FINANCIAL STATEMENTS AND REPORT OF TTrE TRIJSTEE FOR TTrE YEAR ENDED 31 DECEMBER 2022 REGISTERED CHARrrY NUMBER 214135 Reglstered Office: Fraser Regnart Court Southampton Road London NW6 4HU
ST PANCRAS ALMSHOUSES FINANaAL sfATEMErirs AND P0r OF THE TRiSfEE YEAR ENDED 31 DECEMBER 2022 PAGE NUMBER REpoKf OF THE TRiEfEE FOR THE YEAR AUDIT REPORT 8-10 11 BALANCE SHEET H FLOW STATEMENT 13 STATEMW OF ACCOUNTING POLICIE8 NOTES TO THE FINAKIAL sfATEMENTS 14-16 17-21
ST PANCRAS ALMSHOUSES ANNUAL REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 DECEMBER 22 St ParKrns Almshouses is a tharitable trust Is govenxd by a s¢eme of th8 Charlty Commission dated 13th Apiil 1971. as amended from tim8 to time (the Schem8). It is a charity regi&ered in EnglarKI and Wths {registiakn 214135), WK18r the Charthes Ad 2011. The objoct8 of th&St Pw(x8s Akn$hTh set ¢xrt in lh8 SCW we as folbws: (a) The provtsion of hwsing accommodatm for Perso vhK arn aged 60 and over when adrnitted,. have a rKXlng need; are atle to dernkn a strong connocaion wth the Lonth Borough of Camd&). are capable Imng indeper. (b) 0th8r suth charftaUe wses frJr th8 benl d those bfi¢xarl88 of St Pancras TrIE TRUSTEE AND THE 80ARD OF DIRECTORS The sde Trustse (the Trustee) of St p Alrnshou Is St Pancras Houslng Ltmlted, company Ilmlted by guarartse (registration no: 7485571), registernd offica 18 at Frasar Regnart co( Southampkn) Road. Lcn()n NW5 4HU. It was app)Ènted as sole trustse. in pla of the fom)er 1rustees by a res0ts1ts the trustees F•ss•d on 14 Marth. 21M1. The Tntst Is aovemed by ttSArtkl ofAsscdatlon. Membors of the bowd of dIrtsT3 Ihe Tru8teo the Te a6 ft)IIow5: . Ms J. Fr838r- Chalr Ms B. Thomtli(* O.&&- Vltyc MrA. Rou80 (Decea8gd 28th 2Q3) Mr J. Ma]pass, F.CA- Treasurer Dr M. Pi)6r, O.B.E.- SO8ry Mr P. Homo Ms N. Segre Ms H. Rosemln Ms A. Kemp (Appots 10th Ociober 2022) Revd. A. St8- ex (Reslfv 14th NOVr2022) Dlrectorn are appdntsd for a term not exceodlng fwr yws a maxlmum d ttyee tomis. MANAGEMEMP. Mrn P. lfjng. BANKERS: The Royal Bank of Scotknd. CO Chatham Maritim8. Chathm Kant ME4 4RT. AUDITORS: soucrroRS: Devonshires Soli(xtors, 30 Cir. EC2M.
ST PANCRAS ALMSHOUSES ANNUAL REPORT OF THE TRUSTEE CHAIR'S REPORT FOR THE YEAR E)ED 31 DECEMBER 21r22 In 2021, the Trustees decid8d to begin the bro41elayed project to impn)ve WKI nwdemlse tho common areas of the Almshouses. Thys indLNJed Ihe design of a f8ViS8d system of heating and insulation of ts residents. armmOdatIOn and the main a5sembty hall. Although, in March 2022, we yre able to negotiata a ed price thyear c<)ntsct for the suppty of electricity It ha8 sulted ITr lh& effective doublww the cct ol d8ctrty. This has n8c8ssitated an urgent acliortr programme to property insuiate the buihjiws and to thntify new sources of Cheaper energy supply. Our Arthlte¢ts Ij1ked thrcwlmxrt th8 year in dmviw up detail plans. whlch were presented to Trust88s end r8sidents. befor8 the final submlsslon to Camden Counol in November for th8ir approval. Vle that wo shall b8 to (kaw w) a diknJ programme of work in 2023 and begin later In the year. The war In Ukraine had a very neg8tive impact tx) Ihe uthlhilrtrJ value of our Investsnent por110 and resulted in a net k>ss of £185,987; trus (y)mpared to a gain in tha PTkn year of £161,107. There vas some Improvemeni In the situalk)n t(NArls the end of Iha year wthich ha5 continued in 2023, but the sitijalion remalns volatrle arwj the (xrtiook kn the ojrrnnt year remains 8xtr8mely fraoile with the hlgh level d irfflalion and c(Yttinuatk rA the vAr in Ukraine impactlng on the overall p8rf(Ymanc8. Through thè nknned afforts of the staff aNI resIdts conllnuod to monttor dosely the electricty consumption, but th8 effeclive doubling of the tsrlff has had a major Impact on the Cost structyra of th8 Charity. Trustees de¢lgd rnt to Increase tha drge to reskdents in 2022 by the fijll amowrt of the effective doubllng of the costs: Ihe in(ThA8e In the d)arge has b8en Ilmltad to 10% In 2022 with a further adjustment In 2023 0115.1%. Th8 shortt811 being absorbed by the Charfty from Jr Re8etve8. Ft 1$ w]th great sadness that rwd the dealh 01 th8 Thth, Anthony Rouse. He provld8d expert professional arthitectural a¢fvice over many yearn, overseeing lh8 Maintenan and repalrs to the fabrfc of the Almshouses indurfing the rnaj fefvrfolshmant project that wa$ o)mpleted In 2012. He 8180 acted as Socrntary to Ihe 808rd CA Dlrectors. HIS arKI wisdcn will be 8or•ly mlssed. l %wJuld Ilke to thk the membern of ¢Jur staff al Ihe hard rrk over the year in support of all our resldents: and ftjr syrvisry k¥ogranrn of IlIdIng Drks so that di8turtArKo to rosldents has b88 to ts minimum. Jlll Fraser, Chalr. ' Zilob12Q33 Page 3
ST PANCRAS ALMSHOUSES ANNUAL REPORT OF THE TRUSTEE TREASURER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 The Operating Loss for the year amounted to £154. r2021: Prcfrt £274.926) and induded dEvld8nds arKI interest received of £35,29) (2021: £29281). libjr8 on General Repairs was £24.174 compared to £51,21Y2 in Ihe prevlous yw. Thes6 a) kKauded the de(x)ratth and remedial repairs to several flats at a cosi of £13,712. The level of vokls was ¢J)ntsined w7thin th8 larget of 3% a1 rewIl In an overall in(Y&qse in operating rwmiuo of 8% compared to the prlor year. There w&s a net loss on ow inMtme px>rtfolios of £185.987 (2021: Gain £161.107). This substantsl d8t8rioratK)n was to Ihe advetse market cor¥Xltions folloryng the invasion of Ukraine. Th8 high levol of infiation togettw with th8 wfdr continuè to impact negattvaly on mark6t cldItIonS In 2023 ar¥J the (xrtkd( remalns axtr• woblematical. HoMev8r, our wlicy of maintaining a dlvern8 pothlio of invesknents has limited the negative Impact of thèse adverse c(dItiOns. As a result of the ri88 in WKlerlming market interest rates, £1IXI,I))O was placed i)n doposlt In the ar. FolltW4kng Ihe nogotlakn rf o nw x#tsact lor tho 8uppty of eloctrity in Marth th8 costs for Light & Heat have risen from £50.405 In 2cr21 to £83,148 this year. Thls vms in Ilna wtth the budgated total for th8 year and refiects the 95% increase in the tariff. Trustees r8strlcted the inws8 In the ch8rg8S to the rodents to 10% in 2022 a furlher in& in 2023 of 15%. wlth the shortrall in recovery b8Jng sw)poril by the Charity from lis Reserves. A major review of the th018 issue to how vm raduca thK8 costs h tho I&terni has been Inlttated as part of th8 Dev&lopment . ProlecL The Proioct ttich Is currerty wbJ8Ct to a plaming applI'0n to Camden Councal will gfve priortty to improving the hwjlatlon of the resKlents' xcommodakn and Installing altemative sources of elactr•. The )sts 888¢xIth vhth th8 rofurf0lknrt af118ts that IncArr8d in the years 2005 to 28 prior to the major project mpled in 2012 were fijlly depredated as th84r useful Itve8 have now 8nded so thoy arn no Iwr u8&t This r11 in an ad(tiwl d8FxBciaticffi charye of £105.277 in the year. Trustees have dedded to U8at8 a Cycllcal Repalr FXI io cover fire &¥penditure on r&p8lnllng the exterlor of the buildwig and other period repairs: Iha baSance at 31 Dacemb8r 2022 amounted to £86,447 (2021: £53,94n. In 8ddltlon, the TN8ta8s havo set up a Desun3 Fd of £49.7&3 (2021: £54,799) kn re8P8Ct to the sum received the John (YNell legacy. which it Is Intend8d to uso to relurbish the Residents, Hatl. The Gawral Reserye FLKMI am(wnted to £1.844,979 at the year-end (2021: £1,659.079). John Malpass Tr8awrer Datsd: 2iloblTro23 Page 4
ST PANCRAS ALMSHOUSE& ANNUAL REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 DECEMBER 2022 PRINCIPAL ACTMTIES St Pancras Almshouses (SPA) Is a lstered thaiity. its wknapal a(Aivtb6s comprise the provision of IowwCOSt accommodati for ddar residents of LxIon Bon)ugh of Camden. ar8 in reasonably gotsj health. The ResKlents ar8 granted 8 liw8 to o¢¢upy their flats so long as they are able and comply the cLditionS of residerts. Tlw are dwged a weeldy amourt to cover the costs of providng arKI mainiainirvj the faoTrties inthdiw tho costs nornent and staff. CONsrrruTION AND MANAGEMENT SPA founded in 1850 and is a d)arlty re91orad Charty Commlssion and an almshouse reglstered Yth lh8 AlmSh(xtseAssociati(. SPA'S obJ8Ctlves arp". - To maintain the fabrfc of the bulldlros In a state of clnstsnt good repair, To assist the thpllarB of all our residents kn cases of need •islng Uyough ill haalth or emergerties; To ensure the fmancxal stabilsty ( the I[1, To ensure that th8 Charfty c¢xTh)Iles wtth its IW. aTha fkwidal obllgauons and raqulrements., To ensure that SPA all times ts) Intwnal arKI oxtemal hèalth and safety regulatlcTh. RESERVES POUCY The Geral Reserve Fund of £1.844.979 P021: £1,659,079) repr8sents the unrnstrfct8d free reserrfes of the Charfty arishg from past operatvlg results. £1.583.470 (2021: £1,731.21n has been transferred to a FW Asset Fund and repr888nts amounts r¥)t avallabla for other purposes. 8ddltlon, £86,447 (2021: 3,048} h&s be transfeffed to the Cydical R88erve Fund to cover th8 future costs of cyclical mainbnarto the r8-pai1rj the èxterlor of tho buildings. It 1$ considared not rwswy at preserrt to matrrtah Extraordlnary Reserve FurKI. Th sum of £49,783 (2021.. £54,799) has been trmferred to a Doslgnated FurKI to covar anticipated expgndtture on refurbishhig tho residents, ¢x)mmunal haL Tho adequaw of ts fijnds Is kept constantly review. RISK MANAGEMENT AU irfjurable risks are covered by the iwranca The Truste88 have decided not to take additional insuranc8 to LX)ver the risk from tarrorist attack The Trust888 ensure that règular surveys arB made of the fabric d the 11(ng and detai18d work plans are drawn up to maintain them to a high standard Th investrnent Or> Is mmG*tt ty trNestec a hwestsTht and performanc8 Is rrured aganst a benchmait valuations are to Stock Exchange fluctualions. Th8 Trustees that the level of resid8ntsai Vd5 18 kept to a minimum through the mainienance of a waiting Ilst of potsnbal new r8sidwrts. Page 5
ST PANCRAS ALAISHOUSES. ANNUAL REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 DECEMBER 2022 FUND.RAISING No f(raIsIng Is carried OUL PUBLIC BENEFIT sfATEMENT The TTUStees continue to ensure that the assets of Ihe Charlty are exclusivety used for thg publlc benefit in lin8 Wtth the dedared objectives of the Clwrfty. APPOINTMENT OF TRUSTEES New truste88 are clx>sen and arp)Intsd to ensure thatthe Board of T1885 has tho requlred level of 8xp8rtise to cc¥rtriu8 to provide the servlcw Ilne with th8 Charivs objectives. FLrruRE PLANS The Trustses, in ¢onjuncllon with a kn of arthlte(#s. have to devek)p PnS to convert the current guost room and adJaCt laundry a residenlial fiat and. $8condiy. to r&design the rosid8rrts slttlng rcM)m arKI assgr¢tsty r(M)m to ansura bettar use Is mad8 th8S8 f8dlttles. In addit50n, as a Ul1 of the hug8 iruease the price of energy, plans are baing dev8lop8d to in8ulats Iha residential flats arxl to In1 a comblnallon of 801ar p8]3 and h8at pump3 to rwjuce the overall cost of 8tectriaty. A fomial plamirYJ applicatlon has submltted tt) the LvIon Borough of Camden and is Lmder consithralM)n. STATEMENf OF TRUSTEES RESPONSIBIUTIES The Trust888 8r8 r88ponsible ts preparing Ihe Trustee¥ Ropcwt artd th8 Financial Statements in accordanc8 appVcl8 18w UniW thgdom Accounllng Sta)dards (United Kingdom G•neraltyAcc8Pted Acc<)unttng Practlce). .The 18w appllcabfe to thaiities in England W8 requlr88 th8 truste8S to pr8pare financlaf 8t8tem8nts for each finarri81 year whlch glve a true arKI falr view of the State of affalrs of th8 CharEty of tho Incoming resour(W WKI appkncatK)n of resources of th8 Charity for that period. In preparing these fin181 stat8mwts, th8 Trustees are requir1 to.. . Seled 8uitsble accounting policies appty them con8i8tenlly. ObSe Ihe methods WKI In the Charltt83 SORP (FRS 11y2): Make judgements 8sllmat88 that we ra8nable and PnK#ent State vknèlher apprable accntrg tsndards hav8 tn fOlkAl, SUbit to any material depa{0$ disdosed explained in the frlal statents. Prnparo Ihe Ilnanthl statsmwts on the ba81s 1858 ft is Inawoprfaie to prnsumo the Chaity wlll continue The trustses are r8spMsible frjr keeping prrper accountkng records that rfisthse ¥*flh reasonable accuracy at any time the financi positi of ts Chartty and enable Ihem to ensure that the fjnanc4al statsm8nts comply %%ith the Charities Act 2011. the Charitles (Arxounts and Reports) Regulations 2008 the Fxovlsi4M od the trust dggd. They are also responsible for safeguarding the assots of the Chanty arKI hence for taking reason10 steps for1h8 pr8v&ttion 8fKI d8t8Ction of ftaud ar other irregularities.
ST PANCRAS ALMSHOU ANNUAL REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 DECEMBER 21Y22 AUDITORS A resolution was approved by Tnrntees at their meetirKJ on 1 Marrh 20Z3 to Trappoint the fimi of NAAssociat8s LLP to audlt the ac(x)unts of th8 Charity forthe y8ar eTrJed 31 December 2022. ApFYoved by th8 Trustees Sied on Ihar behalf by. . raser Chair Page 7
sr PANCRAS ALMSHOUSES INDEPENDEiif AUDrrows REpoirrTO THE TRusfEES OF PANCRAS ALMSHOUSES We have audlted the financlal statements of St Pancra5 Alm51KJUSes (the 'thariW) forthe year ended 31 Dernber 2022 which comprfse the Trustee Report Statement of Flnanaal Activities. Balance Sheet. Cash Ftow Ststement and note5 to the financial statements, Including 5ignlflcant accountln8 pollde5. The finandal reporting framework that has been applied In their preparatlon Is appllcable law and United Kingdom Accounting Stsndards, indudin8 Financial Reportlng Standard 102 The Flnoncit71 ReportiTng Standord appllcable in the UKand Republk of Irelond (Unlted ngdoM Generallv Accepted Accountln8 Practlce). In our oplnlon the finandal ststements: ge a true and falr vlew of the slate of the charfvs affalrs as at 31 Dernber 2022, and of Its Incomlng resources and appllcatlon of resources, Including its income and expendlture, for the year then ended,. have been property ppared In ac£ordance wlth Unlted Generalty Accepted Accountlng Practice; and have been ppared In accordance with the requlrements of the Charlties Act 2011. We conducted our audlt In accordance wlth Intematlonal Standard5 on Audltlng (UK) {ISAs IUKII and applIcate law. Our re5ponsibllities under those standards are further descrlbed in the auditor respon5ibilitie5 forthe audlt of the financial ststements section of our rt. We are Independent of the charity in accordance wlth the ethical requirements that are relevant to our audft of the flnancial statements in the UK Including the FRCS Ethical Standard, •nd we have fuffilled our other ethkal responslblllttes In acconlance with these requirements. We belleve that the audlt evldence we have obtalned Is suffldent and approprlate to pnwlde a bags for ouroplnlon. In auditlng the financial ststements, we have conduded that the trusteeg use of the 8oin8 concern basls of accounting in the preparatlon of the finandal statements is approprfate. a5ed on the work we have perfonned. we have not Identffied arry materlal unrtaIntleS relatlng to events or condltlons that, individualty orcollectlvely. may cast 51gnificant doubt on the charlty's ability to continue as a golng coeM for a perh of at least twelve months from when the financial ststements are authorlsed for Issue. Our $)nsIbIlItIeS and the responslbilltles of the trustees wlth respect to golng Conrn I descrlbed in the knnt sectlons of thls reporL The other Infomiatlon comprlses the Infomiatlon Induded In the annual repKJrt of the trustee. other than the flnanclal statements and our audftorfs report thereon. The trustees are responsible for the other Info3t)n contslned wlthln the annual rep)rL Our oplnion on the financlal ststements does not coverthe other Informatlon and. eXpttothe extent otherwlse explldtty stated in our report v Pa8e 8
sr PANCRAS ALMSHOUSES INDEPENDEKf AUDrroiYs REPORT TO THE TRUStEES OF sr PANCRAS ALMSHOUSES (cont.) do not express any fom of assurance concluslon thereon. Our responsThi ility ts to read other InformatK)n and, in doing so. consider whether the other infomiatlon is materlal]y Inconslstent wlth the finoncial ststements or our knowledge obtalned in the course of the audÈt or otherwlse appears to be materially mis5tsted. If we identify such materlal Inconslstencies or apparent material mi55tatements, we are requlred to detemine whether this gives Tlse to a mater]al misstatement In the flnandal statementsthemselves. ff, based on the work we have perfonned, we conclude that there Is a material misststement of this other Infonnatlon, we a requlred to reportthat facL We have nothlng to report In thls regard. We have nothlng to report In respect of the followlng matteT5 In relatlon to whlch the Charltle5 (Accounts and Reports) Regulatlons 2(A)8 requlre us to reportto you If. In our oplnlon: the Infomiatlon gfven In the finandal staternents Is Inconslstent In any m•terlal respect wlth the trustee< report or the charlty has not kept adequate accountlng records; or the flnandal ststements are not in agreement with the ac(Duntin8 records and returns; or we have not recetved all the Infonnation and explanattons we requlre for our audtt. As explalned more fully in the trustee< responslbllftles statement, the trustees are responslble for the preparatlon of the financlal statements and for belng satlsned that they glve a true and falr vlew, and for such internal corrtrol as the trustees deterniine ts nesSary to enable the prepardtion of ftnancial ststements that are free from materfal mlsstatemenL whether due to frdud or error. In preparfng the flnandal ststements, the trustees are responslble for a55e5sing the charftW5 ablllty to contlnue as a 8oln8 concern, disdosln& as appllcaNe, matters related to going con¢em and u5in8 the golng concern basls of accountlng unlessthe trustees elther Intend to liquidate the charlty orto cease opef3tlons, or have rn realistic altemati¥e but to do 50. We have been appointed as audltor under sectlon 144 of the Charitles Act 2011 and report In accordance wth re8ulathJns made under Section 154 of that ACL Our objectives are to obtsin reèsonable assuran about whether the flnandal 5taternents as a whole are free from materfal misstatement, whether due to frdud or error. and to Issue an audltorfs report that Indudes our opinion. Reasonable assurdn Is a hlgh level of aS5Urdn, but Ts not a guardntee that an audit c¥>nducted In accordan with SAS {UKI wlll alwaysdetecta materlal misstatement when it exists. Misstatements can arlse from fraud or error and are (on5idered material If, Sndlvldually or In the aggregate. they could reasonably be expected to influeno the economlc decision5 of users tsken on the basls of these financbgl statemerrt% Page 9
5T PANCRAS ALMSHOUSES INDEPENDEKf AUDrrows REpoirrTO THE TRUSTEES OF ST PANCRAS ALMSHOUSES (cont.) Irregularftles Induding fraud. a InStsn of noTrcomplIan with law5 ar regulations. We deslgn procedures In Ilne with our responsibilities. outlined above, to detett materTal mlsstatements In respect of irregularities. induding fraud. The extent to whith our prOdureS are capable of detetting irregularitle4 includlng fraud is detailed below= • Dlscusslonswlth mana8emenL Includlng conslderatknn of kNwm orsuspected In5tance5 of non- compliance wlth law5 ond BulatIonS and fraud,. • Evaluatk)n of the effectlvene55 of managements controls des18ned to prevent and detect Irregularltles. and Identifying and testing signfficant manual uma1 entrles and reviewing assumptlons and Sudgements made by management in maklng sl8nfflcant accountln8 e5tlmates. Because of the Inherent Itmltatlons of an audlt, there Is a rtsk th* we will not detect all Irregularltie5 including those leading to a materlal mls5tatement in the flnandal statements or non-compliance with reBulatlon. Thls rtsk Increases the more that compllarKe with a kiw or regulatlon is MoVed from the events andtrdnsactlons refiected In the finartlal statements, aswe will be le55 Ilkely to become aware of Instsnces of non-compllance. The rtsk Is also greater regarding Irre8ularltles occurring due to fraud rather than error, as fraud Invo Intentional concealmenL forgery, collusFon, omSssSon or mlsrepresentatfon. A further descriptlon of our responslblllties ts avallable on the FRCS webslte at. htt audttors audlt-assurance auditor- 11 Ses-for-the-aud 99s-re nslbllftlesp .Thls desulptlon forns part of our on- audltorfs report. Use of Thii port Is made soletyto the charivstrustees, aso boty, In accordance wfth Part4 ofthe Charltles (Accounts and Reports) Regulations 2LKJ8. Ouraudlt work has been undertsken so that we might state to the tharws trustees those matterswe are vIred to state to them In an alOrfS report and for no other purpose. To the fullest extent perrnltted by law, we do not aCpt or assume responslblllty to anyone other than the chaiity and the charws trustees a5 a body. for our audlt worK for thls repo or ft>r the oplnlons we have fonned. NA As%Klates LLP Chartered Certlfied Accountants Statutory Audltor Woodgate Studlos 2-8 Games Road Hertfordshlre EN4 9HN NA Asy)dates LLP Is ell8Sble to act as an audltor In tern of section 1212 of the Companies Act 2CKI6. Page 10
FOR THE YEAR ENDED 31 DECEMBER 2022 2021 Total DonatlorL8 & Lwle5 2(X) 360.6 341.279 s5.2• 29.281 253 33969 Oth¢r Itxorne TOTAL IIKIM & ENDOWMEiirs 21 3X8B9 37L873 Aalsln8Funds 113.7511 1182.8311 t168,6831 1ts.7511 114,1361 (351.5141 1243,9191 TOTAL FJPENDrnIRE 17 1965821 168.683 136S,265 1258,055 NEf (EXPEIIWRE)I IIIC 8986 1168.6831 3&624 113A18 Netlioswl Iplns on Invertllwrt 1179.6501 16.3371 1185,987} 161.107 19336 168.683 {5,016 154.363 274.925 Trnnsferbetweenfunds 3,4361 20 NEf MOVEMENT IN FUNDS 114.1(N) 1147,747 5,016 5(X) 274,925 RECONauAmN OF FIXI. L659,079 173L217 54795 53947 3,224,117 TotaFfvnds cmledfr*wwd The notes on p¥8•s 14to 21 form pwt rfthesefrnndal Statemts.
BALANCE SHEEr AS AT 31 DECEMBER 21)22 2021 Tanglble Assets- net Refijrbishment cost- gross Refurbishment costs. depredation Development ProJert- Wo4Pgre$5 Investments 110.873 2,191,651 {578,0981 6.791 1,783,314 3.514.531 2.191.651 163S.9081 27.n7 1.767Jl93 335063 aJRRENT ASSErs Debtors Cash at Bank arKI In Hand 14753 16.755 33X 7.302 24,224 31.526 Sundry Credltors NEf CURRENT AWTSI IUABILmE4 (39,392} (5,884) (47,0151 115,489 34479 3N99P42 CAEDITOR&. falllry du• aft•r mor• than on• yw Loan Credltor NEfASSErs RESERVES Restrlcted knet Thd Designated Fund LlclScal Malrrtenance Fd Unrestrlrted Funds &584470 L731,217 49,n3 54,799 66A47 53,947 644,979 l659079 TOTAL RESERVES 16 679 The flnandal statementswere appro1 and authcth for Issue by the trustees on 24 si. f(the 2•U aThl on thelr behalf lyrf: J Malpa55 Page 12
sr PANCRAS ALMSHOL CASH FLOW STATEMEKr FOR THE YEAR ENDED 31 DECEWER 2022 7943 i54 Cash flowfrnm rnvest1 activhl•s Payments to xquire fued a$8ets Payments to aGqulre Inv85brts Intere8t receNed (20336) 1169,766) 16,7911 1319,6491 3yn 29273 1155.412 297,117 . l N4t Incre•*l (d•¢r••s•) In ¢#h aThl cash •rNthvalonts 17.469) 1129,163) 153,387 Cath at nk and In hand The notes on pa8es 14 to 21 fomi p•rt of these IINndal statrment& P•Je 13
ST PANCRASALMSHOUSES STATEMENT OF AccouKfiNG POUCIES FOR THE YEAR ENDED 31 DECEMBER 2022 Summary of sI1rt accwthy p)Ilclo5 (a) General Informatlon and basls rf w•para St P8ncras AlmsFthses is a charity raglstered n England. Tha address of the regIstsd offlce is given tn the chaiity inforrywkn on page 2 of thes8 friancial statements. The natur8 crf tho charitrfs operati5 arKI principal &Jivllies ar8 the prov18ion of I0¢08t acoxnmodation ft oklw residents the Lon(bn Borough (I Camd8n. arn In r8asonably gwd hoath. The Clxsfjtutes a wknllc tity as by FRS 1Q2. Tha fin8nclal Statements have been preparal in accudarKe Accounting and R8POrting by Chariti8S: Statement of R8commend&J Plica icabl8 to djal preparfna Iheir accounts tn accordanc8 with the FinarKaal Rwbng Standard •iCable in the UK and Republlc of Ireland 188ued In Odober 2019. the Financial ReporknJ sdard applicable In the United Klngdom and R8publk tx Irel (FRS 102), the CtMf11188 Ac 2011. and UK Generally Acceptsd AccountlNJ PrnclKe. The finw81 statements are preparBd a going concom basls under Pistoricel cost convenlon, rnodlfied to Indude Lwtain items al fair vakn8. The financlal Ststsments 8ra prepared for the individu81 set and are presentsd in 8torfing vthith 16 the functlonal currency of charity and io Iho nearBSt £1. Thg slgnllFcanl acca pdlths In ts weparatlon of those flrondal slatem8rrts are set out bel<)w. These pofides hftve bean oxjnslstsnty a4ylied to all years prBs8nt8d unless olh6tYIs8 Statad. (b) Funds . Unr8sblct&J funds ar8 available for use at the rfJ8¢Yetl¢ of the Intstaes in futharance of th• Dasibmated furKls wrise fwKls that been set aside by tho trustses ft)r parttcular wrposes. The 8rKI ule of oa¢* is get In the notes ts> the financial stateff£nts. The Cyclical Maintenance FurKI cornwise set askje ai the dls(xekn of the trustees to charlty arvj not avatsble for other FAwwJs8s. P•Je 14
sr PANCRAS ALMSHOUSES STATEMENT OF ACCOUNTING POUCES l¢onL) FOR TrE YEAR ENDED 31 DECEMBER 2022 (c) Inwme recogniuon All incoming r8souTh$ 8r8 inckmted in the Slalayrt of FinarKial Ad1vit (SOFA) th8 tharity is18oally ontitled trj the after hav8 been met, th8 amount can b8 m8asured rellabty, aNI It Is probable that the in(xxne wlll be receivod. For donatw)ns to b8 recognisod th8 tharlty wll have nified cl the amounts th8 8etdement date kn ¥Aiting. If therg ar8 COT¥thtions atta1 to lh8 donatK)n and thls requires a level of pthmi¥Ke beforn tillement can be obtainad, income is deferred until those cond¢tions arn fulty mat or the fvffilment (rf th088 condkn)n8 is vAlhn the control of the tharfty and it is prL)able that they will be fvlfilled. (d) EXpondIrn recognldon All &xp11Ura is a()d accruals bast5 arnl has classified der h8adln08 that aggregats all costs related to Ihe category. ExpernIre Is recognlsed wher8 th8r8 is legal or constructive obligation to me payments to third parties, it is prlable that the 88them•nt will t rwed, aTrJ the amount d the can b8 measured reliably. It is categorfsod urthr th8 f1thra h8adlr¥Js: . Expendlbjre on ¢thafit)1o a(vitss •KhJdos eypondliur• on rnsklenual accommodatton, ch8rftabl8 SUPPOrt arKI lnlnlstratk)n: arm . Other a4xNlilurg rewosents tho It not falling into the categories above. (•) Tanglblo Ilxed a$t Tangible f1 as88ts are 8tatod at cost less accurnijatad dopr•clatlon and accumulated Imp2imwit losses. Cost crAts dir• trIbaNa tr) making Ihe asset capable of operating as intended. Depreoatit)n is provided C all tarwitA8 red assots li accordance with thè ¢ompon8nt accounling regulations, at rates caklated to writa Lf th8 o)s(18ss estimated r8sidual value, of ch asset on a syst8mthc basis over its expadad useful frfe as follows.. Roof cover strudure Main f 1¢X) yea 20 years 30 years 30 years 30 y88rs . Eiectrics 40 y8ars D8velopment costs are r¥A dewwiaied as tfny are not yet in u. . Wmdows Page 15
ST PANCRAS ALMSHOUSES STATEMENT OF ACCOUNTING POUCIES (conL) FOR THE YEAR ENDED 31 DECEMBER 2022 The original cosi of the AIMsu58S ac4Wtred ba( in the 18SYs has be fvlty wriii8n off in previous years. The Almshouses arB mt reva]u8d as they arg not held for investrnenl In Golng concwn believe that no matsri81 wjcertawities exist The trustees hav8 con6iderBd the1gv61 of funds hdd and the expeded level of irKome 8Npen(rth for 12 months from authl$1n9 these financial statements. The bdge income and expendiknre is suffi the lev81 of r88arvo8 for the chority to be able to c¢tI as a golng concerrL (g) Debtors arKI dItOrS roc0blO I payablè wlthln ono yoAr eyndltsJr8. (h) invasbnents INestsrnts arè recogni inthally at fair vakne thich Is nomlY the transactlon prfc8 &¥cludr traroathn costs. Subswnty, they are measu1 at fa'r value Changes recognised in 't gain8 1 (bss88) instM. In the SOFA If tha 8har88 ar8 publtcly trad•J or théir fair value alherA488 bo Measu Pe•Je 16
140TESTO FWANCLATEMET5 FOR THEYEAR ENDED 31 DECEMBER 2022 2021 Gro&% Salarie5 JL926 31926 739 739 1,637 34W2 Employerfs Nattmal InsurwKe Con1rf No amountwas pakl to •yTrustee In r•specttQ eAperrfe& At Olnl.2022 Addttlons duththe Di%pcAals At 31.12.2022 198336 2J9WI 6,791 2.396,778 20.936 20336 At 01.01.2022 Charpfor the 87A63 578IP>8 57i10 66561 168.683 At3L112022 Net BookValu• At.112021 At 31.112022 li Q7YI 1731,217 2021 Marketvthiatknn. 01.OL2022 Addlttons duth8 thèyear Net Galn I (Lossl cm Relu•O( MarketValua¥on- 31.112022 The Investm are marwed ty In¥estetW•alth & InNYlmenl an .30 319,649 161107 14 169.766 Thé htstork c05t afthelthw1N lsU,7(W12021. £23 Prepald FJEpertyes AJnounts due from Tthits Pro510 for Dwbthil Debts Other Sundry Debto Tota SJ93 19AfjO 7302 5. CREDITORS. FAILING DUEwmiY4 ONEYEAR 29m6 23.342 6370 23336 Supplle Arnounts due toTenants Othersundry Credltm 337 47 P4e 17
ST PANCRAS ALMSHOUSES N(IfESTO FINANCIAL SfATEMENrs FOR THEYEAR ENDED 31 DECEMBUI 2022 Balan 01.01.2¢n2 Deficttfor the y Transfers BaLgnce 31.IZ2022 11,6(M)) (147,747) 12 (5,0161 1154.3631 7. HOUSING PROPERTIES Insurance purposs In the wnntth•tary Oft Charftrts propertk5 were to be sold, a ffllty may 3rfs• forthe at least In pa¢ cf81•1ts recelved. The (harltvs w4ernlr <knJment spedfic4liy wohlblts the assets frLvn beln8 used In •ny wmdty oth•rthan for the (tycts ofthe dwrlty. TotsIC•a1crnffl 3t3L12.2trL2 amou trNAl221. The totsl net costs ofthe Ithrnent project ha¥ be capftallsed aThl are Ixln8 d•pred¥trd atthe vthAS rate$sned In the Thw were no ctsttlrwtllabllltles at3LIZ20221202L' 141). There were related partytransxdryts dull they*ended 31 De¢ember 21r2212021: MN 31 December 202212QI: NI used for the publlc benefft In llnewlththe dedared obJecii¥e5 of the thaflty. 14.AUDITORSREMUNERAIION The audws reMei( to awltfe of£82801202L.
5r PANCRAS ALMSHOUSES NOTES TO ANANCIALsfATEMEiirs FOR THE YEAR ENDED 31 DECEMBER 2022 20ZI Net I lexpeftdlturel fortheyear Divktends recel¥ed Interest recefvable Depredation and IMpalmnt of table thd •ssets IGalns)110sses on Investments (Increase) I decrease In detknrs Increase l {decrease) In credlt I463) P4,872) 1418) 168,683 I8587 1161,107) PO51) 13,180) 3) 23,233 274,925 {29,2731 Net cash Ilw from opeRtlr8 a¢tMtte5 147 Totsl funds malntenance fund Flxed assets Cash and current Investmnts Other current assets l (IlabllttSes) Credltors more than one y•r L583h70 767JJ93 (5M41 15184) Totsl 70 679 Unrestrfrtd Rerkted ts*natsd Lwlcal funds funds furn malntenance fund 2021 Totsl 2021 2021 Rxed assets C•$h and curfent Investments Other current assets l (Ilabllltks) Credltors more than one year L731.217 ¥731,217 1,783,314 {15,4891 1,674,568 (fi89) 53,947 Totsl 73 217
FORIHE YEAR ENI)ÉD 31 DECEMBER 21112 2021 nds fvnth INCOME & EN0CV£14TS FROM: Don8Uons & Le8ac*s CharItab 334.488 27J99 791 34V79 othr Intom• EXPENDITURE ON". R•bln8 Funth 114,1361 1170.1721 114.1361 1243,9191 163A061 110,3411 3081 63A06 10.341 258,0551 NEf IEXPENDrnJREII INCOME 179A92 156.6151 L282 110.3411 Net [hx) Iyhuon Imstrn 49SS 334,447 56,615 10.341 274J 1115fy)) 321917 .6151 2741915 RECONCIUATKIN OF FUNDS Totsl funds brotfOl¥rrd L337J32 L781I32 475 5L788 JJ24117 217