Docusign Envelope ID.. oBDc694C-E54A48-AEA2-9B9F74Y492BD WATERS ALMSHOUSES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Regulator of So¢ial Housing no. A0208 Charity Commission no. 201017
Docusign Envelope ID.. oBDc694C-E54A48-AEA2-9B9F74Y492BD WATERS ALMSHOUSES CONTENTS Pa Trustee. Management and Principal Advisors Trustee report Statement of Trvstee's responsibilities Independent Auditorfs report 7-10 Statement of comprehensive income li Statement of financial position 12 Statement of changes in Reserves 13 Notes to thè financial statements 14-20
Docusign Envelope ID.. oBDc694C-E54A48-AEA2-9B9F74Y492BD WATERS ALMSHOUSES TRUSTEE, MANAGEMENT, AND PRINCIPAL ADVISORS Trustee The Cambridge Hou5in8 Society Limited Management Management is provided by The Cambridge Housing Society Limited Registered office Endurance House Chivers Way Hision. Cambridge. CB24 9ZR External auditor Beever and Struthers 150 Minories London, EC3N ILS Devonshires Solicitors LLP Finsbury Circus London. EC2M 7DT Banker Lloyd5 Bank PIC 25 Gresham Street London, EC2V 7HN P3ge 2
Docusign Envelope ID.. oBDc694C-E54A48-AEA2-9B9F74Y492BD WATERS ALMSHOUSES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Report of the Trustee The Trustee presents its report and financial statements for the year ended 31 March 2025. Trustee The sole Trustee of the Charity is The Cambridge Housing Society limited. The Cambridge Housing Society Limited. Endurance House. Chivers Way. Histon. Cambridge. C824 9ZR is responsible for the day to day running and the overall administration of the Charity- The finarhcial statement5 of the Charity are con501idated into the group financial statements of The Cambridge Hovsing Society Limited. Principal Activity Water5 Almshouse5 (the "Charitv) was founded by the will of Adelaide Waters on 30 Junè 1915 and consists of six single sttsrey terraced bun8alows. The Charity'5 501e purpL)5e is lo provide Social rented accommodation to resident5 meeting specific criteria. The residents shall be persons of not less ihan 60 years of age who are inhabiiants of the City of Cambridge with a preference for persons resident in the Ecclesiastical Parishes of St Phillips Romsey Town and St Barnabas Cambridge. The Charity is registered with the Regulator of Social Housin& number A0208, and with the Charity Commission, number 201017. Flnanclal reporting regime Almshouse charities which are registered provSders of soclal housing are subject to the Part 8 reglme of the Charlties Act 2011, but. in their case, this is a special regime which èffectivèly permiis such ehaiities to prepare aecounts under Part 8 in the same form as the account5 which they are required to prepare under directions made under the Hou5in8 Act 1996. Accordin8ly, these financial statements follow the Housing SORP 2018 -Transition to Housing SORP.. 2018 Update" Publlc Beneflt Entlty As a public benefit entity, the Charity has applied the public benefit entity -PBE" prefixed paragraph5 of Financial Reportin8 Standard 102. The Trustee confirms It has due re8ard to the public benefit ststutory guidance produced by the Charity Commissitsn as required by the Charities Act 2011. The provision of social rented accommodation benefits those on low incomes who meet the criteria set out above. Results The Charity made a surplus in the period of £6.03012024..1£3(KJl deficit), before transfers to reserves and had net assets at 31 March 2025 of £154.507 12024.. £148,4761. P3ge 3
Docusign Envelope ID.. oBDc694C-E54A48-AEA2-9B9F74Y492BD WATERS ALMSHOUSES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Report of the Trustee Value for money The Charity aims to deliver value for money to maximise its investment potential and ensure that it provides its customers with high-quality homes and seNices. Furthermore. the Trustee continuously makes the best use of resources. both internally and externally, to achieve it5 goals and ensure that all of it5 members receive a service which is good value. The areas to evidence value for money are as follows= Maximising revenue by reviewing saving5 relurns against both short-term cash flow requirements and potential to place cash on deposit for longer periods of time,. Obtaining competitive quotes from suppliers for replacement of components to ensure value for money is obtained,. Expenditure costs. including utilities. are reviewed to obtain the most competitive prices. In the following financial year. the Trustee will continue to monitor ongoing performance measures and carry out regular reviews. The regulator has issued value for money metrics to ensure performance is measured consistently for each Registered Provider. We have adopted these as reported below. No. Mètrlt 2025 2024 Reinvestment New supply delivered so¢ial New supply delivered - non-social Gearin8 EBITDA major repairs included interest cover eadline social housin8 Cost per unit Operating mar8in/jdeficitj- social housing Operating marginljdeficitj- overall Return on capital employed 2A 28 The Charlty does not develop properties or invest in new homes. It does not have any loans. and therefore has no interest payment commitments. Corporate Governance The Trustee is committed to integrity and accountability in the stewardship of the Charity's affairs and considers that the Charity has complied throughout the year under review with the provi5ion5 of the National Housing Federation's I'NHF'I Code of Governance 2020 in all respects. Compliance with Governance and Financial Viability Standard The Trustee confirms that thè Charity has met the regulatory expectations in the govemante and financial viability standard. Risk management The Trustee incorporates the Charivs risk management strategy into its own strategy. Major risks are regularly reviewed, and systems or procedures have been established to manage those risks. More information tan be found in the group financial statements of The Cambridge Housin8 Society Limited. P3ge 4
Docusign Envelope ID.. oBDc694C-E54A48-AEA2-9B9F74Y492BD WATERS ALMSHOUSES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Report of the Trustee Reserves pollcy The Charity has no restricted reserves. It holds a designated cyclical maintenance reserve that is used to fund future cyclical repair5. The Trustee carries out repairs and maintenance for the Charity and recharges the Charity accordingly. There was no rnovement in the reseNe for the year. The Charity held total reserves of £154.506 12024.. £148.4761 at the year-end comprising of an accumulated 5urplu5 of £149,47912024.. 143,4501 and a designated cyclical maintenance reserve of £5,02612024: £5,026). Of total funds held of £154.506. the amount that can only be realised by disposing ol tangible fixed assets is £114.942, leaving a balance of £39,564. The balance covers the designated cyclical maintenance reserve of £5,026. Going Concern The Trustee considers the financial position of the Charity to be satisfactory and ha5 provided financial support in recent years for works that took place in order to ensure that the Charity can continue to provide suitable accommodation to its residents, therefore the going concern basis of preparation is considered appropriate. Auditor The Trustee in office on the date of the approval of these financial statements has confirmed, as far a5 It is aware, that there 15 no relevant information of which the auditor is unaware. The Trustee has confirmed that it has taken all the steps that it OU8ht to have taken as Trustee in order to make itself aware of any relevant audit information and to establish that it has been communicated to the auditor. P3ge 5
Docusign Envelope ID.. oBDc694C-E54A48-AEA2-9B9F74Y492BD WATERS ALMSHOUSES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Independent auditorfs report to the Trustee of Waters Almshouses The Trustee is responsible for preparing the Trustee's Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales and registered social housing legislation require the Trustee to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the inc()ming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustee is required to.. In preparing these finantial statements. the Trnstee is required to.. Select suitable accounting policies and then apply them consistently; Make judgements and estimates that are reasonable and pr¢Jdent- State whether applicable accounting standards have been followed. subjert to any material departures disclosed and explained in the financial 5tatements,' and Prepare the financial statement5 on the goin8 concem basis unless it is inappropriate to presume that the Charity will continue in business. The Trustee is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable the Trustee to ensure that the financial statements comply with the Charities Act 2011, the Housing and Regeneration Act 2LK)8. the Accounting Direuion for private registered providers of social housin8 in England 2022 and the provisions of the trust deed. The Trustee is responsible for safeguarding the assets of the charity and hence lor taking reasonable steps for the prevention and detection ol fraud and other irregularities. The financial statements on pa8es 9 to 20 were approved and authorised for issue by the Trustee on 2 September 2025 and were signed on its behalf by.. Slgn•d by= D27C318A8D644A5... Martiri Wheatley On behalf of the sole trustee, The Cambridge Housin8 Society Limited. P3ge 6
Docusign Envelope ID.. oBDc694C-E54A48-AEA2-9B9F74Y492BD WATERS ALMSHOUSES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Independent auditorfs report to the Trustee of Waters Almshouses Opinion We have audited the financial Statements of Water5 Almshouses 1.the charity") for the year ended 31 March 2025 which comprise the Statement of Comprehensive Income. Ststement of Financial Position. Statement of Changes in ReseNes, and notes tts the financial staternent5, includirbg a Summary of significant accounting policie5. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Iunited Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the chariVs affairs as at 31 Marth 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Charities Act 2011, the Hou5in8 and Regeneration Act 2008 and the Accounting Direction for private registered providers of social housing in En8land 2022. Basis for opinion We conducted our audit in accordance with International Standards on auditin8 IUKI IISAS IUKII and applicable law, Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirement5 that are relevant to our audit of the financial statements in ihe UK. including the FRCS Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with thèse ièquiremenis. Wè beliève that the audit evldencè we have obtalned Is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditin8 the financial statements, we have con¢lLrded that the Trustee's Use of the 8oin8 ¢on¢errn basis of ac¢ountin8 In th e preparation ol the financial statements is appropriate. Based on the work we have performed. we have not identified any material uncèrtainties rèlating to evènts or conditions that, individually or collectively, may cast Si8nificant doubt on the charity's ability to continue as a 80in8 concern for a period of at least twelve months from when the financial statements are authorised for issue. Our respon5ibilitie5 and the responsibilities of the Trustee with respect to 80in8 concern are described in the relevanl sections of this report. Other Informatlon The other information comprises the information included in the annual Tetx)rt, other than the financial statements and our auditor's report thereon. The Trustee is responsible for the other information. Our opinion on the financial statements does not cover the other information and. 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 50, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the aLJdit or otherwise appears to be materially mi55tated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a rnaterial misstatement of the other information. If. based on the work we have performed. we conclude that there is a material mi55tatement of this Other information. we are required to report that fact. We have nothing to report in this regard. P3ge 7
Docusign Envelope ID.. oBDc694C-E54A48-AEA2-9B9F74Y492BD WATERS ALMSHOUSES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Independent auditorfs report to the Trustee of Waters Almshouses Matters on which we are required to report by exception We have nothing to report in respect of the lollowing matters in relation to which the Charities IAccDunt5 and Reports) Regulations 2008 require us to report to you if, in our opinion.. In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustee's report.. or proper accounting records have not been kept.. or the financial staternent5 are not in agreement with the accounting records; or we have not received all the information and explanations we require for our audit. In addition, we have nothing to report in respect of the following matter where the Ho¢Jsing and Regeneration Act 2008 requires us to report to you if. in our opinion.. a satisfactory system of control over transactions has not been maintsined. Responsibilities of the Trustee As explained more fully in the Trustee's Responsibilities Statement set out on page 6. the Trustee is 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 Trustee determines 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 Trustee is responsible for assessing the charitws ability to continue as a golng concern, disclosing, as applitable, matters related to going ¢oncern and using the going contern basis of a¢¢tsunting unless the Trustee either intends to liquidate the charity or to cease operations, or have no realistic alternative but to do 50. Auditor's re5pon5ibilities for the audit of the financial Statements WÈ have been appointed as auditor under se¢tion 144 of the Charities A¢1 2011 and section 136 of the Housing and Regeneration Act 2008 and report in accordance with regulations made under 154 of the Charities Act 2011 and section 137 of the Housing and Regeneration Act 2(K)8. 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 an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guaraniee that an audii conducted in accordance with ISAS IUKI will always detect a material mi55tatement when it exists. Mi$5tatements can arise from fraud or error and are ¢on5idered material if, individually or in the aggregate, they could reasonably be experted to influence the economic decision5 of users taken on the basi5 of these financial statements. A further description of OUT responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.or auditorsres onsibilities. This description forms part of our auditor's report. Irre8ularities, includin8 fraud, are instances of non-compliance with laws and regulations. We desi8n procedures in line with our responsibilities, outlined above. to detect material misstatements in SpeCt of irregularities, including fraud. The specific procedures for this engagement and the extent to which these 3ie capable of detecting irregularities. including fraud is detailed below.. P3ge 8
Docusign Envelope ID.. oBDc694C-E54A48-AEA2-9B9F74Y492BD WATERS ALMSHOUSES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Independent auditorfs report to the Trustee of Waters Almshouses The extent to which the audit was considered capable of deterting irregularities including fraud We identify and assess the risk5 of material misstatement of the financial statements. whether due to fraud or error, and then design and perform audit procedures responsive to those risks. including obtaining audit evidence that is sufficient and appropriate to provide a basi5 ftsr our opinion. In identifying and addressing risks of material misstatement in respect of irregularities. including fraud and non-compliance with law5 and regulations, our procedure5 included the following.. We obtained an understanding of laws and regulations that affect the charity, focusin8 on those that had a direct effect on the financial statements or that had a fundamental effect on its operations. Key laws and regulations that we identified Included the Charities Art 2011. the Housing and Regeneration Art 2008. the Accounting Oirection for Private Registered Providers of Social Housing 2022, ta¥ legislation, health and safety legislation, and employment legislation. We enquired of the Trustee and reviewed correspondence and meeting minutes for evidence of rion-compliance with relevant laws and regulation5. We also reviewed controls the Trustee has in place. where necessary, to ensure compliance. We gained an understandin8 of the controls that the Trustee has in place to prevent and detect fraud. We enquired of the Trustee about any incidences of fraud that had taken place during the accounting period. The risk of fraud and non-compliance with laws and regulations and fraud was discussed within the audit team and tests were planned and performed to address these risks. We identified the potential lor fraud in the following areas., laws related to the construction and provision of social housing recognising the nature of the charity's activities and the règulatèd nature of those activities. We reviewed financial statements disclosures and tested to supporting documentation to a55ess compliance with relevant laws and regulations discussed above. We enquired of the Trusiee about actual and potential litl8ation and claims. We performed analytical procedures to identify any unusual or unexperted relationships that might indicate risk5 of material misstatèment due to fraud. In addressing the risk of fraud due to mana8ement override of internal contro15 we tested the appropriateness of journal entries and assessed whether the judgements made in makin8 accounting estimates were indicative of a potential bias. Due to ihe inherent limitalions of an audit, there is an unavoidable risk that we may not have detected stsme material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example. as with any audit. Ihere remained a higher risk of non-detection of irregularities. as these mav involve collusion, forgery, intentional omissions, misrepresentations. or the override of internal controls. We are not responsible for preventin8 fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations. P3ge 9
Docusign Envelope ID.. oBDc694C-E54A48-AEA2-9B9F74Y492BD WATERS ALMSHOUSES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Independent auditorfs report to the Trustee of Waters Almshouses Use of our Report Thi5 report 15 made 501ely to the charivs Trustee. as a body. in accordance with Part 4 of the Charitie5 IAccoLJnts and Reports) Regulations 2CN)8 and section 137 of the Housing and Regeneration Act 2(K)8. Our audit work has been undertaken so that we might state to the charity'5 Trustee those matters we are required to State to them in an auditor's report and f()r no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity a nd the charity's Trustee as a body. for our audit work. for this report. or for the opinions we have formed. a £fr 8eever and Struthers, Ststutory Audltor Beever and Struthers is eligible to act as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under sedion 1212 of the Companies Att 2006. 150 Minories EC3N ILS London 23 September 2025 Page 10
Docusign Envelope ID.. oBDc694C-E54A48-AEA2-9B9F74Y492BD WATERS ALMSHOUSES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Statement of comprehensive income 2025 2024 Note Turnover Operating cost5 33.652 127,6211 31.755 132,0551 Operating surplusldeficit 6.031 13001 5urplusllDefl¢ltl for the year 6,031 13001 The Charity'5 results relate wholly to continuing activities and the notes on page$ 14 to 20 form an integral part of these financial statements. The flnanclal statements on pages 10 to 20 were approved and authorised for issue by the trustee on 2 September 2025 and Signed on its behalf by.. Slgn•d by= D27C318A8D844AS... Martin Wheatle¥ On behalf of ihe sole trustee, The Cambrid8e Housin8 So¢iety Limited. by.. 3192FCBAFF95413... Alex Colyer On behalf of the sole trustee. The Cambridge Housing Society Limited. Page 11
Docusign Envelope ID.. oBDc694C-E54A48-AEA2-9B9F74Y492BD WATERS ALMSHOUSES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Statement of financial position 2025 2024 Note Flxèd at$ Housing properties 114,942 120,554 Current assets Debtors Cash and cash equivalents 2,947 90.128 2.981 73,530 io 93,075 76.511 Credltor5: amounts fallin8 due within one year li 112.3721 16,9781 Net current assets 80.703 69.533 Total assets less Current Ilabllliles 195,645 190,087 Credbtors: amounts falling due after more than one year 12 141.1381 141,6111 Total nèt assèts 154,507 148,476 Reserves Accumulated surplus and cyclical maintenance 154,507 148,476 Total reserves 154.507 148,476 The notes on pagè$ 14 to 20 form an InteBral part of these financial statements. The financial statements on pages 10 to 20 were approved and authorised for issue by the trustee on 2 September 2025 and Si8ned on its behalf by.. Slun•d by: 7BJ*6A8t)644AS.:........... Martin Wheatley On behalf of the sole trustee. The Cambridge Hovsing Society Limited. SiBn¢d by.. AI92F.CW.F95AI3_......-. Alex Colyer On behalf of the sole trustee, The Cambridge Housing Society Limited. Page IZ
Docusign Envelope ID.. oBDc694C-E54A48-AEA2-9B9F74Y492BD WATERS ALMSHOUSES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Statement of changes in reser¥es Cyclical Maintenance Accumulated surplus Total Balance at l April 2023 Deficit for the year 5.026 143.750 13rxJl 148.776 13001 Balance at 31 March 2024 5,026 143.450 148,476 Balance at l Aprll 2024 Surplus for thè yèar 5.026 143.450 6.031 148,476 6.031 Balan¢e at 31 Marth 2025 5,026 149,481 154,507 The notes on pages 14 to 20 form an integral part of these financial statements. Page 13
Docusign Envelope ID.. oBDc694C-E54A48-AEA2-9B9F74Y492BD WATERS ALMSHOUSES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Notes to the financial statements l. Legal status Waters Almshouses is incorporated in England and Wales under the Charities Act 2011 and is registered with the Regulator of Social Housing as a Private Housing Ass¢xiation. The registered office is Endurance House. Chivers Way. Histon. Cambridge CB24 9ZR. 2. Accounting Policies The financial statements have been prepared in accordance with applicable United Kingdom Accounting Generally Accepted Accounting Practice (UK GAAPI and the Statement of Recommended Practice for registered housing providers.. Housing SORP 2018. The financial Statements comply with the Charities Att 2011. the Housing and Regeneration Art 2008 and the Accountin8 Direction for Private Registered Providers of Social Housin8 2022. The financial statements ale prepared on the historical cost basis of accounting and are presented in sterling 1£) for the year ended 31 March 2025. The financial statements have been prepared in compliance with FRS 102. The Charity meets the definition of a public benefit entity IPBEI. Golng Concern The fin3n¢ial Statements have been prepared on a goin8 ¢on¢ern basi5 which a$5umes an ability to ¢ontinue operating f¢r the foreseeable future. No significant concerns have been noted in the business plan updated for 2025-26 and therefore we consider it appropriate to continue to prepare the financial statements on a going concern basis. Crltlcal accountln8lud8ements and key sources of estlmatlon uncertalnty The preparation of the financial statements requires management to make judgements. estimates and assumptions that affect the arnounts reported for a5set5 and liabilities as at the statement of financial position date and the amounts reported for revenues and expenses during the year. However, the nature ol estimation means that actual outcomes could differ from those estlmatès. The following judgements lapart from those involving estimates) have had the most slgnificant effect on amounts recogni5ed in the financial statements. Impalrment. The Charity considers whether indicators of impairment exist in relation to tangible assets. Indlcators considered include extèrnal sources of information such as market value. market interest rates and returns on investment, actual or proposed chan8es to the technological, economic or le8al environment, obsolescence or damage to the asset, operational changes or internal reporting which indicates that the asset is performing worse than expected. The Charity also considers expected future performance of the asset. Any impairment loss is charged to the Statement of Comprehensive Income. Impairment is recognised where the carrying value of a cash generating unit exceeds the higher of its net realisable value le55 Costs to Sell or its value in use. A cash generating unit is normally a group of properties at scheme level whose cash income can be separately identified. The Charity identified no triggers for impairment and impairment tests were not required. Otherkey sources of estlmation and ossumptions.. Tanglble fixed assets.: Tangible fixed asset5 are depreciated over their useful lives taking into account residual values, where appropriate. The actual live5 of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, produrt life cycles and maintenance programmes are taken into account. Residual value a55e55ment5 consider i5sue5 such a5 future market conditions, the remaining life of the asset and projected disposal value5. The carrying value of tangible fixed a55et5 at 31 March 2025 wa5 £114,94212024.. £120,554). Page 14
Docusign Envelope ID.. oBDc694C-E54A48-AEA2-9B9F74Y492BD WATERS ALMSHOUSES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Notes to the financial statements Fair value of financial instruments. The calculation of fair value of financial instruments at each reporting date is based on attive market quotes if available. wheie not available a valuation technique is used to make maximum use of market inputs and transactions, using a discounted cash flow analysis. The carrying value of financial instruments measured at fair value at 31 March 2025 was £80,70312024.. £69.5341. Turnover and revenue recognition Turnover represents rental income reteivable and amortised tapital grant. Rental income is recognised when the property is available for let, net of voids. Servlce charges Service charge income and costs are recognised on an accruals basis. The Charity operates both fixed and variable service charges in full consultation with residents. Where variable service charges are 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 ehèrge and a deficit being recovered by a hi8her char8e. Until these are returned or recovered they are held as creditor5 or debtors in the Statement of Financial Position. Tan8lble flxed asset5- housln8 propertle5 Tangible fixed assets are stated at cost, less accumulated depreciation. The original cost lin 19151 of the land and buildings owned by the Charity is not known. Included within the cost disclosed i n these financial statements (note 91 is £23.466 for works carried out in 1975.76 which was partially funded by Housing Association Grant of £17,771. The #rant would need to be repaid if at any time these properties were sold. Freehold land is not depreciated. Where a housing property comprises two or more major components with substantially different Useful economic lives IUELS), each component is accounted for separately and depreciated over its individual UEL. Expenditure relating to subsequent replacement or renewal of components 15 capitalised as incurred. The Charity depreciates freehold housing properties by component on a straight-line basis over the estimated UELS of the component categories. UELS for identified components are as follows.. Structure Roofs Bathrooms, windows and doors, Kitchens Boilers and heatin8 Valuation of in¥e5twnent5 100 year5 60 years 30 years 20 years 15 years Investments in listed company shares. which have been classified as fixed or current asset investments. are re-measured to market value at eath reporting datè. Gains and lossès on re-measurement are recognised in the Statement of Comprehensive Income for the period. 5hort-term debtors and creditors Debtors and creditors with no stated interest rate and re1¥able or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the Statement of Comprehensive Income in other operating expenses. Page 15
Docusign Envelope ID.. oBDc694C-E54A48-AEA2-9B9F74Y492BD WATERS ALMSHOUSES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Notes to the financial statements Social Housing and other government Brab)ts Where developments have been financed wholly or partly by Social housing and other grants, the amount of the grant received has been included as deferred income and recognised in Turnover over the estimated useful life of the associated asset structure Inot landl. under the accruals model. SHG received for items of cost written off in the Statement of Comprehensive Income Account is included a5 part of Turnover. When Social Housing Grant ISHGI in respect of housing properties in the course of construction exceeds the total cost to date of those housing properties. the extess is shown as a current liability. SHG must be recycled by the Charity under certain conditions, if a property is sold. or if another relevant event takes place. In these cases. the SHG can bè used foi projects approvèd by the Homes England. However. SHG may have to be repaid if certain conditions are not met. If grant is not required to be recycled or repaid, any unamortised grant is recognised as Turnover. I n certain circumstances. SHG may be repayable. and. in that event, is a subordinated unsecured repayable debt. Flnanclal In5trurnents Financial assets and financial liabilities are measured at transaction price initially. plus. in the case of a financlal asset or flnanclal liability not at fair value through the Statement of Comprehensive Income. transaction costs that are directly attributable to the acquisition or i55ue of the financial a55et or linancial liability- At the end of ea¢h reporting period. finan¢ial instruments are measured as follows, without any dedu¢tion for transaction ¢osts the entity may incur on sale or other disposal.. Debt instruments that meet the conditions in paragraph 11.8lbl or 11.8lbAI of FRS 102 are measured at amortised cost U5in8 the effective interest method, except where the arran8ement constitute5 a financin8 transaction. In thi5 case the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt. Financial instruments held by the Charity are classified as follows.. F5nanclal assets such as current asset invesiments and receivables are classified as loans and receivables and held at amortised cost using the effective interest method, Cash is held ai cost. Loans to or from subsidiaries includin8 those that are due on demand are held at amortised cost using the effective interest method, Commitments to receive or make a loan to another entity which meet the condition5 above are held at cost le55 impairment, Financial assets and financial liabilitie5 at fair value are classified using the followin8 fair value hierarchv.. The best evidence of fair value is a quoted price in an 3ctive market. When quoted prices are unavailable, the price of a recent transaction for an identical asset, adjusted to reflect any circumstances specific to the sale, such as a distress sale, if appropriate. Where there is no active market or recent transattions then a valuation technique is used to estimate what the transaction price would have been on the measurement date in an arm'5 length exchange motivated by normal bu5ine55 considerations. Exemptions for qualifyin8 entitie5 under FRS IOZ FR5 102 allows a qualifying entity tertain disclosure exemptions. The Charity has taken advantage of the exemptiori allowing It to not be required to provide a cash flow statement a5 a cash flow for the Group 15 presented in the parent's consolidated financial statements. Group financial statements are available from The Cambridge Housing Society Limited, Endurance House, Chivers Way. Histon. Cambridge. CB24 9ZR. Page 16
Docusign Envelope ID.. oBDc694C-E54A48-AEA2-9B9F74Y492BD WATERS ALMSHOUSES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Notes to the financial statements 3. Turnover, operating cost and operating surplus All turnover and operating costs relate to general t)eeds properties. 2025 2024 Turnover on social housin8 lettin8s Rent receivable net of identifiable service charges Service charges receivable 33,179 31,282 Net rental income 33,179 31,282 Amortised grant 473 473 Total Incorne from lettln85 33,652 31,755 Expenditure Management costs Service costs Routine maintenance Planned rnaintenance Depreciation of housin8 properties 12.9041 112,2711 16,8341 15,8181 112.3801 18.2451 15.6121 15,6121 Total expendlture on $o¢lal houslng lettlnzs 127,6211 132,0551 Sur lusl Deflclt on soclal housln lettln 6,031 13001 Rent losses from voids 4. Houslng Stock 2024 2024 No. No. General needs 5. Surplus forthe year The surplus for the year is stated after charging- 2025 2024 Depreciation on housing properties Auditorfs remuneration (excluding VATI 5,612 1,500 5,612 1,000 Page 17
Docusign Envelope ID.. oBDc694C-E54A48-AEA2-9B9F74Y492BD WATERS ALMSHOUSES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Notes to the financial statements 6. Taxation The charitls surpluses are exempt from taxation under section 524 of the Income Tax Act 2007. 7. Key management personnel and staff costs All key management personnel and 5tsff costs are borne bythe Trustee. 8. Housing properties 2025 2024 Cost: At l April Additions 187.178 187,178 At 31 March 187,178 187,178 OÈpreclatlon: At l April Change in the year 166,6241 IS,6121 161,0121 15,6121 At 31 March 172,2361 166.6241 Net book value at 31 March 202S Net book value at 31 March 2024 114,942 120.554 120,554 126,166 All propertles are freehold. 9. Debtors 2025 2024 Prepayments Amounts due from The Cambridge Housin8 Society Limited 2,947 2.947 34 2,947 2.981 Amounts due from The Carnbridge Hou5inB Society Limited re13te5 to tradirbg balance5 which 15 repayable on demand. The balance is interest free. 10. Cash and cash equivalents 2025 2024 Cash at bank and in hand 90.128 73,530 Page 18
Docusign Envelope ID.. oBDc694C-E54A48-AEA2-9B9F74Y492BD WATERS ALMSHOUSES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Notes to the financial statements 11. Creditors: amounts falling due within one year 2025 2024 Accruals Prepaid maintenance charge Amounts due to The Cambridge Housin8 Society Limited 4,782 2,704 4,886 5,178 1,800 12.372 6.978 Amounts owed to The Cambrid8e Housin8 Society Limited relates to trading balance5 which is repayable on dernand. The balance is interest free. 12. Creditors". amounts falling due after more than one year 2025 2024 Totol amount of grt7nt received.. Housing Association Grant Other Grant 17.771 29,515 17,771 29,515 47,286 47,286 Totol omount recognised through the stotement oAcomprehensNe income.. Amortlsation At l April Change in the year 5.675 473 5,202 473 At 31 March 6,148 5.675 Total t7mount remaining.. Net book value at 31 March 41,138 41,611 Page 19
Docusign Envelope ID.. oBDc694C-E54A48-AEA2-9B9F74Y492BD WATERS ALMSHOUSES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Notes to the financial statements 13. Flnancial instruments 2025 2024 Financlal assets: Measured at cost.. Cash and cash equivalents 90,128 73,530 Meosured rJt omortised c05t.' Amounts due from The Cambridge Housing Society Limited Other receivables 34 2,947 2,947 93,075 76,511 Financial liabilitie5: Meosured ot omortised cost.. Payables Amounts owed to The Cambridge Housin8 Society Limited 7,486 4,886 6,976 12.372 6,976 14. Capltal commltments The Charity ha5 no capital commitments at the ye3r*nd12024: £nill. IS. Related Party Transactions There were no transactions between the Charity and non-registered entities in the Group12024.. £ni11. At the year-end, a balance of £nil was due to the Charity12024 £341, the Charity owed a balance of £4,88612024 - £nill. Thi5 balance is interest free. unsecured, with no lixed date for repayment. 16. Ultimate Controlling Party The ultimate controlling party of Waters Almshouses is considered to be The Cambridge Housing Society Limited. on the basls of ts control over the Charity by bein8 the sole Trustee. Page 20