sr PANCRAS ALMSHOUSES FINANCIAL STATEMEKf AND REPORT FOR THE YEAR ENDED 315f DE MBER 2020 CHARrrY NO. 214135 Southampton Road. London NW5 4HU
ST PANCRAS ALMSHOUSES ANNUAL REPORT 2020 STRUCTURE AND GOVERIYANCE St Pancrns Almshou is a charitsble trust which is governd by a scheme of the Clkarity Commission dated 13 ApriL 1971, as amended from t[A to time (the Scheme). It is a charity registered in England and Wales (registration no: 214135). under the Charities Act 2011. The objects of the St PancTrs Almshouses, as set out in the Stheme are folli)ws: (a) The provisi( of housing accommodation for persons who are aged 55 and over when admitted. have a housing need. are able to demonstrate a strong connection with the London Borough of Camden" and are capable of living independently. (b) Other such charitable purposes for the benefit of those beneficiaries of St Pancras Almshouse5 who live in the almshouses. The sole Trustee (the Trustcc) of St Pancrns Almshouscs is St Pan¢r&s Housing Limite a company limited by guarantee (registr8tion no: 7485571). whose registered otTic£ is at FeT CourL Southampton Road. London NW5 4HU. It w&s appointed as sole trustee, in place of the former trustees by a resolution ofthe trustees po&sed on 14 marc 2011. The Trustee is goveTned by its Articles of Association. The Members of the boa1 of diTrctors of the Trustee during the year were &s follows:_ Ms J. Fraser- Chair, Ms B. ThorndicK O.B.E. - Vicelhainnan; Mr A. Rouse- Se. Mr J. Malpas4 F.C.A, - Treasurer. Mr. P. Home" Mrs J. Stone: Ms N. se8. Ms. H. Rosemin. Dr M. Piper; O.B.E. Revd. A. Stevens- ex officio" Directors are apw)intal for a tenn not exceding four years with a maximum of three term$. MANAGEMEWr: Mrs P. King. BANKERS: The Royal Bank of Scotland. 189- 191 Camden High StrttL London NW17BP. INDEPENDENf EXAMINER: Brarnil Associates LLP. 677 High Ro4 North Findkley. London N12 OD SOLICITORS: Devonshires Solicitors. 30 Finsbury Citcu4 tA)ndon EC2M 7DT. Page I
sr PANCRAS ALMSHOUSES CHAIWS REPORT~ 2020 The year has been exceedlngly difficult for all our residents and, in particular. for our staff. Fortunatety, the number of recorded oses of Coronavlrus among the residents was relativety low and demonstrated that the Government regulations to combat the spread of the pandemlc were dearty well respected throughout the Almshou The programme of work to the Charivs building% to redefine the Guest room. Laundry room, Committee room and the Assembly room. whlth was outllned kn last yearfs report, have had to be put on hold. It is intended to complete the outline plans as soon as conditions pemilL In addltion. remedlal repairs to the roots. whlch were Identified in the quinquennlal survey have also been delayed, but It ts Intended to complete the work in 2021. All the lathe & plaster cellln8S throu8hout the Almshouses have now been replaced. Thls has been a lon8 and expenslve undertaklng and has resulted In a much hl8her level of voids due to the nece5slty to reloote resldents duringthe wor The re-palntlng of the exterlor of the buildin85• induding overhauling the sash wlndows has been completed. The Cydlcal Reserve has been set aslde to cover the as%Kaated costs of these works. tO8ether wfth remedial work Identw In the qulnquennial survey. The finandal results were Impacted. to a certaln extent, by the impact of the Corona vlrus on the economy. The recovery In the Stock Market towards the end of the year, dld result In small overall 8aln In the value of our portfollo of £13.429. Thls compares to a gain of £119.117 In the previous year. Twstees continue to monltor the sltuatlon wlth perfomiance belng measured a8alnst an industry benthmarL The price of electriclty was increased by 9 per cenL In Marth, 2020. Throu8h the combined efforts of the staff and residents who have continued to monltor dosely the electrlclty consumptlon, the actual costs were In Ilne wfth the budgeted tar8et. I would like to thank the two members of our dedlcated staff for all the hard work over the year In support of all our resldents: and, In partkular, for supervising the pro8ramme of buildln that disturban to residents has been kept to the minimum. Jlll Fraser. Chair. Pa8e 2
ST PANCRAS ALMSHOUSES ANNUAL REPORT 2020 STATEMEIYT OFACCOUNTING POLICtES The principal accounting w)licies adopt&l in the preF>aration of the financial statements are as follows: Basis of aecouDtiDg The Charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) applicable to charities preparing their VXA)unts in accordance with the Financial Reporting Slandard applicable in the UK and the Republic of Ireland (FRS 102) i&sued on 16 July, 2014, the Charities Act 2011 and Genernlly Accepted Practice as it applies from lrt January. 2015. Income Maintenance and support fees are included in income as received 2nd adjust¢d for any amounts received in advance. Donations and investment inL¥)me are included as and when received. Tangible Fixed Assets The cost of land and buildings dat&8 back to the 1850's and was mainly provida for by public subscription and108n4 which have long since been repaid. The records of these costs are no longer available and it woukl be too C05tly to obtain estimates of the present value of these assets. Moreover, no benefit would k derived from the inclusion ofany such valuation. Accordingly, no value has been ascribed to them. rixture4 fittings and equipment purchased more than ten years ago have been written off. Costs associated with the major refurbishment scheme have bn Capitalized together with the grant received from the Homes & Communilies Agen. The net Q)5ts are being depreciated over their estimated useful lives at various Tates in conforniity with the ComoK)nent ALunting Re8ulations that carne into force in 2013 as follows: Roof cover & Stsu¢ture Main Fabric Kitchens Bathrooms Front Doors Mechanical Systems 30 years; Electrics 40 year5. The depreciation relating to the costs of the refurbishment of flats that have beffl ¢apitalized In prior years has been re-calculated using the same rates as defmed in the Compnent Accounting Regulations. Previously these costs were being deprlated over eight years. 70 years; l(K)y 20 years; 30 years; Page 3
Illve5tments Investments are includcd at the market vaiu¢s as at the date of the balance sheeL Any variation in values from the previous year-end is included in the Statement of Financi A¢ttvitÈes. Dividends from inv¢8tmcits are lThcl1ed in the accounts as and when rvAived. Repairs and M4iuteuaBce In conjunction with our surveyors routine repairs are undertaken as they arise and the costs are itten off as current expenditure. To cover long-terni cy¢lical and extraordinary repaits, the trustees have agreed to set &side desi reseTve4 the leveb of which are reviewed in the light of quinqucnnial Maintena reviews by OUT surveyoTS. Page 4
ST PANCRAS ALMSHOUSES ANNUAL REPORT 2020 REPORT OFTHE DIREcfoRS FOR THE YKAR ENDED ST 31 DECEMBEIL 2020. PRINCIPALACTIVITIES St. Pancras Almshouses (SPA) is a registered tharity. Its principal activities comprise the provision of low-cost accommodation for older residents of the London Borough of CamdeN who are in reasonably good health. The residents arc granted a license to occupy their tlats so long as they are able and comply with the conditions of residence. They are thar8al a weekly amount to cover the costs of providing and maintaining the facilities including the co&s of management and staff. CONSTITUTION AND MANAGEMENT SPA was founded in 1850 and is a charity registered with the Charity Commission and an almshous¢ registered with the Almshouse Association. 0ECvEs SPA'S objeciives aTe:_ To maintsin the fabric of the buildings in a stste of constant good repair. To assist the welfare of all our residents in cases of need arisin8 through ill health or emergencies; To ensure the lon84enn financi stsbility ofthe charity: l o ensure that the charity complies with its legal, fAs¢al and financial obligations and requirements. To ensure that SPA confomis at all times to intemai and external health and safety regulations. RFSERVES POLICY The General Reserve Fund of £1.337,132 represents the unrestricted free reserves of the Charity arising from past operating results. £1,787.832 has been transferred to a Fixed A&set Fund and represents amounts not available for other purposes. tn additio £51.788 h&s been transferred to the Cyclical Reserve Fund to cover the tUre costs of cyclical maintenance and the rc-painting the exterior of the buildings. It Is considered not nece&wy at present to mainLqin an Extrnordinary Reserve fund. The sum of £47.365 has been transferred to 8 Designated Fund trj cover anticipated expenditure on refurbishing the residents, communal sttting room. The adequ¥ of the funds is kept Constantly under review. RISK MANAGEMENT All insurable risks are covered by the annual insurance pM)licy. The Directors have decided not to take additional insurance to cover the risk from terrorist atl&k The Directors ensure that regular SUTveys are made of the fabric of the buildings and that detailed work plans are drav up to maintain them to a high standard. The investment portfolio is mana8¢d by Investec Wealth & Investment and perforniance is me&wred against a bfflchmark. valuations are Subj to Stock Exchange fluciuations. The Trustees ensure that the level of residential voids is kept to a minimum through the maintenance of a waiting list of w*Trtial new resid¢nt&
sTATE1r OFTRUSTEEYS RESPONSIBILITIES Charity law requires the Directors to prepare financial ststements for exh financial year which give a true and fairview of the stat¢ of affairs ofthe charity atthe ye4r end and of its incoming resources and resources expended during the year. In preparing those fllwicial statements, the Trustees are wuired to:_ Select suilable accounting practices and then apply them conststently: Make jud8m¢nts al estirnatas that are re•sonable and pnNJenL State whether applicable accounting standarth and stemcnts of recommended practice have be followed subject to any departures disclosed and explaind in the fuwicial statements 8nd Prepare the financial statetnents on the going concern basis unle&8 it is in4)propriale to presume that the charity will continue in business. The Trustees are reSFK)nsible for keeping pn)per &counting records which disclose with reasonable accuracy at any time the finan¢iai PK)Sition of the charity and enable them to ensure that the financial statements o)mply with the Charitie5 ACL 1993. They are also resp)nsible for safeguarding the assets of the charity and hence for tsking reasonabl¢ sw the prevcntion and deIOn of fraud and other irregularities. EXAllflNING ACCOUNTA A resolution will be submitted to the fortlKomin8 Annual Genernl Me&in8 to appoint Messrs. Bramil Associates LLP as the examining xcowitants. Approvaj by the Directors and signed on their blf by:_ Jill Fraser Chair Page 6
ST PAIYCRAS ALMSHOUSE& TRLISIJRERYS REPORT~ 2020 The Operating Profit for the year amounted to £117246 (201. £232.307) and included dividends and ithere5t received of£28,432 (2019: £31L890). Expenditur¢ on General Repairs was £54290 comtMred to £60.157 in the previous year. These co&s include the ift8tallation of new convector heaters in 12 tlats. electrical Tepair& and PA T tests at a cost of 7295. Several flats were decorated, and remedial zH>airs were complded at a cost of £12,135. The continuing major programme to replace all the lathe & plaster ceilings with plaster bd has continu1 during the year with ani)ther thrcc flats complded. The high turnover in residents during the year and the difficuhies of selcLing new residents during the Coronavin pandemic result in a higher Icvel of voids than anti¢ipate4 with Charitable incotne £17361 below budgeted totals. There was a nct gain on our inveslment p)rtfolio of £13,429 (2019: Gain £119.117). This reflected the rebound from the adverse nwket correction in the fllst quarter of the y¢ar. The cornnavin pandemic throughout 2020 and the resulting economic recession has resulted in exceedingly difficult market ndItiOnS. although initial losse5 in the fitst quarter of2020 were eventually elimi[ted, the outlook remains ¢xtremcty pmblematical. As a result of the continued low level of interest paid by banks on cash deposi14 interest earn1 in the year amounted to only £50 (2019: £156). Our investment portfolio continued to be manageAI by Investec Wealth & Investment Limitthl. The positive cash flow during the year enabled the Charity to invest a furthcr £51.083 with Investec. but, in view of the market turbulen additional cash transfers to Investe¢ wcre not made after March so that £153,387 cash w8s retained at the year end. The John O'Neil legacy has been separately invested with C.C.L.A. At the year , the totsl value of the two portfolios 8mounted to £1.302558 (2019: £1238.046). There was a further net Inc8¢ of16% in the LM)sts of li8ht and heaL Expenditure rose from £36.489 in 2019 to £42,406. Part of this increase was the re5uk ofcontinued increase in the underlying tsriff which rose by a further Sryo with effe( from Match 2020. Trustees have decided to create a Cyclical Repair Fund to cover future expenditure on re- painting the exterior of the IlIding and other periodic repairs the balantt 8t 31# Dember 2020 amounted to £51.788. In addition. the Trustees have set up a Designated Fund of £47,365 in spect to the sum received from the John O'Neil legw, which it is intended to use to refuTbish the residents, sitting room. The General Reserve Fund amounted to £lJ37.132 at the ye8r-end (2019: £1,161,434). John Malpas5 Treasurer. Pag¢ 7
INDEPENDENf EXAMINER'S REPORT TO THE TRUSTEES OF ST PANCRAS ALMSHOUSES I report to the truslees on my examination of the accounts of the St Pancras Almshouses (the Trusl) for the year ended 31" December 2020. onsibilities and basis of re ort As the charity tSteeS of the Tnt you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act.). l report in Tespect of my examination of the Trust's accounts Caled out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Dir¢¢tions giv¢n by the Charity Conunission under section 145(5)(b) of the Act. Ind¢ ¢nd¢nt examiner's statement Since the Trust's income exceeded £250,000, your examiner must be a member of a body lisied in Section 145 of the Act. I confinn that l am qualified to undertske the examination because l am a mcmbcr of thc Association of Chartered Certificd Accounlants and the Institute of Chartered Accountants in England and Wales, which ar¢ both on th¢ list of Ix)dies. I have completed my examination. I confirni that no material matters have come to my altention in connection with the examination giving me cause to believe that in any maierial respect: accounting records were not kept in respect of the Tnt as required by section 130 of the Act- or 2. thc accounts do not accord with those records. or 3. the accounts do not comply with the applicable requirements concerning the forni and contenl of accounts sel out in the Charilies (Accounts and Report5) Regulations 2008 other than any requirement thal the accounts give to 'lTue and fair, view which is not a matter considered as part of an independent examlnation. I have no concern8 and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Mr M Miltiadous FCA FCCA Dated... Bramil Associates LLP. Chartered Certified Accounlants First Floor 677 Eligh Road North finchley London N12 ODA Page 8
sr PANCRAS ALMSHOUSES STATEMENT OF FINANaAL ACTIVMES FOR THE YEAR ENDED 31ST DECEMBEIL 2020 TOTAL YEAR 2020 2019 INCOME & ENDOWMEPtrs FROM". Donations & Legaaes 240 Charltsble Actlvltles 322.699 317,639 Investments 30,890 28.423 other ILossl/ Income 1,151 TOTAL INCOME 354,740 346,882 EXPENDITURE ON: Charftable Activities 231.153 232.123 Ralsin8 Funds- investrnent management fees 10,397 10,942 TOTAL EXPENDITURE 241,550 243,06S NET {EXPENDrruREI/ INCOME 113,190 103.817 Net Ilossesl / galns on Investment 119.117 13,429 NET MOVEMENT IN FUNOS 232.307 117.246 RECONCILIATION OF FUNDS Total funds brought forward 2,874,564 3.106.871 Total funds- 31 December. 2020 3,106,871 3,224,117 The notes on pages 12 to 13 form part of these financial 5tstemefits. Page 9
sr PANCRAS ALMSHOUSES BALANCE SHEEr AS AT 31ST DECEMBEII 2020 2019 FIXED ASSErs Tangible A55ets- net Refurbishment cost- gross Refvrbishment costs- depreciation Investments 122.065 2.191.651 462.478 1,238.046 3,089,284 2.191,651 520.288 1302,558 3mO,390 CURRENT ASSErs Debtors Cash at Bank and in Hand 6.761 34.502 41.263 4.122 153,387 157.509 CREDITORS Sundry Creditors NET CURRENT ASSETS 23.676 17.587 23.782 133.727 TOTAL ASSETS LESS CIJRRENT UABiunES 3,11%,871 3224117 CREDITORS: Amounts falllry •ft•r more than one v Loan Creditor 3.106.871 3.Z24.117 RESERVES Fixed Asset Fund Designated Fund Cycllcal Maintenance Fund General Funds 1,851,238 43,554 50.645 1.161,434 3.106.871 I,78732 47.365 51,788 1.337.132 3.224.117 TOTAL RESERVE5 The financlal staternents on pages 9 to 13 were apwoved and authortsed for Issue by the trustees on 23rd June, 2021 and signed on their behalf by. J Malpass TaSurer J Fraser Chair The notes on pages 12 to 13 fomi part of these financial ststements. All activities of the charity are corrtinuing. Page 10
sr PANCRAS ALMSHOUSES CASH FLOW STATEMEKT FOR THE YEAR ENDED I)EwE 2010 TOTAL YEAR 2019 YEAR 2020 95 Capital ExpendftU & Investments Purchase of Investments Sale of Investments Purchase of Hxed Assets Grants received Investrnent Income 189,902 . 51,OB3 30,734 243Ta Net Cash Inllow forthe year 3,202 118,885 Net Movement in Funds for the year Investment Income Net losses / (gains) on investment Oepreclation Charge (Increase)/ Decrease in Debtors Inceasel (De¢aSe) In cdItOrS Increase/(Decasel In Loans 232,307 30.734 119,117 63,406 3.696 13,8CK) 117246 28.373 13.429 63806 2.639 106 155.966 141,595 Op•nln8 Cash Bala•- 1st Januaryi Net Cash Infiow for the ar 37,704 3,202 3402 118,885 aoslng Cash Balances- 31st December. 2020 34,502 153387 The notes on page5 12 to 13 form part of these fiTh•K ststeffent& Page 11
ST PANCRAS ALMSHOUSES NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 2019 1. STAFF COSTS Gross Salaries Pension Contributi Employers NKal Insurartt CThfftilx Total Number of Empbyees. Mawn 29.107 1.018 2.238 1.647 35.012 2. TANGIBLE FIXED ASSET3 T*Jtal Gr$ ccwt or ¥alualK At 01.01. 21Y20 AddTrS during tho year At 31.12.2020 234,028 1191.861 2,425.679 Depreciation At 01.01. 2020 Charye fw th8 year At 31.12.2020 111,933 5,5 117 462.478 57,810 520288 574.441 63,4C 637N7 Net Book Vak At 31.12.2019 At31.12.2020 I22.(5 1,729.173 1,851.238 16M69 1M71 2019 3. INVESTMEpirs Market ValuatKJn- 01.01.2020 929,027 1238,048 Additions during the year 189.902 51,083 Net Gainl{Loss) Reyaluatm 119,117 13,429 Mathet valUatK - 31.12.2020 1238.016 1202, The Charws InVeStrn are by Inve5tec Wealth & InvestMt. 4. DEBTORS Prepaid Expense8 Other Sundry Det Total 6,761 4122 6.761 23.267 73 336 23.676 22,717 Suppliers Other Sundry Credltors To 392 24782 Page 12
ST PANCRAS ALMSHOUSES NOTES TO FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 DECE%IBER 2020 Mainte Fund Fund Funds Funds Fund Ba[ 01.01.2020 Surplus for the year Transfers Balance 31.12.2020 50.645 1.851.238 43.554 1.161,434 3.1C6,871 117,246 117,246 58.452 .337.132 32¥117 1.143 {63.41 51.788 1,787.832 3.811 47. 7. HOUSING PROPERTIES In excess of the current bk vthes. based ffj4nstatemt value5 for Insurance puryAJses. In the event that any of the Charivs propertss to be sold, a liablity arise for the reFwert at t in par( of grants receiv&Y. The Charitys gov1n9 document Speaty prohibrts the assets fr(m being used in any paCity other than for the (¥ecis ofthe chty. Total Capital C¢xnmitments at 31.12.2 to Nil (2019.. Nil) capitalised and are tdng depreclaw at ts varA)us rates sp11 In the 10. CONTINGENf UABILMES There were r contr'ngent h'abilitS at 31.12. 2020 {2019". N). 11. RELATED PARTY TRANSACTIONS 31st December. 220 (2019.. Nil). 12. TRUSTEE REMUNERATION & EXPENSES No lJustee 1Ved any remunerath)n or expenses fIrj the WKled 31st December. 2020 (2019.. NID. 13. PUBLIC BENEFIT POStTION Page13