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2023-03-31-accounts

DRAFT FOR REVIEW 17/05/2023

Charity registration number 261261

ST. PANCRAS WELFARE TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

DRAFT FOR REVIEW 17/05/2023

ST. PANCRAS WELFARE TRUST

Report and accounts Contents

Page
Legal and administrative information 1
Trustees report 2 - 5
Statement of Trustee responsibilities 6
Independent examiner's report 7
Statement of financial activities 8
Balance sheet 9
Notes to the financial statements 10 - 13

DRAFT FOR REVIEW 17/05/2023

ST. PANCRAS WELFARE TRUST

Legal and adminstrative information

Co-optative Trustees Clive Leverton (Chair) Dan Carrier Jill Fraser David Goldesgeyme Clare House (appt June 2022) Charlotte Maizels Eleanor Sturdy Nominative - London Borough of Camden Cllr. Nasim Ali Cllr. Richard Cotton Cllr. Jenny Headlam Ex-Officio Trustree The Mayor of Camden Secretary to the Trustees Eleanor Sturdy Charity number 261261 Principle address 212 Eversholt Street London NW1 1BD Postal address P O Box 51764 London NW1 1EA Independent examiners Imagitax Ltd 38 Hillbury Avenue Harrow Middlesex HA3 8EW Bankers The Co-operative Bank P. O Box 101 1 Balloon Street Manchester M60 4EP Investment advisors CCLA Senator House 85 Queen Victoria House London EC4V 4ET

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ST. PANCRAS WELFARE TRUST

Report of the Trustees

For the year ended 31 March 2023

The St Pancras Welfare Trust is the umbrella name for two charities established by a scheme of the Charity Commissioners in 1971, namely the St Pancras Relief in Need Charity and the St Pancras Relief in Sickness Charity. The history of the charitable activity goes back as far as the 16th century when Kentish Town benefactor Eleanor Palmer made a bequest that still funds some of the activities of the Trust today.

Objects

The object of the Trust is to distribute available funds to residents in the area of benefit who are in conditions of need, hardship and distress, or who are sick, convalescent, disabled, handicapped or infirm. The area of benefit is the former Metropolitan Borough of St Pancras, which is a large area within the London Borough of Camden, including many wards with high levels of deprivation.

Rules and Trustees

Under the scheme of the Charity Commissioners in 1971, (modified 2011), the charity shall have 11 Trustees. One shall be the Mayor of the London Borough of Camden for the time being, three shall be nominative Trustees, appointed by the Camden Council, not necessarily Councillors, for a period of four years, and seven shall be co-optative Trustees being persons residing or carrying on business in or near the area of benefit, who shall be appointed for five years. The day to day management of the charity is vested in the Trustees.

After a long period of dedicated service, Joyce Morton retired as a Trustee during the year. Clare House joined the Trustee Board from June 2022.

REVIEW OF ACTIVITIES

This year saw total grant-making of £83,765 which was up from the previous year owing to improved income levels. (2022 grant-making £80,356).

The number of individual grants increased to 329 (from 295) and there were no project grants during the year. The average grant size of £250 remains small, but the purchase of a new cooker, washing machine or fridge makes a big difference to the quality of life of recipients. The feedback from agencies confirms that a grant from SPWT can make an enormous difference to some of the most vulnerable people in our community at a time of their greatest need.

Grants are primarily made to individuals and the Trustees have a responsibility to ensure that the funds are spent in accordance with the terms of the grant. They have systems in place to ensure that the funds reach the right person and to verify that the funds are spent accordingly. Since some agencies have reduced their finance teams, the Trust paid grants directly to individual bank accounts in 58 cases. This is more convenient for the individuals concerned but carries some additional risk that the grant may not be used correctly. The Trust mitigates this risk by seeking assurances from the agencies and we work closely with Citizens Advice Camden to communicate to clients regarding the expectations for their grant.

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Report of the Trustees

For the year ended 31 March 2023

Grant-making to Individuals by Sponsor organisations for the year:

----- Start of picture text -----
% of Total
Number of
Sponsor Applicant grants
cases
awarded
1 London Borough of Camden 107 33%
2 Camden CAB Service 45 14%
3 Camden& Islington NHS 21 6%
4 Camden Carers Service 31 9%
5 Age UK Camden 16 5%
6 St Andrew Holborn (&St Giles Utd) 25 8%
7 Edith Neville Primary School 35 10%
8 Others (27 organisations) 49 15%
TOTAL 329 100%
----- End of picture text -----

This year six organisations accounted for 75% of our grant-making activity with the largest relationship being London Borough of Camden by a long way, as shown in the above table. Within our work with LB Camden we have worked with 16 different departments located in different sites. Our busiest month was June 2022 with 53 grants processed and paid out. The collaborative work with neighbouring Trusts in Holborn and Bloomsbury continues to grow with regular meetings to share knowledge. One member of support staff from St Giles United Charities continues to provide valuable administrative support to SPWT on a freelance basis which is especially appreciated at the busy time of each month prior to trustee grant decisions.

TRUST FUND

The management of the Charity's investments on a day-to-day basis is delegated to its investment advisors, CCLA, who were appointed in 2016. The guidelines and benchmarks that have been set down are for both capital growth and income with medium risk.

The Trustees continued to review the performance of the Trust Fund at their regular meetings and in reports from CCLA. The year to March 2023 saw volatile investment returns and mixed performance in the management of the funds. The managers are adopting a cautious approach and monitoring the situation closely as potential economic damage results from the war in Ukraine and the ongoing global economic uncertainty after the pandemic and rises in interest rates. The Trustees are in regular contact with CCLA, who attend a trustee meeting at least once per year.

MANAGEMENT

Eleanor Sturdy continued in the role of Secretary to the Trustees throughout the year. All grants are now paid electronically. The Trustees continue to make grant decisions by email, outside the formal meetings, in order to respond more quickly to applicants. All decisions are ratified at the next trustee meeting.

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ST. PANCRAS WELFARE TRUST

Report of the Trustees

For the year ended 31 March 2023

TRUSTEES

Following several decades of service as a trustee, Joyce Morton retired in early 2022. The trustees all expressed their gratitude and appreciation for her wise contributions over the years. Clare House was appointed as a trustee in June 2022 and brings valuable experience as a trustee of other Camden-based organisations.

The trustees remain highly committed to the work of the trust. Two formal trustee meetings in May 2022 and November 2022 were held, as well as an informal meeting in September 2022. There are no vacancies for trustees.

RESERVES POLICY

The St Pancras Welfare Trust was established in 1971 to manage several ancient parochial charities with histories stretching back to the 16th century. The aim is to provide financial support, in the form of one-off grants for specific purposes, exclusively for people in need in the old Metropolitan Borough of St Pancras.

The trust property now consists of an endowment fund of approximately £3 million of capital, which is used to generate an income each year in order to meet the demands placed upon it through requests for grants. The Trust also holds three investments in Property Funds, transferred from Estate Charity of Eleanor Palmer in February 2022.

Because of the ways the original covenants were set up, the Trustees, when making decisions about how best to meet the requests for grants, must always take into account not only the needs of the present generation, but also those needs that may face future generations.

The Trustees may not distribute the trust property, but invest it with two main aims in mind:

1.To generate an income to meet the requests for grants,

2.To achieve growth on the underlying fund which will increase the amount of income that is available each year for distribution.

The capital is invested in such a way as to balance both the above aims without taking undue investment risk and is kept under review in order to ensure that these aims are met.

RISK MANAGEMENT

The Trustees conduct a risk assessment regularly to review the major risks faced by the Trust to ensure that they have a sound knowledge of the charity and are in an informed position regarding its operations. The introduction of the GDPR regulations in May 2018 has prompted a detailed review of the record-keeping and database in order to ensure that the Trust is fully compliant with the new regulations.

INDEPENDENT EXAMINER

Imagitax Ltd is to be appointed as Independent Examiner to the charity and a resolution proposing that they be appointed will be put at the General Meeting.

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ST. PANCRAS WELFARE TRUST

Report of the Trustees

For the year ended 31 March 2023

Structure, governance and management

The Trustees who served during the year were:

Co-optative Trustees Clive Leverton (Chair) Dan Carrier Jill Fraser David Goldesgeyme Clare House (appointed June 2022) Charlotte Maizels Eleanor Sturdy (Secretary)

Nominative Trustees - London Borough of Camden Cllr. Nasim Ali Cllr. Richard Cotton Cllr. Jenny Headlam-Wells Ex-Officio Trustee The Mayor of Camden

The Trustees report was approved by the Board of Trustees.

Clive Leverton (Chair) Trustee

Dated: _______

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ST. PANCRAS WELFARE TRUST

Statement of Trustees' Responsibilities

For the year ended 31 March 2023

The Trustees are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Trust and of the incomingresources and application of resources of the Trust for that year.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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Independent Examiner's Report to the Trustees of St Pancras Welfare Trust

I report on the financial statements of the Trust for the year ended 31 March 2021, which are set out on pages 8 to 16.

Respective responsibilities of Trustees and examiner

The Trust’s Trustees are responsible for the preparation of the financial statements. The charity's Trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.

It is my responsibility to:

Basis of independent examiner's report

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the financial statements present a ‘true and fair view’ and the report is limited to those matters set out in the next statement.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

In connection with my examination, no other matter except that referred to in the previous paragraph has come to my attention:

(a) which gives me reasonable cause to believe that in any material respect the requirements:

(ii) to prepare financial statements which accord with the accounting records and comply with the accounting requirements of the 2011 Act;

have not been met or

(b) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.

Sunai Shah Imagitax Ltd Chartered Certified Accountants 38 H Harr Midd HA3

Date

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ST. PANCRAS WELFARE TRUST

Statement of Financial Activities Including Income and Expenditure Account

For the year ended 31 March 2023

Notes
Income and endowments from:
Income from associated charity
3
Investments
4
Individual donations
5
Total income
Expenditure on:
Charitable activities
6
Net gains/(losses) on investments
11
Net movement in funds
Fund balances as at 1 April 2022
Profit for the financial year		 2023
£
10,945
109,713
6,436
127,094
(113,125)
(207,572)
(193,603)
3,667,652
3,474,049		 2022
£
2,668,359
45,789
6,577
2,720,725
(110,384)
(26,501)
2,583,840
1,083,812
3,667,652

The statement of financial activities includes all the gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

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ST. PANCRAS WELFARE TRUST

Balance Sheet as at 31 March 2023

----- Start of picture text -----
Notes 2023 2022
£ £ £ £
Current assets
Investments 13 3,461,230 3,668,802
Cash at bank and in hand 14,019 5,450
3,475,249 3,674,252
Creditors: amounts falling due
within one year 14 (1,200) (6,600)
Total assets less current
liabilities 3,474,049 3,667,652
Net assets 3,474,049 3,667,652
Income funds
Permanent endowment of funds -
Unrestricted 3,474,049 3,667,652
3,474,049 3,667,652
----- End of picture text -----

The accounts were approved by the Trustees on 0 January 1900

Clive Leverton (Chair) Trustee

Eleanor Sturdy Trustee

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ST. PANCRAS WELFARE TRUST

Notes to the Accounts For the year ended 31 March 2023

1 Accounting policies

Charity information

St Pancras Welfare Trust is the umbrella name for two charities established by a scheme of the Charity Commissioners in 1971, namely the St Pancras Relief in Need Charity and the St Pancras Relief in Sickness Charity. The Trustees are also responsible for managing the Camelot Trust (260536) established to fund holidays for families with young children.

1.1 Accounting convention

The accounts have been prepared in accordance with the Trust's deed, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The Trust is a Public Benefit Entity as defined by FRS 102.

The Trust has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the Trust. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Trust.

1.4 Income

Income is recognised when the Trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the Trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the Trust has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that this settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis under the following headings.

Support costs comprise those costs which are incurred directly in support of expenditure on objects of the charity and include governance costs and office costs. Governance costs are those costs incurred in connection with complying with constitutional and statutory requirements of the charity.

Support costs are allocated based on staff time spent on each area.

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Notes to the Accounts For the year ended 31 March 2023

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment On a straight line basis over three years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

1.7 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8 Financial instruments

The Trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Trust's balance sheet when the Trust becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Trust’s contractual obligations expire or are discharged or cancelled.

2 Critical accounting estimates and judgements

In the application of the Trust’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

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Notes to the Accounts

For the year ended 31 March 2023

----- Start of picture text -----
3 Income from associated charity 2023 2022
£ £
Share of income from the Estate Charity of Eleanor Palmer 10,945 57,690
Special donation received 2,610,669
10,945 2,668,359
4 Investments Unrestricted Unrestricted
funds funds
2023 2022
£ £
Income from listed investments 109,713 45,789
5 Individual donations 2023 2022
£ £
Individual donations 1,436 6,577
LB Camden Restricted funds for use
on Primrose Hill Ward only 5,000 -
6,436 6,577
6 Charitable activities Cost of Direct Total Total
generating charitable 2023 2022
funds expenditure
£ £ £ £
Grant funding of activities (see note
7) 83,765 83,765 80,356
Share of support costs (see note 8) 23,180 23,180 21,836
Share of governance costs (see
note 8) 6,180 6,180 8,192
29,360 83,765 113,125 110,384
Analysis by fund
Unrestricted funds 29,360 83,765 113,125
For the year ended 31 March 2021
Unrestricted funds 30,028 80,356 110,384
----- End of picture text -----

7 Grants payable

During the year 329 grants totalling £83,765 were made to individuals and organisations.

8 Support costs
Office expenses
Telephone
Postage and stationery
Secretary's fees
Database maintenance
Audit fees
Accountancy
Secretary's fees
Telephone
Analysed between
Charitable activities		 Support
costs
£
12,166
420
678
7,200
2,716
23,180
23,180		 Governance
costs
£
-
1,200
4,800
180
6,180
6,180		 2023
Total
£
12,166
420
678
7,200
2,716
-
1,200
4,800
180
29,360
29,360		 Support
costs
£
12,368
408
660
8,400
21,836
21,836		 Governance
costs
£
1,200
1,200
5,600
192
8,192
8,192		 2022
Total
£
12,368
408
660
8,400
1,200
1,200
5,600
192
30,028
30,028

9 Trustees

None of the Trustees (or any persons connected with them) received any remuneration during the year. One of the Trustees also acts as secretary and received fees for their secretarial duties.

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Notes to the Accounts For the year ended 31 March 2023

10 Employees

There were no employees during the year.

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Notes to the Accounts For the year ended 31 March 2023

11 Net gains/(losses) on investments 2023 2022 £ £ Revaluation of investments (207,572) (26,501) 12 Financial instruments 2023 2022 £ £ Carrying amount of financial assets Investments measured at fair value through profit or loss 3,461,230 3,668,802 Carrying amount of financial liabilities Measured at amortised cost 1,200 6,600 13 Current asset investments 2023 2022 £ £ Listed investments 3,461,230 3,668,802 14 Creditors: amounts falling due within one year 2023 2022 £ £ Accruals 1,200 6,600

15 Related party transactions

During the year the charity paid Jackson Sturdy Limited, a company in which one of the Trustees, Eleanor Sturdy, is a director, a total of £25,200 (2022: £25,200) for office expenses and secretarial services. These expenses are included within support and governance costs (Note 8).

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