Ch•rlty reql•trJtlon number 261261 ST. PANCRAS IhELFARE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
ST. PANCRAS WELFARE TRUST Report and accounts Conlents Pag• Legal and •JministraiNe inf(ymatK IThlent èxaminers reFK*t 10 11 Note5 to the ffina4al statements 12-15
ST. PANCRAS WELFARE TRUST Legal and adminstrative inforrnation Charkth (Chairl J• Fra Clar8 H88 Nomln•U¥•. London Bornu¥h ofC•md•n ¢)k. Nwm Aji Clk. RIa Cott . Jenny HeWell Ex<)ffi¢lo Trnstw•• Ch¥ltynurnt 261261 Prfnclpal adthws 212 EverShc Slr8et NWI 1BD P O Box 51764 LoTrJon NW1 1EA Indynd•nt •xarnlnar¥ lrnagitax Ltd 38 H1LbJryA¥uo HA3 8EW Bank•rn P.O&)x101 M604EP CCLA 1 Angel Lane Lorhy EC4R IAB
ST. PANCRAS WELFARE TRUST Report of the Trustees For tho year ended 31 March 2024 Thè St Panw WeK4r¢ Tnjsl is umbreNa nam• for thariliès •stablsh&J by a scheme of Ihe Charity C(xnmissicffiers in 1971, namdy the St Panrxas Rdief in Need Charity and the St Pencsa5 Rdlef in Sicness Charity. The hist of the tharilable ac1]ty gces ba& as far as the 161h ¢entury when Kentish Try•¥n bwefadry Ekarv Palm¢r made a trAquest that still funds sryne of the 8ctiMbes of lh8 Trust today. Th8 TWSL or IL8 pr8decessors. have been making ants to Indidu$ Ihe area of b8fb8fft hundT8ds of yaars. The obi'ect of Ihe Trust i8 to di8lrilxrte availptrAe tUWKls to residents in the area of benefit who are in condiDons of need, hardshp and distress. are si(. cwvalescent. diSed. handicapped or infimi. The area of benefft is the lornier MetrcOilan Bgh of St Pancras. vlich is a large ama the LGdCffl 8h of Camd•n. IndlIng m8ny w8rd$ th high levels of deprivats"L. Gowrn•nce Under Ihe Ktherne of the Charty C(xnmisswrs in 1971. (modified 20111. the charity shall have 11 Trustees. One sham be the may of the London Borryjgh of Camden, three shall nominative Tnjstees aFwnted by the Camden Ccyjnul, not necessarity Councimors, for a rI0 of four years, and seven shall be cwlabve Trustees b.g Fetson$ rnsiding or ¢aryn9 on bjsiness in or near Ihe aa ol benefi( shall be apwntod forffiv8 y8ars. The day to day managemenl of the tharity is v•st8d in ts TnJst8•S. DurirvJ the yew. the Chaii. Cfvo Leverton, deatsj to step thy•m. a1lhgh hè remakn as a Injstse. The Dewty Chair, Charfotte Maizels. vrds appcmnted Chair at the trustee maeting in May 2023. Cjive Levertcm has been a dedicaled and hKJhly efferve Chair over nearty 25 years, guiding the Injsl thTcyJgh consideratAe growth and Consistent grant-making the residents IhrwghoLrt the pencxy. Unlike many other granl-makeTr. St Pancras Welfare Trust has never stc¢)ped rnaking gfants thrcJghout al ec(ffKrfnic orujmstances and dufiThJ the COVID pandemic of 2022021. Thè trust8ès Mar a•'S rnlwonnt o wwntstion 81 the tFUStge meeling in IAay 2023.
ST. PANCRAS WELFARE TRUST Rèport of the Trustees For the year ended 31 March 2024 REVIEW OF ACTivmES This year saw total grant-makirrfJ of £121.S67 was up from Ihe rxevk)us year as the Injstses gained peISs frL¥n the CharFty Commi£sth move to a Tolal Retum Basis for the Investment funds. &nce The Trusts (Ca1 and Income) Arj 2013 was passed. charities have been able to draw-d some of 1¥ acoJmui4ted capital to 8ugrn8nt their spending on Charitse grant-rnaking. Chjnng Ihe w March 2022-Marth 2023, the truslee5 derAded to vhthdraw £60.000 irwestrnents and use this fLV grdnt-makin9. in addilion to the regular Inccffi• p8ym8nrs gerted by the undÈty"n9 invèslments.12023 grant-maknng £83.7651. The number of individual grants increased lo 660 (frcrfn 3291 and there we tsvo project grants during the to support the activrbes of a f(#)dbank aThJ a community centre kitchen. Th• Iwstees r&started the Chrislmas Vouchws prcJramme a1 donatl ow £10.C(4J to suFp)rt am residents of hcffteless hostets in the area ol benefit at Christsnas. aSsifiCatK- Financial r from March 2023 to March 2024 exdudes Fwects to support a fcodbank and homdess reswjents at Chrthas.) Number Amount (£1 £2.870 £7.980 £39. 140 £10.841 £7,190 36.659 £104,680 %ofTot 3% Clolhin Floorin Fumrtu Other" School Uniform White Goc¥Js TOTAL & Shoes 22 139 41 37% 10% 133 415 35% 100 "inrJud8s small elecln'cals, moving costs, baby equipm[ heath, dehumidrflws. washirMJ mathines or fridges. which make a signrfunt thfference to the reupx8nts and their thildren. The feedback Irtffi agencaes ¢filS that a grnnt SPWT Ln make an Wrn0$ impact for some of the most VLlnerable pecfAe in wr communty at a time of urgent noed. Grants ere wTharly made lo indM¢Jals and the Trustees have 8 reSpl¥1fy to lUr• Ihat the fvnds are spent in accL¥dance vith the terms crf the grant They have $ern5 in pla(x to ensure that the funds rnach the rwJht pewi and to venfy Ihat I lunds ar8 sp8nt 8cciYdingly. Since some agenoes have reduced their flnance team5. thtr Trust pa 9r8nts direclly io iThJiwdual bank accnts in 62 casès. This is eorNenient for Ihe indNiduals concemed l)ut caNies some addrfirywl risk that the gwant may not be used ccvrecty. The Tnjst mibgaies this rlsk by seeking a58urances frryn Ihe Cthns CwrKJen to ¢)ynmunic4te to d$
ST. PANCRAS WELFARE TRUST Report of the Trustsos For tho yoar onded 31 March 2024 Granl-rn8knng to IndMdua15 by spS (wganisalJ(s for thè yè8r. % of Tolal grants awarded 27% 17% 13% 9% 5% Sponsor Wicant Grants Number of grants London Borou h of Camden Camden Carers Service Camden CAB Service Christmas Voud)ers lo Hostels A e UK CaTnden Camden & Islin ton NHS Trust Edith Neville Prirna School One HoLJsin Oldfield House Central&C8ry1 Somali Cultural Centre Pro ect rants Others 14or TOTAL £33.135 £20.146 £15,529 £10.308 £6 434 £5.400 £3.600 £3.400 £3.400 £2.950 £4,100 £12,865 £121,267 133 81 62 206 26 22 24 14 14 3% 3% 3% 18 51 660 anisations 11% 100°h This year six ¢xganisalions acctsJnted for 75% of granl-making acbvity by far tho largest rdab"onship bng LOndL 8(xwJh of Camden, as Sho in the aLMJvÈ lable. Within wr work vrith L8 Camden have worked wlh 16 drfr4rl dwrtments kK8d in dffteMt sites. Tho ¢x)Ilaborativg ¥th neighbcwrin9 Trusts in Holtom and B1WKnsiry continues to grow %bith regular meelings to share knothlp. Audw Fryrester tinUeS to prowde valuable ailminiative SUFwi to SPWT a Ireeb8n¢g ba$, in p4Jditbon to her Irk Sl Giles United, vknich is esFwalty apprgriated at Ih8 t¥Jsy of eath ffl{th wor to trustee grant A% part 0fthr to th8 htyjh cost of IT¥ing, th• LOlon B(wwgh ol Camden also gave th$ Tnjsl £5,OCKI restrided want-makirwJ in ts Primrose W8rd and this fvnd was used to support wjlnerable residents, mainty those in su aco)mmc4Jation, and to rebjiSh the communal area at Rackstraw HcAtse, NW3. Each month make referrals to St Giles Unthj fc¢ famils th cyjr grant wll noi cover their needs in fijll. The trustees of St Gi$ Unrted have been illiThJ to make discretic*)ary grants tside their area of benefil based Up wsits and assessments by ts'r Grants offir, and addlng gnffiCanfy to the grants that St Pancras Weware TrLtst has rnade. Cm average. grants are being at kast tltyjbled by the generrjjs gJFWJrt ol St Giles United in thtst cases.
ST. PANCRAS WELFARE TRUST Report of the Trusto•8 For Iho year ended 31 March 2024 TRUST FUND The rnan8gernent ol the Chariws investrnents on a day-traY basfis Is delegat8d lo its inVestrnl 8th8W8, cc who wwe apnted in 2016. Tr guidelirb85 and benchmarks th8t have been set ¢ are for Ix)th ¢8tMt8I9rCh and tLne vAth medium risk. As Mentic#1 atw)v•, lh• trustees LJtain&J FnIS5 fmm the Charity ccrfnmll to move to a Total Retum Ba&s for the inveslments. The Tnjstees conts.nued to review Ihe wfornanc of the Trust Fund at thr r&3ular m8•Ongs 8nd reFKxts frryn CCLA The year to March 2024 saw relativoty 1(Mf investJnent retums frorn the fvnds. The manager5 ore adting a cauti5 apprtsach and rnlng the 5rtuall dosely as potenti81 economic damage results frLTh lh& war in ukn8 and the ongrAng glob81 eo)nrynic uncertainty after the pandemic and ris85 in irt8rest rat85. The Trustee5 are in wular contad MAJIAGEMENT Eknnor Stufdy conbnued in the Tc4e of Secretary to Ihe Tnjstees thrryjghout the year. AJI grants are now paid electrc¥)icalty. The Trustees C(111Ue to make grant thI.CS by email. tyjtside the formal rneets'ngs, in Cer to 1eSF*d more quickly to apF4icanis. hjl deusicms are ratified at th6 next trustee ma•bn9. The Chair arKI Se(yetary ha raknalised am Ihe recLYd5 to a set of arthNes and Ihe rwuired 7 ybars ol records for fin8nual tsx r8quiremsnts. Wè do rKrt dient Personal lnf¢)m8b.e lor more Ihan onè ar aN1 wr LY)line datsbasè does not hold détailèd dient persal irrformati. The Tru51's w(xk is CLX)ducted the home <iffictr of the Secr8tsry, and supportèd by 8dministr8tion services Audrny Forr•stsT a fr8d&ncè basis. Th& trust88s agr•8d 8 f•• inL¥•P8• for the m•lay admknislrntion Lrf th• Trust for th• ffir5t tim• In 9 TRUSTEES CINe Leverton dedded to step dn as Chair after 25 years. durirbj whith tiffle he h&5 the ganisation into 8 considerabty strger end rnrye $uslainth posrbcffi. Tr Injslees have immen58 gralitude 8fKI afferA]r for Clrve and a presentati rn1 81 thg May 2023 rneeting to Celetale CINe's crrtribub.on and 80th "rthday. Charh)Ite Vds appynled to Chair the Twst at the M8y 2023 meeing, Clive (y)ntinue as a tnjslee bringing his lhisdcrfn and experierKe to wr actiwties. The tnJste88 r8main higNy commltt&J to the wtvk of the lrnsL Tw) fLvm81 tnJste• m8•lngs In
ST. PANCRAS WELFARE TRUST Report of the Trustees For the year ended 31 March 2024 RESERVES POUCY St P8n(xas Wellare Tnjsl was estrtlished in 1971 to man&Je several an¢ient parochial tharibes with histories streichiThJ back io 16th Century. The aim is to wovide finanaal support, in the lorni of one-off grants for purpws. exdus• for Pr4e in ne&J in the d Metroortan B¢y(wh of St Pancras. The trust w(¥ety rKMf crmsists d an investrnent fuThJ CCLA of appwmdy £3 mill)n of cppital, is used to generate an eath yEar in Nderlo meel the demands a¢e upon rt through requests grants. The Trust Jso hcAds the investments in Pwrty Funds. transferred from Estate Charity of Eleanor Palrner in Fetffuary 2022. ujrrent investment fijnd d£3 Mill £2 rnil)n that was an endoThent frcm lh• Estste Charity of Eleanor Palmer to the Sl Pancras Rdief in Need Chanty. The remaining investments of £1 Mill We ncrt ccmsJer&J to be endotd allhc4Jgh the trustees ha aNYays treated the invesbnents as such and have aw used incLyne from the investments. TherefLve, the trustees c()siderd that Ilw have an accumulatsd.un1 totsl rebJm' UTR of bètknw) £8(M).LKKJ and £1 mill¥)n. The cost of Ilvlng and tha dèmand fef grdnts have b)th Incrtas&1 rthsidèf8bly in Ihe recenl penc#J. and 50 th? twslees w$hed to r8SF#J¥J to th15 by releasing addral ftjnds gTant- m8knrrfJ. The truslees decJed to ithdTaw £60.LKK) frcn the UTR Ithich represents 2% of the total value rAthe investments and is a FrfudpA bevel of thdrawal the Icryer te preseNation of the cafftl. A 5pendiro rale of betsen 4% and 5% wwld be c(mSi5tent with inllation adjLtsted C•Flo1 FYe8ervaticm so ts lebyl of $Fa1ng Ihis rWa8 kyw.
ST. PANCRAS WELFARE TRUST Ctr. Nwm Al
ST. PANCRAS WELFARE TRUST ststement of Trustees. Responslbilltles For the year ended 31 March 2024 The Trustees are reSpwbI8 for preparing the Tnjstees Rep(wl and the finarKial stslements in accordance appli¢8ble law and United ngdoM Acctsjnting Standards (United Kingdom Generalty Accept Ac¢1n11ng Pr&ce). The law applicable to charrlies in EThJland and Wales wuires Ihe Trustees to pr8pare financi81 ststements ftr eath fin8ntsal year give a true and fair wew of the stale of affairs of the Twsl and of the inwmingresources and application of resources of the Tnjst for that yEar. In preparing these financial ststements. the Ttee$ are reqUIrj to: - select suitable accounting Fdicies and then apply them ccfflsistenty. - cA)serve the method5 and prine$ in the Ch8rtLies SORP: - make judgements and estimates that are asOnae and kxudw)L' . stste vknether appltrA0 accwnting stsrnlards have been fdlmd. subj.ect to any material dep8rture5 disc105ed and explained in the financk?I statements: and . prepare the financAal slatefflents on the gcir#J ccrrnn basis unless it is inapwwiale lo presume that Ihe charity will ccmtinue in cwation. The Tr¥Jstee5 are re$FnsIble f keeFrfng suffiaenl anIIng Tgccffds that disdose with reaslab1e accuracy al any b.me the financAal pOs"L of the Trust and enable them to ensure that the financial statements ccrfnF4y Imth the Charities Act 2011. the Charity (Accounts anil Rewrtsl RegUlati¢S 2(K)8 and the wovisions of the trust deed. They are also responsible lor safeguarding the assets of the Trusl and hence for taking reasonale steps for the prevention and deleLon d fraud arm1 ther irwu18rlt.
ST. PANCRAS WELFARE TRUST Ind•p•ndent Examin•rfs Rewt to th• ofst Panrxa• Wellare Trust pago¥ to lu 15. 11 my respcty 8•¢W 145(5Xbl 2011 •bJ begIn 1 Jwwy201 has c(Ame to my attenw h•v• nrl n*t 38 Mlddl•Mx
ST. PANCRAS WELFARE TRUST Statement of Flnan¢lal A¢tlvftl•$ Including Income and Expendlture Account For the year ended 31 March 2024 2024 2023 Nol•• 10.945 109.713 6.436 Investments Indfvldu81 dor1 114.012 Totsl Incom• 116.555 127.094 Ch8rilatrAe actlwtses 151.893 113.125 N¢tgBll1) (m In$trts 11 240,180 207.572 N•t mov•rn•nt In fvnd• 204.842 {193,6031 Fund bolwKes as al 1 2023 3.474.049 3,667,652 Profft lor th• Ibninl 678.891 3 474 049 Th• statem1 offin8¥al a(bilie8 i1K*KJes al the gains a1 k6s•s wnlsthj in the YW. l irwne and •XF•nd6bJr• dwive from Cffibnrwj a(knbgS. 10
a• at 31 2024 41.410 12x1 &475 I1) 3A74.049 3,474,019 11
ST. PANCRAS WELF*JIE TRUST 12
ST. PANCRAS WELFARE TRUST Not•¥ toth• AcwJnt* Forth• yw •nd•d 31 2024 13
ST. PANCRAS WELFARE TRUST Forth• y•ar•nd•4 31 Ilarch 2024 10.945 10,945 114012 T( 121. Ix 71 Z3.1 Tal¥1 Tot 12235 12.1 4)) 6n 7Z 1716 12.186 878 3A91 2.716 feas 195 195 14
ST. PANCRAS IhELFARE TRUST Notss to th• Accounts For the yew ondad 31 lA•h 2024 • TvpJth 240.1 Is