ST PANCRAS ALMSHOUSES FINANCIAL STATEMENTS AND REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 DECEMBER 2023 REGISTERED CHARITY NUMBER 214135 RegIsted Offi. Fraser Regnart Court Southampton Road London NW5 4HU
ST PANCRAS ALMSHOUSES FINANCIAL STATEMENTS AND REPORT CONTENTS PAGE NUMBER TRUSTEE REPORT CHAIR'S REPORT TREASURER'S REPORT REPORT OF THE TRUSTEES FOR THE YEAR AUDIT REPORT 8-10 STATEMENT OF FINANCIAL AcnviTIES li BALANCE SHEET 12 CASH FLOW STATEMENT 13 srATEMENT OF ACCOUNTING POLICIES 14-16 NOTES TO THE FINANCIAL STATEMENTS 17-21
ST PANCRAS ALMSHOUSES ANNUAL REPORT OF THE TRUSTEE - STRUCTURE AND GOVERNANCE YEAR ENDED 31 DECEMBER 2023 St Pancras Almshouses is a charitable trust which is governed byascheme of the Charity Commission dated 13 April 1971. as amendedfromtimetotime (the Scheme).Itisa charity registered in England and Wale5 (registration no: 214135}. underthe Charities Act 201L The objects of the St Pancras Almshouses. as set out in the Stheme are as follows- (al The provision of housing accommodation for persons who are aged 60 and over when admttted; have a housing need- are abletodemonstrateastrongconnection with the London Borough of Carnden. and are capable of living independently. Ib) Othersuch charitable purposesforthe benefftofthosebeneficiarie5 of StPancrasAlmshouses who live in the almshouses. TH E TRUSTEE AND THE BOARD OF DIREcfoRS The sole Trustee (the Trustee) of St Pancras Almshouses is St Pancras Housing Limsted, a company limited by guarantee (registration no: 7485571). whose registered office is at Fraser Cou¢ Southampton Road, London NW54HU. Itwasappointedassole trustee, in place of the formertrustees by a resolution of the trustees passed on 14th March 2011. The Trustee is governed by its Articles of Association. The Members of the board of direttors of the Trustee during the year were as follows: Msj. Fra5er- Chair, Ms B. Thorndick, O.B.E. - Vi-chaIr, MrA. Rouse (Deceased 28 January 2023), Mrj. Malpass, F.C.A,-Treasurer, Dr M. Piper, O.B.E.- Secretary, Mr P. Horne, Ms N. Segre, Ms H. Rosemin, Ms A. Kemp, Directors are appointed for a term not exedIng fouryears with a maximum of three terms. The Directors of the trustee company are referred to as Yrustees,. MANAGEMENT: Mrs P. King. BANKERS: The Royal Bank of Scotland, Waterside Court. Chatham Maritime, Chatham, Kent ME4 4RT. AUDITORS: NA Associates LLP, Chartered Certrfied Accountants. Woodgate Studios, 2- 8 Games Road, Cockfosters, Bamet, Herts EN4 9HN. SOUCITORS: Devonshires Solicitor5, 30 Finsbury Circus. London EC2M Page 2
ST PANCRAS ALMSHOUSES CHAIR'S REPORT- ANNUAL REPORT OFTHE TRUSTEE YEAR ENDED 31 DECEMBER 2023 In November2023, Camden CoUncilfinal approvedourplansto modernisethe common areas ofthe Alm5houses.This includesthe installation of solar panelsand heat pumps andthe design of a revised System of heating and insulation of the residents. accommodation and the main assembly haS1. Followingthe doublingof the price of electricity. thi5 is a crucial investmentto redUoUr long-term overheads and the charges to our residents. This is an exciting project. It aims to radically improve the assembly hall and provide a comfortabte, warm, and hospitable area forourresidentswith a new laundryand kitchen, and enhand acce55to the internet. In addttion. the investment in 501ar panels, heat pumps and insolation in the accommodation areas should considerably enhan the comfortof our residents and result in substsntial reduction in the costs of elertricity. The Council plad tight restrictions on the pennitted noise level of the heat pumps; Trustees have decided to appeal this decision. The construttion work will be phased overseveral years to limitthe disturbance to residents. l am pleased to annOunthatthl5yearwe recordedan overallnetgain of £122,352 on ourinvestment portfolio compared to a net loss in the previous year of £185,987. The outlook in the current year remains fragile with the continuation of the war both in the Ukraine and the Middle East likely to impact the overall performan. The effective doubling of the tarrff of electricity has had a major impact on the cost structure of the Charity. We have limited the increase in the corresponding chargesforelectricity to residents, so that the Charity is absorbing from its Reserves £35,839 per annum of these costs or £919 per flat. This situation is likelyto continuefor some time as we seekto limit the impact of the current high level of inflation. Increases in the Weekly maintenan Charges have been limited to an average of 7.0 % in line with the Governmenvs increases in the State Benefits and Pensions. I would like to thank the two members of ourdedicated staff forall the hard work overthe year in support of all our residents. and for superlising the programme of maintenance work so that disturbance to residents has been keptto the minimum. Jill Fraser Chair Dated: Page 3
ST PANCRAS ALMSHOUSES TREASURER'S REPORT-ANNUAL REPORT OF THE TRUSTEE YEAR ENDED 31 DECEMBER 2023 The Operating Profitfortheyearamountedto£256 821 {2022: Loss£154,363) and induded dividends and interest received of £43.Ta3 {2022: £35,290). Expenditure on General Repairs was £36,342 comparedto £24,174 in the previousyear. These costsincluded the decoration and remedial repai to several f lats at a c05t of £17,955 and £7,080 forthe replacement of some heaters. The level of voids was within the target of 3% and resulted in an overall increase in operdting revenue of 5.5Yo compared tothe prioryear. However, itwas necessarytoincrease the Provision forBad Debts by a further £9.000, reflecting the financial diFficulties of rtain resident5 in this period of high inflation. There was a net gain on our investment portfolios of £121352 (2022: Loss £185,987). Thi5 substantia improvementtogetherwith the increase in the dividendand interest receiptshas largely compensated for the investment1055es sustained in 2021 An additional £171,436 was invested duringtheyear, of which £144,000 was plad on deposit. While the situation remains fragile, our policy of maintaining a diverse portfolio of investments limits the negative impact of any adverse conditions. Following the negotiation of a new contract for the supply of electricty in March 2022, the costs for Light & Heat this year of £95,322 reflect a full year at the new increased rates. This was in line with the budgeted total for the year and reflects the 95% increase in the tariff. Trustee5 restritted the increase in the charges to the residentsto 15.1% in 2023 with a furtherincrease in 2024 of 9%, with the shortfall in the recovery beingsupported by the Charity from its Reserves.A majorreviewof the whole i55ue as to how we reduce these costs in the long term has been initiated as part of the Development Project. The Projectwhich has now received planning approval from Camden Council will give priortyto improvingthe insulation ofthe residents'accommodation and installingalternatwe sour5 of electricity. Trustees have decided to create a Cyclical Repair Fund to coverfuture expenditure on re-paintingthe 5t exterior of the building and other periodic repairs; the balance at 31 December 2023 amounted to £71,867. In addition, the Trustees have set up a Designated Fund of £55,149 in respect to the sum reiVed fromthe John O'Neillegacy,which is intendedto be usedto refurbishthe Residents, Hall.The GeneTrl Reserve Fund amounted to £1946,718 at the year-end (2022: £1.644,979). John Malpass Treasurer Dated: q Trl J Page 4
ST PANCRAS ALMSHOUSES ANNUAL REPORT OFTHE TRUSTEE YEAR ENDED 31 DECEMBER 2023 PRINCIPALAcllviTIES St Pancras Almshouses (SPA) is a registered charity. Its principal activities comprise the provision of low-costaccommodation forolderresidentsof the London Boroughof Camden, whoare in reasonab good health. The Residents are granted a lin to occupy their flats so long as they are able and comply wlth the conditions of residen. They are charged a weekly amountto cover the costs of providing and maintaining the facilities induding the costs of management and staff. CONSTITUTION AND MANAGEMEHr SPA was founded in 1850 and is a charity registered with the Charity Commlssion and an almshou registered wlth the Almshouse Association. OBJECTIVES SPA'S Objette5 are: . To maintsin the fabrlc of the bulldings in a stste of constsnt good repalr; To asslst the welfare of all our residents in cases of need arlslngthrough ill health or emergencles; To ensure the long-term f Inandal stabllity of the Charty; To ensure that the Charity complieswith its legal, fiscal and flnandal obligatlons and requirements; To ensure that SPA conforms at all times to Internal and external health and safety regulations. RESERVES POUCY The General Reserve Fundof £L946,718 (2022: £1,644,979) representsthe unrestricted free re5 .of the Charity arising from past operatingresults. £l,S27,766 (2022: £1,583,470) has been transfeThed to a Fixed AssetFund and representsamountsnotavailable forother purposes. In addition, £71,867 {2022: £66,447) has been transferred to the Cydical Reserve Fund to coverthe future costs of cyclical malntenance andthe re-paintingtheexteriorofthebuildings. Itlsconsidered notnecessaryatpresent to maintain an Extraordlnary ReseNe Fund.Thesumof £55,14912022: £49,783) ha5 beentransfenEd to a Designated Fund to coverantlclpated expenditure on refurbishingthe residents, communalhalL The adequaLy of the funds Is kept constantly under revlew. RISK MANAGEMENT All insurable risks are covered by theannual insurance policy. The Trustees have decided notto take additional Insuran to cover the risk from terrorist attack. The Trustees ensure that regular surveys are made of the fabrlc of the building and detailed work plans are drawn up to maintain them to a high standard. The investment portfolio Is managed by Investec Wealth & Investment and performance is measured againsta benchmark. valuations are subjectto Stock Exchange fluctuations. TheTrustees ensurethatthe levelof residentialvoids is kepttoa minimum throughthe maintenan of a waiting list of potential new residents. FUND-RAISING No fund-raising Is carrled out. Page 5
ST PANCRAS ALMSHOUSES. ANNUAL REPORT OF THE TRUSTEE YEAR ENDED 31 DECEMBER 2023 PUBUC BENEFIT STATEMENT The Trustees continue to ensure that the assets of the Charity are exclusively used for the public benefit in line with the declared objectives of the Charity. APPOINTMENT OF TRusfEES New trustees are chosen and appointed to ensurethatthe Board of Trustees hasthe required levelof expertise to continue to provide the servi5 in line with the Charity's objectives. FUTURE PLANS The Trustees. in conjunction with a firni of arthitects. have begun to develop plans to convert the current guest room and adjacent laundry into a residential flat and. secondly. to re-design the residents sitting room and assembly room to ensure better use 15 made of these facilitie5. In addition, as a result of the huge increase in the pri of energy, plans are being developed to insulate the residentialflatsandto install a combination of solarpanels and heatpumpsto redu the overall cost of elettricity. A fomial planningapplication has been submitted to the London Borou of Camden and is underconsiderdtion. STATEMENT OF TRUSTEE'S RESPONSIBILrriES The Trustees are responsible for preparing the Trustees. Report and the Financial Statements in accordance with applicable law and United Kingdom Accountingstandards {United KingdomGener* ACpted Accounting Practice)- .The law applicable to charities in England and Wales requires the trustees to prepare financial statements foreach financial yearwhich give a true and fairview of the state of affairs of the Charty and of the incoming resources and application of resources of the Charity for that period. STATEMENT OF TRUSTEE'S RESPONSIBIUTIES (continues) In preparing these financial statements, the Trustees are required to: _ Select suitable accounting policies and then apply them consistently; Observe the methods and prlnciples in the Charities SORP (FRS 102). Make judgements and estimates that are reasonable and prudent. State whether applicable accounting standards have been followed, subject to any materBI departures disclosed and explained in the financial statements- Prepare the financial statements onthe going basis unless tt 15 inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping proper accounting records that disd05e with reasonab accuracy at anytimethe financial positionof thecharityand enablethemtoensurethatthefinancial statements comply with the Charities Act 2011. the Charities {Account5 and Reports) Regulations 20tB and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Charity and hen for tsking reasonable steps for the prevention and detection of fraud and other irregularities. Page 6
ST PANCRAS ALMSHOUSES ANNUAL REPORT OF THE TRUSTEE YEAR ENDED 31 DECEMBER 2023 AIIDITORS A resolution was approved by Trustees at their meeting on 2* February 2024 to appoint the firm of NA Associates LLP to audit the accounts of the Charty forthe year ended 315t December 2023. Approved by the Trustees and signed on their behalf by.". - Jill Fraser Chair Date: Page 7
ST PANCRAS ALMSHOUSES INDEPENDENT AUDITORS REPORT TO THE TRUSTEES OF ST PANCRAS ALMSHOUSES Opinion We have audlted the financial statements of St Pancras Almshouses {the 'charitf I for the year ended 31 December 2023 which comprise the Trustee Report, Statement of Financial Activities, Balance Sheet, Cash Flow Statement and notes to the financial statements, including significant accounting policie5. The financial reporting framework that ha5 been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Stondard applicable in the UK and Republic of Ireland IU nited Kingdom Generally Accepted Accounting Practice). In ouropinion the financial statements: give a true and fair view of the state of the charity's affairs as at 31 December 2023, and of its incoming resources and application of resources, including its income and expenditure, for the yearthen ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Charities Act 2011. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditlng IUKI IISAS (UK)) and appllcable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the flnancial statements section of our report. We are independent of the charity in accordance with the ethical requlrements that are relevant to our audit of the f inancial statements in the UK, including the FRC'5 Ethical Standard, and we have fu5filled 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. Concluslon8 relatlng to golng concem In auditing the financial statements, we have concluded that the trustees, use of the going concern basls of accounting in the preparation of the financial statements Is appropriate. Based on the work we have performed, we have not Identified any material uncertalntles relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's abllity to continue as a going concern for a perlod of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilitles of the trustees with respect to going concern are described in the relevant sections of this report. Other infomiation The other information comprise5 the information included in the trustees, annual report, other than the financial statements and our auditorfs report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and 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. Page 8
ST PANCRAS ALMSHOUSES INDEPENDENT AUDITORS REPORT TO THE TRUSTEES OF ST PANCRAS ALMSHOUSES (cont.) Mattern on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion: the information given in the trustees, report is inconsistent in any material respect with the financial staternent5; or sufficient accounting records have not been kept; or the financial statements are not in agreement with the accounting records; or we have not received all the infomiation and explanations we require for our audit. Responsibilities of trustoes As explained more fully in the trustees, responsibilities statement, the trustees 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 trustee5 determine 15 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 a55es5ing the charity's a bility to continue as a going concern, disclosin& as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity orto cease operations, or have no realistic alternative but to do so. Audltr)r responsibilities for the audit of tho financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. 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 auditorfs report that includes our opinian. Reasonable a55urance 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 irregularitie5, including fraud. The extent to which our procedures are capable of detecting irregularities, includ ing fraud is detai5ed below: Discussions Wlth management, including consideration of known or suspected instances of non- compliance with laws and regulations and fraud- Identifying and testing significant manualjournal entries and reviewing assumptions and judgements made by management in making significant accounting estimates. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregulartiies, 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 15 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 d ue to fra ud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. Page 9
ST PANCRAS ALMSHOUSES INDEPENDENT AUDITORS REPORT TO THE TRUSTEES OF sr PANCRAS ALMSHOUSES (cont.) As part of an audit in accordance with ISAS {UKI, we exercise professional judgment and maintain professional scepticism throughout the audit. We also: Identify and a5se55 the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that 15 sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than forone resulting from error, a5 fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the charitvs internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees, use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events orconditions that may castsignificant doubt on the chariws ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditorfs report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date Df our auditorfs report. However, future events or conditions may cause the charity to cease to continue as a.going concern. Eva luate the overall presentation, structure and content of the financial statements, includ ing the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation lie. gives a true and fair view). We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report This report is made solely to the charitls trustees, as a body, in a,ccordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditorfs 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 charity and the charitws trustees as a body, for our audit work, for this report, or for the opinions we have formed. NA A550ciates LLP Chartered Certified Accountants Statutory Auditor Woodgate Studios 2-8 Games Road Hertfordshire EN4 9HN NA Associates LLP is eligible to act as an auditor in terms of sertion 1212 of the Companies Act 2006. Page 10
sr PANCIIAS ALMSHOUSES STATEMEKf OF FINANCIAL AcfiviTIE5 FOR THE YEAR ENDED 315r DECEMBEFI 2023 IrÈstated) 2023 Total Note Unrestricted Designated tiesi8nated Cy¢51cal Fed Asset Refurbishment maintenance funds funds funds Total nds funds fun(Is INCOME & ENDOWMENT5 FROM. Donation5 & Lpgacie5 Charitsble Activitie5 Investments Other IncoTne 379.985 4L967 L443 579.985 43.283 IA43 360,694 35.290 705 1.316 TOTAL INCOME & ENDOWMENTS 425.395 L316 424.711 396.889 EXPENDtruRE ON.. RaisinB Funds Charitsbje Attlvltles 114,5911 1210,761) 0 114,591) 113,7511 17,0801 1275.651) I35114) 157.810 TOTAL EXPENDuRE 17 1225.3521 157.810 17,0801 1290.242} 1365,2651 IEXPENDITUREI I INCOME 198.043 157,8101 1.316 17,D801 134.469 31.624 Net Ilossesl Igains on Investment 11&302 4.050 122352 1185,9871 316,345 157,8101 5,366 17,0801 251821 1154,3631 Transfer between funds 114,6061 12,500 NEfMOVEMENT IN FUNDS 30L739 155.7041 5.366 5.420 256A21 1154,3631 RECONaLIATION OF FUNDS: Total funds brought forward 1,644,979 1,583,470 49,783 66,447 3,344,679 3A99,042 Total funds carrled forward 1,946,718 1.527.766 55,149 71,867 3,60LS00 3,344,679 All Income and expendlture derlvefrom contlnulnBactlvltJe The stateMt of financial a¢tivitres includes all gains and It)tses ocognised during the year. The comparative SOFA forthe year ended 31 December 2022 is shown in note 19. The notes on pages 17 to 21 form part of thesefinancial statemwrt& Page li
ST PANCRAS ALMSHOUSES BALANCE SHEEr AS AT 31ST DECEMBER 2023 (restated) 2022 2023 Note FIXED ASSErs Tangible assets Refurbishment C05t- gross Refurbishment costs- depreciation Development Project- Work-in-Progres5 2.191,651 1693.7181 2933 2,191,651 1635,9081 27,727 Investments and Cash Deposit5 1060.881 3.588.647 1,767.093 3.350,563 aiRRENT ASSETS Debtors Cash at 8ankand in Hand 13,673 37.826 51,499 16,753 16,755 33,508 CREDITORS Sundry Creditor5 CURRENT ASSETS I {UABIUTIES) 138,646) 12.853 139.392} 15,8841 TOTALASSETS LESS CURRENT LIABILITIES 3,601,500 3,344,679 CREDITORS: Amounts falling due after more than one year Loan Creditor NET ASSETS 3,601,500 3,344,679 RESERVES Designated Fund- Flxed Asset Fund Designated Fund- Refurbishment Designated Fund - Cyclical Maintenance Fund Unrestricted Fund5 18 1,527,766 55.149 71.867 1.946.718 1,583,470 49,783 66,447 1,644,979 TOTAL RESERVES 16 3,601,500 3.344,679 The financial statements were approved and authorised for tssue by the trustees on and signed on thelr behalf by: J Malpass Treasurer J Fraser Chair The notes on page5 14to 21 form part of these financial ststement Page 12
ST PANCRAS ALMSHOUSES CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST DECEMBER 2023 2023 2022 Note Net cashflow from Operating Activities Is 151330 147,943 Cash flow from investing activities Payment5 to acquire fixed assets Payments to acquire investments Interest received Dividends received (2.106) (171.436) 5.992 37.291 {20,9361 1169,766) 418 34,872 Net cash flow from investing activities (130,259) (155,4121 Net cash flow from flnanclng actlvltSes Net increasel (decrease) In cash and cash equivalents 21,071 17,469) Cash and cash equlvalents at the 1st January 2023 16,755 24,224 Cash and cash equivalents at 3tst December 2023 37.826 16,755 Cash and cash equlvalents conslst of: Cashat bank and in hand 37,826 16,755 The notes on pages 14 to 21 form part of these financial ststements. Page 13
ST PANCRAS ALMSHOUSES STATEMENT OF ACCOUNTING POLICIES YEAR ENDED 31 DECEMBER 2023 Summary of significant accounting poliaes (a) General infonnation and basis of Preparation St Pancras Almshouses isa charity registeredin England. The address of the registered office s gsven in the charity infomiation on page 2 of these financial statements. The nature of tFE chariws operations and principal activities are the provision of low-cost accommodation for older residents of the London Borough of Camden. who are in reasonably good health. The charity constttutes a public benefit entty as deftned by FRS 102. The financial statements have been prepared in accordan with Accounting and Reporting by Chartties: Statement of Recommended practi applicable to charities preparingtheir accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in Ortober 2019, the Financial Reportingstandardapplicable inthe UnitedKingdom and Republicof Ireknd (FRS 102), the Charities Act 201L and UK Generally Accepted Accounting Practi. The financial statements are prepared on a going conrn basis under the historical cost convention, modified to include rtain items at fair value. The financial statements a preparedforthe individualsetonlyand are presentedinsterlingwhich isthefunctionalcurrerLy of the charity and rounded to the nearest £1. The significant accounting policies applied in the preparation of these financial statements are set out below. These policles have been consistently applied to all years presented unless otherwise stated. (b) Funds Unrestricted funds are available for use at the discretion of the trustees in furtheran of the general objettives of the charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the note5 to the financial statements. The Cyclical maintenan Fund in anotherdesignatedfundand comprisesof fundssetaside at the discretion of the trustees to meet periodic long-term maintenance of the fabric of the Almshouses. Page 14
ST PANCRAS ALMSHOUSES STATEMENT OF ACCOUNTING POLICIES (cont.) YEAR ENDED 31 DECEMBER 2023 (c) Income recognition All incoming reSoUrS are included in the Statement of Financial Activitie5 (SOFA) when the charity 15 legally entitled to the income after any performance conditions have been met the amount can be measured reliably. and it is probable that the income will be reived. For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance befcKe entitlement can be obtained, then income is deferred until those conditions are fully metorthe fulfilmentof thosecondttions is within the control of the charty and it is probable that they will be fulfilled. (d) Expenditure recognition ' All expenditureisaccountedforon anaccruals basisand hasbeenclassrfied underheading5that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make paymentstothird parties, It is probable thatthe settlementwil be required. andthe amountofthe obligation can be measured reliab. Itis categorised under the following headings: Expenditure on charitable artNities includes expenditure on residential accommodation, charttable support and administration; and Other expenditure represents those items not falling into the categories above. (e) Tangible fixed assets Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impaimient losses. Cost includes costs directy attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets in accordan with the component accounting regulations. at rates calculated to wrtte off the cost, less estimated residual value. of each asset on a 5y5tematic basis over its expected useful life as f ollows: Roof cover and structure Main fabric Kitchens Bathrooms Windows Mechanical systems Electrics 70 years 100 years 20 years 30 years 30 years 30 years 40 years Development costs aTe not depreciated as they are not yet in use. Page 15
ST PANCRAS ALMSHOUSES STATEMENT OF ACCOUNTING POLICIES (cont.) YEAR ENDED 31 DECEMBER 2023 The original cost of the Almshouses acquired back in the 1851Ys has been fulty written off in previousyears.The Almshouse5are notrevalued astheyare not heldfor investmentpurpose& (f) Going concern The financial statements have been prepared on a going concern basis as the trustees believe that no materEal UnrtaIntieS exist. The tTUStees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going Conrn. {g) Debtors and creditors re1vable / payable within one year Debtors and creditors with no stated interest rate and re1vable or payable within one yeara recorded attransaction pri. Any losses arisingfrom impairmentare recognised in expenditure. (h) Investments Investments are recognised initially at fair value which is nornially the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in 'netgalns / (losses) on Investmen inthe SoFAif the sharesare publicly traded or theirfairvalue can otherwise be measured reliably. Page 16
ST PANCIIAS ALMSHOUSES NOTES TO FINANCIAL sfATEMENTS KJR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 I. STAFF COSTS Gross Salaries Pension Contributions Etnployer's National In5ufdnce Contributions Totsl Number of Employees- Management No amount Wds paid to any Trustee in respettto expenses. 37.215 1,353 2,090 40.658 33,883 770 1.933 36,586 2. TANGIBLE FIXED ASSETS Development Project FlTeS Refijrbish. Totsl Gr05S Cost or valuation At 01.01. 2023 Additions during the year DisPOsa15 At 31.12.2023 198.336 2.191.651 27,727 2,417,714 2.106 2.106 1198,3361 29,833 2.221A84 1198,3361 2,191,651 Depreclatlon At 01.01. 2023 Charge for the year Disp05als At 31.12.2023 198,336 635,908 57,810 834,244 57.810 1198,3361 693,718 198.336} 693,718 Net Book Value At 31.12.2022 At 31.12.2023 1,555,743 1,497.933 27,727 1,583,470 29,833 1,527,766 2023 2022 3. INVESTMENTS Market Valuation- 01.01.2023 1,767,093 1,783,314 Additions during the year 171,436 169,766 Net Gain / (Lossl on Revaluation 122,352 1185,987 Market Valuatlon - 31.12.2023 2,060,881 1,767.093 The Chartty's Investments are managed by Investec Wealth & Investment, and CCLq. Perfomiance is measured against an independently estsblished benchmark. The historic cost of the investments Is £1,891,21212022- £1.708.5201. 4. DEBTORS Prepaid Expenses Amounts duefrom Tenants Provision for Doubtful Debts Othersundry Debtors Total 7,727 22.946 117.0001 5,193 19,560 18,0001 13,673 16,753 5. CREDITORS- FALLING DUE WITHIN ONE YEAR AccrLJed Expenses Suppliers Amounts due to Tenants Other Sundry Credrtors Total 31.292 3,961 2.990 403 38,646 29.076 6.370 3.296 650 39,392 Page 17
ST PANCRAS ALMSHOUSES NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 6. RESERVES Cydical Mainteft. Fund Fixed Designated Fund General Funds Total Funds Fund Balance 01.01.2023 5urplu5 for the year Transfers Balance 31.12.2023 66,447 1.583,470 (7,0801 2,106 12,500 157,8101 71,867 1.527.766 49.783 1,316 4.050 55,149 1,644,979 3,344,679 260,479 256.821 41,260 1,946,718 3.601.500 7. HOUSSNG PROPERTIES The Trustees believe thatthe value of the housing properties is substantially in excess of the current book values. based on re-instatement values for insurance purpose5. In the event that any of the Charity's properties were to be sold. a liabilÉty may arise for the repayment. at least in part, of grants received. The Charity's governing document spectrically prohibits the asset5 from belng used in any capacity other than for the objects of the charity- 8. CAPITAL COMMITMENTS Total Capital Commitments at 31.12.2023 amounted to Nil12022." Nil). The total net Costs of the re-furblshment projett have been capitali5ed and are being depreciated at the various rate5 specified In the Component accounting regulations which came into effect from 2012. 9. POST BALAhlCE SHEEf EVENTS There were no post balance sheet events. 10. CONTINGENT UABILtnES There were no contingent Ilabllbtles at 31.12.202312022: Nill. 11. RELATED PARTY TRANSAcfioNS There were no related party transaction5 during the year ended 315t December 202312022: Nil). 12. TRUSTEE REMUNERATION & EXPENSES No trustee received any remuneratlon or expenses during the year ended 3tst December 202312022". Nill. 13. PUBLIC BENEFIT POSITION The Trustees continue to ensure that the assets of the charity are exclusively used forthe public benefft in line with the declared objectives of the Charity. 14. AUDITOR'S REIVIUNERATION The audttor's remuneration amounts to an audttfee of E8,60012022- £8.280I. Page 18
ST PANCRAS ALMSHOUSES NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 15. Reconciliation of net income l {expendlture) to net cash flow from operating actlvitles 2023 2022 Net income / lexpenditurel forthe year Dividends received Interest receivable Depreciation and impairment of tangible fixed assets (Gain51 / losses on investments {Increasel / decrease in debtor5 Increase / (decrease) in creditors 256,821 137,291) (5.992) 57.810 (122,352) 1154.363) {34,872) (418) 168.683 185,987 (9,451) (7,623> 1746) Net cash flow from operating artivltle5 151.330 147.943 16. Analysls of net assets between funds Unrestricted Designated Deslgnated funds Fixed Asset Refurbishment funds funds 2023 2023 Cyclical maintenance fund 2023 Total 2023 2023 rixed assets Cash and current Investments Other current assets / Illabilities) Creditors more than one year 1,527.766 1,527,766 2,060,881 12.853 I.93365 11853 55.149 71,867 Total ¥946,718 1,527.766 55,149 71,867 3,601,500 (Restated) Total Unrestrlcted Designated Designated funds Fixed Asset Refurbishment funds funds 2022 2022 Cyclical maintenan fund 2022 2022 2022 Fixed assets Cash and current investments Other current assets I (liabilities) Creditors more than one year 1.583,470 1,583,470 1,767.093 (5,884) 1,650,863 15.884} 49,783 66,447 Total 1,644,979 1.583.470 49,783 66.447 3,344,679 Page 19
ST PANCRAS ALM5HOU5E5 NOTES TO FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 17. Anal15 of expendlture on charitable actlvltles 2022 Expendlture on resldentlal accomrnodatlon Building rÈpalr5 and malntenance Depreciation of buildings & flxtures and flttings Heat and Sight Water Other buildlng costs 36,342 57.810 95.232 8.796 .591 24,174 168,683 83,148 6,909 13,528 Totsl 213.771 296,442 Expendlture oft ch•rItab support and admlThlstratl¢ Staff 5Blarles, natlonal insurdnce and penslon contrlbutlons Accountlng and audlt costs Communltyalarrn system Fund ralslnB- Investment managements charges Offlce expenses and sundry ¥dmlnlstratlon Costs 40.658 9,810 7,220 14.591 4,192 36.586 9,700 4,232 13,751 4,554 Totsl 76,471 68,823 Total expendltur• on charltable irtl¥ltl•s 290,242 365,265 18. Prfor perlod adjustment In the prlor'years, a rEstrlcted fund was shown In the accounts In respettof flxed asset expEndlture. However as the expendlture had already occurred In earller year5. &nd there are no further restrictlons over the use of the assets. there w85 no remalnlng restrittlon over the fund. A deslBnatsd fixed a55et fund for the same amount that was shown as the restrlcted fund has replaced 1¢ to show the amount of resenjes which are deslgnated to flxed asset expendlture. The restrlcted fund has therefore been reststed as 8 flxed asset fund In these accounts. The prlor perlod adjustment has had no effert on the proflt andloss In the SOFA or the net assets In the Balance Sheet. Reconclllatlon.. Unrestrlcted Restrlrted funds funds Deslgnated De$lgnated Cycllcal Flxed Asset Refurblshmeinalntenance funds funds fund Total Reserves as origlnally stated at l January 2023 1,644,979 1,583.470 49.783 66,447 3.344,679 Pr¢or perlod adlustmert {1.583.470) 1,583,470 Reserves as restated at l January 2023 1,644,979 1,583A70 49,783 66.447 3,344,679 Page 20
ST PANCRAS ALMSHOLISES STATEMENT OF FINANCIAL AcfiviTIES FOR THE YEAR ENDED 31ST DECEMBER 2023 19. Statementolllnan¢lo1 a¢tl¥ltles {comparatl¥el FOR THE YEAR ENDED 31ST DECEMBER 2022 Ireststedl 2022 Designated Flxed Asset nds 2022 UnrEstricted 2022 Designated Refurbishment fund5 2022 Cyclical maintenance funds 2022 Total funds fvnd5 INCOME & ENDOWMENTS FROM: Donatlons & Legacies Charitable Activlties Investments Other Income 200 360.694 33.969 X)5 360.694 35,290 1.321 TOTALINCOME & ENDOWMEKrs 395.568 1,321 396m9 EXPENDITVREON: Raising Funds Charitsblp Artlvltles 113.7511 1182,8311 {13.751) 1351,5141 1168,6831 TOTAL EXPENDITURE 1196,5821 1168.6831 (365,2651 NET IEXPENDITUREI I INCOME 198.986 1168,6831 L321 5&624 Net Ilossesl /Eains on investment 1179,6501 16,3371 I5,987> 19,336 1168.6831 15,0161 1154,3631 Transfer beeen funds 133,4361 20236 12.500 NETMOVEMENTIN FUNDS 114, JOOI 1147.7471 15,0161 12,SOO 1154,363) RECONCIUATION OF FUNDS Total funds brtsught forward 1,659.079 L731,217 54799 53,947 3A99,042 Totsl fund5 carried fOard L644.979 1.583A70 49.783 66,447 3,344,679 All income and expenditure derlve from continuing activlties The Statement of ftnancial actNities includes all galns and losses recognised durlngthe year Pdge 21