OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2023-03-31-accounts

Cambridge House and Talbot Ltd - Annual Report and Accounts 2022-2023

Company number: 1050006 Charity number: 265103

Cambridge House

Fighting poverty, social inequity and social injustice for 134 years

Annual Report and Accounts for the year ended 31 March 2023

Cambridge House and Talbot Ltd - Annual Report and Accounts 2022-2023 - Page 1 of 37

Cambridge House and Talbot Ltd - Annual Report and Accounts 2022-2023

Contents

Trustees’ Annual Report Page
Welcome 3
The year at a glance 5
Our aims, objectives and activities 6
Achievements and performance
Overview 8
Research, influencing and thought leadership 11
Independent Advocacy services 12
Law Centre 13
Safer Renting services 14
Disabled People’s Empowerment services 15
Youth Empowerment services 16
Empowerment and Inclusion Crisis Mitigation
16
services
Events after the year end 17
Operational aims and objectives 17
Achieving our priorities in 2022-23 17
Our priorities for 2023-24 17
Financial review
Overview 18
Trustees’ responsibilities 20
Going concern statement 21
Reserves policy 21
Budgeting and financial decision-making 21
Governance and management
Trustees 22
Equality, diversity and inclusion 24
Quality and impact 26
Fundraising 27
Serious incident reporting 28
Safeguarding 28
Networks and partnerships 29
Public benefit 30
Staffing and remuneration 30
Volunteering and employability 32
Risk management 33
Auditors 35
Acknowledgments 36
Charity reference and administrative information 37
Independent Auditor’s Report Page
Opinion 38
Basis for opinion 38
Conclusions relating to going concern 38
Other information 39
Opinions on other matters prescribed by the 39
Companies Act 2006

Matters on which we are required to report by
39
exception
Responsibilities of trustees 40
Auditor’s responsibilities for the audit of the

financial statements		 40
Capability of the audit in detecting irregularities 40
Use of our report 41
Financial Statements Page
Statement of financial activities 42
Balance sheet
 43
Statement of cash flows 44
Notes to the financial statements 45

Cambridge House and Talbot Ltd - Annual Report and Accounts 2022-2023 - Page 2 of 59

Cambridge House and Talbot Ltd- Annual Report and Accounts 2022-2023

Trustees’ Annual Report Welcome

2022-2023 was a watershed year during which we sold our building at 1 Addington Square, settled all our debts in full, embedded hybrid working, upgraded our IT and communications systems, and fitted out and moved to new offices off the Walworth Road.

It is a testament to the diligence, commitment, passion, skills and resilience of our trustees, advisers, staff and volunteers that, despite the huge amount of work and resource these changes required, we also grew the reach and impact of our services and activities.

Amid the cost of living crisis and in the wake of the pandemic, many of our service users are descending into deeper and deeper poverty. The majority are struggling to meet their most basic needs; this is having a devastating impact on their physical and mental health and wellbeing.

Our service users are telling us that they feel hopeless and ‘oppressed by the system’. They feel ‘defeated’ by the number of disconnected statutory services (each with their own access pathways, communication challenges and eligibility criteria) they must navigate to get the support they’re entitled to and the services they need to survive.

Tackling these hardships is a serious challenge for Cambridge House and the wider charitable sector. Charities are primarily funded to tackle single issues in ways that mirror the operational and policy frameworks of government. Wraparound and holistic services, though recognised as the best way to provide support, are not the norm because of the difficulties associated with designing integrated and user-led service models that ‘fit’ with statutory structures and political priorities.

Within this context, people facing destitution (our target service users) continue to be very poorly served; we’ve therefore been working with them to design an integrated service model that maximises the opportunities offered by our multiservice structure.

During 2023-2024 we will redouble our efforts to secure funding for this ‘Resilience Building Project’. Our ambition is to integrate the activities of each of our services in a more structured way, focus on more than one dimension of a service user’s experience and identity, recognise the multiple forms of inequity that compound themselves and create obstacles that are not conventionally understood, and enable us to capture and share lived experience data to evidence ‘what works’.

Some of the highlights during 2022-2023 included our:

Cambridge House and Talbot Ltd - Annual Report and Accounts 2022-2023 - Page 3 of 59

Cambridge House and Talbot Ltd- Annual Report and Accounts 2022-2023

We particularly want to thank the following

members of our team for their dedication to our service users – we owe each of them an enormous debt of gratitude:

In September 2023 we were fortunate to recruit seven new trustees who bring the diversity of knowledge, skills and lived experience we need to ensure our Council of Management reflects the communities with which we work and our activities remain relevant, evidenced-based, address gaps in service provision and are systems changing: we are excited to have Felix Adenaike, Ivan Delany, Patrick Diamond, Raja S Hussain, Shadi Brazell, Suzanne Hall and Tara Trousdale join our team!

We are extremely fortunate to have many passionate and committed supporters and funders, staff, volunteers and trustees. Our success is a consequence of their dedication and hard work. We say a heartfelt thank you to them all.

Simon Latham, Chair

Karin Woodley CBE, Chief Executive

Cambridge House and Talbot Ltd - Annual Report and Accounts 2022-2023 - Page 4 of 59

Cambridge House and Talbot Ltd- Annual Report and Accounts 2022-2023

The year at a glance

----- Start of picture text -----
3,232 frontline
£391,583
service users
secured as legal
compensation
or redress for
service users
All community
hub residents
Services
secured new
delivered in 30
accomodation
local authorities
on existing
terms
Influencing
Continued and training
work on 3 activities
research reaching over
projects 250 people
nationally
Briefings
delivered to
central,
regional and
local
government
----- End of picture text -----

Operating Income £1.7m

Operating Expenditure £2.1m

72p in every £1 spent on service delivery (82p in 2022 and 79p in 2021)

Inflation drove up our overhead and staffing costs during the year

Overheads and governance 26p

Fundraising 2p

Delivering Services 72p

Cambridge House and Talbot Ltd - Annual Report and Accounts 2022-2023 - Page 5 of 59

Cambridge House and Talbot Ltd- Annual Report and Accounts 2022-2023

Our aims, objectives and activities

Vision

We have a vision of a just and equitable society without poverty.

Values

We are pioneering, collaborative, reflective and courageous.

Aims and objectives

Transforming lives

Empowerment through personalised frontline, access to justice and resilience-building services in London for families and people living in areas of high deprivation who are:

Transforming society

Creating the evidence and undertaking the influencing and thought-leadership activities needed to improve social policy and practice and dismantle the structural barriers that exclude people or trap them in cycles of poverty and despair.

Our Theory of Change

----- Start of picture text -----
Personalised frontline services tackling poverty, social inequity, and injustice
for people affected by severe and multiple disadvantages
A just and equitable
Local level and lived experience evidence collection and research to address
society without
data gaps and to pilot innovative frontline interventions that improve social outcomes
poverty
Evidenced-based policy development, thought leadership and influencing to
ensure lived experience insight and evidence drives social policy priorities, practice, and
legislation
----- End of picture text -----

History

We were founded in 1889 to support people living in London’s ‘slum’ neighbourhoods. As one of the earliest members of the university settlement movement, our innovative work led the Victorian anti-poverty movement, paved the way for the modern welfare state and responded to problems of inequality and social injustice.

Cambridge House and Talbot Ltd - Annual Report and Accounts 2022-2023 - Page 6 of 59

Cambridge House and Talbot Ltd- Annual Report and Accounts 2022-2023

The complex issues driving our service users’ into deep poverty, crisis and despair

Four or more of the following issues:

----- Start of picture text -----
Severe and
multiple
disadvantages
----- End of picture text -----

Four or more simultaneous and mutually reinforcing social inequities based on their:

----- Start of picture text -----
Intersectionality
----- End of picture text -----

Cambridge House and Talbot Ltd - Annual Report and Accounts 2022-2023 - Page 7 of 59

Cambridge House and Talbot Ltd- Annual Report and Accounts 2022-2023

Achievements and performance

Overview

3,232 people accessed our frontline services

(2,403 in 2022 and 2,263 in 2021)

The number of people supported by each of our frontline services

----- Start of picture text -----
1,400
1,200
1,000
800
600
400
200
-
Empowerment and Independent
Law Centre Safer Renting
Inclusion Advocacy
2021 210 1,447 192 414
2022 194 1,153 431 625
2023 312 1,105 544 1,271
Number of service users
----- End of picture text -----

45% of our service users were from Black, Asian and ethically minoritised communities (45% in 2022 and 62% in 2021)

During 2023 and 2022 more people who had never experienced crisis before needed our services – with a noticeable increase in service users in low paid employment from white communities

----- Start of picture text -----
White British
45%
55%
Black, Asian and ethnically minoritised
communities
----- End of picture text -----

90% of our service users were disabled, neurodiverse and/or lived with a mental, behavioural or physical health condition

(83% in 2022 and 72% in 2021)

Cambridge House and Talbot Ltd - Annual Report and Accounts 2022-2023 - Page 8 of 59

Cambridge House and Talbot Ltd- Annual Report and Accounts 2022-2023

The ages of our service users

(consistent with 2022 and 2021)

----- Start of picture text -----
85+ 10%
75-84 13%
65-74 10%
55-64 12%
45-54 14%
35-44 16%
25-34 16%
16-24 9%
Ages
----- End of picture text -----

The genders of our service users

----- Start of picture text -----
(consistent with 2022 and 2021)
50% 48% 2%
Female Male Transgender/non-binary
----- End of picture text -----

The sexuality of our service users

(consistent with 2022 and 2021)

----- Start of picture text -----
7%
Heterosexual/Straight
LGBTQIA+
93%
----- End of picture text -----

Cambridge House and Talbot Ltd - Annual Report and Accounts 2022-2023 - Page 9 of 59

Cambridge House and Talbot Ltd- Annual Report and Accounts 2022-2023

Our service users lived in 30 different local authorities

(18 local authorities in 2022 and 15 in 2021)

Independent
Advocacy		 Empowerment
and Inclusion		 Safer Renting Law Centre
Barking & Dagenham √
Bromley √
Camden
Croydon √ √
Ealing √
Enfield √ √ √
Greenwich √
Hammersmith & Fulham √
Haringey √
Havering √
Hertfordshire √ √
Hounslow √
Islington √
Kensington & Chelsea √
Kingston √
Lambeth √ √ √
Lewisham √
Merton √
Newham √ √
Nottinghamshire √
Redbridge √
Richmond √ √
Southwark √ √
Suffolk √
Sutton √
Tower Hamlets √
Waltham Forest √ √ √
Wandsworth √ √ √
Westminster √
West Sussex √

The number of service users per local authority

----- Start of picture text -----
Barking & Dagenham 638
Bromley 3
Camden 3
Croydon 9
Ealing 23
Enfield 64
Greenwich 5
Hammersmith & Fulham 2
Haringey 119
Havering 14
Hertfordshire 12
Hounslow 1
Islington 5
Kensington & Chelsea 3
Kingston 386
Lambeth 301
Lewisham 9
Merton 7
Newham 20
Nottinghamshire 10
Redbridge 6
Richmond 199
Southwark 568
Suffolk CC 10
Sutton 3
Tower Hamlets 20
Waltham Forest 640
Wandsworth 127
West Sussex 5
Westminster 20
----- End of picture text -----

Cambridge House and Talbot Ltd - Annual Report and Accounts 2022-2023 - Page 10 of 59

Cambridge House and Talbot Ltd- Annual Report and Accounts 2022-2023

Research, influencing and thought leadership

Transforming Society

Safer Renting – Protecting tenants from criminal landlords

iNews Novara Media
The Independent Politics Home
The Guardian BBC News
Vice Open Democracy

Radical Listening – Involving excluded citizens in conversations about social reform

Empowerment and Inclusion – Tackling social exclusion

Cambridge House and Talbot Ltd - Annual Report and Accounts 2022-2023 - Page 11 of 59

Cambridge House and Talbot Ltd- Annual Report and Accounts 2022-2023

Independent advocacy services

Protecting the voices, choices, and rights of adults and children

Our advocates supported and protected the legal rights of people experiencing substantial difficulty engaging with and contributing to decisions about their health and social care.

In compliance with the requirements of the Mental Health Act 1983, Mental Capacity Act 2005, Care Act 2014 and Deprivation of Liberty Safeguards and Community Treatment Orders; we facilitated our service users’ active involvement in decision-making so that they:

J’s story

J was subject to a Deprivation of Liberty order keeping him under continuous supervision and control. He lived in supported accommodation but his tenancy was ending. Our Independent Mental Capacity Advocate supported J to:

At the end of the process J confirmed he was happy in the new home and wanted to continue to live there.

The impact of pandemic recovery on people eligible for statutory advocacy led to a significant increase in the complexity and volume of cases nationally. As a result, though our number of contracts reduced from 4 to 2 in the year, an increase in spot-purchased cases meant our overall service user numbers and delivery hours did not fall commensurately. During the year we:

Appropriate Adults Independent Advocacy under the Care Act
Generic advocacy, Learning Disability Independent Mental Health Advocacy
Generic advocacy, Mental Health NHS Complaints Advocacy
Independent Mental Capacity Advocacy Relevant Person’s Representative

Cambridge House and Talbot Ltd - Annual Report and Accounts 2022-2023 - Page 12 of 59

Cambridge House and Talbot Ltd- Annual Report and Accounts 2022-2023

Law Centre

Protecting people’s housing, jobs, finances, social welfare and legal rights

As a Legal Aid Agency accredited provider and a London Legal Support Trust ‘Centre of Excellence’; we provided free, independent and expert legal and crisis navigation services in housing, employment, discrimination and welfare benefit law. During the year we:

----- Start of picture text -----
Rent arrears grants £6,625
Compensation for housing disrepair £59,890
Compensation for discrimination in employment £14,500
Negotiated employment settlements £9,623
Disability Benefits £65,423
Housing Benefits and Universal Credit £40,205
H’s story
----- End of picture text -----

H was working part time as a catering assistant and supporting her two children alone. She experienced religious harassment at her place of work. The stress and trauma caused by the harassment made H very ill and she was forced to take long-term sick leave.

Initially, H's employer acknowledged the harassment and assured her that steps would be taken to address the issue. However, the employer subsequently claimed that H's allegations were unfounded, leaving her feeling unsupported and vulnerable. H was unable to return to work without the assurance that she would be protected from further harassment. The employer then threatened to dismiss Ms H on the grounds of ill health.

We secured a financial settlement equal to nearly a year’s wages for H and she was able move forward with her life and career.

Our case work and advice activities addressed the following issues:

----- Start of picture text -----
Welfare Benefits 52%
Housing 38%
Employment discrimination 4%
Employment 4%
Public Law concerning the conduct of public bodies 2%
----- End of picture text -----

Cambridge House and Talbot Ltd - Annual Report and Accounts 2022-2023 - Page 13 of 59

Cambridge House and Talbot Ltd- Annual Report and Accounts 2022-2023

Safer Renting services

Making private renting safe for all

Our Safer Renting service is commissioned by local authorities to prevent homelessness by intervening in illegal evictions, supporting private renters to negotiate better conditions in their homes, and enabling private renters to leave a criminal landlord on their own terms. During the year we:

Q’s story

When Q, a single adult, was referred to us, there was nothing unusual about it. It was things we see every day: an attempted illegal eviction, harassment, a licensing breach and a befuddling renting set-up.

An unlicensed house in multiple occupation (i.e. a house with more than 3 unrelated adults), a lack of tenancy agreements and payment in cash pointed very firmly in the direction of a property rented by a criminal landlord. In these cases, it’s up to us to find the truth and create as much clarity as we can for the tenants whose lives are turned upside down by landlords who are just trying to make some extra money.

Q’s landlord wrongly accused her of subletting without his knowledge and repeatedly served her notice to get out of the house. The local authority didn’t accept her as ‘priority need’ so she found herself street homeless.

Q’s life had already been pushed to the limit by the pandemic - she had lost her job in retail at the start of the pandemic, and for the first time in her life had been receiving government assistance (Universal Credit) to pay her rent.

We attempted to negotiate with Q’s landlord, noting his failure to licence the property meant that Q and her housemates were entitled to apply to the court for a Rent Repayment Order for the previous year’s rent.

The Department of Work and Pensions (DWP), however, retrospectively checked Q’s Universal Credit claim and asked her to produce her tenancy agreement — or else face a fine of amounting to £1,000 for all the rent she had claimed. We asked the landlord to provide one: he refused (in order to cover up his failure to correctly license the property) and was seemingly content to put Q in jeopardy of paying back a debt for years to come, a debt which she did not owe.

With help from Shelter, we appealed the DWP decision, and won in court meaning Q avoided a life-long debt.

Following negotiations, the landlord also agreed to pay her a sum of £3,500. When we last spoke to Q, she and her cat had just moved into a new property and she had a job interview the next day.

Cambridge House and Talbot Ltd - Annual Report and Accounts 2022-2023 - Page 14 of 59

Cambridge House and Talbot Ltd- Annual Report and Accounts 2022-2023

Disabled People’s Empowerment services

Enabling disabled children and adults to take control of their lives and futures

The Camberwell Incredibles Summer Parade

A colourful and riotous Camberwell Incredibles Summer Parade took place on June 21st 2022, the culmination of a term’s work creating banners and costumes. This was a collaboration with members of Corali and Thick n Tight Dance Troupes, parading through the streets of Camberwell with families, carers and friends of the group, and cheered on by local people.

Altogether about 70 people took part in the parade, which was seen by approximately 200 local people.

It is rare for people with learning disabilities to come together and celebrate their lives publicly, so this was a special event for everyone involved, giving the participants a sense of achievement and pride and an opportunity to be centre stage for once.

We built the skills and resilience of 35 children and adults living with profound learning disabilities and complex needs through a varied portfolio of services (45 in 2022 and 35 in 2021). We also provided essential respite for 105 parents, siblings and carers during the year (45 in 2022 and 35 in 2021). Our projects included:

----- Start of picture text -----
77%
SuperTeens Art Club 13%
SENsational Sports 10%
----- End of picture text -----

Camberwell Incredibles and Incredible Fridays Art Clubs

P’s story

‘My brother P has been attending the Camberwell Incredibles for 24 years, the group has a magical dynamic and beautiful connection and through these amazing relationships he feels safe and confident to express himself’

‘My brother has been supported through the bereavement of his mother and COVID through having a creative and safe space. These experiences and ideas are valuable and can support other practitioners across the world to try something life changing for the person they support.’

‘The creative ventures of the Camberwell Incredibles deserve a worldwide platform that will inspire others during a time when we all need hope and inspiration.’

Sister of Camberwell Incredibles group member

Cambridge House and Talbot Ltd - Annual Report and Accounts 2022-2023 - Page 15 of 59

Cambridge House and Talbot Ltd- Annual Report and Accounts 2022-2023

Youth Empowerment services

Investing in young people so they thrive as adults

28 young people aged 16 to 24 years (34 in 2022 and 40 in 2021) participated in our ‘RISE’ programme’s group activities and one-to-one mentoring sessions. We provided advice and guidance to 28 parents and carers. The increased complexity and level of need faced by the year’s cohort was unprecedented and clearly reflected the ways in which the Covid-19 pandemic and the subsequent cost of living crisis had devastated the lives of young people. As a result we worked very intensely with fewer participants.

X’s story

X is an 18-year-old male who was referred to RISE in April 2022. He was living with an extreme case of anxiety and had been diagnosed with autism; he felt that he wasn’t very articulate when expressing his thoughts and needs. He hadn’t stepped outside his house by himself since the age of 15 - this had caused natural muscle atrophy from sitting in his room just playing computer games and watching TV. X would also go a couple of days without eating due to erratic sleeping patterns. He did not want to be seen by, or to socialise with, anyone at all. He was incredibly reliant on his mother, which had exhausted her and created stress within the household.

Our Youth Empowerment Coordinator (YEC) initially engaged with X via texts. After multiple cancellations, X took the huge step to meet the YEC in person at Cambridge House. Over time, X opened up about his struggles living with anxiety and autism. He is an incredibly intelligent young man and when he is not gripped by anxiety, he is animated and a great storyteller; his ambition is to become an actor. The YEC created a strong mentoring relationship with X, developing clear goals. So far, successes include:

Crisis Mitigation in the Empowerment Services

Access to justice for disabled children and adults

Our Crisis Mitigator worked with 58 people during the year (36 in 2022), supporting disabled and RISE service

users and carers to access statutory support and benefits, and challenge reductions in personal budgets.

Crisis Mitigation Case Study

Our Crisis Navigator (CN) made detailed representations to a local housing authority on behalf of a mother who lives on the 15th floor of a tower block with her three children and her mother. One of the children is on the autistic spectrum and has no understanding of heights and does not understand or fear danger. Living on the 15th floor represented a very serious safeguarding risk.

Our CN successfully challenged the mother’s ‘No Recourse to Public Funds’ so that the mother can receive legal services funded by legal aid to address her housing needs.

Cambridge House and Talbot Ltd - Annual Report and Accounts 2022-2023 - Page 16 of 59

Cambridge House and Talbot Ltd- Annual Report and Accounts 2022-2023

Events after the year end

There are no significant events after the year end to report.

Operational aims and objectives

To implement our 2022 - 2027 Strategic Plan.

Achieving our priorities in 2022-23

Transforming Lives

Transforming Lives Transforming Lives
Develop our crisis mitigation and resilience building activities in response to recession impacts on our
Successful
service users.
Review the delivery infrastructure of Safer Renting and the Law Centre to increase the reach and impact
Successful
of services in response to new funding.
Transforming Society
Extend our research, influencing and knowledge exchange activities. Successful
Governance
Complete sale of 1 Addington Square and establish new office and delivery spaces/venues. Successful
Publish and begin to implement our corporate strategy for 2022 to 2027. Successful
Recruit and diversify our trustees in compliance with our equality, diversity and inclusion targets. Successful
Establish designated reserves for ‘Continuity Planning’ and future building purchase. Successful
Benchmark the Chief Executive’s pay. Successful

Our priorities for 2023-24

Transforming Lives

Implement fundraising strategy to establish our resilience building project. Review triage and case management processes. Enhance staff training in trauma informed practice and dealing with vicarious trauma. Transforming Society Extend our research, influencing and knowledge exchange activities. Establish trustee working group. Upgrade data collection and analysis software. Governance Review trustee induction and training plan. Review detailed theory of change. Complete administration restructure. Establish role of ‘Digital Trustee’

Cambridge House and Talbot Ltd - Annual Report and Accounts 2022-2023 - Page 17 of 59

Cambridge House and Talbot Ltd- Annual Report and Accounts 2022-2023

Financial review

Overview

Our financial position improved significantly during the year as a result of us selling our 1 Addington Square property and settling our outstanding SIB loans in full. Without transactions related to the disposal of 1 Addington Square, we incurred an operating deficit of £107,536:

During the year, operating income reduced to £1,711,092 (£1,823,640 in 2022 and £2,141,243 in 2021) and operating expenditure (i.e., excluding depreciation of £3,945) increased to £2,106,744 (£1,825,896 in 2022 and £1,892,589 in 2021). We incurred an overall operating deficit of £426,880 (including losses on the disposal of fixed assets of £31,228) as a result of:

Total Operating Income £1.7m (£1.8m in 2022 and 2.14m in 2021)

----- Start of picture text -----
Earned income £993,106 58%
Charitable income £395,435 24%
Public sector grants £178,907 10%
Corporate gift in kind £143,644 8%
----- End of picture text -----

Total Operating Expenditure £2.1m (£1.83m in 2022 and £1.89m in 2021)

Direct delivery staffing costs £1,099,092 52%

----- Start of picture text -----
Overheads £462,339 22%
Core staffing costs £376,855 18%
Direct cost of services £164,513 8%
----- End of picture text -----

Cambridge House and Talbot Ltd - Annual Report and Accounts 2022-2023 - Page 18 of 59

Cambridge House and Talbot Ltd- Annual Report and Accounts 2022-2023

Income

Charitable income was affected by the end of pandemic-support grants and reduced to £395,435 (£440,206 in 2022 and £442,272 in 2021). This was, however, offset by a £143,644 gift in kind from Macfarlanes LLP for pro bono legal services primarily related to the sale of our premises.

Earned income reduced to £993,106 (£1,229,773 in 2022 and £1,279,190 in 2021) primarily because:

Earned income distribution

----- Start of picture text -----
Statutory
Community hub
contracts and Legal fees Education fees Interest
fees
spot purchasing
2023 £718,151 £85,573 £82,696 £97,862 £8,824
2022 £547,905 £324,298 £274,836 £79,060 £0
2021 £683,238 £356,970 £163,268 £75,714 £0
----- End of picture text -----

Expenditure

Our total expenditure for the year was £2,106,744 (£1,920,076 in 2022 and £2,048,562 in 2021) with:

Staffing remained our largest cost at £1,475,947 (£1,371,420 in 2022 and £1,433,048 in 2021) i.e., 70% of operating expenditure (75% in 2022 and 76% in 2021).

74% of all staffing costs were related to the direct delivery of services which reflects the people-intensive nature of our frontline services and their reliance on high service user to staff ratios.

Cambridge House and Talbot Ltd - Annual Report and Accounts 2022-2023 - Page 19 of 59

Cambridge House and Talbot Ltd- Annual Report and Accounts 2022-2023

Direct service expenditure

Independent
Advocacy
Empowerment and
Inclusion
Community Hub
Law Centre
Safer Renting
£293,519
£220,430
£102,760
£248,613
£402,228
£341,458
£211,775
£347,380
£207,772
£278,510
£425,988
£170,933
£434,144
£217,056
£238,235		 Independent
Advocacy
Empowerment and
Inclusion
Community Hub
Law Centre
Safer Renting
£293,519
£220,430
£102,760
£248,613
£402,228
£341,458
£211,775
£347,380
£207,772
£278,510
£425,988
£170,933
£434,144
£217,056
£238,235		 Independent
Advocacy
Empowerment and
Inclusion
Community Hub
Law Centre
Safer Renting
£293,519
£220,430
£102,760
£248,613
£402,228
£341,458
£211,775
£347,380
£207,772
£278,510
£425,988
£170,933
£434,144
£217,056
£238,235		 Independent
Advocacy
Empowerment and
Inclusion
Community Hub
Law Centre
Safer Renting
£293,519
£220,430
£102,760
£248,613
£402,228
£341,458
£211,775
£347,380
£207,772
£278,510
£425,988
£170,933
£434,144
£217,056
£238,235		 Independent
Advocacy
Empowerment and
Inclusion
Community Hub
Law Centre
Safer Renting
£293,519
£220,430
£102,760
£248,613
£402,228
£341,458
£211,775
£347,380
£207,772
£278,510
£425,988
£170,933
£434,144
£217,056
£238,235
Independent
Advocacy		 Empowerment and
Inclusion		 Community Hub Law Centre Safer Renting
2023 £293,519 £220,430 £102,760 £248,613 £402,228
2022 £341,458 £211,775 £347,380 £207,772 £278,510
2021 £425,988 £170,933 £434,144 £217,056 £238,235

Trustees’ responsibilities

As trustees, we are also the directors of Cambridge House for company law purposes. We are responsible for preparing this Annual Report and the Financial Statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires us to prepare annual financial statements which give a true and fair view of the state of Cambridge House’s affairs, including our incoming resources and their application, and net income or expenditure. In preparing our financial statements, we are required to:

Trustees are responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the financial position of Cambridge House and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as we are aware:

Cambridge House and Talbot Ltd - Annual Report and Accounts 2022-2023 - Page 20 of 59

Cambridge House and Talbot Ltd- Annual Report and Accounts 2022-2023

Trustees are also responsible for the maintenance and integrity of the corporate and financial information included on our website.

We note that, legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from the legislations in other jurisdictions.

Going concern statement

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. Following completion of the building sale and settlement of loans, attention is now focussed on longer term sustainability of the unrestricted funds.

Reserves policy

Trustees reviewed our reserves policy during the year to ensure that we establish:

A designated reserve for Continuity and Business Recovery Planning: £890K – representing circa 6-months of our turnover

At the end of year we held the following funds:

Total funds of £2,510,464 Free reserves of £501
Restricted funds of £0 Designated reserves – Business Continuity £890K
Funds as fixed assets of £19,963 Designated reserves – Accommodation £1.6M

We review the target level of reserves on an annual basis alongside the operating budget. The assessment takes account of income and expenditure risks within the budget and the need for sufficient liquidity to manage the day-to-day fluctuations in our receipts and payments. Our free reserves and designated reserves are considered in the round when factoring in our target: the current level of reserves is in line with our target.

Budgeting and financial decision-making

We prepare annual budgets for all activities and carefully monitor performance against these to ensure that any activity operating at a deficit and/or behind budget is carefully supervised, and opportunities are taken to mitigate risks and increase unrestricted funds. We use a cloud-based accountancy package that connects to our bank accounts and facilitates real-time scrutiny by trustee bank signatories and staff with profit and loss accountabilities.

Trustees have a Business Continuity and Disaster Recovery Plan and a Financial Emergency Response Plan to protect the interests of our service users, employees, trustees, creditors and stakeholders by outlining the steps that can be taken to avoid and/or manage crises.

Cambridge House and Talbot Ltd - Annual Report and Accounts 2022-2023 - Page 21 of 59

Cambridge House and Talbot Ltd- Annual Report and Accounts 2022-2023

A meeting schedule detailing priorities and regulatory deadlines for the Council of Management is published at least 12-months in advance and ensures trustees consider, monitor and/or approve our:

The Council’s Finance Subcommittee considers financial reports each month to ensure:

Governance and management

Cambridge House and Talbot Limited is a registered charity (registration number 265103) and is constituted as a company registered in England and Wales and limited by guarantee (registration number 1050006). The company does not have share capital and is limited by the guarantee of the members to a maximum of £1 each. Our company membership and the total number of such guarantees (i.e., our company members) at the year-end was 19 (21 in 2022 and 2021). The organisation’s objects and powers are set out in the Articles of Association.

Trustees

Cambridge House is governed by the charity’s trustees, who are also the company's directors and are collectively called the Council of Management (the Council). The members of the Council are elected at the company's annual general meeting.

Our Council meets a minimum of six times per year to manage the business of the organisation. It has appointed subcommittees to operate with delegated responsibilities:

Clarissa Lyons (Company Secretary), David Coleman (Vice-Chair), Simon Latham (Chair), Amy Fraser (Safeguarding Lead) and Ivan Delany (Digital Lead from September 2023).

Cambridge House and Talbot Ltd - Annual Report and Accounts 2022-2023 - Page 22 of 59

Cambridge House and Talbot Ltd- Annual Report and Accounts 2022-2023

Our Council's governance structure is set out in our Governance Manual, which includes our code of governance and enshrines a clear distinction between the role of trustees, the Council, and the Chief Executive. Trustees concentrate on strategic matters, setting overall direction, ensuring clear organisational objectives and holding the Chief Executive to account. This is effected through reporting, both on performance and strategic matters, and formal appraisal of the Chief Executive’s performance. The delegated responsibilities and accountabilities of the Chief Executive are set out in our Governance Manual and in their job description. Trustees have reserved certain powers, which only they can exercise. These include those statutory powers that cannot be delegated, such as policies on risk and reserves, and decisions linked to major policy or programme initiatives, strategic planning, and changes to organisational structure.

Trustee recruitment, induction and training

Our Council completes skills audits to assess the skills of the existing trustees, identify ‘skills gaps’ and assess any skills being lost by the retirement of a trustee. New trustees are recruited through external advertising, volunteer bureaux, and direct approaches to professional bodies and other voluntary organisations.

The induction process for new trustees is detailed in the Governance Manual and is designed to acquaint them with our purposes, financial position, work programmes, structure, staff and current issues. To ensure continued development, trustees are offered the opportunity to attend training on key areas, such as financial reporting and strategic planning.

Trustee performance review

A review of trustees’ individual and collective performance is conducted annually to ensure the effectiveness and inclusiveness of our governance processes. The outcomes of the review process are considered by our Governance, Risk and Inclusion subcommittee alongside the results of regular skills audits so that governance improvement measures can be agreed by the Council of Management.

Trustee terms of appointment

Each year the nearest in number to one third of the elected members of the Council stand down at the annual general meeting and are eligible for re-election. At 31 March 2023 the trustees had served for the following terms:

Role Name Length of service in current role
Chair Simon Latham 3 years, 3 months
Vice Chair David Coleman 4 years, 3 months – retired January 2023
Company Secretary Clarissa Lyons 4 years, 3 months
Treasurer David Goode 5 years, 3 months
Trustee Amy Fraser 3 years
Trustee Anu Mensah 3 years – retired September 2023
Trustee Stephanie Tidball 4 years, 3 months

Cambridge House and Talbot Ltd - Annual Report and Accounts 2022-2023 - Page 23 of 59

Cambridge House and Talbot Ltd- Annual Report and Accounts 2022-2023

The appointment terms of trustees are as follows:

As at March 2023, no trustee terms had been extended.

Equality, diversity and inclusion

Equality, diversity and inclusion are core values of Cambridge House and we believe that:

To this end, we establish credibility and legitimacy, and build our experiential knowledge by working to ensure our service users ‘see themselves’ reflected throughout our organisation.

Our Equality, Diversity and Inclusion (EDI) Policy includes an action plan with specific inclusion targets that are monitored annually by the Council. The plan also sets out:

Compared to our previous year’s results:

Cambridge House and Talbot Ltd - Annual Report and Accounts 2022-2023 - Page 24 of 59

Cambridge House and Talbot Ltd- Annual Report and Accounts 2022-2023

The % of our team who share lived experiences with our service users Inclusion target 50%

----- Start of picture text -----
Trustees 33%
Leadership 100%
Heads of Service 80%
Staff 75%
----- End of picture text -----

----- Start of picture text -----
The % of our team from Black, Asian and ethnically minoritised communities
Inclusion target 43%
Trustees 33%
Leadership 100%
Heads of Service 20%
Staff 51%
----- End of picture text -----

----- Start of picture text -----
The % of women on our team
Inclusion target 50%
Trustees 50%
Leadership 100%
Heads of Service 80%
Staff 63%
----- End of picture text -----

The % of our team who are disabled, neurodiverse and/or live with a mental or physical health condition Inclusion target 14%

Staff
Heads of Service
Leadership
Trustees		 39%
80%
25%		 100%
The % of our team from LGBTQIA+ communities
Inclusion target 6%

Trustees 0% Leadership 0% Heads of Service 20% Staff 27%

Cambridge House and Talbot Ltd - Annual Report and Accounts 2022-2023 - Page 25 of 59

Cambridge House and Talbot Ltd- Annual Report and Accounts 2022-2023

Quality and impact

We strive to find solutions to identifiable problems in the communities with which we work. Actual and potential service user needs, as well as gaps in service provision, are identified through:

In addition to confirming that all activities contribute to the delivery of our vision, we secure impact by ensuring that we have:

Evidencing quality and impact

Our theory of change identifies the causal links between what we do and what we are trying to achieve. It also provides the theoretical framework to help us assess whether what we do is working as planned and how it can be improved. Quantitative and qualitative methods of collecting outcomes and outputs, including feedback from and consultation with service users and stakeholders, enable us to evidence impact. Accredited quality assurance and impact measurement schemes covering all areas of our work, ensure our impact is externally audited and verified.

Legal services

Our Law Centre has been awarded Centre of Excellence status by the London Legal Support Trust and is accredited by Lexcel, the Law Society's annually audited legal practice quality mark for excellence in legal practice management and excellence in client care.

Advocacy services

In 2023-24, our independent advocacy services will renew their Advocacy Quality Performance Mark (QPM) which works in conjunction with the Advocacy Code of Practice to enable providers to demonstrate how they are meeting the different standards set out in the code.

Safer Renting services

Our work supporting the private tenants of ‘criminal landlords’ is accredited by the Advice Quality Standard by the Advice Service Alliance.

Cambridge House and Talbot Ltd - Annual Report and Accounts 2022-2023 - Page 26 of 59

Cambridge House and Talbot Ltd- Annual Report and Accounts 2022-2023

Youth Empowerment and Disabled People’s Empowerment services

The evaluation systems and impact measures for our empowerment activities have Project Oracle accreditation. We also use accredited Outcomes Stars to monitor service users’ progress towards their personal development goals.

Governance

We are organisational members of the Chartered Institute of Fundraising and have Positive about Disability, Mindful Employer, London Living Wage Employer and Cyber Essentials quality marks.

Fundraising

We rely on fundraising to support all our work and it is important to us that everyone who engages with us has a positive experience. We work diligently to comply with the Fundraising Regulator’s Fundraising Code of Practice, and to ensure that we fundraise in a respectful and compelling way that is consistent with our values. Fundraising activity is carried out in accordance with our Ethical Fundraising and Data Protection Policies to ensure legal and regulatory compliance. They are reviewed regularly to ensure they also reflect best practice.

We are an organisational member of the Chartered Institute of Fundraising and have a published fundraising pledge to donors. Our Ethical Fundraising Policy governs our interactions with third parties, including, but not limited to, corporate and individual donors, local and national governments, other charities and public-sector agencies.

Our fundraising activities and compliance with regulations and best practice are scrutinised by our Council of Management and its Finance Subcommittee. No fundraising complaints have been received.

The Chief Executive and our Fundraising and Development Officers are our primary fundraisers. They are required to demonstrate an understanding of the Fundraising Regulator’s Fundraising Code of Practice and make a commitment to uphold its values when they join Cambridge House. We do not engage any third-party fundraisers.

Our relationship with supporters

Cambridge House and Talbot Ltd - Annual Report and Accounts 2022-2023 - Page 27 of 59

Cambridge House and Talbot Ltd- Annual Report and Accounts 2022-2023

Serious incident reporting

We have procedures for the reporting of serious incidents to the Charity Commission in accordance with the statutory requirement under section 169 of the Charities Act 2011. Trustees confirm that there were no serious incidents or other matters relating to Cambridge House and Talbot Limited during the year that should have been brought to the attention of the Charity Commission.

Safeguarding

Trustees recognise that being safe and free of abuse is central to ensuring the continued promotion of a person’s wellbeing. In this spirit, as outlined in the ‘making safeguarding personal’ initiative and the Care Act 2014, we have policies and procedures in place to enable us to respond to all concerns of abuse appropriately, operating in line with the Pan London Multi-Agency Safeguarding Policy.

Our own policies and procedures for the safeguarding of children, young people and adults, digital safeguarding and safe recruitment are reviewed and updated annually. Our trustee safeguarding lead is Amy Fraser and our executive leads are the Chief Executive and the Heads of Services for Independent Advocacy and Empowerment and Inclusion.

All our trustees, staff and volunteers receive regularly updated training and enhanced Disclosure and Barring Service checks. Our Council of Management receives quarterly reports on safeguarding matters and alerts.

Many of our Empowerment and Inclusion service users have profound and multiple learning disabilities and/or live with mental health conditions. This can sometimes lead to behavioural issues while they participate in Cambridge House activities. We raised 1 such alert during the year (2 in 2022 and 2 in 2021). All led to the development of new support plans with them, their carers (where appropriate) and members of our team.

Safeguarding alerts raised to improve the treatment of our service users by third parties

Care Plan reviewed and enhanced

Statutory safeguarding process or Lasting Power of Attorney review implemented

Referral to the police

----- Start of picture text -----
1
----- End of picture text -----

8 4

Cambridge House and Talbot Ltd - Annual Report and Accounts 2022-2023 - Page 28 of 59

Cambridge House and Talbot Ltd- Annual Report and Accounts 2022-2023

Networks and partnerships

We are firmly ‘outward looking’ and work collaboratively with a diversity of voluntary, community, private and public-sector partners to deliver services and exchange knowledge and information. During the year, we remained members of:

Community Southwark, the umbrella body for the voluntary and community sector, volunteers and social action in Southwark.

The Global Social Economy Forum (GSEF), an international association that brings together local governments and civil society stakeholders committed to supporting the development of the social economy.

Healthwatch Southwark, a consumer network established because of the health and social care reforms of 2012 to champion the views of local people who use health and social care services in Southwark.

The Chartered Institute of Fundraising, the professional membership body for UK fundraising.

The International Federation of Settlements and Neighbourhood Centres, an association of organisations working to strengthen communities around the world.

London Youth, a network of diverse community youth organisations serving young people across London. Locality, whose stated objective is to develop a network of ambitious and enterprising community-led organisations with a strong, collective voice and to inspire community action so that every neighbourhood thrives.

The National Council for Voluntary Organisations (NCVO), who champion the voluntary sector by connecting, representing and supporting voluntary organisations.

Southwark Legal Advice Network (SLAN), which aims to improve access to quality assured advice services and self-help information in Southwark for people in greatest need.

The Better Way Network, a national network of leaders who want to improve services and build strong communities. Our Chief Executive is a ‘Core Group’ member and the network’s thought leader on radical listening.

Our Chief Executive, Karin Woodley, holds roles as:

Our Chair, Simon Latham, was appointed Chief Operating of Bridge House Estates (now City Bridge Foundation) in February 2022. Cambridge House is currently in receipt of a grant from the City Bridge Foundation (CBF) but Simon holds no executive decision-making responsibilities in respect of CBF grant-giving. Simon will recuse himself if matters are raised in respect of Cambridge House’s grant at any relevant management board and has notified his employer of his trusteeship of Cambridge House.

We are also very grateful for the support we receive from Macfarlanes LLP, a London-based law firm, who has been our corporate partner for over 30 years. In addition to providing us with legal services on a pro bono basis:

Cambridge House and Talbot Ltd - Annual Report and Accounts 2022-2023 - Page 29 of 59

Cambridge House and Talbot Ltd- Annual Report and Accounts 2022-2023

Public benefit

Trustees have considered the Charity Commission’s general guidance on public benefit, and taken it into account when reviewing our aims and objectives, and planning future activities.

Cambridge House provides public benefit by:

We are satisfied that the aims of Cambridge House are carried out wholly in pursuit of the public benefit.

Staffing and remuneration

Cambridge House is accredited by Mindful Employer, Two Ticks Positive about Disabled People and the London Living Wage Foundation. These standards help to ensure our human resources policies:

Performance management

We have a performance management and appraisal policy that:

Staff remuneration

We recognise the importance of being transparent and accountable in all aspects of our work, including how we reward and recognise our staff and this is set out in a Staff Remuneration Policy. We are an accredited Living Wage Employer and this means that every employee and intern in our organisation earns at least the London Living Wage as set independently by the Living Wage Foundation.

Cambridge House and Talbot Ltd - Annual Report and Accounts 2022-2023 - Page 30 of 59

Cambridge House and Talbot Ltd- Annual Report and Accounts 2022-2023

Trustees are committed to ensuring that we pay our staff fairly and in a way which ensures we achieve the greatest impact in delivering our charitable objectives. In deciding on levels of pay the following factors are considered:

Salaries

At the end of March 2023, we had a staff team of 51 people comprising 35 full-time (32 in 2022 and 41 in 2021) and 17 part-time (22 in 2022 and 13 in 2021) staff representing a fulltime equivalent of 44.2 (47 in 2022 and 49 in 2021).

For Cambridge House to run successfully, a range of specialist skills and disciplines are required, and we need to pay appropriately to ensure that we recruit people with the right experience. It is also important that we develop and retain our staff so that our services benefit from the team’s growing knowledge. Many of our team develop expertise that is unique to them in the organisation and could not be quickly replaced and our staff pay scales are set with this in mind.

The salary of the Chief Executive is approved by our Council based on recommendations from our Finance Subcommittee. The Chief Executive requires a breadth and depth of expertise which requires drawing from the best senior level talent in a competitive market. They need to be able to command the respect of their peers, our stakeholders and our service users locally, nationally and internationally, through their experience and their credibility.

The Chief Executive’s salary is reviewed to benchmark it against other charities in London relative to size, budgets, responsibilities and the competitiveness of the employment market. At the same time, we seek to keep salary costs under control.

The Chief Executive’s salary was increased following a benchmarking exercise during the year having last been reviewed in 2013-14. The Chief Executive was also repaid a 20% temporary salary reduction incurred in 201819.

Chief Executive’s pay
Name Title 2022-23 2021-22
Karin Woodley Chief Executive £90,000 £78,023

Cambridge House and Talbot Ltd - Annual Report and Accounts 2022-2023 - Page 31 of 59

Cambridge House and Talbot Ltd- Annual Report and Accounts 2022-2023

In compliance with our Staff Remuneration Policy, all other staff salaries are set by our Chief Executive and the management team using benchmarking comparisons with charities of our size in London, and considering factors including inflation, Cambridge House’s financial position and the other factors mentioned above. Salaries are openly stated in job adverts and we don’t offer performance-related pay or a bonus scheme.

Pay awards

Pay ratio

The remuneration ratio for Cambridge House is considered alongside external market conditions for the specific roles and we aspire to a pay ratio that is less than 3:5.

The ratio of our highest salary (£90,000) to our median salary (£30,061) was 2.99:1 (2.67:1 in 2022 and 2021), which compares very favourably to the charity sector average of 5:1.

Volunteering and employability

Volunteers make a vital contribution to our work by bringing their time, energy and enthusiasm to a range of our activities. We strive to provide them with opportunities to acquire skills and experiences that will help them improve their quality of life, develop their professional knowledge or progress into further education, employment and training.

Most of our volunteers find out about us through online recruitment, personal recommendation and business ‘Corporate Social Responsibility’ schemes. Our volunteers are not paid for their time, but they are reimbursed for out-of-pocket expenses such as travel. All our volunteers are provided with volunteer agreements which define their goals, our needs, and the level of support or training they will receive.

W’s story

For the first time in the programme’s history, a young RISE ‘graduate’ became a dedicated volunteer, supporting us every week at group workshops. W participated as a service user the previous year and made amazing progress; he believes strongly in the effectiveness of the RISE programme and its ethos.

W went on to study youth work with London Youth and worked hard on his transition from peer to youth worker. He has been a beautiful bridge between the young people and the staff. Young people respond to him exceptionally well, and he is a strong part of the RISE support system.

Following on from his exceptional contributions as a volunteer, and his own professional development through an array of training, when a RISE vacancy came up, W applied, and he is now employed as one of the new Youth Empowerment Facilitators on the 2023 RISE staff team. Having journeyed from young person on the RISE programme to RISE staff member, he offers invaluable insight to our new cohort of young people and we are very excited to see this develop.

Cambridge House and Talbot Ltd - Annual Report and Accounts 2022-2023 - Page 32 of 59

Cambridge House and Talbot Ltd- Annual Report and Accounts 2022-2023

The number of volunteers was 13 during the year (17 in 2022 and 17 in 2021) and the number of voluntary hours contributed increased to 3,318 (3,196 in 2022 and 2,926 in 2021). The financial value of the hours contributed by volunteers, based on the London Living Wage, was £43,625 (£34,767 in 2022 and £31,747 in 2021). The percentage of volunteer time contributed to specific activities during the year is shown in the table below.

----- Start of picture text -----
Governance 83%
Empowerment and Inclusion 9%
Safer Renting 5%
Law Centre 3%
----- End of picture text -----

Internships

We have a 12-month paid internship programme that has been running since 2013 and offers opportunities for people to develop the skills and experience they need to develop a career. Our interns are externally recruited and receive the London Living Wage. 2 Safer Renting trainee caseworkers progressed into permanent team roles at the beginning of the year (2 in 2022 and 6 in 2021)

Risk management

Trustees regularly review and assess the risks faced by Cambridge House in all areas of our work and plan for the management of those risks. Our Risk Register and Risk Appetite Statement is reviewed annually by the Council to ensure that the material risks to which we are exposed are properly evaluated and managed. The Governance, Risk and Inclusion Subcommittee is responsible for:

Financial risks are supervised and monitored monthly by the Council’s Finance Subcommittee and reported to quarterly Council meetings.

Our leadership and management teams ensure that all plans and decisions consider the possibility of negative outcomes, and appropriate mitigating actions are implemented to address residual risks to a level trustees consider acceptable.

We recognise that, to achieve our objectives, the nature of some of our work requires acceptance of some risks which are outside of our control. These are risks which cannot be eliminated, so we ensure they are proactively and clearly monitored.

Cambridge House and Talbot Ltd - Annual Report and Accounts 2022-2023 - Page 33 of 59

Cambridge House and Talbot Ltd- Annual Report and Accounts 2022-2023

Trustees consider there to be appropriate systems and controls in place to monitor, manage and mitigate Cambridge House’s exposure to risks. These include, among other control mechanisms, maintaining staff awareness of risks by embedding suitable approaches in the budgeting process, a strategy to maintain reserves that support business continuity and disaster recovery, and reviews of key systems and processes by our Governance, Risk and Inclusion Subcommittee.

Our risk assessment and mitigation approach is proactive and:

Principal Risks and Uncertainties

Our highest risk areas, ranked for likelihood and impact, have been identified as:

Risks Mitigation Actions
Failure to generate sufficient
income and to manage budget
and liquidity effectively.
Monthly Finance Subcommittee and quarterly Council of Management scrutiny of
financial performance and real-time cash position.

Business Continuity and Disaster Recovery, and Finance Emergency Response Plans
in place.

Ensure ‘full cost recovery’ contract pricing and grant applications.

Maintain diversified income base and high levels of unrestricted income to prevent
reliance on single sources.
Major unforeseen costs, which
create a significant overspend
or necessitate significant and
unplanned increases in
expenditure.
Monthly Finance Subcommittee and quarterly Council of Management scrutiny of
financial performance and real-time cash position.

Robust cloud-based accounting system in place.

Prepare ‘keep, divest and/or novate’ plans as appropriate to reduce impact of loss
making and/or unfunded services.

Ongoing monitoring, assessment and evaluation of any emergent factors which
have the potential to risk business activities at project and operational levels.

Maintain a designated ‘Continuity and Disaster Recovery Reserve’.
Partial or total loss of resources
such as staff, equipment,
management systems,
information or premises, which
could reduce service quality
and impact, or disrupt our
continuity of service.
Business Continuity and Disaster Recovery, and Finance Emergency Response Plans
in place.

Career objectives and development objectives discussed as part of the
performance management process with a view to supporting succession planning
and maintaining a corporate focus on learning and training.

Regularly review Staff Remuneration (including benefits) Policy.

Review staff wellbeing support processes with particular regard to dealing with
vicarious trauma.
Competition from other
providers resulting in the
organisation being unable to
sustain its current services.
Regularly update pricing reviews, market comparisons and competitor analyses.

Build strong relationships with commissioners and funders and build cross sector
partnerships.

Maintain participation in policy forums and think tanks to support future planning
and proofing of services.

Continue to focus on opportunities to innovate and respond to new and emerging
needs in our communities.

Continue to monitor and publish our social impact and maintain externally
accredited quality assurance processes.

Cambridge House and Talbot Ltd - Annual Report and Accounts 2022-2023 - Page 34 of 59

Cambridge House and Talbot Ltd- Annual Report and Accounts 2022-2023

Auditors

Sayer Vincent LLP have indicated their willingness to continue in office and, in accordance with the provisions of the Companies Act 2006, it is proposed that they be re-appointed auditors for 2023-24. A resolution proposing their re-appointment will be submitted to the Annual General Meeting.

This Trustees’ Annual Report is approved by trustees in their capacity as company directors and charity trustees.

Signed on behalf of the trustees/directors

Simon Latham, Chair 30 November 2023

Cambridge House and Talbot Ltd - Annual Report and Accounts 2022-2023 - Page 35 of 59

Cambridge House and Talbot Ltd- Annual Report and Accounts 2022-2023

Acknowledgements

Our trustees sincerely thank all our supporters and donors who make our work possible: Charterhouse-in-Southwark City Bridge Foundation Elizabeth and Prince Zaiger Trust Hertfordshire County Council Impact on Urban Health Ironmongers’ Foundation Jack Petchey Foundation Kusuma Trust Legal Aid Agency London Borough of Barking and Dagenham London Borough of Croydon London Borough of Ealing London Borough of Enfield London Borough of Greenwich London Borough of Hackney London Borough of Haringey London Borough of Havering London Borough of Hounslow London Borough of Islington London Borough of Kingston upon Thames London Borough of Lambeth London Borough of Lewisham London Borough of Newham London Borough of Richmond upon Thames London Borough of Southwark London Borough of Tower Hamlets London Borough of Waltham Forest London Borough of Wandsworth London Housing Foundation Ltd London Legal Support Trust London Youth Nottinghamshire County Council Oak Foundation Portal Trust Social Investment Business Suffolk County Council Swan Events The Access to Justice Foundation The Community Justice Fund The Henry Smith Charity The Law Centres Network The Mayor's Young Londoners Fund Trust for London Tudor Trust United St. Saviours' West Berkshire Council West Sussex County Council Westminster City Council Our trustees also thank our many partners – our success relies on collaboration: Ann Bernadt Children’s Centre Ark Walworth Academy Blue Elephant Theatre Britain Has Class British Red Cross Cambridge City Council Landlord’s Forum Caspian Street Allotment Centre for London Change Grow Live, Southwark Chartered Institute for Housing Chartered Institute of Legal Executives Child and Adolescent Mental Health Services (Southwark) City Law School City University

Corali Crawford Children’s centre Crisis Department for Levelling Up, Housing and Communities Dr Jill Stewart Dr Julie Rugg Dulwich Wood Children’s Centre Esprima Generation Rent Global Social Economy Forum Hackney Law Centre Health Watch Southwark Herne Hill Velodrome Housing Law Practitioners Association HYP Southwark InSpire International Federation of Settlements James Murray MP Karen Buck MP Kathryn Oliver & Iain Carroll Landlord Law Conference Leap Confronting Conflict Legal Aid Practitioners Group Lives Not Knives London Borough of Waltham Forest Landlord Forum London Legal Support Trust London Live London School of Economics and Political Science London Youth LSE Housing and Communities Macfarlanes LLP McCarthy's Costs Mencap Metropolitan Police Service MyBnk National Landlord’s Association National Practitioners Support Service Nell Gwynn Children’s centre NHS Talking Therapies Peckham Pulse Professor Matt Egan Shelter Southwark Foodbank Southwark Law Centre Southwark Team for Early Psychosis Spa School St Giles Church, Camberwell St Giles Trust The Baytree Centre The Better Way Network The Centre for Housing Policy, University of York The Chartered Institute of Environmental Health The Greater London Authority The Grove Children’s Centre The Mayor's Private Rented Sector Team The Metropolitan Police Service The National Residential Landlords Association The Renters' Reform Coalition The Law Centres Network Thick and Tight TMC Legal Services Ltd Tom Copley, Deputy Mayor for Housing Treasure House (London) CIC Trinity College Centre, Camberwell UK Onward UKIM Masjid Ibrahim & Islamic Centre, Newham University College London Victim Support Southwark Walworth Library

Cambridge House and Talbot Ltd - Annual Report and Accounts 2022-2023 - Page 36 of 59

Cambridge House and Talbot Ltd- Annual Report and Accounts 2022-2023

Charity reference and administrative information

President

HRH The Duke of Gloucester

Patrons

David Coleman

Dr Rowan Williams Charles Arthur

Trustees and directors

Simon Latham– Chair David Coleman - Vice-Chair (Retired January 2023) David Goode - Treasurer Clarissa Lyons - Company Secretary Raja S Hussain – Treasurer elect (Appointed September 2023) Felix Adenaike (Appointed September 2023) Shadi Brazell (Appointed September 2023)

Ivan Delany (Appointed September 2023) Patrick Diamond (Appointed September 2023) Amy Fraser Suzanne Hall (Appointed September 2023) Anu Mensah (Retired September 2023) Stephanie Tidball Tara Trousdale (Appointed September 2023)

Executive team

Leadership

Karin Woodley, CBE – Chief Executive Karen Bayne – Finance Director Eusebio Barata – Corporate Director (To August 2023)

Heads of Services

Gurminder Birdi – Law Centre Katie Evans – Administration and Corporate Services (From August 2023)

Jo Hrabi – Empowerment and Inclusion (Maternity Cover to February 2023)

Max Puzey – Independent Advocacy Roz Spencer – Safer Renting Rachel Zipfel – Empowerment and Inclusion

Financial adviser

Neal Howard Ltd

Auditors

Sayer Vincent, Invicta House, 108-114 Golden Lane, London EC1Y 0TL

Bankers

Royal Bank of Scotland, London City Office 63 Threadneedle Street, London EC2R 8LA

Registered office

Cambridge House, Unit F, Ground Floor, The Printworks, 22 Amelia Street, London SE17 3PY

Reference and administrative details

Charity number, England and Wales: 265103 Company number: 1050006 VAT Registration Number: 802 6719 39

Cambridge House and Talbot Ltd - Annual Report and Accounts 2022-2023 - Page 37 of 59

Cambridge House and Talbot Ltd- Annual Report and Accounts 2022-2023

Independent auditor’s report to the members of Cambridge House and Talbot Ltd

Opinion

We have audited the financial statements of Cambridge House and Talbot Ltd (the ‘charitable company’) for the year ended 31 March 2023 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. 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 (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on Cambridge House and Talbot Ltd's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Cambridge House and Talbot Ltd - Annual Report and Accounts 2022-2023 - Page 38 of 59

Cambridge House and Talbot Ltd- Annual Report and Accounts 2022-2023

Other Information

The other information comprises the information included in the trustees’ annual report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Cambridge House and Talbot Ltd - Annual Report and Accounts 2022-2023 - Page 39 of 59

Cambridge House and Talbot Ltd- Annual Report and Accounts 2022-2023

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees (who are also the directors of the charitable company for the purposes of company law) are 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 trustees determine 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 trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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 auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

Cambridge House and Talbot Ltd - Annual Report and Accounts 2022-2023 - Page 40 of 59

Cambridge House and Talbot Ltd- Annual Report and Accounts 2022-2023

financial statements or that had a fundamental effect on the operations of the charity from our professional and sector experience.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company's members as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Noelia Serrano (Senior statutory auditor)

Date: 5 December 2023

for and on behalf of Sayer Vincent LLP, Statutory Auditor Invicta House, 108-114 Golden Lane, LONDON, EC1Y 0TL

Cambridge House and Talbot Ltd - Annual Report and Accounts 2022-2023 - Page 41 of 59

Cambridge House and Talbot Ltd- Annual Report and Accounts 2022-2023

Statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 March 2023

Unrestricted
£
25,317
143,644
-
347,230
74,991
209,474
244,142
85,573
8,824
24,372		 Restricted
£
-
-
-
-
181,245
120,905
245,375
-
-
-		 2023
Total
£
25,317
143,644
-
347,230
256,236
330,379
489,517
85,573
8,824
24,372		 Unrestricted
£
36,909
59,464
1,625,267
352,405
79,060
274,836
195,500
324,298
5
200		 Restricted
£
60,167
-
-
-
230,499
93,599
116,698
-
-
-		 2022
Total
£
97,076
59,464
1,625,267
352,405
309,559
368,435
312,198
324,298
5
200
1,163,567 547,525 1,711,092 2,947,944 500,963 3,448,907
81,384
469,001
164,978
276,342
397,327
164,196		 -
-
187,237
120,905
245,375
-		 81,384
469,001
352,215
397,247
642,702
164,196		 69,888
365,879
41,097
168,002
231,021
549,218		 -
60,167
224,507
93,599
116,698
-		 69,888
426,046
265,604
261,601
347,719
549,218
1,553,227 553,517 2,106,744 1,425,105 494,971 1,920,076
(389,660)
(31,228)		 (5,992)
-		 (395,652)
(31,228)		 1,522,839
290,000		 5,992
-		 1,528,831
290,000
(420,888)
2,931,352		 (5,992)
5,992		 (426,880)
2,937,344		 1,812,839
1,118,513		 5,992
-		 1,818,831
1,118,513

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 17a to the financial statements.

Cambridge House and Talbot Ltd - Annual Report and Accounts 2022-2023 - Page 42 of 59

Cambridge House and Talbot Ltd- Annual Report and Accounts 2022-2023

Balance sheet

Balance sheet
As at 31 March 2023 Company no. 1050006
Note
Fixed assets:
11
Current assets:
12
Liabilities:
13
17a
Total unrestricted funds
Total assets less current liabilities
Debtors
Restricted income funds
Unrestricted income funds:
Designated funds
The funds of the charity:
Creditors: amounts falling due within one year
Net current assets / (liabilities)
Total net assets
Cash at bank and in hand
Tangible assets
General funds
Total charity funds		 £
429,409
2,232,687		 2023
£
19,963		 £
311,100
96,482		 2022
£
4,705,345
19,963
2,490,501		 4,705,345
(1,768,001)
2,662,096
(171,595)		 407,582
(2,175,583)
2,490,000
20,464		 2,500,000
431,352
2,510,464 2,937,344
2,510,464 2,937,344
-
2,510,464		 5,992
2,931,352
2,510,464 2,937,344

Approved by the trustees on 30 November 2023 and signed on their behalf by

Simon Latham Chair

Cambridge House and Talbot Ltd - Annual Report and Accounts 2022-2023 - Page 43 of 59

Cambridge House and Talbot Ltd- Annual Report and Accounts 2022-2023

Statement of cash flows

For the year ended 31 March 2023

Cash flows from operating activities
Net (expenditure) / income for the reporting period
(as per the statement of financial activities)
Depreciation charges
Dividends, interest and rent from investments
(Loss) on the disposal of fixed assets
(Increase) in debtors
(Decrease) in creditors
Net cash (used in) operating activities
Cash and cash equivalents at the end of the year
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the
year
Net cash provided by investing activities
Cash flows from investing activities:
Dividends, interest and rents from investments
Proceeds from the sale of fixed assets
Purchase of fixed assets		 £
£
(395,652)
6,456
(8,824)
(31,228)
(118,309)
(2,003,988)
(2,551,545)
8,824
4,700,000
(21,074)
4,687,750
2,136,205
96,482
2,232,687
2023		 £
£
(395,652)
6,456
(8,824)
(31,228)
(118,309)
(2,003,988)
(2,551,545)
8,824
4,700,000
(21,074)
4,687,750
2,136,205
96,482
2,232,687
2023		 £
£
1,528,831
94,180
(5)
-
(17,096)
(1,656,550)
(50,640)
5
-
-
5
(50,635)
147,117
96,482
2022		 £
£
1,528,831
94,180
(5)
-
(17,096)
(1,656,550)
(50,640)
5
-
-
5
(50,635)
147,117
96,482
2022
(2,551,545)
4,687,750		 (50,640)
5
2,136,205
96,482		 (50,635)
147,117
2,232,687 96,482

Cambridge House and Talbot Ltd - Annual Report and Accounts 2022-2023 - Page 44 of 59

Cambridge House and Talbot Ltd- Annual Report and Accounts 2022-2023

Notes to the financial statements

For the year ended 31 March 2023

a) Statutory information

Cambridge House and Talbot is a charitable company limited by guarantee and is incorporated in England and Wales. The registered office address and principle place of business is Cambridge House, 1 Addington Square, London, SE5 0HF.

b) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP FRS 102 second edition 2019), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

In applying the financial reporting framework, the trustees have made a number of subjective judgements, for example in respect of significant accounting estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The nature of the estimation means the actual outcomes could differ from those estimates. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below.

c) Public benefit entity

The charity meets the definition of a public benefit entity under FRS 102.

d) Critical accounting estimates

The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

e) Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

f) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.

g) Donations of gifts, services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised so refer to the trustees’ annual report for more information about their contribution.

Cambridge House and Talbot Ltd - Annual Report and Accounts 2022-2023 - Page 45 of 59

Cambridge House and Talbot Ltd- Annual Report and Accounts 2022-2023

Notes to the financial statements

For the year ended 31 March 2023

On receipt, donated gifts, 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.

h) 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.

i) Fund accounting

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

j) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

k) Allocation of support costs

Resources expended are allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration of each activity, comprising the salary and overhead costs of the central function, is apportioned on the following basis which are an estimate, based on staff time, of the amount attributable to each activity.

Where information about the aims, objectives and projects of the charity is provided to potential beneficiaries, the costs associated with this publicity are allocated to charitable expenditure.

Where such information about the aims, objectives and projects of the charity is also provided to potential donors, activity costs are apportioned between fundraising and charitable activities on the basis of area occupied by each activity.

▪ Raising Funds 4%
▪ Advocacy 22%
▪ Education and Inclusion Services 17%
▪ Law Centre 19%
▪ Safer Renting 31%
▪ Community Hub Services 8%

Governance costs are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities.

Cambridge House and Talbot Ltd - Annual Report and Accounts 2022-2023 - Page 46 of 59

Cambridge House and Talbot Ltd- Annual Report and Accounts 2022-2023

Notes to the financial statements

For the year ended 31 March 2023

l) Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £500. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use. Major components are treated as a separate asset where they have significantly different patterns of consumption of economic benefits and are depreciated separately over its useful life.

Where fixed assets have been revalued, any excess between the revalued amount and the historic cost of the asset will be shown as a revaluation reserve in the balance sheet.

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

▪ Computer and office equipment 4 years

m) Investments in subsidiaries

Investments in subsidiaries are at cost.

n) Debtors

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

o) Cash at bank and in hand

Cash at bank and cash 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. Cash balances exclude any funds held on behalf of service users.

p) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

q) Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value [with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method].

r) Pensions

The charity participates in two sections of The Pensions Trust, a multi-employer pension scheme. One section effectively provides benefits based on final pensionable pay, “The Growth Plan”. The assets of this section are held separately from those of the charity. It is not possible to separately identify the assets and liabilities of participating employers on a consistent and reasonable basis and therefore the charity accounts for the scheme as if it were a defined contribution scheme. As a result, the amount charged to the profit and loss account represents the contributions payable to the scheme in respect of the accounting period.

The other section, The Unitised Ethical Plan, is a segregated defined contribution pension scheme. The assets of this section are also held separately from those of the charity. The amount charged to the profit and loss account represents the contributions payable to the scheme in respect of the accounting period.

Cambridge House and Talbot Ltd - Annual Report and Accounts 2022-2023 - Page 47 of 59

Cambridge House and Talbot Ltd- Annual Report and Accounts 2022-2023

Notes to the financial statements

For the year ended 31 March 2023

2 Income from charitable donations

Donations and grants:
Gifts
Grants
CJRS Income
Reduction to loans
Gifts in Kind - Pro bono
services		 Unrestricted
£
3,317
22,000
-		 £
-
-
-
Restricted		 2023
Total
£
3,317
22,000
-		 Unrestricted
£
3,469
22,000
11,440		 £
-
60,167
-
Restricted		 2022
Total
£
3,469
82,167
11,440
25,317
143,644
-		 -
-
-		 25,317
143,644
-		 36,909
59,464
1,625,267		 60,167
-
-		 97,076
59,464
1,625,267
168,961 - 168,961 1,721,640 60,167 1,781,807

3 Income from charitable activities

Unrestricted
£
-
133,025
-
133,959
Other services
80,246
347,230
-
-
-
-
-
National Lottery
-
The Henry Smith Charity
-
74,991
74,991
London Borough of
Waltham Forest
London Borough of
Barking & Dagenham
London Borough of
Richmond upon Thames
Greater London Authority
- Young Londoners Fund
Children in Need
Grant making trusts
Other Services
Sub-total for Advocacy
Sub-total for Education
and Inclusion Services
London Borough of
Southwark
London Borough of
Kingston upon Thames
London Youth		 Unrestricted
£
-
133,025
-
133,959
80,246		 £
-
-
-
-
-
Restricted		 2023
Total
£
-
133,025
-
133,959
80,246		 Unrestricted
£
37,382
100,098
19,933
133,960
61,032		 £
-
-
-
-
-
Restricted		 2022
Total
£
37,382
100,098
19,933
133,960
61,032
-
18,347
18,338
1,500
500
37,023
64,937
40,600
-		 347,230
18,347
18,338
1,500
500
37,023
64,937
40,600
74,991		 352,405
-
-
-
-
-
-
-
79,060		 -
21,147
43,610
-
23,968
33,751
66,473
41,550
-		 352,405
21,147
43,610
-
23,968
33,751
66,473
41,550
79,060
74,991 181,245 256,236 79,060 230,499 309,559

Cambridge House and Talbot Ltd - Annual Report and Accounts 2022-2023 - Page 48 of 59

Cambridge House and Talbot Ltd- Annual Report and Accounts 2022-2023

Notes to the financial statements

For the year ended 31 March 2023

Sub-total for Law Centre
4
London Borough of
Waltham Forest
London Borough of
Haringey
London Borough of
Lambeth
Comic Relief
Trust for London
Grant making trusts
Total income from
charitable activities
Sub-total for Safer
Renting
The Tudor Trust
Other services
Grant making trusts
London Borough of
Southwark
Legal Aid Agency
Oak Foundation
Urban Impact
London Borough of
Ealing
London Borough of
Enfield
Miscellaneous Income
City Bridge Trust
Access to Justice
Foundation
Other services
Other income		 Unrestricted
£
-
-
126,778
60,773
21,923
-		 £
73,505
8,233
-
-
-
39,167
Restricted		 2023
Total
£
73,505
8,233
126,778
60,773
21,923
39,167		 Unrestricted
£
-
-
126,778
86,277
61,781
-		 £
40,000
41,167
-
-
-
12,432
Restricted		 2022
Total
£
40,000
41,167
126,778
86,277
61,781
12,432
209,474
110,687
-
44,000
27,500
10,500
-
-
-
-
-
51,455
-		 120,905
-
-
-
-
-
5,457
50,600
46,000
80,000
53,318
-
10,000		 330,379
110,687
-
44,000
27,500
10,500
5,457
50,600
46,000
80,000
53,318
51,455
10,000		 274,836
55,429
51,000
44,000
-
-
-
-
-
-
-
45,071
-		 93,599
-
-
-
-
-
45,698
-
46,000
-
-
-
25,000		 368,435
55,429
51,000
44,000
-
-
45,698
-
46,000
-
-
45,071
25,000
244,142 245,375 489,517 195,500 116,698 312,198
875,837 547,525 1,423,362 901,801 440,796 1,342,597
Unrestricted
£
24,372		 £
-
Restricted		 2023
Total
£
24,372		 Unrestricted
£
200		 £
-
Restricted		 2022
Total
£
200
24,372 - 24,372 200 - 200

Cambridge House and Talbot Ltd - Annual Report and Accounts 2022-2023 - Page 49 of 59

Cambridge House and Talbot Ltd- Annual Report and Accounts 2022-2023

Notes to the financial statements

For the year ended 31 March 2023

5a Analysis of expenditure (current year)

Staff costs (note 7)
Other staff costs (note 7)
Activity cost
Premises cost
Office cost
Depreciation
Audit & accountancy
Legal & professional
Irrecoverable VAT
Bad debts written off
Support costs
Governance costs
Total expenditure 2023
Total expenditure 2022		 Raising
funds
£
50,933
-
-
-
-
-
-
-
-
-		 Charitable activities Charitable activities Charitable activities Governance
costs
£
-
-
-
-
4,938
-
11,475
-
-
-		 Support
costs
£
325,922
6,717
-
129,577
57,943
2,511
7,589
187,203
54,386
-		 2023
Total
£
1,475,947
53,985
113,438
129,577
66,688
6,456
19,064
187,203
54,386
-		 2022
Total
£
1,333,924
37,496
251,336
27,841
55,240
94,180
16,154
61,677
32,402
9,826
Advocacy
£
262,380
26,880
4,259
-
-
-
-
-
-
-		 Education
and
Inclusion
Services
£
202,682
2,428
15,320
-
-
-
-
-
-
-		 Law Centre
£
225,457
9,815
13,341
-
-
-
-
-
-
-		 Safer
Renting
£
371,668
8,134
18,619
-
3,807
-
-
-
-
-		 Community
Hub
Services
£
36,905
11
61,899
-
-
3,945
-
-
-
-
50,933
29,816
634		 293,519
171,828
3,654		 220,430
129,041
2,744		 248,613
145,540
3,095		 402,228
235,467
5,007		 102,760
60,156
1,279		 16,413
-
(16,413)		 771,848
(771,848)
-		 2,106,744
-
-		 1,920,076
-
-
81,384 469,001 352,215 397,247 642,702 164,196 - - 2,106,744 1,920,076
69,888 426,046 265,604 261,601 347,719 549,218 - -

Cambridge House and Talbot Ltd - Annual Report and Accounts 2022-2023 - Page 50 of 59

Cambridge House and Talbot Ltd- Annual Report and Accounts 2022-2023

Notes to the financial statements

For the year ended 31 March 2023

5b Analysis of expenditure (previous year)

Staff costs (note 7)
Other staff costs (note 7)
Activity cost
Premises cost
Office cost
Depreciation
Audit & accountancy
Legal & professional
Irrecoverable VAT
Bad debts written off
Support costs
Governance costs
Total expenditure 2022		 Raising
funds
£
54,508
-
-
-
-
-
-
-
-
-
54,508
14,777
603
69,888		 Charitable activities Charitable activities Charitable activities Community
Hub
Services
£
146,151
1,268
197,361
2,631
(31)
94,180
-
-
-
-
441,560
103,438
4,220
549,218		 Governance
costs
£
-
-
-
-
1,895
-
13,175
-
-
-
15,070
-
(15,070)
-		 Support
costs
£
178,718
4,333
1,311
25,210
52,965
-
2,979
61,677
32,402
9,826
369,421
(369,421)
-
-		 2022
Total
£
1,333,924
37,496
251,336
27,841
55,240
94,180
16,154
61,677
32,402
9,826
Advocacy
£
311,629
24,465
5,364
-
-
-
-
-
-
-
341,458
81,273
3,315
426,046		 Education
and
Inclusion
Services
£
197,168
1,218
13,389
-
-
-
-
-
-
-
211,775
51,719
2,110
265,604		 Law Centre
£
193,169
3,250
11,353
-
-
-
-
-
-
-
207,772
51,719
2,110
261,601		 Safer
Renting
£
252,582
2,962
22,556
-
410
-
-
-
-
-
278,510
66,496
2,713
347,719
1,920,076
-
-
1,920,076

Cambridge House and Talbot Ltd - Annual Report and Accounts 2022-2023 - Page 51 of 59

Cambridge House and Talbot Ltd- Annual Report and Accounts 2022-2023

Notes to the financial statements

For the year ended 31 March 2023

6 Net income for the year

This is stated after charging / (crediting):

This is stated after charging / (crediting):
2023 2022
£ £
Depreciation 6,456 94,180
(Gain) on revaluation of fixed assets - (290,000)
Loss on disposal of fixed assets 31,228 -
Interest payable - -
Auditor's remuneration (excluding VAT):
Audit 11,475 9,975
Other services 3,700 3,350

7 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel

Staff costs were as follows:

Staff costs were as follows:
Training, expenses and recruitment
Redundancy and termination costs
Social security costs
Employer’s contribution to defined contribution pension schemes
Agency staff costs
Salaries and wages		 2023
£
1,312,749
1,266
127,121
34,811		 2022
£
1,191,770
891
108,059
33,204
1,475,947
18,376
35,609		 1,333,924
18,000
19,496
1,529,932 1,371,420

The redundancy and termination costs were settled and paid by the balance sheet date.

The following number of employees received employee benefits (excluding employer pension costs and employer's national insurance) during the year between:

2023 2022
No. No.
£70,000 - £79,999 - 1
£90,000 - £99,999 1 -

The total employee benefits (including pension contributions and employer's national insurance) of the key management personnel, which are the leadership team, were £223,564 (2022: £196,148).

The charity trustees were neither paid nor received any other benefits from employment with the charity in the year (2022: £nil). No charity trustee received payment for professional or other services supplied to the charity (2022: £nil).

No trustees were reimbursed expenses in the year (2022: £nil)

Cambridge House and Talbot Ltd - Annual Report and Accounts 2022-2023 - Page 52 of 59

Cambridge House and Talbot Ltd- Annual Report and Accounts 2022-2023

Notes to the financial statements

For the year ended 31 March 2023

8 Staff numbers

The average number of employees (head count based on number of staff employed) during the year was:

Education & Inclusion Services
Community Hub Services
Advocacy
Law Centre
Safer Renting
Support		 2023
No.
9
15
6
2
13
8		 2022
No.
11
15
5
5
10
6
53 52

9 Related party transactions

S Tidball (trustee) is an employee of Macfarlanes LLP. During the year Cambridge House and Talbot received pro bono advice and legal services from Macfarlanes LLP worth an estimated £143,644 (£59,464 in 2022). This has been included in the statement of financial activities under donations.

Simon Latham, Chair of trustees, is an employee of the City of London Corporation and Chief Operating Officer of Bridge House Estates. Cambridge House is currently in receipt of a grant from The City Bridge Trust which is Bridge House Estate’s grant-giving body. Simon Latham has notified City of London Corporation of his trusteeship of Cambridge House, holds no decision-making responsibilities in respect of City Bridge Trust grant-giving, and will recuse himself if matters are raised in respect of Cambridge House’s grant at any relevant management board.

There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties.

10 Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

Cambridge House and Talbot Ltd - Annual Report and Accounts 2022-2023 - Page 53 of 59

Cambridge House and Talbot Ltd- Annual Report and Accounts 2022-2023

Notes to the financial statements

For the year ended 31 March 2023

11
Tangible fixed assets
12
13
Other creditors
At the end of the year
Cost or valuation
At the start of the year
Disposals in year
Depreciation
At the end of the year
Net book value
Additions in year
Bank loans
Creditors: amounts falling due within one year
Trade debtors
All of the above assets are used for charitable purposes.
At the end of the year
At the start of the year
Charge for the year
At the start of the year
Other debtors
Prepayments
Accrued income
Debtors
Accruals
Deferred income (note 14)
Trade creditors
Taxation and social security		 Freehold
property
£
4,700,000
-
(4,700,000)		 Computer
equipment
£
359,588
21,074
-		 Total
£
5,059,588
21,074
(4,700,000)
- 380,662 380,662
-
-		 354,243
6,456		 354,243
6,456
- 360,699 360,699
- 19,963 19,963
4,700,000 5,345 4,705,345
2023
£
264,407
20,760
118,066
26,176		 2022
£
206,042
3,557
101,501
-
429,409 311,100
2023
£
-
37,612
30,196
9,639
14,148
80,000		 2022
£
2,000,000
62,858
14,104
37,858
14,865
45,898
171,595 2,175,583

Cambridge House and Talbot Ltd - Annual Report and Accounts 2022-2023 - Page 54 of 59

Cambridge House and Talbot Ltd- Annual Report and Accounts 2022-2023

Notes to the financial statements

For the year ended 31 March 2023

14 Deferred income

Deferred income comprises of grant income received in the year for projects to take place in the next financial year.

Balance at the beginning of the year
Amount released to income in the year
Amount deferred in the year
Balance at the end of the year		 2023
£
45,898
(45,898)
80,000		 2022
£
70,366
(70,366)
45,898
80,000 45,898

15 Pension scheme

The company participates in the scheme, a multi-employer scheme which provides benefits to some 638 nonassociated participating employers. The scheme is a defined benefit scheme in the UK. It is not possible for the company to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore it accounts for the scheme as a defined contribution scheme.

The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK.

The scheme is classified as a 'last-man standing arrangement'. Therefore the company is potentially liable for other participating employers' obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme.

A full actuarial valuation for the scheme was carried out at 30 September 2020. This valuation showed assets of £800.3m, liabilities of £831.9m and a deficit of £31.6m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows:

Deficit contributions - total from all participating employers

From 1 April 2022 to 31 January 2025: £3,312,000 per annum
(payable monthly)

Unless a concession has been agreed with the Trustee the term to 31 January 2025 applies.

Cambridge House and Talbot Ltd - Annual Report and Accounts 2022-2023 - Page 55 of 59

Cambridge House and Talbot Ltd- Annual Report and Accounts 2022-2023

Notes to the financial statements

For the year ended 31 March 2023

15 Pension scheme (continued)

Note that the scheme’s previous valuation was carried out with an effective date of 30 September 2017. This valuation showed assets of £794.9m, liabilities of £926.4m and a deficit of £131.5m. To eliminate this funding shortfall, the Trustee asked the participating employers to pay additional contributions to the scheme as follows:

Deficit contributions - total from all participating employers

From 1 April 2019 to 31 January 2025: £11,243,000 per annum (payable monthly and increasing by 3% each on 1st April)

The recovery plan contributions are allocated to each participating employer in line with their estimated share of the Series 1 and Series 2 scheme liabilities.

Where the scheme is in deficit and where the company has agreed to a deficit funding arrangement the company recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rate detailed in these disclosures. The unwinding of the discount rate is recognised as a finance cost.

2023
2022
£
£
1,583
2,483
Provision at end of period
Income and expenditure impact
Interest expense
Present value of provision
Remeasurements - amendments to the
contribution schedule
Remeasurements - impact of any change in
Reconciliation of opening and closing provisions
Provision at start of period
Unwinding of the discount factor (interest
Deficit contribution paid
Remeasurements – impact of any change in
Remeasurements – amendments to the
Contributions paid in respect of future service*
Costs recognised in income and expenditure		 2021
£
12,451
2023
£
2,483
47
(905)
(42)
-
1,583		 2020
£
14,753
2022
£
12,451
72
(3,151)
(57)
(6,832)
2,483
2023
£
47
(42)
-

 2022
£
72
(57)
(6,832)

*includes defined contribution schemes and future service contributions (i.e. excluding any deficit reduction payments) to defined benefit schemes which are treated as defined contribution schemes. To be completed by the company.

Assumptions 2023 2022 2021 2020
% % % %
Rate of discount 5.52 2.35 .66 2.53

The discount rates shown above are the equivalent single discount rates which, when used to discount the future recovery plan contributions due, would give the same results as using a full AA corporate bond yield curve to discount the same recovery plan contributions.

Cambridge House and Talbot Ltd - Annual Report and Accounts 2022-2023 - Page 56 of 59

Cambridge House and Talbot Ltd- Annual Report and Accounts 2022-2023

Notes to the financial statements

For the year ended 31 March 2023

16a Analysis of net assets between funds (current year)

16a Analysis of net assets between funds (current year)
General
unrestricted Designated Restricted Total funds
£ £ £ £
Tangible fixed assets 19,963 - - 19,963
Net current assets 501 2,490,000 - 2,490,501
Net assets at 31 March 2023 20,464 2,490,000 - 2,510,464
16b Analysis of net assets between funds (prior year)
General
unrestricted Designated Restricted Total funds
£ £ £ £
Tangible fixed assets 2,205,345 2,500,000 - 4,705,345
Net current assets excluding loans 226,007 - 5,992 231,999
Loans included in current liabilities (2,000,000) - - (2,000,000)
Net assets at 31 March 2022 431,352 2,500,000 5,992 2,937,344
17a Movements in funds (current year)
At 1 April Expenditure At 31 March
2022 Income & gains & losses Transfers 2023
£ £ £ £ £
Restricted funds:
Education and Inclusion Services
BBC Children in Need 5,992 500 (6,492) - -
National Lottery - 64,937 (64,937) - -
London Youth CVC Summer Grant - 1,000 (1,000) - -
Jack Petchey Foundation - 4,800 (4,800) - -
London Youth Getting Active - 500 (500) - -
The Mayor's Young Londoners Fund - 18,338 (18,338) - -
The Henry Smith Charity - 40,600 (40,600) - -
United St Saviours - 22,237 (22,237) - -
Portal Trust - 9,986 (9,986) - -
London Borough of Southwark - 18,347 (18,347) - -
Law Centre
Access to Justice Fund - 73,505 (73,505) - -
London Legal Support Trust - 39,167 (39,167) - -
City Bridge Trust - 8,233 (8,233) - -
Safer Renting - -
Tudor Trust - 46,000 (46,000) - -
London Housing Foundation - 10,000 (10,000) - -
Oak Foundation - 80,000 (80,000) - -
Trust for London - 50,600 (50,600) - -
Urban Impact - 53,318 (53,318) - -
Comic Relief - 5,457 (5,457) - -
Total restricted funds 5,992 547,525 (553,517) - -
Unrestricted funds:
Designated funds:
Continuity Planning fund 900,000 - - (10,000) 890,000
Future Purchase of Premises fund 1,600,000 - - - 1,600,000
Total designated funds 2,500,000 - - (10,000) 2,490,000
General funds 431,352 1,163,567 (1,584,455) 10,000 20,464
Total unrestricted funds 2,931,352 1,163,567 (1,584,455) - 2,510,464
Total funds 2,937,344 1,711,092 (2,137,972) - 2,510,464

The narrative to explain the purpose of each fund is given at the foot of the note below.

Cambridge House and Talbot Ltd - Annual Report and Accounts 2022-2023 - Page 57 of 59

Cambridge House and Talbot Ltd- Annual Report and Accounts 2022-2023

Notes to the financial statements

For the year ended 31 March 2023

At 1 April
2021
£
Core:
-
School for Social Entrepeneurs
-
Social Investment Business
-
Trust for London
-
-
Education and Inclusion Services
-
Van Norden Charitable Trust
-
-
-
-
-
Kusuma Trust
-
-
-
London Youth CVC Summer Grant Fund
-
Jack Petchey Foundation
-
-
-
The Henry Smith Charity
-
-
Law Centre
-
-
-
Law Centre Network
-
Safer Renting
-
Tudor Trust
-
London Housing Foundation
-
Comic Relief
-
Total restricted funds
-
-
-
Total designated funds
-
General funds
1,118,513
1,118,513
1,118,513
London Youth Getting Active
The Edward Gostling Foundation
National lottery
Sports England
Unrestricted funds:
Designated funds:
Continuity Planning fund
Future Purchase of Premises fund
Access to Justice Fund
London Legal Support Trust
London Borough of Southwark
The Austin & Hope Pilkington Trust
Total funds
Total unrestricted funds
City Bridge Trust
Restricted funds:
The Mayor's Young Londoners
The Clothworkers' Foundation
Charterhouse-in-Southwark
Arnold Clark
Ironmongers' Foundation
BBC Children in Need		 Income & gains
£
3,500
1,667
5,000
50,000
10,000
2,000
1,000
3,188
23,968
66,473
7,911
1,090
3,085
3,977
500
1,000
43,610
41,550
21,147
40,000
10,000
41,167
2,432
5,000
46,000
20,000
45,698		 Expenditure
& losses
£
(3,500)
(1,667)
(5,000)
(50,000)
(10,000)
(2,000)
(1,000)
(3,188)
(17,976)
(66,473)
(7,911)
(1,090)
(3,085)
(3,977)
(500)
(1,000)
(43,610)
(41,550)
(21,147)
(40,000)
(10,000)
(41,167)
(2,432)
(5,000)
(46,000)
(20,000)
(45,698)		 Transfers
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 At 31 March
2022
£
-
-
-
-
-
-
-
-
-
5,992
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
500,963 (494,971) - 5,992
-
-		 -
-		 900,000
1,600,000		 900,000
1,600,000
- - 2,500,000 2,500,000
3,237,944 (1,425,105) (2,500,000) 431,352
3,237,944 (1,425,105) - 2,931,352
3,738,907 (1,920,076) - 2,937,344

Cambridge House and Talbot Ltd - Annual Report and Accounts 2022-2023 - Page 58 of 59

Cambridge House and Talbot Ltd- Annual Report and Accounts 2022-2023

Notes to the financial statements

For the year ended 31 March 2023

17b Purposes of restricted funds

Restricted donations

Core

These funds are to overhead and cross service activities in accordance with restrictions agreed with the funder.

Education and Inclusion Services

These funds are to deliver specific youth and disabled people's empowerment services in accordance with restrictions agreed with the funder.

Law Centre

These funds are to deliver specific legal services in accordance with restrictions agreed with the funder.

Safer Renting

These funds are to deliver specific private rented sector tenants services in accordance with restrictions agreed with the funder.

Purposes of designated funds

Continuity Planning fund

These funds have be designated to protect the continuity of the organisation’s services for service users in the event of a large variation of income, to bridge cashflow problems, provide a buffer to allow contingency actions to be effected and address spending commitments and potential liabilities in the event of a winding-up.

Future Purchase of Premises fund

These funds have be designated to provide the funds needed to purchase new office premises capital assets and to provide funds for asset management and risks associated with emergency building repairs.

18 Operating lease commitments payable as a lessee

The charity's total future minimum lease payments under non-cancellable operating leases is as follows for each of the following periods


the following periods
Less than one year
One to five years		 2023
2022
£
£
55,000
-
120,000
-
175,000
-
Property
175,000 -

19 Legal status of the charity

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.

Cambridge House and Talbot Ltd - Annual Report and Accounts 2022-2023 - Page 59 of 59