ST PANCRAS ALMSHOUSES
FINANCIAL STATEMENTS AND REPORT OF THE TRUSTEE
FOR THE YEAR ENDED 31 DECEMBER 2023
REGISTERED CHARITY NUMBER 214135
RegIste￿d 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 ex￿edIng 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 redU￿oUr 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 enhan￿d 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 pla￿d 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 annOun￿thatthl5yearwe 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 pla￿d 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
sour￿5 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 re￿iVed
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 li￿n￿ 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 Objett￿e5 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 re￿￿￿5
.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 servi￿5 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*
AC￿pted 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
F￿ed 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) I351￿14)
157.810
TOTAL EXPEND￿uRE
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 stateM￿t 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
29￿33
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 con￿rn 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 reSoUr￿S 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 re￿ived.
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 Un￿rtaIntieS 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 Con￿rn.
{g) Debtors and creditors re￿1vable / payable within one year
Debtors and creditors with no stated interest rate and re￿1vable 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
F￿￿lTeS
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.933￿65
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. Anal￿15 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
I￿5,987>
19,336
1168.6831
15,0161
1154,3631
Transfer be￿een 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 fO￿ard
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