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 F￿eT
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 boa￿1 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 b￿n 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 AL￿unting
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 depr￿lated 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 lThcl￿1ed 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.
0￿EC￿vEs
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&

sTATE1*￿￿r 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 st*emcnts 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 de￿IOn 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 b￿￿lf 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 b￿d has continu￿1 during the
year with ani)ther thrcc flats complded.
The high turnover in residents during the year and the difficuhies of selcL*ing 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 earn￿1 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 Inc￿8¢ 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 I￿lIding and other periodic repairs* the balantt 8t 31# De￿mber
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 t￿SteeS of the Tn￿t 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 Ca￿led 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 Tn￿t 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,787￿32
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
T￿aSurer
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 c￿dItOrS
Increase/(Dec￿asel 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
34￿02
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 N￿K￿al 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
Add￿￿TrS 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 & InvestM￿t.
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 b￿k vthes. based ￿ ffj4nstatem￿t 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 gov￿1n9 document Spea￿￿ty 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 sp￿1￿1 In the
10. CONTINGENf UABILMES
There were r￿ contr'ngent h'abilit￿S at 31.12. 2020 {2019". N￿).
11. RELATED PARTY TRANSACTIONS
31st December. 2￿20 (2019.. Nil).
12. TRUSTEE REMUNERATION & EXPENSES
No lJustee ￿1Ved any remunerath)n or expenses ￿fIr￿j the ￿ WKled
31st December. 2020 (2019.. NID.
13. PUBLIC BENEFIT POStTION
Page13