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 AcTIV￿lEs
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 refe￿ed 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
I￿AR ENDE1131.D£￿hIB. ER Z024
' £'&th' In l*É SP3r.iitE conipEéted the pSaririing st3ge of our. Devebpmant Projett (Rf8A 1-31.
rkxStLies Jppo.inied' the arLhitectutal FirTn of Ro.tser MeaTS to continue yhase5 four. It FKas LLpridMa to
allo'￿>$￿￿ %ePa.fa￿ pfojEcE5 illitlaS1¥-. the oisnplete feturbishmen i of the Assembty Hafl 3nd 3djau*V.
<4ttÈng Rooni. Itl¥)- is.ai? exuting p.rri52cL k airns to FrfiEally improve the assembty hal3 2sFd prG*id> a
cenfort~kn& Wumi. and ho_Titable a￿a ftir our resitlETrts %￿-[th a n4¥ t3undry and k3tclk2fi. and
enhailL-ed to thE Triternet
dh, tha jnstslt3ti0n of solar s¥aneb and'5tora5e battariÈs on the fve tr2t f(fKin
aat pumps and i4L<oaJion (fi th-_
Trer¥tta.rn bIl￿ of The iTr¥Estrnent in solar panel4 h_
¥rccymriiL￿?tian ￿￿[Pa5 thiuld considerably. enharKe the com%rt of our r￿ell￿ and resEtri E
su>J5tant531Teducaon Tnthe costs of eiectriaty. We havE ath a￿. io upgrddÈ the exISb￿ secondary
gla¥tFE ID ftrthef e[thai￿ the comfrjrt of the flqts:
LI1T￿nICtIon IKEIU b: phased over5e¥eral Yea￿ to ￿M￿L the distutbanceto reEdcns.
l am anTh?ijtt￿ th'at thisyear recorded an o%Erall netgainof£143590 on OJI r Emp￿>
ti0S0. The O￿tk￿k in tha curfent Ycar re4nar&s. fT• wtth the chaJEe.in pre￿d￿tt. af
lJnita4 S?t tes and the contiAualion OT"the 147r both in-JR Ukraine and the fvIE£ldie E*L
The Quinquep.nial Report Com￿.ettd }Ear into the fabric of the thaTt¢s h
shzqshtd ￿￿12 rmpo'rtant i55ues in resDec.t to the gutteF5 aréd doi%TA piw and to the stami O¥ tt
ter2ces ri front of th4 fi3tL Tn2stie5 h342 asTEed tD increase tsie Èw21 cri on
a to -ddiTrS DrnblaiL% '
l.siioyM Ike tD r￿ard thè d*th ofour ofdest rE5id2nL Julla 5mrth. thed in Jafiuary 21Tr5. Sha_
Ikea 3 rada.iit ￿[P than thity'j•e2Tr_ and wès a fatihfrjl mtsmber of trie and cr
o! ￿ 1021 ljtilfth,
.1 ￿t&d.{￿e to ttKnk thE twi) members of aur (leilicated staff for all th4 hard oiEr the spar In
siwtht of all thir rpyd£nlF and ior sup￿rE the progra.mme of main*1￿ s) th¥.
dt5bJrEarte to. resTdents has kept to mÈnimurn.
li4. FrL
.Thair
tjated:

.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 ne￿sSary 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 f￿e reserves
of the Charity arising from past operating results. £1.476,430 (2023: £1,527,766] has been transfe￿ed
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 r￿paIntIng 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 TRu￿EEs
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 K￿gdoM 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 reSoUr￿S 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 Cons￿tentIy.
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 De￿rnber 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 Inforrnat￿n 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]n￿oral 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 acCordan￿WIth ISAS (UK) will al￿dy5 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 InStan￿S 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 InStan￿S of non-complian￿. The rlsk is also greater regarding irregula rities occurring due to fraud
rather than error, as fraud involves intentional Con￿alment, 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 trI￿tee5, 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 h￿ie 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
t21￿50) 150 754 134A69
Nel Ilossèsl / Èalns ofi Investmerrt
i42,5￿2
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
S7￿76
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 theY￿reDded 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
0￿ck¢pr￿ent 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 DECEMBER2￿￿4
2023
2023
i. srAFF Cosrs
Gross Salarie5
Penslon Contributk¥n5
Employqvs NaUonal IrL5w3n￿ContrIbuIIons
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. 2￿4
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
S7￿30
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
I60￿9
171,436
NetGaln I ILossl on Rewaluation
I45￿90
122,352
Market Valu3tioD- 3L112024
13G4,830 2.060,881
The chJrhty's Investments are managed bylnve5tec w￿1th & 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
36￿46
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 3￿95.844
7. HOUSING PROPERTIES
TheTru5tees bÈlieve that thevalue of the hou51ng properties Is substantlally
In exce55 of thecUrr￿t 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 chartys￿VernIng document5Pecifl￿1lY pluh￿It5 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 f80q￿D forthe next phase of A1rn5houseg refUrb￿h￿ent
The contrart was SI￿ed 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
S7￿10
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
s￿79
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 A￿l￿tIeS
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
p￿761)
(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
(s7￿101
5366
17,0801
256￿1
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