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WATERS ALMSHOUSES
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Regulator of So¢ial Housing no. A0208
Charity Commission no. 201017

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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

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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
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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.
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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.
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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.
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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.
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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.
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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..
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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.
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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
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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.
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WATERS ALMSHOUSES
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
Statement of financial position
2025
2024
Note
Flxèd a￿t$
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.
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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.
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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).
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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 re￿1¥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.
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Docusign Envelope ID.. oBDc694C-E54A4￿8-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.
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Docusign Envelope ID.. oBDc694C-E54A4￿8-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
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Docusign Envelope ID.. oBDc694C-E54A4￿8-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
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Docusign Envelope ID.. oBDc694C-E54A4￿8-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
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Docusign Envelope ID.. oBDc694C-E54A4￿8-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