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2021-03-31-accounts

DocuSign Envelope ID: 44A6B93F-232C-4FBD-AF74-9A4FB1D94932

Cambridge United Charities

Trustees' Report and Financial Statements

For the year ended

31 March 2021

Charity number: 204640

DocuSign Envelope ID: 44A6B93F-232C-4FBD-AF74-9A4FB1D94932

Cambridge United Charities

Contents

Page
Reference and administrative details of the charity, its 1
trustees and advisers
Trustees' report 2
Independent examiner's report 11
Statement of financial activities 12
Balance sheet 13
Notes to the accounts 14

DocuSign Envelope ID: 44A6B93F-232C-4FBD-AF74-9A4FB1D94932

Cambridge United Charities REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2021

Trustees Mrs C Bearryman (appointed March 2021)
Ms B Biamonti
Ms L Bisset (resigned March 2021)
Ms B Fairley
Mr H Jones
Mr J Hardy
Mr J Limmer
Mrs P Lynch
Prof M Pruetzel-Thomas
Dr D Secher
Ms S Simms
Mrs P Slatter (resigned 10 July 2020)
Prof H Valentine
Dr H Xin
Charity registered number 204640
Principle office 127 King Street
Cambridge
CB1 1LD
Independent examiners Chater Allan LLP
Chartered Accountants
Beech House
4a Newmarket Road
Cambridge
CB5 8DT
Fund managers CCLA
Senator House
85 Queen Victoria Street
London
EC4V 4ET
Bankers Barclays Bank plc
9-11 St Andrew's Street
Cambridge
CB2 3AA

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DocuSign Envelope ID: 44A6B93F-232C-4FBD-AF74-9A4FB1D94932

Cambridge United Charities TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2021

The Trustees present their Annual Report together with the financial statements of Cambridge United Charities (the Charity) for the period April 2020 to March 2021.

NOTE. This report was written in June and July 2021 following the end of the annual cycle and during the continued Covid-19 Coronavirus pandemic. In a small number of places key developments beyond the reporting period are mentioned.

1) STRUCTURE, GOVERNANCE AND MANAGEMENT

a) Objectives and Activities

The Cambridge United Charities (CUC) seeks to continue the philanthropic work of the original benefactors for the benefit of the people of Cambridge and its surrounding area through the provision of almshouse accommodation, the relief of poverty and the education of the young.

The Charity is run entirely by volunteers who reside in Cambridge and surrounding areas, supported by a Secretary to the Board of Trustees which is a part-time remunerated post. The Charity seeks professional advice where necessary.

The Charity does not actively fundraise. Its focus is on the careful stewardship of existing income and investments which belong to its two branches, the Almshouse Branch and the Relief in Need Branch, and on funding their philanthropic activities.

The Board of Trustees confirm that they have taken the Charity Commission’s public benefit guidance into account in their decision-making processes. The Board is satisfied that the activities of the Charity are in keeping with its stated purpose and objectives and that, in keeping with the wishes of the original donors, it provides tangible public benefit for some of the disadvantaged residents of Cambridge. A close working relationship with existing agencies ensures that CUC benefits are easily accessible to possible beneficiaries. A more detailed account of our activity is set out later in this report.

b) Organisational Structure and Decision Making

The Charity’s Governing Document became a Charity Commission Scheme dated 24 July 1970 (with subsequent Charity Commission orders) to administer the following charities:

Administered by the Almshouse Branch

The Consolidated Almshouses Charity The Charity of Stephen Mansfield The Charity of Emily Wood

Administered by the Relief in Need Branch

The Charity of Edward Chapman The Charity of John Crane The Charity of Thomas Ellys The Charity of William Mott The Charity of Thomas Hobson The Hobson and Crane Exhibition Foundation

The Charity of Richard Chevyn The Charity of Lambert Damps The Charity of Thomas Johnson The Charity of Sir Thomas White The Charity of Roger Roe

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DocuSign Envelope ID: 44A6B93F-232C-4FBD-AF74-9A4FB1D94932

Cambridge United Charities TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2021

On 9th December 2014 the Charity Commission made a supplementary scheme (ref. 879/1415) approving a number of amendments to the 1970 Scheme, which allow CUC greater administrative flexibility in the allocation of funds to aid qualifying almspeople (as redefined), and also under Relief in Need, where the definition of persons entitled to benefit has also been redefined.

The full Board currently consists of twelve Trustees who manage the Charity and are each appointed by the Board to a four-year term of office that can be renewed once. Further renewals are possible in exceptional circumstances. There are four ‘nominated’ Trustees; two of them are appointed by Cambridge Aid (previously Cambridge Central Aid Society) and two further Trustees are appointed by Cambridge University. The remaining Trustees are ‘co-opted’ Trustees who are citizens of Cambridge or the surrounding areas.

There are three ordinary Board meetings per year, with the provision for additional special meetings, should the need arise. These were conducted by Zoom for the whole of the year because of the Coronavirus Pandemic. The Chair is annually elected from the membership of the Board. The same is true for the Vice Chair, the Almshouse Trustee, and the Treasurer. The Treasurer works closely with the Charity’s appointed Accountant to ensure sound financial management and ongoing probity. The Board is supported by a Secretary who minutes the Board meetings and attends to the Charity’s administrative needs and duties. A new Secretary was appointed in September 2020 and has coped admirably with the fact that she has been working with Trustees most of whom she has never met in person.

The re-election of post holders was postponed from March 2019 to July 2019 because of an influx of new Trustees and since then post holders have been elected at the July rather than March meeting of Trustees.

The Board has established two Sub-committees, both responsible to the Board, which meet between Board Meetings and prepare recommendations to the Board. They are:

  1. The Resources Sub-committee, which is chaired by the Treasurer. This was Liz Bisset until December 2020 and Huw Jones from January 2021.

  2. The Almshouse Sub-committee, which is chaired by the Almshouse Trustee, Sue Simms. Sue Simms has recently been seriously ill and since the end of the year has had to step down as a Trustee (June 2021).

Both Sub-Committees have agreed terms of reference and produce notes of their meetings. All meetings were conducted by Zoom and attendance was very good with the extra flexibility afforded by virtual meetings.

Regarding the Charity’s almshouses, each set of almshouses has been assigned a Visiting Trustee who visits the almshouse residents during the year and reports back to the Trustees through the Almshouse Trustee. An important part of the role of the Visiting Trustee is to monitor the services provided by the managing agent and to advise their fellow Trustees when making decisions concerning the almshouses. This role has been challenging during the year because of the Coronavirus epidemic. Most interactions with residents have been by phone or Zoom but some physical meetings have been possible.

Trustees and Accountancy/Clerk changes from 1st April 2020- 31st March 2021

The Board has remained relatively stable in 2020-21 with two Trustees leaving the board and one person joining. Changes during the year were as follows:

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DocuSign Envelope ID: 44A6B93F-232C-4FBD-AF74-9A4FB1D94932

Cambridge United Charities TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2021

Trustees and Accountancy/Clerk changes from 1st April 2020- 31st March 2021 (continued)

2) KEY ISSUES ADDRESSED DURING THE YEAR

Trustees have addressed the following key issues during 2020-21:

[Challenges posed by the Coronavirus pandemic:]

This was listed as a ‘red risk’ in last year’s annual report as we were concerned about the health impact for our elderly residents, the possibility of reduced service from HHS and our own ability to meet and continue the operation of the charity. In the event none of these aspects have been as bad as feared. Only a small number of our residents have caught the virus, we have managed to maintain contact with residents, HHS work has continued almost as normal and our board and sub-committee meetings have continued uninterrupted, albeit virtually.

New five-year agreement with Hundred Houses Society:

The Chair, Treasurer and Almshouse Trustee met with Hundred Houses Society in January 2021 to negotiate a new agreement with them to manage our Almshouses. This was after consultation with all trustees, particularly the visiting trustees and others closely involved with HHS to ascertain whether, in principle, we wanted to continue to use the services of HHS. The strong view was that they had given us good service. The new agreement is for 5 years, from 1 April 2021 until 31 March 2026. There were a few minor changes to the agreement including using CPI rather than RPI for future increase in charges. The base price per property increased by 4.5% to reflect increased staffing and training costs at HHS. The new agreement was signed off by the Board in March 2021.

After the formal handover to Henley Homes on 6 January 2020 work started on site but stopped in March 2020 due to the Coronavirus pandemic. Trustees started chasing the developers in early 2021 and this led to a re-negotiation of the terms of the development agreement in order to allow new funding to be secured and released. These negotiations were approved in principle by the Board at its March 2021 meeting. Since then the revised agreement has been signed and work has re-commenced on the development of a boutique hotel. The agreed premium has been received. An agreement drawn up in July 2016 specifies that this will be shared with the City Council.

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DocuSign Envelope ID: 44A6B93F-232C-4FBD-AF74-9A4FB1D94932

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2021

Cambridge United Charities

2) KEY ISSUES ADDRESSED DURING THE YEAR (continued)

Our last secretary was unable to continue due to poor health. We managed to appoint a new and experienced secretary from 1 September 2020. We had one new trustee and two who stepped down during the year, including a previous chair, Phillipa Slatter, to whom we owed a huge debt of gratitude. A new Treasurer, Huw Jones took over from Liz Bissett and we are grateful to them both.

3) ACHIEVEMENTS AND PERFORMANCE

a) Almshouse Branch

The objectives of the charity are to provide accommodation in Cambridge for beneficiaries who could otherwise not afford to live in the city in an increasingly difficult housing market The Charity’s almshouses, have, until recently, provided affordable homes for twenty-nine women according to the intentions of the original donors, i.e. women whose personal background and financial circumstances make them suitable. Under the amending scheme of December 2014 qualifying almspeople no longer have to be women and we have since housed several male residents. We agreed in July 2020 that, in principle, we would extend our criteria to include people who had learning difficulties but who are capable of living independently. The almshouse residents are supported by our volunteer visiting trustees and this role has been particularly challenging during the past year because of the Coronavirus pandemic. Thanks are due to the Visiting Trustees and to Hundred Houses Society staff for supporting all of our residents during this difficult time.

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DocuSign Envelope ID: 44A6B93F-232C-4FBD-AF74-9A4FB1D94932

Cambridge United Charities TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2021

3) ACHIEVEMENTS AND PERFORMANCE (continued)

A key objective is to manage the almshouses for the benefit of residents and to keep the properties in a good state of repair. Hundred Houses Society took over day to day management of the almshouses in 2016 and, as stated elsewhere in this report, a new 5-year contract was agreed in April 2021. The trustees set a budget each year for routine repair and maintenance and also try to plan longer term for bigger refurbishment projects on a cyclical basis. We hold an annual meeting involving the Chair, Treasurer and Almshouse Trustee with staff at HHS in order to discuss performance and budgets. The new Treasurer is considering further ways in which ‘smoothing’ of budgetary expenditure can be improved.

Almshouse vacancies are advertised on the Charity’s website and through the local Choice Based Lettings scheme. Applicants who fulfil the criteria set by the Charity are invited to apply. Selection is in the first instance facilitated by HHS and then approved or rejected by the Almshouse Trustee. In spite of the housing shortage in Cambridge, eligible applicants are sometimes put off by the relative lack of space in our dwellings. We have successfully avoided lengthy voids by allocating almshouses to those further down the priority list when necessary.

The Charity is a member of the Almshouse Association. The Trustees have continued to find it a valuable resource which provides information and advice about statutory requirements and good management practice for this distinctive type of supported housing. Trustees have also continued to participate in and benefit from Almshouse Association briefing and information services and from other training events organized by various Law firms, Accountants and the City Council.

The Radegund pub falls under the Almshouse branch and has been empty all year resulting in a loss of rental income, additional legal and estate agency costs and the loss of amenity of this historic pub for Cambridge residents. We hope very much to be able to report its successful re-opening in next year’s report.

Trustees have been addressing the following almshouse issues:

b) Relief in Need Branch

This branch is divided into two strands:

The Governing Document (as amended) provides for net income to be used “in relieving either generally or individually persons in conditions of need, hardship or distress living within the City of Cambridge and its surrounding area, or persons in conditions of need, hardship or distress who can otherwise establish a personal connection with the said area, by making grants of money or providing or paying for items, services or facilities calculated to reduce the need, hardship or distress of such persons.”

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DocuSign Envelope ID: 44A6B93F-232C-4FBD-AF74-9A4FB1D94932

Cambridge United Charities TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2020

3) ACHIEVEMENTS AND PERFORMANCE (continued)

Income continues to be transferred to Cambridge Aid (previously Cambridge Central Aid Society), a long established and highly regarded local charity, which helps people in financial need to buy basic household goods, food and clothing. Their work is characterised by prompt and compassionate decision-making, working through local social care professionals and agencies. The Chair of CUC attended one of the Cambridge Aid allocation meetings as an observer and encouraged other trustees to do the same. A grant of £17,400 was allocated by the Trustees during the year 2020-21. Together with a deferred contribution from the prior year a total of £23,200 was allocated to the charity in 2020-21.

ii. Hobson & Crane Educational Grants

Trustees decided a number of years ago that it would be more efficient and effective to distribute relief in need funds to existing organisations operating in the broad area of addressing educational disadvantage, rather than allowing individuals to apply directly to us for funds. We have therefore carefully selected a small number of organisations whose purposes accord with those of our original donors and they provide support to individuals and groups. We have recently agreed a set of principles for allocation of grants to recipients, both existing and new. We have also devised a simple application process for any potential new beneficiaries to demonstrate that they meet these principles in order to avoid future ad hoc decisions. We received and approved an application from Cambridgeshire Homestart for £1000 using this new process.

During the Financial Year 2020-21 the following sums were allocated:

The Charity receives detailed Annual Reports from these organisations, which clearly show that the Charity’s contribution to their work has been to great public benefit. The Trustees are confident that, within the means available to them, they have succeeded in furthering the philanthropic intentions of the original donors of the Charity in an accessible way.

4) STATEMENT OF RISKS AND UNCERTAINTIES

The Board of Trustees is responsible for the risk management within the Charity’s operation. The Board is responsible for safeguarding the Charity’s assets, for taking reasonable steps for avoiding irregularities and fraud, and for ensuring the Charity’s efficient operation.

Trustees review and update the risk register at each meeting and propose steps/actions to be taken to minimise risks where possible.

At the start of the year the Coronavirus epidemic appeared as a key risk but was downgraded during the year as it became obvious that our operations were working well using Zoom and telephone and our residents were not, in general, falling ill with the virus.

Persistent risks through the year included addressing the financial issues regarding the closure of the Radegund pub, and delays to the conversion of Hobsons House to a hotel by Henley Homes (as outlined in the Key Issues section above).

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DocuSign Envelope ID: 44A6B93F-232C-4FBD-AF74-9A4FB1D94932

Cambridge United Charities TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2021

4) STATEMENT OF RISKS AND UNCERTAINTIES (continued)

The risk register identified the following Red and Amber risks as at March 2021:

RED RISK

AMBER RISKS

Handover of Hobsons House happened in January 2020 but the pandemic meant that building works were delayed and then did not restart because of funding issues. Since the end of the year progress has been made and will be reported in next year’s annual report.

Radegund pub closure: As detailed elsewhere the pub has been closed for the whole of the annual reporting period depriving the charity of the rental income and costing us money in professional fees and contributions to repair/refurbishment costs.

The new Treasurer has taken a different approach to this by building a ‘repair reserve’ so that the costs of bigger refurbishment projects can be more easily spread across years. Closer working between HHS maintenance team and our Treasurer should reduce the chance of large surprise bills.

Our almshouses are for residents who are capable of living independently. Occasionally views differ between the resident, the VT and our link HHS lead as to whether a particular resident has needs which exceed our capacity for support. We may need to develop more robust policy in this area.

5) FINANCIAL REVIEW

The statement of financial activities for the year ending 31 March 2021 has been received from our accountant Chater Allen in preparation for independent examination by the accountant.

Cambridge United Charities is responsible for funds and assets with a total net value of £1,366,343

Income from investments was £22,675 for the year (compared to £17,985 in 2019-20).

The accounts for the year 2020-21 show a total income for the Charity of £167,205 compared to £170,706 in 201920. This income was split between £159,219 for the Almshouse Branch and £7,986 for the Relief in Need Branch.

Income was £3,501 less than in the previous year, due to continued loss of income from the Radegund Pub (Almshouse branch) and cessation of income from Hobson House (Relief in Need branch).

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DocuSign Envelope ID: 44A6B93F-232C-4FBD-AF74-9A4FB1D94932

Cambridge United Charities TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2021

5) FINANCIAL REVIEW (continued)

Expenditure was £157,787 compared with £209,058 in 2019-20.

Overall income exceeded expenditure by £9,418. There was a surplus of £52,615 for the Almshouse Branch but a deficit of £37,180 for the Relief in Need Branch as grants and fees exceeded income in the absence of income from the Hobsons House. There was an increase of £239,645 in permanent endowment funds due to the purchase of investments and increase in valuation.

The charity has maintained its financial positions despite enduring a difficult year in terms of income generation as it received no income from either the Radegund or Hobson House. The Radegund should re-open under new management when refurbishment is complete and Covid restrictions are lifted. Furthermore development work on Hobson’s House has recommenced and will generate a significant one-off premium as well as further rental income for the charity from December 2022. The Trustees expect an increase in income generation over the coming year.

Trustees have been addressing the following key financial issues:

6) RESERVES POLICY

At the end of the financial year 2020-2021 the deposit account cash funds of the Charity amounted to £159,208.

Given the legal, insurance and consultancy costs associated with the disposal of Hobson House, the necessity of some extraordinary maintenance work to our almshouses and the problems with the Radegund pub, the Trustees had seen it as prudent to retain high cash reserves over the past several years. However as we have made progress with these projects and future income is clearer the charity felt able to invest further funds and reduce the level of cash reserves. Over £150,000 has been invested during the financial year.

For reference purposes, Cambridge United Charities’ fund values at the end of the 2020-2021 financial year were as follows:

Almshouse Branch:

Permanent Endowment £856,690 Restricted Funds £304,654

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DocuSign Envelope ID: 44A6B93F-232C-4FBD-AF74-9A4FB1D94932

Cambridge United Charities TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2021

Relief in Need Branch:

Permanent Endowment £204,999 Restricted Funds £0 Total £1,366,343

7) TRUSTEES’ RESPONSIBILITIES STATEMENT

The Trustees are responsible for preparing the Trustees’ 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 requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the Charity’s transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report was approved by the Trustees on 5 November 2021 and signed on their behalf.

Helen Valentine Chair of Trustees

Huw Jones Treasurer

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DocuSign Envelope ID: 44A6B93F-232C-4FBD-AF74-9A4FB1D94932

Cambridge United Charities INDEPENDENT EXAMINER’S REPORT FOR THE YEAR ENDED 31 MARCH 2021

Independent Examiner's Report to the Trustees of CAMBRIDGE UNITED CHARITIES

I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 March 2021.

Responsibilities and basis of report

As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

N J Hedger BFP FCA CTA Chater Allan LLP Beech House 4a Newmarket Road Cambridge, CB5 8DT

08 November 2021 Date:

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DocuSign Envelope ID: 44A6B93F-232C-4FBD-AF74-9A4FB1D94932

Cambridge United Charities STATEMENT OF FINANCIAL ACTIVITIES (incorporating Income and Expenditure Account) FOR THE YEAR ENDED 31 MARCH 2021

Almshouse
Relief
in need
Notes
£
£
INCOME AND ENDOWMENTS FROM:
2
-
-
Rent
2
-
-
Other income
2
-
-
Investments
3
-
-
Total Income and Endowments
-
-
EXPENDITURE ON:
Charitable activities
4
6,017
-
Total Expenditure
6,017
-
Net Income /(Expenditure) Before Transfers
(6,017)
-
Transfers between Funds
163,217
(13,217)
NET INCOME / (EXPENDITURE) BEFORE
157,200
(13,217)
OTHER GAINS AND LOSSES
Gains/(Losses) on Investment Assets
63,413
32,249
NET MOVEMENT IN FUNDS
220,613
19,032
RECONCILIATION OF FUNDS:
Total Funds brought forward
636,077
185,967
TOTAL FUNDS CARRIED FORWARD
13
856,690
204,999
Almshouses - Weekly Maintenance
Contributions
Permanent
Endowment Funds		 Almshouse
Relief
in need
Notes
£
£
INCOME AND ENDOWMENTS FROM:
2
-
-
Rent
2
-
-
Other income
2
-
-
Investments
3
-
-
Total Income and Endowments
-
-
EXPENDITURE ON:
Charitable activities
4
6,017
-
Total Expenditure
6,017
-
Net Income /(Expenditure) Before Transfers
(6,017)
-
Transfers between Funds
163,217
(13,217)
NET INCOME / (EXPENDITURE) BEFORE
157,200
(13,217)
OTHER GAINS AND LOSSES
Gains/(Losses) on Investment Assets
63,413
32,249
NET MOVEMENT IN FUNDS
220,613
19,032
RECONCILIATION OF FUNDS:
Total Funds brought forward
636,077
185,967
TOTAL FUNDS CARRIED FORWARD
13
856,690
204,999
Almshouses - Weekly Maintenance
Contributions
Permanent
Endowment Funds		 Total
Total
Almshouse
Relief
2021
2020
in need
£
£
£
£
142,106
-
142,106
147,881
2,389
-
2,389
4,805
35
-
35
35
14,689
7,986
22,675
17,985
Restricted Funds
-
-		 159,219
7,986
167,205
170,706
6,017
-		 106,604
45,166
157,787
209,058
6,017
-		 106,604
45,166
157,787
209,058
(6,017)
-
163,217
(13,217)		 52,615
(37,180)
9,418
(38,352)
(185,460)
35,460
-
-
157,200
(13,217)
63,413
32,249		 (132,845)
(1,720)
9,418
(38,352)
21,353
-
117,015
(55,197)
220,613
19,032
636,077
185,967		 (111,492)
(1,720)
126,433
(93,549)
416,146
1,720
1,239,910
1,333,459
856,690
204,999		 304,654
-
1,366,343
1,239,910

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DocuSign Envelope ID: 44A6B93F-232C-4FBD-AF74-9A4FB1D94932

Cambridge United Charities BALANCE SHEET FOR THE YEAR ENDED 31 MARCH 2021

Note
Fixed assets
Tangible fixed assets
8
Investments
9
Current assets
Debtors
10
Cash at Bank and in Hand
Liabilities
Creditors: amounts falling due
11
within one year
Total Assets less Current Liabilities
Creditors
amounts falling due after more than one year
12
Net Assets
Funds
Restricted Funds
Almshouse Branch
13
Relief in Need Branch
13
Permanent Endowment Funds
Almshouse Branch
13
Relief in Need Branch
13
Total Funds		 £
£
336,946
849,244
1,186,190
38,874
159,707
198,581
(18,428)
180,153
1,366,343
-
1,366,343
304,654
-
304,654
856,690
204,999
1,061,689
1,366,343
2021		 £
£
342,963
582,229
925,192
62,408
271,752
334,160
(15,317)
318,843
1,244,035
(4,125)
1,239,910
416,146
1,720
417,866
636,077
185,967
822,044
1,239,910
2020		 £
£
342,963
582,229
925,192
62,408
271,752
334,160
(15,317)
318,843
1,244,035
(4,125)
1,239,910
416,146
1,720
417,866
636,077
185,967
822,044
1,239,910
2020
1,244,035
(4,125)
1,239,910
416,146
1,720
417,866
636,077
185,967
822,044
1,239,910

The financial statements were approved by the Trustees on 5 November 2021 and signed on their behalf by:

Prof Helen Valentine Chair 08 November 2021

Mr Huw Jones Trustee 08 November 2021

The notes on pages 14 to 21 form part of these financial statements.

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DocuSign Envelope ID: 44A6B93F-232C-4FBD-AF74-9A4FB1D94932

Cambridge United Charities NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1. ACCOUNTING POLICIES

1.1 Basis of preparation of financial statements

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and Charities Act 2011.

Cambridge United Charities constitutes a public benefit entity as defined by FRS 102.

1.2 Cash flow

The charity has taken advantage of the exemption in Charities SORP FRS 102 from the requirement to produce a cash flow statement on the grounds that it is a small charitable charity.

1.3 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

The charity has permanent endowment funds for both its principal activities: Almshouse accommodation for the elderly and donations to organisations working for relief of the poor. The Trustees have no power to convert this capital into income.

The income of each endowment fund is restricted to being used for the purpose of each separate activity and the value of these restricted funds represents the amount of unexpended income.

An additional restricted fund has also been established for the extraordinary repair, improvement or rebuilding of the Amshouses and other properties belonging to the Almshouse branch of the charity.

Investment income, gains and losses are allocated to the appropriate fund.

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Cambridge United Charities NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1. ACCOUNTING POLICIES (CONTINUED)

1.4 Income

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Donated services or facilities are recognised when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time is not recognised.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

The charity owns the land on Regent Street, Cambridge currently occupied by Hobson House and until recently occupied by Cambridge City Council. Following an agreement reached between the Charity and the City Council, and approved by the Charity Commission the City Council has vacated Hobson House and the developer, Henley Homes, has obtained planning permission to convert the premises to a hotel. The City Council and the Charity will share the proceeds from the development. It is not possible to estimate the share of the proceeds at this point.

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.

Support costs are those costs incurred directly in support of expenditure on the objects of the charity. Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.

Charitable activities and Governance costs are costs incurred on the charity's operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

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Cambridge United Charities NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1. ACCOUNTING POLICIES (CONTINUED)

1.6 Tangible fixed assets and depreciation

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of financial activities.

Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold property 1.11% straight line

No depreciation is provided on freehold land.

The Charity owns Hobson House, a property situated in Regent Street, Cambridge which was originally donated to the Charity. No value has ever been attributed to this property and accordingly it does not have a value within tangible fixed assets on the balance sheet.

1.7 Investments

y g and subsequently measured at fair value at the Balance sheet date, unless fair value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading 'Gains/(losses) on investments' in the Statement of financial activities.

1.8 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.

1.9 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.10 Cash at Bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.11 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pretax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.

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Cambridge United Charities NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1. ACCOUNTING POLICIES (CONTINUED)

1.12 Going concern

The trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future.

2. INCOMING RESOURCES

Almshouses - Weekly Maintenance Contributions
Rent
Other income
Total in 2020		 Permanent
Endowment Almshouse
Relief
Total
Total
Funds
in need
2021
2020
£
£
£
£
£
-
142,106
-
142,106
147,881
-
2,389
-
2,389
4,805
-
35
-
35
35
Restricted funds
-
144,530
-
144,530
152,721
-
152,721
-
152,721

3. INVESTMENT INCOME

Permanent
Endowment Almshouse
Relief
Total
Total
Funds
in need
2021
2020
£
£
£
£
£
Investment income - local listed investments
-
14,464
7,986
22,450
17,181
Interest income
-
225
-
225
804
-
14,689
7,986
22,675
17,985
Total in 2020
-
12,894
5,091
17,985
4. ANALYSIS OF EXPENDITURE BY ACTIVITIES
Grant
funding of
Support
Total
Total
activities
costs
2021
2020
£
£
£
£
Charitable activities
Almshouse
-
112,621
112,621
154,283
Relief in need
28,200
16,966
45,166
54,775
28,200
129,587
157,787
209,058
Charitable activities in 2020
15,800
193,258
209,058
Restricted funds		 Permanent
Endowment Almshouse
Relief
Total
Total
Funds
in need
2021
2020
£
£
£
£
£
-
14,464
7,986
22,450
17,181
-
225
-
225
804
Restricted funds		 Permanent
Endowment Almshouse
Relief
Total
Total
Funds
in need
2021
2020
£
£
£
£
£
-
14,464
7,986
22,450
17,181
-
225
-
225
804
Restricted funds
- 14,689
7,986
22,675
17,985
12,894
5,091
17,985
Grant
funding of
Support
Total
Total
activities
costs
2021
2020
£
£
£
£
-
112,621
112,621
154,283
28,200
16,966
45,166
54,775
-
28,200
129,587
157,787
209,058
15,800
193,258
209,058

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Cambridge United Charities NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

5. SUPPORT AND GOVERNANCE COSTS

Repairs and maintenance
Light and heat
Water and sewerage charges
Insurance
Independent Living Service
Management fee
Consultancy
Cleaning
Residents allowance
Miscellaneous expenses
Staff salaries
Professional fees
Subscriptions
Computer and website
Rent
Depreciation
Independent examination and accountancy
6. ANALYSIS OF GRANTS
Grants to institutions		 General
Support
£
37,726
17,343
6,666
14,323
581
22,677
1,300
960
840
60
2,800
5,063
295
-
4,836
6,017
-		 Total
Total
Governance
2021
2020
£
£
£
-
37,726
80,940
-
17,343
15,916
-
6,666
9,529
-
14,323
17,873
-
581
551
-
22,677
22,110
-
1,300
3,600
-
960
1,200
-
840
1,399
-
60
71
-
2,800
-
5,063
21,712
-
295
341
-
-
-
-
4,836
4,823
-
6,017
6,017
8,100
8,100
7,176
121,487 8,100
129,587
193,258
Grants to
Total
Total
Institutions
2021
2020
£
£
£
28,200
28,200
15,800
28,200
28,200
15,800

7. NET INCOME/ EXPENDITURE INCLUDES THE FOLLOWING COST

7. NET INCOME/ EXPENDITURE INCLUDES THE FOLLOWING COST
Depreciation of tangible fixed assets (owned by the Charity)
Independent examination and accountancy		 2021
2020
£
£
6,017
6,017
8,100
7,176
14,117
13,193

During the year, no trustees received any remuneration (2020 - £nil). During the year, no trustees received any reimbursement of expenses (2020 - £nil).

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Cambridge United Charities NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

8. TANGIBLE FIXED ASSETS

Cost
As at 1 April 2020
As at 31 March 2021
Depreciation
As at 1 April 2020
Charge for the year
As at 31 March 2021
Net Book Value
As at 31 March 2021
As at 31 March 2020
9. FIXED ASSET INVESTMENTS
Market Value
Market value brought forward
Purchases in the year
Unrealised gain/(loss) in the year
Market value carried forward
Listed Investments
Historical cost
All the fixed asset investments are held in the UK
10. DEBTORS
Trade debtors
Other debtors
Prepayments and accrued income		 Freehold
Housing
land
properties
14,700
542,056		 Total
2021
£
556,756
556,756
213,793
6,017
219,810
336,946
342,963
Listed
Securities
2021
£
582,229
150,000
117,015
849,244
849,244
849,244
559,797
2021
£
35,527
895
2,452
38,874		 Total
2020
£
361,014
14,700
542,056		 361,014
-
213,793
-
6,017		 12,034
6,017
-
219,810		 18,051
14,700
322,246		 342,963
14,700
328,263		 348,980
Listed
Securities
2020
£
637,426
-
(55,197)
582,229
582,229
582,229
559,797
2020
£
34,872
4,395
23,141
62,408

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DocuSign Envelope ID: 44A6B93F-232C-4FBD-AF74-9A4FB1D94932

Cambridge United Charities NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

2021
2020
11. CREDITORS
£
£
Trade creditors
17,128
14,417
Other creditors
400
-
Accruals and deferred income
900
900
18,428
15,317
2021
2020
12. CREDITORS: Amounts falling due after more than one year
£
£
Other creditors
-
4,125
-
4,125
13. STATEMENT OF FUNDS
Brought
Gains/
Carried
forward
Income
Expenditure
(losses)
Transfers
forward
Restricted funds
Relief in need
1,720
7,986
(45,166)
-
35,460
-
Almshouses
416,146
159,219
(106,604)
21,353
(185,460)
304,654
417,866
167,205
(151,770)
21,353
(150,000)
304,654
Permanent endowment funds
Relief in need
185,967
-
-
32,249
(13,217)
204,999
Almshouses
636,077
-
(6,017)
63,413
163,217
856,690
822,044
-
(6,017)
95,662
150,000
1,061,689
Total funds
1,239,910
167,205
(157,787)
117,015
-
1,366,343
14. STATEMENT OF FUNDS (COMPARATIVE)
Restricted funds
Relief in need
51,404
5,091
(54,775)
-
-
1,720
Almshouses
408,539
165,615
(148,267)
(9,741)
-
416,146
459,943
170,706
(203,042)
(9,741)
-
417,866
Permanent endowment funds
Relief in need
201,550
-
-
(15,583)
-
185,967
Almshouses
671,966
-
(6,016)
(29,873)
-
636,077
873,516
-
(6,016)
(45,456)
-
822,044
Total funds
1,333,459
170,706
(209,058)
(55,197)
-
1,239,910		 after more than one year
Brought
Gains/
forward
Income
Expenditure
(losses)
1,720
7,986
(45,166)
-
416,146
159,219
(106,604)
21,353		 2021
2020
£
£
17,128
14,417
400
-
900
900
18,428
15,317
2021
2020
£
£
-
4,125
-
4,125
Carried
Transfers
forward
35,460
-
(185,460)
304,654
417,866
167,205
(151,770)
21,353		 (150,000)
304,654
185,967
-
-
32,249
636,077
-
(6,017)
63,413		 (13,217)
204,999
163,217
856,690
822,044
-
(6,017)
95,662		 150,000
1,061,689
1,239,910
167,205
(157,787)
117,015		 -
1,366,343
459,943
170,706
(203,042)
(9,741)
-
417,866
201,550
-
-
(15,583)
-
185,967
671,966
-
(6,016)
(29,873)
-
636,077
873,516
-
(6,016)
(45,456)
-
822,044
1,333,459
170,706
(209,058)
(55,197)
-
1,239,910

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DocuSign Envelope ID: 44A6B93F-232C-4FBD-AF74-9A4FB1D94932

Cambridge United Charities NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

15. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Creditors due after more than one year		 Total
Total
Almshouse
Relief
Almshouse
Relief
2021
2020
in need
in need
£
£
£
£
£
£
336,946
-
-
-
336,946
342,963
519,744
204,999
124,501
-
849,244
582,229
-
198,581
-
198,581
334,160
(18,428)
-
(18,428)
(15,317)
-
-
-
-
(4,125)
Restricted Funds
Permanent Endowment
Funds
856,690
204,999
304,654
-
1,366,343
1,239,910

16. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM:
Almshouses - Weekly Maintenance Contributions
Rent
Other income
Investments
Total Income and Endowments
EXPENDITURE ON:
Charitable activities
Total Expenditure
Net Income /(Expenditure) Before Transfers
Transfers between Funds
NET INCOME / (EXPENDITURE) BEFORE
OTHER GAINS AND LOSSES
(Losses)/Gains on Investment Assets
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS:
Total Funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Total
Almshouse
Relief
Almshouse
Relief
2020
in need
in need
£
£
£
£
£
-
-
147,881
-
147,881
-
-
4,805
-
4,805
-
-
35
-
35
-
-
12,894
5,091
17,985
Funds
Restricted Funds
Permanent Endowment
-
-
165,615
5,091
170,706
6,016
148,267
54,775
209,058
6,016
-
148,267
54,775
209,058
(6,016)
-
17,348
(49,684)
(38,352)
-
-
-
-
-
(6,016)
-
17,348
(49,684)
(38,352)
(29,873)
(15,583)
(9,741)
-
(55,197)
(35,889)
(15,583)
7,607
(49,684)
(93,549)
671,966
201,550
408,539
51,404
1,333,459
636,077
185,967
416,146
1,720
1,239,910

21