WATERS ALMSHOUSES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Re8ulator of Social Housing no. A0208 Charity Cofflmi$5ion no. 201017 Trustee. mana8ement and prfjncipal ad¥lsors Trustees report 24 Staternenl olTrustee's ponsIbIlItieS Independeni Auditorfs feport 64 Staternenl of comprehensive inrne io ststerneThl of financlal posiiion li stsiement of changes in Resèrves 12 Not¢J to ihe fin•n¢i•l stotements 13-Zl
WATER5 ALMSHOU5E5 TRUSTEE. MANAGEMENT, AND PRINCIPAL ADVISORS Trustee The Cambridge Housing Society Limited Mana8ernent Management is provided by The Cambrid8e Housing Society rnited External auditor Beever and Struthers 15 8unhill Row Londofi. ECIY 8LP Devonshires sollc1to LLP Finsbury Circus London. EC2M 70T Investmenr mana8er M&G Investrnents 10 Fenchurch Avenue London, EC3M SAG Banker Lloyd$ 8aThk PIC 25 Gresham Street London, EC2V 7HN AoBl$rered 0ffi¢o Endurance WouAr Chivers Way Histon, Cambrid8e. C824 9ZR Page I
WATERS ALMSHOUSES FINANCIAL STATEMENTS FOR THE YEAR END£0 31 MARCH 2021 Report ol the Trustee The Trustee prestt$ its report and financial statements for the year ended 31 March 2021. Trustee The sole Trustee of ihe Charity is The Cambridge Housing Society mIted. The Cambrid8e Housing S¢xiety Limited, Endurance House. Chivers Way. Histon, Cambridge, C824 92R is responsible for the day tD day running and the overall administration of the Chartty. The financial 5taternent5 of the Charity are consolidated into the group linancièl statements olThe Cambridge Housing Society Limited. Prlncip•l A¢tivlty W31ters Almshouses Ithe"Ch3riWI was foursded by the will ol Adelaide Waters on 30 June 1915 and conslsts of slx sln8le storev terraced bun8alows. The Charity's sole purpose Is to provide sotial rented xcommodation to residents meeting specific critefla. The residents shall be per50n5 01 not less than 60 years of age who are inhabitants of the City of Cambrid8e wirh a prelefence lor persgn5 resident In rhe Ecclesiastical parishes of sr Phillips Komsey iown 5t uamabas Lambrid8e. The Charlty Is re8lStered wlth the Regulator ol Sottal Housin& nurnbtr A0208. and wth the Charity Commi55i0n. number 201017. Flnanclal reportlng reglme Almshouse charities which are re8lstered provlders of sodal housln8 are subjett 10 the Part 8 reglme ol the CharStles Art 2011, but, in their case, this is a special regime which effeciively permits such charities to prepare actounts uni4er Part 8 in the same lorrn as the accounts which they are required ¢0 prepare under directions made under the Housln8 Act 1996. Accordln8ly, these flnancSal statements follow the Housin8 SORP 2018 ryransition ¢0 Hou5in8SORP.. 2018 Vpdate-. Publlc Benefit Entlty As è publit benefit entity. the Charity has applied the public benefit eThttty "PBE" prefixed para8raphs of Financial Reportln8 Standard 102. The Trustee confirm5 It h35 due regard to the public benefit siatutory 8uidance pioduced by the Charity Commisgion as required by the Charities Act 2011. The pro¥i5ion o150cial reThled xcommodation benefits those on low Incomes who meet the crlterla set out above. Results The Charity had a surplus lor the period 01 £6.26412020.' £20.8361, before iranslefs io reseThes and had net assets at 31 March 202101 £152,03012020.. £145.7661. Page 2
WATERS ALMSHOUSE5 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Report ofthe TruMee Value for money The Charity 31rnS to deliver value for money to maximise lis investment potential and ensure that it provide5 its customers with high-quality homes and services. Furthermore. the Trustee continuousty makes the best use of resources. both internally and externally, to achieve its goals and ensure thar all of its memlRTS te1Ve a 5er¥ice which is good value. The areas to evidence value for money are as Follows.. Maxirnising revenue by reviewin8 savings reiurns against both short-terrn cash flow requirernents and potential to place cash on deposlt lor longer periods ol time- Obtaining competitive quote5 from suppliers for replacement of components to ensure value lor money is obtained.. Expenditure costs. includin8 uiilities. are reviewed to obtain the most cornpetitive prices. In the following financial year, Ihe Tnjstee will continue to monitor ongoin8 performance measure5 and carry out regular reviews. The regulator ha5 155ued value lor mow metrlcs to ensuft perfomiante 15 measured consistently for each Registered Provider. we have aoopiea ihese as reporred oeiow. No. Metr1¢ Reinvesrmenr New supply delivered- sotial New supply delsvered- non-sodal r?parinq EalTDA major repairs Indudéd uiter¢st cover Headline social housin8 Cost per unit Operating rnarginjjdeficitl- social houslnq................... Oper3tinfj morsin!Idefi¢itl_ overall Rerurn on caplial employed Z021 2020 2A 2B 2,694 1.122 6A 68 The Charlly does noi develop propertie5 or Invest In nth¥ homes. It does nor have any loans, and therefore has no Inttrest payment commitments. Corporate Governance The Trustee Is commltted to inie8rity and atcountability in the stewardship of the Charlvs affairs and considers that the Charity has complled throughout the year under rewew wiin ihe provisions ol ihe Naiionai Housing frederation's l-MPIF"l Lode of Governance 2015 in all respects. Compllance wlth Governance and Financlal Viablllty Standard The Trustee confirrns that the Charity has rnet the re8ulaiory expettations in the 8¢)vemante and financial viability standard. Risk managernent The Trustee incorporate5 the Charivs risk mana8ement straie8y into its ¢)wn 5tratw. Major risks are regularly reviewed and systems or procedures have been established to manage those risks. More information can be found in the group financial Statements of The Cambrtdge Housin8 Society Limited. PaRe 3
WATERS ALMSHOUSES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Report of the Trustee Reserves pollcy The Charity has no restricted reserves. It holds a de518nated cyclical maintenance reserve ihai s used to fvnd fvture cyclical repatrs. The Trustee carries out repairs and maintenance for the Charity and recharge5 the Charity accordingfy. There was no movernent in the reSee lor the year. The Charity held total reserves ol £152,030 at rhe yearnd comprisin8 of an attumulated 5urplu5 of £147.004 and a designated ¢yclical maintenance reserve of £5,026. Of tot31 fund. held OF £157 93Q. the arnot that can On be realidcd by diSPOSlIl8 Of tanslbl¢ fix¢d atss¢ts is £137,719, leJvins balance of £14.311. The balance covers the desi8nated cycllcal maintenante reserve of £5.026. Golng Concern The Trustee considers the financlal posiliofi of the Charity to be satisfactory and has provided financlal support in recent years lor works that took plèce in order to ensure that rhe Charity can continue to provide 5Ultable accomrnodation to its residents, h•rpfnrp rh• gnSn8 r.nnrprn hAis *{ pr•paralinn Is consid@r approprlaie Audltor The Trustee in office on the date of the approval of rhese financial statements has confirrned. as lar 35 It is aware, that there 15 no relevant Information of which the auditor is un3ware. The Trustee has confirmed that it has taken all the steps that it ought ro have token as Trusiee In order to make itself aware of any relevant audit information and to establlsh that it has been ommunicèted to the auditor. Page 4
WATERS ALMSHOUSe5 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Report of the Trustee statement of Tiustee's responsibilities in respect of the Trustee's annual report and the finanaal statements The Trustee is responsible for preparing Ihe Trustee'5 Annual Report and the financial statement5 in accordance with applicable law and Uniied Kin8dom Accounting Standard5 (United ngdoM General Actepted Accountin8 Practicel. The law applicable to charities in England & Wales and registered S131 hous¢ng legislation require the Trustee to prep3re financial statements for each financial year wh¢ch give a true and fair view of the state ol affair5 01 the charity and of the incomin8 resources and application of resources of the chafity lor that period. In preparin8 these financial statements, the Trusiee is required to.. In prepiring these tlnancial siaiements. the Trustee is quired to: Select Sultable accountin8 poIKits and then appty them consisientjy.. Make judgernent5 and estimates that are reasoThable and prudent., State whether applicable accountin8 Standards have been followed. subject to any materfal departures disclosed and explained sn the financi31 starements., and Prepare the financial statements on the ioinR concern basis unless It ts Inaooropriate to oresume that the Charlty wlll continue in businèss. The Trustee is responsible lor keepln8 proper a¢tountTrnB rKords that disclose wlth reasonable accuraty at any time the Ilnancial pogltion of the charity and enable the Trusiee to ensure that the financial statements comply with the Charities Att 2011, the Housln8 and Regeneration Act 21W8. the Accounrin8 Direction lor private registered provider5 Of social housing In England 2019 and the provisions of the trust deed. The Tru5ree is responsible lor sale8uèrdin8 the a55et5 01 the charity and hence lor taking rpa%onablp stpps for rh? rrv•ntinn and rtpl•rtsnn nf fraiid and other icreeul•rities The linèncial staternents on page5 9 10 20 were approved and authori5ed for i$5ue by the Trustee on Au8USt 2021 and wèrè Signed on its behalf bv.. Nicola Scrivlngs On behalf ol thè sole trustèè. The Cambrid8e Housin8 society Limited. Date.. 17th August 2021 Pa8e 5
WATER5 ALMSHOUSES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Independent auditorf5 report to the Trustee of Waters Almshouses Opinion We have 3udited the financial statemenrs of Waters Almshouses 1.the charity") for the year ended 31 March 2021 which comprise the Statement of Comprehensive Income, Statement of Fsnancial P051tion. Statement of Changes in Resenfes and notes to the financial statements. including a summary of si8nificafit 3ccountlll8 policies. The financial reportin8 framework that has been applied In their preparation is applicable law and United Kingdom Accounting Standards. including FRS 102 Yhe Financial Reporting srandard applicable in the UK and Republic ol IrelaThd" Iunited KiThgdorn Generally Accepted Accounting In our opinion th• financial stat•m•nts'. 8ive a true and fair view ol the state of rhe charitys affairs as at 31 March 2021. and of Its Incoming resources and application of resources, includin8 its income and expenditure, lor the year then ended.. have been proper prepared in aceordance with Unlted Klngdom Generally Accepted kcounting Prartice.. ano have been prepared in accordance with the requirements of rhe Chariiies Att 2011. the Housln8 and ReBeneration Act 2008 nd the AccounrinR LNrectlon lor Dri¥att reRi5tered pro¥ider5 of social hou5inq in Eniland 2019. Basls for opinion We conducted our audit in atcordance with Internattonal Standards on audStln8 IUKI IISAS IUKII and applicable law. Our responsibilities under those standard5 are further described in the Auditorfs responsibilitles for the audit of the flnanclal starements settlon of our report. We are independent ol the Charity sn accord3nce with the ethical requirement5 that are relevènt to our audit of the financial statements in the UL includin8 the FRCS Ethital stsmdard, and we have fulfilled our othèr eihical re5ponsiDiiiiies In accoroance wllfi fhese requirements. we bdleve thai the audlt evldence we have obtained Is Sufficient and appropriate to provide a basis lor our opinion. Concluslons relatlni to going concern In aydiiing the financial statements, we have Concluded that the Tfustee's use of the golng concern basis ol atcounting In the preparation of the financial statement5 15 apprgpriate. Based on the work we have performed, we have not identified any rnaterial uncertainties relating to events or condition5 that, individually or collectively. may casi sI8nificani doubt on the chaiity's ability to continut a5 a goin8 contern lor a period of at least twelve rnonths Irorn when the financial statements are authorised for issue. Our respon5ibll¢ties and the responslbllltles of the Trusiee wlth respect to 8Oin8 concern are described In the relevant sectiens ol this report. Other Informatlon The other Information comprises the inforrnation intluded in the annual report, other than the financial Statements and our auditorfs report thereon. The Trustee is responsible lor the other information. Our opinion on the financial statements does not cover the other inlorrnation and. we do not express any forni ol assurance conclusion thereon. In connection with our audit of the flnancial staremenis, our responsibiltty is to read the other infofrnation and, in doing so, tonsider whether the other inforrnation is mater¢ally inconsistent th the finanoal statements or our knowledge obtained in Ihe audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent materi81 misstatements, we are required to determine whether there 15 3 rnaterial mis5taternent in the financial statements or a material misstatement ol the other information. If. based on ihe work we have perforrned, we conclude that there is a rnaterial mi55tatement ol thi5 Other inlorrnation. we are required to report thar fart. We have nothing to report in this regard. Page 6
WATERS ALMSHOUSES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Independent audilorfs report to theTStee ot Water5 M$houSe5 Matters on which we are required to report by exception We have nething to report in respect of the following maiters in relation to which ihe Charities IAc£ouftts and R@portsl Re8ulations 2008 require us to report to y¢Ju if. in ¢Jur opinion.. In the light of the knowledge and underst3ndin8 of the charity and its environment obtained in the course ol the audit, we have not identified maierial missratemenis in ihe Trusree's ptsrt.. or proper accountin8 records have noi been kept.. Of the financial statements are not in agreement with the accounting records", or we have not received all the information and explanations we require for our audit. In additien, we have nothin8 to report sn re5PeCt ol the followin8 Matter where the Hou5in8 and Regeneration Act 2008 require5 us to report to you if, in our opinion.. a satlsfactory system OF control over transactions has not been maintained. Responslbllltle5 Qf the Trustee A5 explained more lully in the Trustee's Re5ponsibilitie5 Statement set out on page S. the Trustee is re5pon5ible Icr the preparation of the financSal staiemenis and for being satisfied that they give a truè and fair vièw, and for such internal tentrol as the Trustee determines is necessary lo enable the preparaiion oi financial staiemenrs that are free from material mi5StatemenL whether due to fraud or error. In preparin8 the finanrl31 statements. the Triisiee is responsible foc 4ssessi118 the ch>riWs #bility to eontlnue •% > eoith8 eorteern. disclosin8, as applicab, matters related to going tonctm and using the golng concern basis ol accountin8 unles5 the Trustee either intends to liquidate the charity or to cease operatlons. or have no realistic alternative bul to do so. Audltorfs respon55bilitles for the audlt of the flnanclal 5t3tements We have been appointed as auditor under stttion 144 01 the Charities Art 2011 and seetion 136 01 the Housin8 and Regeneration Act 2008 and Teport in accordance with regulations made under 154 of ihe Charities Aa 2011 and 5ectlon 137 of the Housing and Regeneration Art 2008. Our objective5 are to obtain reasonable assurance about wheiher the financial statements as a whole are free from materlal rnIS5tatement, whether dut to fraud or error. and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a Buaiantee that an audit conducted in accordance with ISAS IUKI will always detect a material missiatement when it exists. Misstatements can arise from fraud or error and are considered material if, Individually r in th& ae8rpgAtp. th•y tould rpM%ttnAE>ly pxnpt.lpd ttt influpnr.p Ihp prA>nnrnir dpri%inn% nf 114prK takpn nn thp ha%14 nf thp4P finantlal statements. A further description ol our responsibilities for ihe audlt of the financial statements is located on the Flnanclal Reportln8 Council'5 website at www.Irc. audit This dexription Forms pan of our auditorfs report. Irregularitie5. including fraud, are instances of non-compliance with laws and re8ulations. We desi8n procedures In line wlth our responsibilities, outlined above. to detect rnaterial misstatement5 in respect of irre8ularities. includin8 fraud. The specific procedures lor thi5 engagement and the extent to whith these a capable of deterting irre8ylaritie5. including fraud 15 detailed below., Page 7
WATERS ALMSHouses
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
Independent auditorf5 report to the Trustee of Waters Almshouses
The extent to which the audit was considered capable of detertlng Irregularitles Includlng fraud
We identify and assess the risks ol material missrarement of the finanoal statements. whether due to fraud or error, and then
design and perform audit pro
WATERS ALMSHOUSES FINANCIAL STATEMENTS FOR THE YEAR EPIDED 31 MARCH 1021 Independent audff<orfs report to the Tmsteo of Waters Almshouses Use of our Report This report is made solely to the charity's Trustee. as a body. in a¢¢ordanre with Part 4 of the Charities IA¢¢¢unts ènd Report51 Re8ulation$ 2008 and section 137 01 the Hou5in8 and Regeneratton Act 21X)8. Our audit work has been undertaken $0 rhat we might state to the chariV5 Trustee those matters we are required to state to them ift an auditorfs report and for no other purpose. To the fullest extÈnt permitted by law. we do not accept or assume responslbility to anyone other than the charity and the charity's Trustee as a body. for our audil work. lor ihis report o¥ lor the opinion5 we have formed. Beever and Struthers, 5tatytory Audll¢x Beever and siruihers Is eligible to act as auditor of ihe chority by virtue of its elt8ibility for appointment as auditor of a companv under section 1212 of th• Comp3ni•s Act 2. 15 Bunhill Row Inndnn ECLY 8LP 24 September 2021 Pase 9
WATERS ALMSHOUSE5 FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Statement ol ¢omprehen$v¥e income 2021 2020 Note Turnover Operatin8 ¢OSts 28,067 121.8031 27,424 112,3451 Operatlng Surplus 6.264 15,079 Interest receivable Profit on sale ol financial investments 52 5,70S Surplu$ for the year 6264 20.836 The Charity's results relate wholly to Continui artivities and the notes pa8e$ 13 to 21 form an Inte8ral part of these Ilnanclal statements. The financial 5tatement5 on pa8e$ 10 to 21 were approved and auihorised for iswe by ihe trustee on IW August 2021 and 5iBned on its behalf bv.. Nicola Suivin8S Ofi behalf ol the sol• truste*. The Cambrid8t Housin8 Sodety Limlted. Gerhard Obtrholzer On behall of ihe sole trustee, The Cambrid8e Housin8 Society Limited. PaKe 10
WATER5 ALM5PIOUSE5 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 5tatem¢nt of 14nan¢lal posltion 1021 2020 Note Flxed assets Housin8 properties Fixed asset investrntnts io li 137,719 138.429 137,719 138,429 Currènt assets Debiors Current asset investments Cash and cash equivalents 12 13 14 16,376 8.350 44,788 44.788 61,164 53.138 Crodltors.. amounts fallin8 due withln oThe year 15 13.8231 12.2981 Net current a55ets 57,341 50,840 Total assets le$$ Current Ilabllltles 195,060 189,269 Cr•dltors'. amounts lallifi8 due after more than one year 16 143,0301 143,5031 Total n•t ass•is 152,030 145,766 Accumulated surplus Cyclical mainienant• 147,(#)4 5,026 140,740 5.026 Total re50ry•s 152,030 145.766 The notes on pa8e3 IJ to 21 l•rrn thn *nteirJl part of these financial siaternenis. The financlal statements on pa8es 10 to 21 were approved and aurhorised for Issue by the trustee on 17 Au8USt 2021 and slgned on its behalf bv.. Nicola Scrivin8S On behalf of the sole trustee. The Cambrld8e Housln8 Sodety bmited. Gerhard Oberholzer On behalf of rhe sole tnISe. The Cambridge Housing Society Lirnited. PaRe 11
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WATERSALMSMOUSES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Notes to the financial statements l. Legal status Water5 Almshouses 15 incorporated in En8land and Wales under the Ctroperative and Community Benefit Societies Act 2014 and is registered with the Regulator ol Social Housing as a PrNate Housin8 Association. The re815tered offi ¢5 f ndurance House, Chiver5 Wèy. Histon. Cambiid8e C824 9ZR. 2. Accountin8 Policies The financial statements have been prepafed in aCCOfdante with applicable United Kingdom Accountln8 Generally A¢cepted Aceountln8 Practice (UK GAAPI and the Statement of Recommended Practite lor reBi5tered housing providers.. Housing SORP 2018, The flnancial slatements compty with the Charities Act 2011. the Houslng and Regeneration Att 2008 and the Acrounting Direction for Privare Regisiered Provi¥Jers ol Social Housing 2019. The financial statements are prepared on the hisiorital c05t basis ol accountinR and are presented in sterlinq (£1 for the vear ended 31 March 2021. The Ilnancial statements havt been prepared in complian¢e with FRS I02. The Charity meet5 the definition ol a public benefit entity IPBEI. Golng Conc•in The financial 5t?tements have been prepared on a going toncern basis whith assumes an ability to conisnue operatin8 for thè lore5pp.ablp future. Nr> si4nifir.ani e.onr•rns hav ntstprf in thp h114inpg4 plan iipdatpd f¢Jr ?O?l.?? ard therefore we onsider li appropriate to contlnue to prepare the financial 5taterneTr15 on è 8oln8 concern basls. Crltlcal •¢¢ounilni lud8•mènts and kry sources ot estlmatlon un¢ert•lnty The preparation of the finart£ial statements requires mana8ement to make jud8ementS, e5tirnates and assumptions that affect the amounts reported For assets and liabilitie5 as at the Statement or financial position date and the amounts reported lor revenue5 and expenses during the year. However, Ihe nature ol estimation means that actual outcomes could dlffer from those estlmates. The followin8 judgernents lapart from Ihose Involvlng e5tlmatesl have had the most 518nlficant effect on amounts fecognised in the financial staternents. Impalrm•nt. The Charity considers wherher indlcators of impaiment èX15t in relation to tangible at5. Indicators tonsldered include external source5 01 information such as rnafkei value. maikei intefest rate5 and return5 on investment, 3Ctual or proposed changes to the technolo8icèI. economic or legal en¥iroThment. ob501escence or damage to the asset, operational chan8es or internal reporting which indicates rhat ihe asset is performin8 worse than expected. The Charity 150 con51der5 expected luture pertormarce oi the asset. Any impairment 10$5 Is charged to the Starement of Comprehensive Income. Impairment is recognised where the carrying value of a cash 8eneratsn8 unit exteed5 the hi8her of its net realisable value less COSt5 to sell or its value in use. A tash gènerating unit is normally a 8roup of properties at stheme level whose tash income can be Separately identified. The Charity identified no trigger5 lor impairmeni and impairment tests were not required. Other key sourcesojestlnwtlon undussurnptions.. Tanglble fixed assets.: Tangible fixed assets are depreciated over rheir useful lives takin8 into account residual value5, where appropriate. The attual lives of the asset5 and residual values are assessed annually and may vary dependin8 on a number of factor5. In re-a55essing asset lives, fattors such as tethnolo8ical innovation, product life cycles and maintenance prograrnmes are taken into account. Resitlual value asses5rnents consider issues such as future markei condition5, the remaining life of the asset and projected disposal values. The carrying value of tangible fixed a55ets at 31 March 2021 was £137,719. Paee 13
WATERS ALMSHOUSES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Notes to the flnanclal statements b. Fair value of financial i[rMents. The calculation of faif value of financlal instruments at each reportln8 date is based on ctive markèt quotes if available, where not available a valuation technique is used ro make maximum use of market inputs and transactien5, using a discounted cash flow an?515. The carryinR Yalue of fifiancial instruments measured at fair value at 31 March 2021 was E57,341. Turn¢)vef and revenue re¢o8nTlion Turnover represents rental incorne receivable and amortised (apiral 8rant. Rental Income Ss C091$ed when rhe property is available for let. net of volds. Ser¥lce charges Service ¢har8e income and costs are retogni5ed on an accrua15 basis. The Charity operates both fixed and variable servlce chzrges in full consuliaiion with residents. Where variable service £h3r8es a¥e used the charges will include an allowance for the surplus or deficit from prior years. with the surplus being returned to residents by a reduced charge and a dellcit bein8 recovered by a hl8her char8e. Vntil these are returned or recovered they are held as creditors or debtor5 in the Statement of T3nglble flxed assetg- housln8 propertles Tan8lble fixed assets are stated at eost. less actumulated depreciation. The originèl c05t lin 19151 of the land and buildings owned by the Charity Is not known. Intluded within the eost disclosed in these financial statements (note 101 is £23.466 lor works carried out In 1975.76 which was partially funded by Housing Assnr.larinn C?fAni nf f17.771 Thp 8rAni wthiilrf tn hp rppaid il Al aThy limp thpEp pmpprtip% wpro 4nlrl Freehold land is not depreciated. Where a housin8 property Comprises Of more major componènt5 Vrrith sybstantially different usefvl ecgnomic lives IUEL51, each cornp¢nent is accounted lor separatety and depreciated over its individual UEL. Expenditure relatin8 t¢ gub5equent replacement or renewal of tornponènts 15 capitalised 35 incurred. The Chhrity depr*¢late5 fvethold hou5in8 properties by component on a stral8ht-Ilne basls over the estlrnated UEts of the component categorie5. ueLs for Identined components are as follows.. Structure Roo15 Bathrooms, windows and doors, Kitthens Bollers and heatlng ILMI years years 30 years 20 years IS years Valuatlon of Investmonts Investment5 in listed company shares. which have been dassified as fixed or current asset investments, are re-measured to market value at each reportin8 datt. Gain5 and losses gn fe-measurement are re¢o8nised in the 51atemeni of Comprehensive Income for the period. Short-term deblors and Credltors Debtor5 and creditor5 Wlth no stated iThterest rale and receNable or payable within one year are recorded at transaction prlce. Any losses arbing from impairmeni are Cognised in the Statement ol Comprehensive lncorne in other operètin8 expenses. Pa8e 14
WATERS ALMSHOUSES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAACH 2021 Notes to the financial Statements 5¢xlal Housln8 and other 8overnment grants Where develcpments have been financed wholty or parmy by social hou5in8 and other grant5, the amount of the grant recelved has been included as deferred income and recognised in Turnover over the estimated useful life of the 3550ciated asset structure (not landl, under the accruals model. SMG received for item5 01 cost written off in the Statement of Comprehensive Income Account is included as part of Turnover. When Social Housing Grant ISHGI in respert of housln6 properties in the course of construction exceeds the total cost io dale of those housing properties, rhe excess is shown a5 a currerst liability- SHG rnust be recycled by the Charity under certain tondit)ns. if a property is sold, or if another relevant event take5 place. In these cases, the SHG tan be used lor projects approved by the Home5 England. However, SHG may have to be repaid if cerraln conditions are not met. If 8rant 15 not required to be rwcled or paId, any unamortised grant is recognised a5 Turnover. In certèin circumstances, SHG may be repayable, and, in that event is a Subordinated unsecured repayable debt. Cycllcal Repalrs and Malnt¢nan<e The charity provides for the exrernal decoratlon ol the h¢MJ5in8 property on a five-year cyde by maklng transfers to a Cyclical Maintenance Reserve. The transfer to this desl8nated reserve lor thèyear 15 £nil12020.' Enlll. Extraordlnary Repalrs The charity made contribution5 to an Extraordinary Repairs Reserve In attordance with the Standard prgcedure for almshouse charlties. In 2019-20, the reserve was no longer required and the balance of £1,435 was transferreé into the accumulated Flnan¢lal Instruments Financi31355eis and financlal Ilabllltles are measured at transartion prke Inltlally, plus. In the case ol a financial asset or financi31 liability not at lair value through the Statement of Comprehensive Income. tran5actioTh costs that are directly attrlbutable to ihe acqulsifion or Issue of the hnancial asset or financial Ilabiliry. At the end of ea¢h reporting period, financial instruments are m¢awd as follows. without •fty deduction for transaction costs the entity may incur on sale or other disposal.. Debt Instruments that meet the conditions In para8raph 11.8lbl or 11.8lbAI of FRS 102 are measured at arnortised cost usin8 the effettive interest method, except where the arran8ement constitutes a finanting transaction. In this case the debt Instrument 15 measured at the present value ol the future payments discounted ai a market rate of Interest lor a similar debt. Financial instruments held by the Charity are classified as Follows.. Financial assets such as current asset investments and reNableS are classified as loans and fecelvables and held at èmortised cost using the effective interest method, Cash is held at t051. Loans to or from sutssidlaries includin8 ih05e that are due on demand a held at amortised cost using the effective interest method. Commitments to receive or mae a loan to another enilty which meet ihe Conditions above are held at cost le55 impairmeni. Financial assets and financlal liabilities at fair value are cla55ified usin8 the following falr value hierafchy.. a. The best evidence of fair value is a quoted price in an active markeL b. When quoted price5 are unavailèble. the price of a recent transaction for an identical asset. adjusted to refle¢t any circumstances specific to the sale, such a5 3 distress sale. if appropriate. Where there is no active market or recent transactions then a valuation techntque is used to estimate what the transaction price would have been on the measurement date in an arm'5 length exchange motivated by normal business consiéerations. Pa8e 15
WATERS ALMSHOUSES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 1011 Notes to the finan<Sal siatemtnts Exemptlons for quallfylng entltles under FRS 102 FRS 102 allows a qualifying entity certain disc105ure exemption5. The Charity has taken athiantage of the exemption allowln8 It to not be required to provide a cash flow siaiement 0$ 3 £a5h flow lor the Group is presented in the parent's consolidated financial sraremenrs. Group financial staternents are available from The Cambrid8e Housin8 Society bmited, Endurance House, Chiver5 Way, Histon, Cambridge. CB24 9ZR. 3. Turnover, operating cost and operatlng surplus All turnover and operating C05t5 relate ro general needs properties. 2021 2020 Turnover on s¢xlal houslng lettings Rent receivable nei of Identifiable seryice tharge5 Service char6e5 receivoble 27J94 26,951 Net rental intome 27,594 26.951 Amortised 8rant 473 473 Total Incom• frorn l•ttln ?0.067 27.a24 Expendltur• Manè8ement cosis Service costs Routine maintenance Planned maintenance Depreclation ol housin8 properties 11,6651 19,7071 14.7921 11,6571 11,7821 13,2941 15,6391 15,6121 Total expendfturè on sodal housln8 lettlr 121,8011 112,3451 Sur us oft so¢lal housln lettln 6264 15.079 Rent195ses from voi45 4. Houslng stock 1021 2020 No. General needs Pa#e 16
WATERS ALMSHOUSES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH ZOZI Notes to the ftnan¢lal ateMents 5. Interest receivable 2021 2020 Interest receivable 52 6. Proftt on sale of flnanclal 5n¥estments There were no sales ol financial investments durin8 the year. In 2020, there were sales as set out bdow.. Flx•d ass•ts CvrT•nt Jss•ts Total (note 111 Inote 131 Disposal pioceeds NAA Cornmon Investment Fund-fair value at l April 2019 127,884 1112,2041 128,852 1123,1471 19431 Proflt 25 5,705 7. Surplus tor the year The surplus lor the year is stated after chargin8: 2021 2020 Depreciation gn housin8 properties Auditor's remuneration excludin VAT) 5.639 5,612 1,020 8. Taxation The charftvs surpluses are exempt from taxation under section 524 of the Income Tax Act 2Ch)7. Investment income is received gr05S. 9. Key management personnel and staff costs All key management personnel and staff costs are borne by the Trustee. Page 17
WATERS ALM5HOU5ES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 202.1 Notes to the financlal statements 10. Housing properties 2021 2020 Cost.. At l April Additions 18Z249 4.929 182,249 At 31 March 187,178 182,249 Dtpretlatlon: At l April Change in the year 145,8201 15.6391 138,2081 15,6121 At 31 Mèrch 149,4591 143.8201 Net book valu• ai 31 March Npt baok valup at l A rll 137,719 138.d29 138.429 144.041 All propertSes are freehold. 11. Flxed asset Investments 2021 2020 NAA Common In¥estrn•nt Fund At l April. 1,107 Income Unlts @ £0.8514 Revaluatlon Disposal 943 19431 At 31 March 12. Debtors 2021 2020 Prepayments Amounts due frorn The Cambridge Housin8 Sotiety knrnited 3ty) 16.076 2,215 6,135 16,376 8.3SO Amounrs due from The Cambridge Mousing Society knmired lateS to Iradin8 balances whith is repayable on demand. The balance is interest free. Page 18
WATERS ALMSHOUSES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Notes to the finanaal rtatements 13. Current asset Investments 2021 2020 NAA Commort Investrnent Fund At l April. 1.400 Accurnulation Units @ £87_2879 Revaluation Disposal 122.204 1122,2041 At 31 March 14. Cash and cash equlvalents zozi 20ZO Cash at bonk and In hand 44,788 44,788 15. Credltors: amounts falllng due wlthln one year 2021 2020 Accruals Prèpald maintenance char8e 1.200 1,098 IN23 JJ23 2.298 Arnount5 owed io The Cambridge Housing Society Limited relates to tradin8 balances which is repayable on demand. The balance 15 Interest free. Pa8e 19
WATERS ALMSHOUSE5 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Notes to the finandal statements 16. Creditors: amounts falllng due after rnore than one year 2021 2020 rotol omountof gront received.. Housing Association Grant Other Grant 17,771 29.515 17.771 29,515 47,286 47,286 fotol omounr reco9nised through the $tOtennI ol¢¢vnprehensi¥e income.. AmortlSation 3,783 473 3.jio 473 Change in the year At 31 March 4,256 3.783 Total omounr remoining.. Npt honk vAl¢Jp al Il Marr.h rt3.030 43,SO3 17. Flnanclal Instruments 2021 2020 Flfianclal as5ets'. Measured ot cost.. Cash and cash equl¥alents 44,788 44.788 Meusured ot omort15ed cost.. Amounts duc frc*rn Thc CBmbridse HouJlThs Soclety Limited Other receivables 16,076 31 fj.13i 2.215 61.164 53,138 Metr5ured at omortised c05t.' Payables Amounts owed to The Cambridge Housing society Limited 3023 2,298 3,823 2,298 Page 20
WATER5 ALM5HOU5ES FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 20ZI Note$ to the finan¢lal statements 18. Capital commitrnents The Charity h3s no capital commitments at the yearnd12020: Enill. 19. Related Party Transactions There were no transactions between the Charity and non-registered entities ITr the Group12020.. £n¢ll. At the year-end. a balance of £16,076 was due to the Charity12020- £6,135). Thi% balan is interesi free, unseeured, with no 20. Ultlmate Controlllng Party The ultimate controlllng party of Waters Almshouses is considered to be The Cambridge Housing Socety Limited. on the bashs of its control over thè Charity by bel the 501e Trustee. Page 21