ST PANCRAS ALMSHOUSES FINANCIAL STATEMENTS AND REpoKf OF THE TRUSTEE FOR THE YEAR ENDED 31 DECEMBER 2024 REGISTERED CHARITY NUMBER 214135 Registered Office: Fraser Regnart Court Southampton Road London NW5 4HU
ST PANCRAS ALMSHOUSES FINANCIAL STATEMEKfs AND REPORT CONTENTS PAGE NUMBER TRUSTEE REPORT CHAIR'S REPORT TREASURER'S REPORT REPORT OF THETRUSTEES FOR THE YEAR AUDIT REPORT 8-10 STATEMENT OF FINANCIAL AcTIVlEs 11 BALANCE SHEET 12 CASH FLOW STATEMENT 13 STATEMENT O F ACCOUNTING POLICIES 14-16 NOTES TO THE FINANCIAL STATEMENTS 17-21
ST PANCRAS ALMSHOUSES ANNUAL REPORT OFTHE TRusfEE-StRUCTURE AND GOVERNANCE YEAR ENDED 31 DECEMBER 2024 St Pancras Almshouses is a ch3ritabl@ twst whlth Is governed by a scheme of the Charity Commlssion th dated 13 April 1971, as amended from time to time (the Scheme). It is a charity registered in England and Wa5es {reglstratlon no: 114135). under the Charitles Act 2011. The objects of the St Pancrds Almshouse5. as set out in the Scheme are as follows: (a) The provision of housing accommodation for persons who are aged 60 and over when admltted; have a housing need; are able to demonstrats a strong connection with the London Borough of Camden," and are capable of living independently. {b) Other 5Uth charltable purposes forthe benefil of those beneficia ries of 5t Pa ncras Almshouses who live in the almshouses. THE TRU5fEE AND TAE BOARD OF DIREcfoRS The sole Trustee (the Trustee) of St Pancras Almshouses is St Pancras Housing Llmlted, a company limtted by guarantee {reglstratlon no: 7485571), whose registered office 15 at Fraser Court, Southampton Road, London NW5 4HU. It was appointed as 501e trusiee, in place of the former trustees by a resolution of the trustees passed on 14 March 2011. The Trustee is govemed by its Articles of Association. The Members of the board of directors of the Trustee during the year were as follows: _ Ms J. Fraser- Chair, Ms B. Thomdlck. O.B.E.- Wictrchair, Mr J. Malpass, F.C.A, - TreBsurer, Dr M. Piper, O.B.E.-5ecretary. Mr P. Horne, Ms N. Segre, M5 H. Rosemin, MSA. Kemp, Mr J. Carter- Appointed 18th December 2024. Direciors are appointed for a term not exceeding four years with a Maximum of three terms. The Directors of the trustee company are refeed to as Yrustees,. MANAGEMENT: Mrs P. King. BANKERS: Thè Royal Bank of Scotland, Waterside Court Chatham Marltlme, Chatham, Kent ME4 4RT. AUDITOR5: NA Assoclates LLP, Chartered Certified Accountant5, Woodgate 5tudlos, 2- 8 Games Road, Cockfosters, Barnet, Herts EN4 9HN. SOLiaTORS: Devonshires Solicitor5, 30 Finsbury Circus. London EC2M Page 2
ST P4liCRAS ALMSHIXJSES
Ci4Alki REPORT: ANNUAL REPORT OF THETRU5fEE
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.ST PANCRAS ALMSHOUSES TREASURER'5 REPORT-_ ANNUAL REPORT OFTHE TRUSTEE YEAR ENDED.31 DECEMBER 2024 The Operating Profitforthe year amounted to £294,344 (2023: £256,821) and included dividends and interest received of £52,356 t2023" £43,283). Expenditure on Géneral Ropairs was £45,2 compared to £36,342 In the previous year. It included £14,950 on the comp.lete refvrbishrrient of a dcuble flat that had not been included in the major refu-rbishrriént. project in 2012. -Èxpenses also- Included decoration and remedial repairs to several flats at a cost Df £10,500 and £6,-600:for the replacement of some heatets. Work began on internal insulation in the flats-beliind th'e'r3.'diators.' Thè level of vaids wa5 well within the target of 3% and resulted in an overall increase in Dperating revenue of 9.4 Yg compared to the prior year. However, it was nesSary to increase thé'.Provi5ion for Bad Debts by a further£6,500, reflecting the financial difficulties of certain-resideT!ts.in this continued penod of high inflaticin. T'here was a net galn on our irivestment'portfDlios of £143,59012023-: £122,352): This substantial sain. togetherwith the increage in the divldend 2nd interest receipts represents a major contribution to our Development P'roject. An additional £160,35g was invested during the year, resulting in an increase in our portfolio of 14.7%.While the situation remains fragile, our polic¥of maintaining a diverse porrfolio of investments limits the negative impact of any adverse conditions. . Foilowingthe negotiation of a three-yeafcontr3Ct'forthe stspply of elettricify in March 2022, the costs for Light & Heatfor the year at E95,429 rep'resent the fillal full yearat the contractual tariff. We have negotiated a new long-.term contrac.t to start in March 202.5 which should r.esult in.a reduction to the annual CD5t of some 14%. A major réview of the'whole issue as to hovi we réiluce these costs in the long term has been initiaied a5 part of tne Oevelopment Projett. Tho Projett whiLI has now received planning approval from Camden Council will give prlority to improving the insulation of the residents, accomtn.Dd8tion and installing alternatrve sources of electriclty. Trusteès have decided to. create a C-ycllcal Repajr Fund to cover future expendttur2 on re-p.alnting the exterior.of the building and other periodic repairs,. the balance. on 31°. December 2024 amounted to £62,817. In addition,:the Trustee5 have set.up a De5ign6ted Fund of £57,576 in respect to the suin received from the john O'Neil lega.cy, whlch is intended to be used to refurbish the Residents. Hall. The Generdl Réserve Fund amounted to È2,299,02.1 at the year*nd'l2'023.. £1,946:7181, John Malpass T.reasurer Page 4
ST PANCRAS ALMSHOUSE5 ANNUAL REPORTOFTHE TRUSTEE YEAR ENDED 31 DECFMBER 2024 PRINCIPAL AcfiviTIES St Pancra5 Almshouses (SPA) is a registered charity. its principal activltles comprlse the provision of low-costaccommodationforolderresidents of the London Borough of Carriden, who are in reasonably good health. The Residents are granted a licen to occupy their flats so long as they are able and comply wlth the conditions of residence. They are charged a weekly amount to cover the costs of providing and maintaining the fracilities 5ncludinE the costs of management and stsff. CONSTrruTION AND MANAGEMENT SPA was founded in 1850 and is a charfty reglstered with the Charity Commission and an almshouse registered with the Almshouse Assoclation. OBJECTIVES SPA'S ob]ecthfes are: _ To maintain the fabric of the buildings in a 5t3te of constant good repair; To assist the welfare-of all our re5idonts in cases of need arising through ill health or emergencie5; To ensure the long-term financial stability of the Chaiyty; To ensure thatthe Charitycomplieswith itslegal, fiscal and financial obllgationsand requirement5: To ensure that SPA conforms at all tlmes to intemal and external health and safety regulations. RESERVES POUCY The General Reserve Fund of £2,299,02112023: £1.946,718) represents the unrestricted fe reserves of the Charity arising from past operating results. £1.476,430 (2023: £1,527,766] has been transfeed to a Fixed Asset Fund and represents amounts not awdilable for other purposes. In addition, £62,817 {2023: £71,867) has beon transferred to the Cycllcal ReseNe Fund to cover the future costs of cyclical maintena nce and the rpaIntIng the exterior of the buildings. It is considered not necessary at present to maintain an EKtrdordlnary Reserve Fund. The sum of £57.576 (2023: £55,149] has been transferred to a Designated Fund to cover anticipated expenditure on refurblshing the residents, communal hall. The adequary of the funds is kept constantly under review. RISK MANAGEMENT All insurable risks are covered by the annual insurance policy. The Trustees have decided not to take additional Insurance to cover the risk from terrorlst attack. The Trustees ensure that regular suNeys are made of the fabric of the building and detsiled work Flans are drawn up to malntaln them to a high standard. The investment portfolio is managed by Investec Wealth & Investrnent and performance is measured against a benchmark- valuatlons are subject to Stock Exchange fluctuatlons. The Trustees ensure that the level of residential void5 is kept to a mininum through the maSntenance of a waiting list of potential new resldents. FUND-RAISING No fund-raising is rarried out. Page 5
. ST PANCRA5 ALMSHOUSE5. ANNUALREPORT OF THE TRUSTEE YEAR ENDED 31 DECEMBER 2024 PUBUCBENEFIT STATEMENT The Trustees continue to ensure that the assets of the Charity are exclusively used for the public benefft In Ilne with the dedared objectives of the Charity. APPOINTMENT OF TRuEEs New trustees are th05en and appointed to ensure that the Board of Trustee5 has the requlred level of expertise to continue to provide the services in line with the Charity's objectives. FUTURE PLANS The Trustees, in conjunction with a firm of architects, have begun to develop plans to convert the current guest room and adjacent laundry into a residential flat and, secondly, to re-deslgn the resldents sitting room and assembly room to ensure better use is niade of these facilities. In addition, as a result of the huge increase In the Pri of energy, plans are belng developed to insulate the Te5idential flatsandto install a combination of solar panels and heat pumps to redu the overdll cost of electricity. A formal planni application has been submitted to the London Borough of Camden and Is under consideration. STATEMENT OF TRusfEE'S RESPONSIBIUTIES The Trustee5 are responsible for preparing the Trusteeg Report and the financial Statements in accordance with applicable law and United KgdoM Accountin8Stand3rds (United Kingdom Generally Accepted Accounting Practice). .The law appllcable to charities in England and Wales requires the trustees to prepare financial statements for each financlal year which give a true and fair vlew of the state of affairs of the Charity and of the incoming resources and application of reSoUrS of the Charityforthat period. STATEMENT OF TRUSTEE'S RESPONSIBILMES {continue5) In preparlng these financial statements, the Trustees are required to: _ Select suitable accountlD8 PDlicies and then apply them ConstentIy. Obserrfe the methods and principles In the Charities SORP (FR5 102); Make judgements and estimates that are reasonable and prudent: State whether applicable accounting standards have been ft)Ilowed, subject to any materlal departures disclosed and explained in the financial statements. Prepare the flnanclal statements on the going basls unless it Is inappropriate to presume that the charlty will continue in operation. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities {Accounts and Reports} Regulation5 2008 and the provisions of the trust deed. They are also responsible for safeguardlng the assets of the Charlty and hence for taking reasonable steps for the preventlon and detection of frdud and other irregularities. Page 6
ST PANCRAS ALMSHOUSES ANNUAL REPORT OF THE TRUSTEE YEAR ENDEO 31 DECEMBER 2024 AUDITORS A resolution was approved by Trustee5 at thÈlr meetln8 on 18 February 2025 to appoint the flrm of f4A Associates LIP to audlt the accounts of the Charlty forthe yearended,31" December 2024. Ih Approved bv the Trustees and si8ned on thelr belhilf by.. - Jill Fraser Chair Date., Page 7
ST PANCRAS ALMSHOUSES INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF ST PANCRAS ALMSHOUSES YEAR ENDED 31 DECEMBER 2024 Oplnlon We have audited the financlal statements of St Pancras Almshouses (the 'charitVI forthe year ended 31 Dernber 2024 which comprise the Trustee Report, statement of Financlal Actfvlties, Balance Sheet, Cash Flow Statement and notes to the financlal statements, including slgnlflcant accounting policies. The financial reporting framework that has been applied i n their preparation is applicable law and Unlted Klngdom Accountlng Standards, Including Flnancial Reporting Standard 102 The Flnonclol Reportino Standord appllcable In the UK ond Republjc of IrelGfnd Iunlted Klngdom Generallv Accepted Accounting Practlce}, In our oplnlon the flnancial statements.. glve a true and fair view of the state of the charltvs affairs as at 31 December 2024, and of its incoming resources and appllcation of sourCes, including tts Income and expenditure, for the year then ended; have been properly prepared In accordan with Unlted Klngdom Generally Accepted Accounting Practlce; and have been prepared In accordance with the requlrements of the Charlties Act 2011. Basis for opinlon We conducted our audlt In accordance wlth Internatlonal Standards on Auditlng {UKI IISA5 (UKII and applicable law. Our responsibilities under those stsndards are further descrlbed in the audltor responsibillties for the audlt of the financlal statements sectlon of our report. We are Independent of the charlty In accordance wlth the ethlcal requirements that are relevant to our audlt of the financlal statements in the UK, includlng the FRC'S Ethical Standard, and we have fulfllled our other ethlcal responsibilities in accordance wfth thèse requirements. We belleve that the aLJdit evldence we have obtained is sufficlent and appropriate to provlde a basls for our oplnlon. Concluslons relatlng to golng conc8m In auditin8 the financial stafements, we have concluded that the trustees, use of the golng concern basls of accountln8 In the preparatlon of the flnanclal statements Is appropriate. Based on the work we have performed, we have not identlfled any materlal uncertalntles relatlng to events or condltlons that, indlvidually or collectively, may cast slgnlficant doubt on the charlty's ability to contlnue as a golng concern for a period of at least twelve months from when the flnancial statements are authorised for Issue. Our re5ponsibllltles and the responsibillties of the trustees with respert to going concern are descrlbed In the relevant sections of this report. Olherlnfonnatlon The other Information comprises the informatlon Included In the irustees, annual report, other than the financial statement5 and our auditor's report thereon. The trustees are responsible for the other Informatlon. Our opinion on the flnancial statements doe5 notcover the other infomation and we do not express any form of assurance concluslon thereon. PaBe 8
ST PANCRASALMSHOUSES INDEPENDE AUDITOR'S REpoKfTO THETRUSTEES OF ST PANCRAS ALMSHOUSES (cont.) Our responsibility is to read the ather Inforrnatn and. in doing so, consider whether the other infonnation is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwlse appears to be materially m[tated. If we identify such materlal inconsistencies or apparent material rni5ststernents, we are requlred to determine whether this glves rise to a material mlsststement 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 requlred to report that fact. We have nothlnE to report in thls regard. Matters on which we are requiredto reportby ewptEon We have nothing to report in respect of the following matters in relatlon to which the Charities (Accounts and Reports) Regulations 2008 requi us to reportto you If, In our opinion: the information given in the trustee5' report is inconststent In any materlal respect with the financial statements; or sufficient accounting records have not been kept; or the financial statements are not in agreement with the accounting record5; or we have not received all the informatlon and explanations we require for our audit. Respon8lbllltie5 of trL As explained rnore fully in the trustee< responsibilities statrment, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and fDr such internal control as the trustees determine is 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 assessing the charity's abilfty to continue as a going concern. disclosingi as applicable. matters related to going concern and using the going concern basis of accountirE unless the trustee5 either intend to liquidate the charityor to cease operatlons. or have no reallstic altemative to do so. Auditorresponsibittties fortheau(fft of the I]noral 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 objert1vesa to obtain reasonable assuran atx)utwhetherthe financial statements as a whole are free from material rnisstatement, whether due to fraud orerror. and io issue an auditorfs report that includes our opinion. Reasonable assurance is a hlgh level of assuran, but is not a guarantee that an audit conducted in acCordanWIth ISAS (UK) will aldy5 deteci a material misstatement when it exists. Misstatements can arise from frdud or error and are consldered material if, individually or in the aggregate. they could reasonably be expected to Influen the economic decisions Of users taken on the basis of these financtal statements. Irregularities, including fraud. are InStanS of non-complian with laws and regulation5. We design procedures In.Ilne with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, Including frdud. The extent to which our procedures are capable of detecting irregularrties, Including fraud is detailed below: Page 9
ST PANCRAS ALMSHOUSES INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF PANCRAS AUVISHOU5ES (cont.) DisCUS5ions wlth management. including consideration of known orsuspected instances of non- compliance with laws and regulations and fraud; Identifying and testing svgnificant manual journal entries and reviewing assumptlons and judgements made by management in making significant accountlng estimates. Because of the inherent limltations of an audit, there is a risk that we will not detect all irregularities, includingthose leadlng toa material misstatement In thefinanclal statements ornon-compliance wlth regulation. This rtsk increases the more that compliance with a law or regulation Is removed from the events and transactions refletted in the financial statements. as we will be less likely to become aware of InStanS of non-complian. The rlsk is also greater regarding irregula rities occurring due to fraud rather than error, as fraud involves intentional Conalment, forgery. collusion, omission or misrepreserrtation. A further descrtption of our responsibilities is avai13ble on the FRC'S website at. htt www.frc.o .uk auditors audit-assuran auditor-s-res on5ibilities-for-the-audit-of-th descrl tion-of-the-auditor%E2%80%99s-res onsibilities-for.Thi5 description fomis part of our auditor's report. Use of our report This report is made 501ely to the char(t¢s trItee5, as a body, In accordance with Part 4 of the Charitie5 (Accounts and Reports) Regulations 2Q08. Our audit work has been undertaken so that we might state to the charftvs trustees those matters we are required to stste 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 charitys trustees as a body• for our audit work, for this report, or forthe opinions we hie fomied. NA Associates LLP Chartered Certified Accountsnts Statutory Auditor Woodgate Studios 2- 8 Games Road Hertfordshire EN4 9HN Date: Ltr xox< NA Assoaates LLP is eligible to Gct Qs an auditor in terms ofsection 1212 of the Companles Art 2006. Page 10
ST PANCRAS ALMSHOUSES STATEMENT OF FINANCIAI ACTIVITIES KJR THEYEAR ENDED 315r DECEMBER 2024 2024 Totsl 2023 Total l¥ote Unresiricred Desl8Dated D25ignaiÈd Cycllcal Flxed Assei RefuTbi5hment maltitenance nd5 funds fvnds fuDd5 funds lunds INCOME & ENDOWMENTS FROM.. Donat10 & Leoacle5 charftable AciiWiÈs knwestments Other IncDme ¢,228 51,017 1.775 419228 379.985 52A56 43.283 1.775 1,443 1,339 TOTAL INCOME & ENDOWMENTS 472,020 1,339 473A59 424,711 EXPENDMJBF ON: Ralslng Funds arit3bleActlvitles 115,2541 27,9911 0 115,254) 114.S91) 12L5501 P07,351J 1275,6511 157.81DI TOTAL EXPENDTtURE 17 1243,2451 157.8101 121,550) 132L605) 1290,2421 NET IEXPENOITUREI I INCOME 228,775 157JlOI L339 t2150) 150 754 134A69 Nel Ilossèsl / Èalns ofi Investmerrt i42,52 LO88 143,s9o 121352 37L277 157,8101 l427 121.5501 29q,3a4 256,821 Transfer between funds IIR.9741 6N74 11500 NEtMOVEMENTIN FUNDS 352203 151,3361 2,427 19.050) Z94?44 256,321 RECONCILIATION OF FUNDS: Total funds brought fotward 1,gt16.718 1,527,756 55A49 n.867 3 601,500 3,344,619 Total funds (3rrial forward 2299,021 1476,430 S776 61817 a,895,844 3,6DI.50D All 5nc¢me and expellditLwe derivefrom continulngactlvitte5. The 5tatemEnt oFfinanElal actlviiies In¢lude5 all 6ain5 and losses recognlsed during the year. The tomparatlvÈ SCFA for theYreDded 31 DEc2mber 2023 i55hown b] note 21. Thè notq5 on p38es 17 to 21 form part Dfthese finantlal statement& Page 11
ST PANCRAS ALMSHOUSE5 BALANCE SIIEEr AS AT 31ST DECEMBÉR 2024 2024 2023 Note [ED ASsErs T1[ble assets AefurblshrDent CVSi- Bross Rolurbishment costs. depre(iation 0ck¢prent Proiert-Work4n"Progress 2,191,,651 1751,528) 16307 ,2,191,651 1693,7181 29,833 Invesunents and Cash Deposits 2,060,881 CUIIRENT AssErs Dobiors Cash Ar Bank 2nd In Hand 37,826 CREDITORS Sundry Creditors NEf CLIRRENT RL%SEfs I ILIABILmES} .145,878} 138.6461 TOTAL ASSEfs LES5 CURRENT UABILMES CREDITORS.. Amounts faliing due after morè than one year Loan Creditor ASSETS 3.601,500 RESERVES Designated Fund . fixed Assd Fund Dosignètod Fund- Refurbi5hm2nt Dèsignatsd. Fund- Cyclical Mainlenance Fund Unrestrirted Funds 1527.766 2299A121 1.946.718 TOTAL RE5ERVE5 16 3.601500 The financlal.statements were approwed and authorised for issué'b¥'the trustee5'.on lQx< and signed on'their behalf by.. J Malpa55 Treasurer J Fraser The notes on pages 14 to 21 form part of the5e.finallcial st*ewents. P.aBe 12
ST PANCRAS ALMSHOUSE5 CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST DECEMBER 2024 2024 2023 Note NÉt cashflow from Opernting Actlvities 159,679 151,330 Cash flow from investinE activitles Payments to acquire flxed assets Payments ta acqulre investments Interest recelved Dividends received 16,4741 (160,359) 14,023 38,333 12,1061 (171,436) 5,992 37,291 Net cash flow from Investlng activitles (114.477) {130,2591 Net cash flow from financing activltles Net Increase/ (decrease) In cash and cash equivalents 45,202 21,071 Cash and cash equlvalents atthe 1st January 2024 37.8Z6 15,755 Cash and cash equivalents at 31st Decamber 2024 83.028 37,826 Cash and cash equivalents con51St of: Cash at bank and in hand 83,028 37,826 The notes on paEes 14 to 21 form part of these financial statements, Page 13
ST PANCRAS ALMSHOUSES STATEMENT OF ACCOUNTING POLICIES YEAR ENDED 31 DECEMBER 2024 Surnmary of slEnif icant accounting pollcles (a) General Information and basis of preparatlon St Pancras Almshouses is a charity registered in England. The address of the reglstered office is given in the charity information on page 2 of these financial statements. The nature of the charity's operdtlons and principal actlvities are the prow5ion of Iow-c05t accommodation for older residents of the London Borough of Camden, who are In reasonably good health. The charity constltutes a public benefit ontity as defined by FRS 102. The Financial statements have been prepared in accordance with Accounting and Reportlng by Charltles: Staternent of Recornmended Practice applicable to charitie5 preparing their account5 in accordan with the Financial Reporting Standard applicable ID th2 UK and Republlc of Ireland i55ued in October 2019. the Financlal Reportingstandard appllcable In the United Kingdom and Republlc of Ireland IFRS 102), the Charities Act 2011, and UK Generally Accepted Accounting Practice. The financiaf statements are prepared on a going ccncern basis under the historical cost conventlon, modified to include certain Items at fair value. The financlal statements are prepared forthe individual setonlyand are presented In 5terlingwhich i5the functlonal currency of the charity and munded to the nearest £1. The sEgnificant accounting policles applled In the Preparation of these financial staternent5 are set out below. These policies have been consistently applied to all year5 presented unless otherwise stated. (b) Funds Unrestricted funds are available for use at Lhe discretion of the trustees in furtherance of the general objective5 of the charity and which have not been designated for other purposes. Designated funds comprlse unrestricted funds that have been set aside by the trustee5 for particular purposes. The aim and use of each designated fund is set out in the note5 to the financial statements. The Cydical Maintenance Fund in another dosi8nated fund and comprises of funds set aside at the d15cretlDn of the trustees to meet periodic long-term maintenance of the fabric of the Almshc]uses. Page 14
ST PANCRAS ALMSHOUSES STATEMENT OF ACCOUNTING POLICIES (cont.) YEAR ENDED 31 DECEMBER 2024 (c) Income recognitlon All incoffling resources are Included in the Statement of Financial Activities ISOFA) when the charlty is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably. and it 15 pfDbable that the income will be received. For donations to be recognlsed the charity will have been notifled of the amounts and the settlement date in writing. If there are condltions attached to the donation and thls requires a level of performance before entitlement can be obtained, then income is deferred until those conditions are fully met orthe fulfllment of those conditions is withln the contrcl of the charity and It is probable that they will be fulfilled. (d) Expenditure recognition All expendlture Is accountedforon an accruals basi5 and has been classified underheadingsthat 3ggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to moke payments to thlrd parties, it is probable that the settlement wlll be required, and the amount of the obligation can be measured reliably. It Is categorised under the fcllowing headings: Expendlture on charitable activitips includes expenditure on residential accomTnodation, charitable support and administration; and other expenditure represents those Items notfalling into the categorie5 above. le) Tangible flxed assets Tangible flxed assets are stated at cost le55 accumulated depreciation and accumulated impairment losses.. Cost includes costs directly attributable to making the a55et capable of operating as intended. t)epreciatlon Is provlded on a51 tangible fixed assets in accordance with the component accounting regulatlons, at rates calculated to write off the cost, less estimated residual value. of each asset on a systematic basi5 over its expected useful life as follows: Roof cover and structure Maln fabric Kitchen5 BBthrooms Windows Mechanical systems Electrics 70 years ILK) years 20 years 30 years 30 years 30 years 40 years Development costs are not depreciated a5 they are not yet in use. Page 15
5T PANCRAS ALMSHOUSES STATEMENT OF ACCOUNTING POLICIES Icont.) YEAR ENDED 31 DECEMBER 2024 The orlglnal cost of the Almshouses acquired back in the 1850's has been fully written off In prevlous years. The Almshouses are nct revalued as they are not held for investment purposes. If) Going concern The financlal statements have been prepared on a golng concern basis as the tnjstees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expetted level of income and expendlture for 12 months from authorising these financlal staternents. The budgeted income and expenditure is Sufficient with the level of reseTves for the charity to b8 able to contlnue as a gDlng concern. {g) Debtors and creditors receivable / payable withln one year Debtors and creditors with no stated interest rate and recelvable or payable within one yearare recorded attransaction price. Any losses arising from impairmentare recognised in expenditure. (h) Investrnents Investrnents are recognised Initially at falr value which is normally the transactlon price excluding tran5actlan costs. Subsequently) tlyey are measured at fair value Wlth changes recognised in 'net gain51 Ilosse5) on investment5, in the SOFA If the sha res are publicly traded or their falr value can otherwise be measured rellably. Page 16
ST PANCRAS ALMSHOUSES NOIE5TO FINANCtAL STATENIEKtS FOR THE YEAR ENDED 31 DECEMBER24 2023 2023 i. srAFF Cosrs Gross Salarie5 Penslon Contributk¥n5 Employqvs NaUonal IrL5w3nContrIbuIIons Total Number ofEmployees- Management No amount was pald to anyTrust2e in respectto eyn5es. 38.770 1,466 37,215 2,090 40.658 41,695 2. TANGIBLE FIXED ASSETS Development Pmlect Refurbi5 Totsl Gr055C05t orvaluatio At 01.01. 24 Addltlons durlngthey Dlsposals At 31.IZ2024 29,833 1221.484 6.474 6A74 1.651 36J07 1227A58 Depreclallon At 01.01. 2024 arge for the yèar Disposals At 31.122024 693.718 57.810 S730 7SI,528 751528 Net Bookvalue At 31.12.2023 At 31.12.2024 1,497,933 1.440,123 . 29%33 1527.766 36A07 IN76N30 2024 2023 3. INVESYMENTS Market Valuation- OLOL2024 060WI L757.093 Addltlons durlngtheyear I609 171,436 NetGaln I ILossl on Rewaluation I4590 122,352 Market Valu3tioD- 3L112024 13G4,830 2.060,881 The chJrhty's Investments are managed bylnve5tec w1th & Invesljnent, and CCL Performan Is measured agalnst an Independentlyestablished bÈnthmark. ThÈ historic cost of irwestments Is £2.048 13912023- £WL212). 4. DEBTORS Prepald ExpEn5e5 Amounts duefrom Tenants Pro¥isloDftJr Doubtful Debts Othersvndry Debtors Total 5,39G 7,727 22,946 123,5UO} {17.OODI 17.434 13.673 S. CREDITORS- FALUNG DUE WttHIN IJNEYEAR Accrued ExpÈnses Suppller5 Amounts due to Ten3nts Other Sundry CredltOf5 Total 24331 31.192 3,961 403 3646 45,878 PaKe 17
5T PAhTCRAS ALMSHOUSES NOTES TO FINANCIALsfATEME FOR THEYEAR ENDED31 DECEMBER20Z4 E. RESERVES CycMcal Malntsn. Fund Flied Asset Fund DpslKnated Fund General Fund5 Totsl Funds Balancq 01,01.2024 Surplusfor the year Transfers Balance 31.12,2024 71,867 1,527,766 121,5501 6,474 12,500 157AIO 61,817 1,476,430 55,149 1.339 1,088 57,576 1,946,718 3,601,500 308,081 294,344 44,2 2299A121 395.844 7. HOUSING PROPERTIES TheTru5tees bÈlieve that thevalue of the hou51ng properties Is substantlally In exce55 of thecUrrt book values based on rfrlnstatement values foi Insurance purposek In the Eventthatany of the Charlty's propertleswereto be sold. a Ilabllity mayatlseforthe repayrnent, at least in part, of grants recelved. The chartysVernIng document5Pecifl1lY pluhIt5 the assets from belng used ITh any (apadty othÈrthat)forthe objects of the charfty. 8. CAPITAL CONIMITMENrs Total Capitsl Commli ments at3L12.2024 amounted to £NII12023: Nil). Thetotal netcosts of the re-furb15hmont project have been capitsllsed and are belng depredated at thevaTiOUS rales spetlfted In the CDmponentattouThtlrbg reBulatlons whlch came into effect from 201Z 9. posr BAiANCE SHEET EVENTS Aftorthe yoar ended the Company entered Into 3 CDntractvalued at approxlmatÈly f80qD forthe next phase of A1rn5houseg refUrbhent The contrart was SIed aftÈr the year ended, therefore the flnanci31 Impact of thts agreernent is not reflected In the financ181 statement. 10. CONTIN6EKf LIABILrriES There were no contingent liabilltle5 at 31.12.2024 Nil12023: NIII, 11. RELATED PARfi TRANSACTIONS There were no relatèd partytr8ThSaCtton5 durlng the year ended 31st December 202412023.. NLQ. IZ TRUSTEE RENIUNERATION & EXPENSES No trustee received any remun2ratlon or expense5 duringthe year Rnded 31st Defember 202412023-, Nill. 13. PUBLIC BENEF POSITION TheTrurtees continue to ensure thatthe assets of the chartty are exdu5ive Usèd for the publk benefftln Ilnewith the dec13red objertlves of thecharlty. 14. AUDITOR'5 REMUNERAYION Thp audltor's remuneTrtion amounts to an autht fee of £9.0(K)12023- £8 6001- Page I
ST PANCRAS ALMSHOUSES NOTES fo FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 15. Reconciliatlon of net Income / lexpendlture) to net cash flow from operatlnE actlvltles 2024 2023 Net income I lexpenditurel fur the year Dlvldonds recelved Interest recelvable DepTeclatlon and Impalrment of tangib5e fixed assets {Gains)11055e5 Qn investments {Increasel / decreose In debtors Increase / {decrea5el in credltors 294,344 138A331 114,0231 57,810 1143,590) (3,761) 7,232 256,821 (37.2911 15.9921 57,810 1122,3521 3,080 1746} Net cash flow from operdtlng actlvltles 159,679 151.330 16. Analysls Df net assets between funds ljnrestrlcted Deslgnated Deslgnated funds Flxed Asset Refurblshment funds funds 2024 2024 Cycllcal maintenance fund Z024 Totsl 2024 2024 Flxed assets Cash and current Investments other current a55ets / {liabllltlosl Credltor5 more than one year 1,476,430 1,476.430 2,447,858 [28,444) 1327,465 128,444) 57,576 62,817 Totsl 2,299,021 1,476,430 57,576 62,817 3,895,844 Unrestricted Designated Dosl2nated funds Flxed Asset Refurblshment funds f unds 2023 2023 Cycllcal malntenance fund 2023 Totsl 2023 2023 Flxed assets Cash and current Investments Other current assets / Illabllltlesl Creditors more than one year L527,766 1,527,766 2.060.881 12.853 1,933,865 12,853 55,149 71,867 Total 1,946,718 1,527,766 55,149 71,867 3,601,500 Page ig
ST PANCRAS ALMSHOUSES NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 17. Analysls of expendlture on charltable activities 2024 2023 Expendlture on resldentlal accommodatlon Building repair5 and malntenance Depreciation of bulldlngs & fTxture5 and fittings Heat and1Sght Water Garden Maintenan Other buildlng costs 45,672 S710 95.429 ia,523 23,668 13,DZ5 36,342 57,810 95,232 8,796 9,070 6,521 Tot81 246,127 213,771 Expendlture on charitablè support and admlnlstratlon staff salarles, national insurance and penslon contributions Accountlng and audit costs Comrnunity alarm system Fund raislng- Investment managements charge5 Office expense5 and sundry admlnlstration costs 41,695 10,640 3,OID 15,254 s79 40,658 9,810 7,220 14,591 4,192 Total 76,478 76,471 Total expendlture on charltable actlvltles 322,605 290,242 Page 20
ST PANCRAS ALMSHOUSES SYAYEMENT OF FINANCIALAcnvinES FOR THEYEAR ENDED 31ST OECEM8ER 2024 19. Ststement of tlnancial adivllles Icompardtlvej FOR THE YEAR ENDED JIST DECEMBER 2023 2023 Totsl UnrestslGied Desjgnatrd Deslgnaied Cycllcal rjxed Asset Reftrblshment malntenaDta ruruts fund5 fvnd5 INCOME & END£)WMENT5 FROM.. QDn3tiDns & Legacles Charitable AltIeS Investments Other Income 379.98S 44967 L443 379.985 316 TOTAL INCOME & ENof)WMEKrs IB16 424.711 EXPENDrruRE ON.. Raislng Funds Chailtable ktivitre5 (14.5911 p761) (14591) 1175.&41) 157.8101 (7,0801 TOTAL EXPENDITURE 17 1225252] 17080) 12Y).242) NEfiEApENDITUREI I INCOME 198.043 7AIOI I?IG (7,OBO) 4N69 Net Il¢)ssesllKdlns on Investrnent 121352 316345 (s7101 5366 17,0801 2561 Transfei between fvnds 114.606} 1106 ,sc NEf MOVEMEpif IN FLINDS 30L739 155.7041 6S S,420 256A21 RECONaLLqMON OF FUNDS: Totrl fvndsbTought foNJard L644,979 83.470 49,783 66h47 Total fLthds carrlad forward L946,718 ZSZ7.766 55.149 71,867 3hOI,500 The staternEntof fjnanct31 actlvltle5incknlesall gains a)d105ses recogni5ed theyear P4e 21