The Board of Trustee5 consid¢T them5¢1ve5 the key management and they a￿ not remunerated. TAN,GIBLE FIXED ASSETS YEAR ENDED 3 1ST DECEMBER 2023 COST OR VALUATION Balance at 1st January 2023 and 3 1st December 2023 DEPRECTATION B&lance at 1st January 2023 Charge for the year Balance at 3 1st December 2023 OtT.ce Equipmeni Fiwres & Freehold land Fittings & buildings Total 87 38,966 1,593,156 1,632,209 87 38.104 287 745,334 31,863 783,525 32,150 87 38,391 777,197 815,675 NET BOOK VALUE at 3 1st Decemb¢r 2023 575 815,959 816,534 TANGtBLE FIXED ASSETS YEAR ENDED 3 1ST DECEMBER 2022 COST OR VALUATION Balance &t 1st January 2022 Additions Disposals Balance at 3 1st December 2022 Office Equipment Fixtur¢s & Freehold land Fittitigs & buildings Total 397 1,593,156 1,632,201 1,148 (1,140) 1,632,209 1.148 (830) 38,966 1,593,156 (310) 87 DEPRECtATION Balance at 1st January 2022 Charge for the ye Disp05als Bdynce at 3 1st December 2022 397 713,471 3 1,863 752,393 32.272 (1,140) 783,525 409 18301 38,104 862 (310) 87 745.334 Nsf BOOK VALUE at 31st December 2022 847,822 848,684 The historical Coat of additions to freehold property since the revaluation ll) 1997 amounts to £516,609 (2022.. £516,609). The net book value based on the historical cosc of these addiiions is £299218 (2022.. £309,550). For periods beforE the valuation the historical Costs are not known as they were expensed when inCu￿¢d. Buildings have been included in the balance shttt at market value at 3 1st December 1997 plus improv¢￿ents since then at cost. The valu¢ olthe land was di5rega-,ded at tbe valuation in 1997. In a¢cordan¢¢ with FRS I02 the (Th￿Ie¢s have dexided not to revalue the property. CAMBlitDGE VICTORtA HOMES (CIO} PAGEII F￿ANCIAL STATEMENTS FOR THE YEAR ENDED 3 1ST DECEMBER2023 NOTES TO THE FINANCIAL STATEMENTS INVESTMEYFS HELD AS FIXED AssErs YEAR ENDED 31 ST DECEMBER 2023 2023 tAnd 2023 2023 Total Securit1¢5 ￿￿k¢t value at 1st January 2023 Additions Disp05aIs Net r¢&liscd losses Net unrealised gdins Market value at 3 1st December 2023 1,250 667,582 153,905 (157.J86) (8,569) 20.388 668.832 153,905 (157.386) 18,569) 20,388 1,250 675,920 677,170 Cost at 3 1st Lkc¢mber2023 1.250 596,071 597,321 INVESTMENtS HELD AS FKXED ASSETS YEAti ENDED 3 1ST DECEMBER 2022 2022 Land 2022 2022 Tot&1 Securities Market value ai 1st January 2022 Additions Disposals Net realised losses Net unrealised gains Market value at 3 1st D¢¢ember 2022 1250 718.901 156.456 (138,295) (19,326) {50,154} 667.582 720.151 156,456 (138,295) (19,326) (50,1541 668,832 594,475 1,250 Cost at 31st December 2022 1,250 593,225 All investments are carried at tFieir fair value. Investments in ¢quitie5 and fixed interest securities are all tTaded in quoted public markets. Holdtngs in V￿lt trusts. open ellded invested cO&￿panieS and hedge funds ar¢ valu¢d ai bid or published net asset value model price5. The basis of fair values is the nwket v￿lle. The chariry tnanages investtnents and ￿sOCiated investment risks by using Charles StLrylE￿ L CD Litnited &q investment managers. lkncy have discretion as to the itkvesttneTrt approach chosen b&%ed on a meth"llnvlow risk with balanced objectives. The charity relies oll its investments to produce regular income and capital gromth as a contingency in case of necessary and costly building works of its propertie5. The Trustets- beli-ve the mediknmllow risk and balanced appr￿￿h provides suffici¢llt liquidity alkd security of funds to ertable this. Invesiments held within the portfolio that ¢xc¢ed of the lolal value are Diageo15.330lo) (2022.. Diageo 6.890/D) and Vanguard Fwid$16.32Oh) Q022". 5.4 Iyo). No other investraeDts comprise 5&/0 OT more of the portfolio. DEBTORS 2023 2022 Due within oThc yeax Due within one year Prepayments and accrued income 2,086 CREDITORS 2023 Du¢ within one year 2022 Du¢ within one year Accruals and defe￿¢d income 4,478 5,746 CAMBRllKB VICTORIA HOMFS (CIO) PAGE 12 FfNANCIAL STATEMENTS FOR THE YEAR ENDED 3 1ST DE￿BER 2023 NOTES TO THE FINANCIAL STATEMENrs MOVEME￿ IN RESTRICTED FUNDS YEAR ENDED 3 1ST DECEMBER2023 R A150P Pavilion Fulld Totsl 2022 Balance at 1st JaDUJry 2023 Incon)e 7.782 iio 11,427 162 19209 272 Balance at 31st fkcetnber 2023 7,892 11.589 19,481 Jubilee Event R A]sOP Legacy Pavilion Fund Totsl 2022 YEAR ENDED 31ST DECEMBER 2022 Baknce at 1st Jguuary 2022 Incorne BX[￿ndIlU[¢ Balall¢¢ at 31st Dewnber2022 7.750 32 11.380 47 19,130 549 (470) 19,209 470 {470) 7.782 11,427 R Alsop OBE left & legacy to the chrity, to be uyed St￿lf￿allY to provid¢ Jonual dinner for the residents, staff a￿1 coll]nllttee. £IOOIM) wa8 Te¢¢ived ftcan the &%tate of SiT ArlhuT Matshall towards the developnent of the Pavilio io. m0vEP￿Nr N UNRESTRICTED FLfF4DS Bal8TK¢ at YEAR ENDED 31ST DECEfvtBER 2023 1st Balance at 315t D￿¢1￿ber 2023 gaiDs alld losse5 2023 Transfers Rcvalu&tion R¢8erve General FLmds 538272 1.381,173 1,919,445 {21.531) 21,531 516,741 1.442.457 1¢10.653 (100,900) {100.9CH)) 140.653 1,959.198 MOVEMENT IN UNRESTRICTED FUNDS BalBnce at YEAKLNDED 31ST DECE_MBER 2022 1st Jonuary Balance at 31st Deiem Expendilw4 and 10sse& ID¢om¢ Transf¢rs 2022 Revaluation Reserv¢ Gellerai Fund5 559.803 1.408,371 1,968.174 (21,531) 21,531 538,272 1,381,173 130,W9 130,909 (179,638) (179,638) 1,919,445 The trallsfer of £21531 from the Tevaluation Teserve to general represents d¢￿eCIation included in the Ststcment of Financial Activiti¢s &$ a expcnse on the Teva]ued freehold buildings. CAMBRIDGE vIGfoRtA FIOMES (CIO) PAGE 13 F￿ANCIAL STATEMENFS FOR THE YEAR ENDCD 3 1ST DECEMBER 2023 NOTES TO THE FINANCIAL sTATEmE￿s ANALYSIS OF FUNDS UDfestricted Restricted Tota] Untestrict£d Restricted 2023 2022 2022 Total 2022 2023 2023 Tangibl¢ fLKed assets Inveatments Net Cu￿ent assets 816,534 677,170 465,494 816.534 677,170 484.975 848,684 668,832 401,929 1,919,445 848,684 668,8J2 421.138 19,481 19,209 19,209 1,959.198 19,481 1.978,679 1,938,654 12. TRUSTEES TRANSAcfIoNS No expenses were reimbursed to the tThths during the year and the ttustee8 all give their ti￿e and expertise without any fortn of remunerallon. 13. RELATED PARTIES The si5t¢r of A R Blake, a trustet, is C￿p10Yed by the Charsty for se(xetarial seTrices. She received remuneration at a SilllLlar level to her predec£ssor and thi5 is detennined by the tntstees with no inYolvemeDt of A R Blake. 14. RECONCILIATION OF MOVEMENT fN FUNDS TO NET CASH FLOW FROM OPERATING ACTIvrtlES 2023 2022 Net movetDent in fund5 Add back depreciation charge D¢duct investtnent illcome showm in invesling activities Deduct gains on investments (In¢T¢ase)Idec.rease in debtors Increasel(decrease) in creditors Net cash provided by op¢rating activities 40,025 i2,150 (36,292) (48,650) 32,272 {31,8591 69,480 (54) 889 (603) (1,268} 22,193 22,078