PILGRIMS, FRIEND SOCIETY Financial Statements For the year ended 31 March 2024 COMPANY NUMBER 3027071 CHARITY NUMBER 1045920
PILGRIMS, FRIEND SOCIETY Contents of the financial statements Forthe year ended 31 March 2024 Page Trustees, report- statutory information 2-10 Trustees, report 11-14 Independent auditor's report 15 Statement of financial activities 16 Balance sheet 17 Statement of cash flows 18-34 Notes to the financial statements
PILGRIMS, FRIEND SOCIETY Trustees, report- statutory information Forthe year ended 31 March 2024 DIRECTORS AND TRUSTEES Alan Copeman Genefer Espejo Robin Turnbull (resigned 31 December 20231 Bryan Jarvis (resigned 31 December 20231 Max Robinsonlresigned 24 July 20231 Sheila Warnes COMPANY SECRETARY Robert Fricker REGISTERED OFFICE 175 Tower Bridge Road London SEI 2AL COMPANY NUMBER CHARITY NUMBER 3027071 1045920 BANKERS Lloyds Bank plc 25 Gresham Street London EC2V 7HN AUDITORS Jacob Cavenagh & Skeet Chartered Accountants 5 Robin Hood Lane Sutton Surrey SMI 2SW KEY MANAGEMENT PERSONNEL The Key Management Personnel of the charity were the Trustees and the members of Senior Management Team whose names and responsibi lities are listed below: Stephen Hammersley Maureen Sim Julian Hillman Hugh Lambourne Joshua Field Alexandra Davis Debbie Buggs Chief Executive Officer Director of Oper(Ftions Director of Finance (appointed 4 December 2023) Director of Property Services Director of Human Resources Director of Morketing Director of Finance (resigned 9 October2023) Page I
PILGRIMS, FRIEND SOCIETY Trustees, report Forthe year ended 31 March 2024 The trustees present their report, together with the financial statements of the company for the year ended 31 March 2024. The trustees, report incorporates the directors, report and the strategic report prepared for the purposes of company law. MISSION REVIEW Our group charitable objects are to advance the Christian faith and meet the spiritual and physical needs of older people. This work is increasingly needed as the numbers of older people grow with a significant unmet need for Christian care and support and growing opportunities to share what we know about living well with older people in the communities around our homes, Our vision is to see older people leadi ng fulfi Iled lives. This means that older people know Jesus, have thei r physical needs met, and receive the Christian encouragement, care, and support that they need to be fruitful and productive, and live with dignity. Our goals are to have a growing network of residential care homes and independent living housing schemes through which more people receive excellent Christian care and support, and alongside which we will develop local partnerships between our homes and housing and churches to encourage work amongst older people in the community. Ourvalues We talk regularly about ourvalues with all our stakeholders, and they are increasingly embedded in the way that we work. Compassion is at the heart of how we interact with people. We offer loving care through relationships based on empathy respect and dignity. We get alongside people and show grace to those who are struggling and do what we can to ease people's burdens. We find new ways to care well for older people. Community is central to human flourishing, We are a community of people who share life together, celebrating victories and supporting each other during challenging times. We share what we do and our vision for the future with others in the wider community. Transparency is being honest and open which is crucial to doing good work. We are honest, open about challenge5 and looking for solutions. We listen respectfully to each other and when we disagree, we do so without conflict, and we use mistakes as opportunities to learn and grow. Excellence is what we strive for in our work. We strive for excellence, making sure that we go above and beyond in our work. We do go the extra mile to do things as well as we possibly can. We steward our resources carefully and take opportunities to get better at the work we do. Our work and culture We have a bespoke approach to care which sets us apart in our provision of care for older people known as The Waywe Care. Atthe heart this approach isthe understandingthat every person livingwith us is made in the image of God and therefore must be treated as a valued individual who has things to contribute to the life of the communitywithin which they live. As part ofThe Way We Care we call those who live with us'family members" as we create communities which are rooted in the idea of being a special kind of family together. As each new'family member" comes to live with us Page 2
PILGRIMS, FRIEND SOCIETY Trustees, report {continued) Forthe year ended 31 March 2024 their preferences and personal history is gathered and informs all aspects of their care. It also impacts the kind of activities that are delivered in the home so that each person feels comfortable and welcome in the social context. An important aspect of The Way We Care is about how those living with dementia can flourish in our homes. We employ people who role is to spend time with those who live with us, whether that's 30 seconds holding a hand and singinga familiarsongor hymn, orfive minutes lookingat a family photo album. We also employ The Way We Care Leads who have responsibility for embedding this approach throughout each home, helpingcarers to take person-centre approach, ratherthan a task-centred approach, to the deliveryofcare. Our Activities and Community Engagement IACEI Programme has developed well, and we've been able to welcome morevolunteers into our homes and make more connections with thecommunities around ourhomes. This has meant that visits from schools, chu rches, and other groups such as choirs are a regular function of life in our homes and that relationships with churches and others in the communities around our homes are stronger. Each volunteer that we train is better equipped to work well with older people in their churches and neighbourhoods. The q uality of our care remai ned high the year with all CQG and Local Authority reviews f indi ng good or better care, and our own internal monitoring and carehome,co.uk reviews saying the same. Two ofthe home thatjoined the Group did so with 'Requires Improvement" assessments from CQC and they are now benefitting from our systems and training as we plan to restore their"Good" CQC rating. During the year we strengthened our team overseeing our housing provision. We agreed a new strategy for our housing provision, and we have started to get to grips with standardising our processes and exploring how to improve our provision. Our staff People are the heart of what we do with our supportive and caring Christian communities not only providing a wonderful care and support for older people but also creating a great working environment for our staff, We have continued to invest heavily in training, particularly in our care staff. The Way We Care continues to be embedded throughout our care homes through specialists known as The Way We Care Leads. Our Activity and Community Engagement Facilitators have been trained and equipped to start sharing some of what we know about living well with older people with churches and others in the community around our homes. During the year we developed this by incepting a project to involve all or our ancillary staff i n livi ng well with our family members lin what is called a "whole home approach"), and to extend our scope to include more intentionally the relatives of people living with us and people who care in the community. We listen to our colleagues through six monthly staff surveys and follow up staff forums. We are pleased that our colleagues remain highly committed to their work and very engaged with the charity seeing as an employer that helps them give of their best. Our staff vacancies rates have reduced significantly over the year, and most of our operations are effectively fully staffed. This has been helped by recruits from overseas, all of whom have been referred to us by existing colleagues or others that we know. We have not used agencies so we can be sure that the recruitment and employment of these colleagues has been to the highest ethical standards. We have continued to invest in our leaders through our annual Senior Management Team conference and during the year we started to encourage our managers to take spiritual development days to strengthen their capacity to supportthe spiritual life of their homes and housing. Page 3
PILGRIMS, FRIEND SOCIETY Trustees, report (continued) For the year ended 31 March 2024 Growing for the future We want to see OLJr unique model of Christian care widely available around the UK and this vision is encapsulated in what we call our Renewal Programme ofwhich Middlefields House, the new home we opened in Chippenham in 2021, is the start. We have been delighted to see how this new building, designed to support The Way We Care in family sized households has led to fulfilled livingof the highestorder, The home has alsoexceeded ourfinancial business case assumptions and is producing a surplus that allows us to invest the quality of what we do in Chippenham and elsewhere. During the year we have made multiple approaches for sites close to some of our older buildings seeking to replicate the success of the renewal that we managed in Chippenham. We call this our Growth and Renewal strategy. H itherto. we have not been successf ul, but our search continues particularly i n The South Coast area around Worthing. We are looking for sites that will allow a new bui Id and/or the purchasi ng of existing operations where this will improve the quality of our buildings and support high quality care forthe medium term. In the year we have also seen growth as we have welcomed into the Group the transfer of a care home in Cumbria (Cumbria Emmaus House) and the transferofHomesdale Iwoodford Baptist Homes) Limited, a Registered Society that runs housing and care for older people in Northeast London, There are two other Christian care home charities that we are in discussion with that m ight lead to the gifting of assets and operations to the Group in 2024125. In the year we also faced significant bill for ensuri ng fire safety at our home In Plymouth that we were not able to justify. This ledto thesale ofthe Bethany Home to a localoperatoras a goingconcern and wewere able toensure continuity of the Christian ethos of the home by continuing the employment of the Activity and Community Engagement Facilitator for at least a further two years. We also had to close our domiciliary care agency at Royd Cou rt "Pi Igrim Care" as we were f inding it i mpossible to fi nd good staff given the i ntermittent rotas, we were able to offer because of the size of the scheme. We have continued to support Faith in Later Life, a charity that we incubated, and it has continued to grow now encouraging, equipping, and inspiring over 900 volunteers working in churches with older people, known as Church Champions. In communities where we don't have care homes and housing then we want to see active Faith in Later Life Church Champions pursui ng our charitable objects. During the year we were also pleased to start an initiative 'Christians in Care" to support Ch ristians working in secular care settings helping them keep going and encouragingthem in their work to advance the Christian faith amongst older people. Raising our profile Our engagement with press, both local and national, has continued with significant media coverage showcasing the value of olderpeople and what it's like to livewith us. Asan example, International Women's Day in March led to articles in Readers Digest, a nd references to us in Premier Ch ristianity magazine. Articles appeared regularly i n Christian print media. Our summer campaign wa5 targeted at future supporters in a younger demographic as we encouraged people to prepare well forolder age with material presented under the heading of"Getting real About Getting Older" Page 4
PILGRIMS, FRIEND SOCIETY Trustees, report (continued) For the year ended 31 March 2024 We prepared a document "Empowering Communities to Care" that developed some of the themes in the archbishops "Reimaging Care Commission" During the year this attracted a lot of support from other charities and as a post balance sheet event will be used to shape policy and raise our profile. Alongside this were regular appearances by Louise Morse and Stephen Hammersley and on Christian radio including TWR, UCB and Premier Radio, all of which highlighted our work among older Christians. Funding challenges The low level of Local Authority fundi ng and significant cost inflation means that the true cost of care is often not met by Local Authorities which, partnered our determination to accept people based on need rather than the ability to pay, results in a more challengi ng fi nancial trading position than we would like. The difference between Local Authority and private pay rates has grown dramatically over recent years and erodes our financial surplus. Itis hard to see us being able to carry on providing the full breadth of services that are included in The Way We Care in locations where we have large numbers of local authority funded family members unless we can increase our donations commensurately. We continue to receive generous charitable contributions, particularly i n the form of legacies, that we plan to invest in new provision for older people. MESSAGE FROM THE CEO There is a lot of detail in our numbers, but as in previous years this must not cloud the factthat in an immensely challengingenvironment, wehave again delivered very high qualityand distinctivechristian Care and Supportto people who want to live in a Christian community. l am immensely grateful to my colleagues who make this happen and who are an inspiration to mel We thank God for the strong headline surplus and that we have started to improve our underlying financial performance as Middlefields House has performed well, occupancy has been strong, and as we have added new homesand housing to our portfolio. The success of Middlefields is a great encouragement to progress our Growth and Renewal Programme, and we are worki ng hard and trusti ng in God's timing for sites to repeat this process of modernising our portfolio. Last year we have strengthened our team so that we have the capacity to help other Christian charities that are struggling with governance and other challenges of running care and housing operations. That allowed us to complete the work to take over the running of the Koinonia Christian Care home in Worthing in April 2023, and subsequently to welcome the transfer of the assets and operations of Cumbria Emmaus House. These two latter gifts have a history of profitable trading and came with significant cash assets. There have been many encouragements as we have progressed our work to enable the Christian faith to be advanced amongst older people though our work. Page 5
PILGRIMS, FRIEND SOCIETY Trustees, report (continued) Forthe year ended 31 March 2024 FINANCIAL REVIEW Overall performance The charity realised a net surplus of £1,702,000 in the year compared to £7,079,000 in the previous year. The key measure of performance used in the charity's management accounts is its earnings before interest, tax, depreciation amortisation and rent {EBITDARI. EBITDAR for the year is reported as 3 surplus of £1,830,000 against a surplus of £7,324,000 the previous year. For an overall view ofThe Pilgrims Friend Group please see our consolidated accounts. STATUTORY INFORMATION Our objects and how we seek to fuifilthem The Pilgrims Friend Group is a non-trading charitable company which is the sole corporate member of Pilgrims, Friend Society, Pi Igrim Homes and Pilgrim Homes Trust. I n turn, Pilgri ms, Friend Society is the sole corporate member of Strathclyde House Trust. The governing document is the articles of association. The Pilgrims, Friend Group exists to research and understand the context for the delivery of Christian Care and it sets policies and provides direction for the charities in its group, The board of this charity makes significant decisions for the running of the group. All of the Members of the Board ofTrustees of The Pilgrims, Friend Group are also on the board ofone or more of the Group's subsidiary entities. The trustees of the Pilgrims, Friend Group are distributed so that we have the capacity to manage conflicts of interest and receipt transaction between charities. Responsibility for the day-to-day operations of the charity is delegated to the Chief Executive and Senior Management Team of Pilgrims, Friend Society which has been the main operating charity for the group. The pay of Key Management Personnel is reviewed annually and normally increases in accordance with average earnings bearing in mind charities of similarsize and activity. Pilgrims, Friend Society and The Pilgrim Friends Group have identical objects with the primary object being the advancement of the Christian faith and the relief of poverty, sickness, disablement, old age and i nfirmity for the public benefit to the glory of God" Strathclyde House Trust has simi lar objectives to these two charities, The objects of Pilgrim Homes and its successor charity, Pilgrim Homes Trust are.. 'The relief either i ndividually or collectively of poverty, sickness, disablement, and infirmity of older people of the Protestant Christian faith including bythe provision and maintenance of residential care and housing" Pilgri ms, Friend Society advances the Christian faith by operating Christian care and housing for older people and by producing resources that inspire, encourage and equip other5 in their work of caring for older people. Pilgrims, Friend Society operates all our homes and schemes in the group in the same way to ensure the same quality of Christian Care and to give us economies of scale in our operations. Pilgrim Homes Trust land Pilgrim Homes before it) fulfils its objects through the ownership of care homes and housing schemes which are operated on its behalf by Pilgrims, Friend Society. Pilgrim Homes Trust is the group charity buildingthe first of our Renewal Programme homes at Chippenham {Middlefields House). The Mission Review section of this report sets out how our work provides accommodation and care to older Page 6
PILGRIMS, FRIEND SOCIETY Trustees, report (continued) Forthe year ended 31 March 2024 people through the provision of Christian care in a residential setti ng to those who are over 65 and i n need of such accommodation or care as a result of their age, poverty, sickness or disablement. Our charities advance the Christian faith by ensuring that beneficiaries have every opportu nity to pursue their Christian lives. Regular devotions, opportunities to pray and be su pported in prayer, Christian services, Bible studies, opportunities to share fellowship and express Christian beliefs and values through crafts and activities areavailable in all our homes and schemes. Domiciliary care for residents in our extra care housing scheme at Royd Court in Mirfield is provided by Pi Igrim Care, part of Pi Igrims, Friend Society. The benefits of our work are people livi ng safe and fulfilled lives in their later years when they need Christian care and support. Pilgrims, Friend Society and Strathclyde House Trust lof which it is the sole member) provide a safe, secure envi ronment and a Christian community with opportunities for fellowship with like-minded Christian people. Public Beneflt The charity's trustees have considered the guidance regarding public benefit when considering and planning their objectives and activities for the year. Employment Policies Pilgrims, Friend Society always selects staff colleagues based on their abi lity to do the job on offer based on a 'Person Specification" for each post. We are fully compliant with Equalities legislation and recognise our obligations, under Disabi lity Discrimi nation legislation, to consider reasonable modifications to allow people living with a disability to take up employment. We have a genuine occupational requirement for some posts to be fi Iled by Protestant Christians, who agree with our doctri nal basis, to maintain our founding Christian ethos. These issues are dealt with fully u nder the charity's Equ31 Opportunities policies. All our homes hold regular meetings for all colleagues which are designed to impart information regarding developments withi n the charity and to give staff opportunity to raise issues. Where any specific proposal is li kely to have a significant impact on i nd ividual mem bers of staff, such staff are consu Ited in li ne with current legislation and good practice. We are in regular communication with our staff colleagues on all matters relating to their terms and conditions of employment. The managers of our homes meet twice a year as the "senior team" and one of these meetings includes discussion with the trustees as to the future di rection of the Society. Significant changes to the work of the Society are typically preceded by a consultation with colleagues in our homes and ourvolunteers sometimes involving a visit by a member of the executive team and a trustee. We encourage colleagues, involvement in the Society's performance and their awareness of the factors affecting our work through a monthly prayer bulletin that is posted on the noticeboards in all our homes and schemes. Page 7
PILGRIMS, FRIEND SOCIETY Trustees, report {continued) Forthe year ended 31 March 2024 Volunteers Our home visitors, friends and auxiliary committees are a vital aspect of our work. As well as raising some ofthe finances we need they also make them go much further through their volljnteering. We are particularly grateful to visitors who provide much needed comfort and company to residents and those who lead the regular acts of worship in our homes. The Charity Commission requires we state a number for these volunteers, and we estimate this to be around 425. Related partles The trustees of the charity consider the following to be related parties: I, Key Management Personnel of Pilgrims, Friend Society 2. The following charities: a. The Pi Igrims Friend Group ITPFGI -the ultimate holding company of th is Charity. b. Pilgrim Homes IPHI - a fellow su bsidiary of the Pilgrims Friend Group. c. Pilgrim Homes Trust IPHTI- a fellow subsidiary of the Pilgrims Friend Group. d. Strathclyde House Trust ISHTI- a subsidiaryofthis Charity. 3. PFG Trading Limited- a limited company 4. Aged Pilgrims, Friend Society Trust Limited IAPFSTI - a non-trading limited company which, holds title to the properties owned by Pilgrim Homes. APFST is a wholly owned subsidiary of Pilgrim Homes Trust holds title to the properties on behalf of Pi Igri m Homes Trust. Investment policy Given the need for cash, the trustees take the view that it is better to retain the majority of the charity's funds in bank deposits, rather than investi ng in other classes of assets. Princlpal sources of funding The charity expects to continue to raise most of its income from fees charged to residents of its homes and by charges for its housing. The Renewal Programme will be funded by borrowing, social investment, thesale ofsome property assets and donations. Accommodation charges policy As with the other related charities, th is charity sets the level of charges for accommodation i n its care homes based on local market conditions. It does not discriminate against older Christians who may not have the resources to meet the costs of their own care and we accept residents whose fees are met on their behalf by local authorities, notwithstandi ng the shortfall that then arises. In these circumstances we seek a 'top-up' from family or friends where possible. Fundraising Pilgrims, Friend Society does not employ outside or commercial fund-raisers. We make sure that our supporters are kept up to date with our work and that they have the opportunity to give to support it. It issues a magazine twice a year and solicits prayer for the work of the charity. Both the magazine and the prayer updates issued by the charity may include mention of financial needs. No complaints have been received in the year about our fundraisi ng. Pilgrims, Friend Society is registered with the FLrndraisi ng Regulator. Page 8
PILGRIMS, FRIEND SOCIETY Trustees, report {continued) For the year ended 31 March 2024 Risks and regulations The charity maintains a comprehensive register of risks which is reviewed by the Key Management Personnel at their monthly meetings and by trustees at every trustee meeting. Risks are rated as to both thei r likelihood and severity. The greatest risks faced by the Charity are: Risk The charity is unable to recruit staff with the necessary ski Ils Actions to mitigate Apprenticesh ips, career paths and action plans i n place. Remuneration policy. Lobbying through the National Care Forum when olic chan es th reaten staff avai labi lity. Effective occupancy marketing, Performance data monitored and acted on. Close monitoring of financial performance and cash, liquidation of illiquid investments, use of bank loans Fixed price contracts are negotiated where possible, fee income increases take account of expected price i nflation Reduced occupancy in the homes means the are no lon er viable The aftermath of a pandemic or other similar event causes financial drain on the charit Price inf lation and supply chain delays mean that the charity is unableto provide an adequate level of care The charity's reputation orabilityto operate is impaired by data being leaked or corru ted Pandernic or other similar event seriously impairs the charity's ability to deliver care and head office services to the homes I nflation, the cost of borrowi ng and other external factors mean that the Renewal Pro ramme is not achievable. Standard information technology controls are i n place, such as backups and access controls and we are working towards C ber Essentials accreditation. Contingency and continuity plans; pandemic policy. Trends are monitored and alternative sources offundingare sought. Alternative ways of expanding the work of the charity are develo Reserves The Charity holds funds of £16,938,000 at the year end. Restricted funds account for £2,949,000 ofthis and most of these reserves can be used to fund operational costs of a proportion of the operating entities Ithe Pilgrim Homes). Of the general and designated funds, £10,968,000 could only be realised by disposing of tangible fixed assets or programme related investments. This means that the reserves (that is, the part of the charity's unrestricted funds that is freely available to spend on any of the charity's purposes) is £3,021,000 a su rplus of £2,021,000 against a target of £1,000,000. Trustee recruitment and training Trustees are appointed at a board meeting following a nomination process. Candidates must meet a strict set of specifications concerning personal competence, specialist skills, avai labi lity and Christi an belief. Once the Board and new trustee decide to proceed with a formal appointmentthere follows an induction period to familiarise the new trustee with the charity's operations. Newly appointed trustees meet with the Chief Executive and members ofthe Senior ManagementTeam to provide an introduction to the affairs ofthe charity, key operational methods and the current strategic plan, Trustee performance is subject to an annual review by the Chairman. Page 9
PILGRIMS, FRIEND SOCIETY Trustee5' report (continued) Forthe year ended 31 March 2024 STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees (who are also directors of Pilgrims, Friend Society for the purposes ofcompany lawl are responsible for preparing the Trustees, Report {incorporating the directors, reportl and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Irelond (United Ki ngdom Generally Accepted Accounting Practice). Company law 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 charitable company and of the income and expenditure, of the charitable company for that period. In prepari ng these financial statements, the trustees are required to: select suitable accou nting policies and then apply them consistently; observe the methods and principles in the Charities SORP. make judgments and accounting estimates that are reasonable and prudent; state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements, and prepare the f inancial statements on the goi ng concern basis unless it is i nappropriate to presume that the charitable companywill continue in business. The trustees are responsible for mai ntaini ng proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. STATEMENT OF DISCLOSURE TO AUDITOR So far as each person who was a trustee at the date of approving this report is aware, there is no relevant audit information of which the charity's auditor is unaware. Additionally, the trustees individually have taken all the necessary steps that they ought to have taken as trustees in order to make themselves aware of all relevant audit information and to establish that the charity's auditor 15 aware of that information. AUDITORS Jacob Cavenagh & Skeet were the charitable company's auditors during the year and have expressed their willingness to continue in that capacity. Approv the trustees and signed on their behalf by A Copeman Trustee Date., 18 July 2024 Page 10
PILGRIMS, FRIEND SOCIETY Independent auditor's report to the trustees of Pilgrims, Friend Society For the year ended 31 March 2024 OPINION We have audited the f inancial statements of Pilgrims, Friend Society (the charity) for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The FinanciolReporting Stondordapplicoble in the UKand Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its incoming resources and application of resources for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requirements of the Companies Act 2006, BASIS FOR OPINION We cond ucted our audit i n accordance with International Standards on Auditing IU KI IISAS IU Kll and applicable law, Our responsi bilities under those standards are further described in the Auditor's responsibi lities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements, We believe that the audit evidence we have obtai ned is sufficient and appropriate to provide a basis for ouropinion. CONCLUSIONS RELATING TO GOING CONCERN In auditing the fi nancial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, i ndividually or collectively, may cast significant doubt on the charity's abi lity to conti n ue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue. Our responsibilities and the responsibi lities of the directors with respect to going concern are descri bed i n the relevant sections of this report. OTHER INFORMATION The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Page 11
PILGRIMS, FRIEND SOCIETY Independent auditor's report to the trustees of Pilgrims, Friend Society (continued) Forthe year ended 31 March 2024 Our responsibility is to read the other i nformation and, i n doing so,.consider whether the other information is materially i nconsistent with the fi nancial statements or our knowledge obtai ned in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determi ne whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. OPINIONS ON OTHER MATTERS PRESCRIBED BYTHE COMPANIESACT 2006 In our opinion, based on thework undertaken in the course ofouraudit: the information given in the Trustees, Report, which includes the directors, report and the strategic report prepared for the purposes of company law, for the fi nancial year for which the f inancial statements are prepared is consistent with the financial statements. and the strategic report and the directors, report included within the Trustees, Report have been prepared in accordance with applicable legal requirements. MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the light of the knowledge and understandingof the charity and its environmentobtained in the course of the audit, we have not identified material misstatements in the di rectors, report or the strategic report i ncluded with the trustees, report. We have nothingto report in respect ofthefollowing matters in relation to which the CompaniesAct 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us. or the f inancial statements are not in agreement with the accounti ng records and returns. or certain disclosures of trustees, remuneration specified by law are not made. or we have not received all the information and explanations we require forour audit. RESPONSIBILITIES OF TRUSTEES As explained more fu Ily i n the trustees, responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such i nternal 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 prepari ng the fi nancial statements, the trustees are responsible for assessing the charity's ability to conti nue as a going concern, disclosi ng, as applicable, matters related to going concern and using the going concern basis of accounting unles5 the trustees either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. Page 12
PILGRIMS, FRIEND SOCIETY Independent auditor's report to the trustees of Pilgrims, Friend Society (continued) For the year ended 31 March 2024 AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS We have been appointed as auditor under section 145 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to i nfluence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedu res are capable of detecting i rregularities, including fraud is detailed below.. Based on our understanding of the charity, we identified that the pri ncipal risks of non-compliance with laws and regulations related to charity financial reporting, employment, health & safety and care and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011 and Companies Act 2006. We assessed the suscepti bility of the charity's fi nancial statements to material misstatement, including obtai ning an understanding of how fraud might occur, by making enquiries of management, considering the internal controls in place and discussion amongst the engagement team. We determined that the princi pal risks were related to.. disclosure of capital commitments or provisions recognition of legacy i ncome fraLsdulent extraction of cash In response to the risks identified we designed procedures which included, but were not limited to: agreeing f inancial statement disclosures to underlying supporting documentation identifying and reviewing journal entries discussions with management and review of legal correspondence reviewing Trustees, meeting minutes evaluating the charity's internal controls There are inherent limitations in the audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibi lities for the audit of the financial statements is located on the Fi nancial Reporting Council's website at: www,frc,org.uklauditorsresponsibilities. This description forms part of our auditor's report. Page 13
PILGRIMS, FRIEND SOCIETY Independent auditor's report to the trustees of PiEgrims' Friend Society (continued) Forthe year ended 31 March 2024 USE OF OUR REPORT This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and regulations made under that Act. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors, 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 charitable company and its members as a body, for our audit work, for this report, or for the opinions we have formed. Paul Newto FCAI nior Statutory Auditor) for and on behalf of Jacob Cavenagh & Skeet 5 Robin Hood Lane Sutton Surrey SMI 2SW Chartered Accountants statutory Auditor Date., Page 14
PILGRIMS, FRIEND SOCIETY Statement of financial activities (incorporating the income and expenditure account) Forthe year ended 31 March 2024 2024 Rest- ricted Funds £000 2023 Rest- ricted Funds £000 Unrest- ricted Funds £000 Total Unrest- ricted Funds £000 Total Note £000 £000 Income from: Donations and legacies Investments Charitable activities Other income 1,992 109 9,237 168 2,160 113 18,456 8,371 183 8,554 9,219 7,125 8,432 15,557 Total income Expendlture on: Raisingfunds Charitable activities 33 41 27 18 45 Total expenditure Net gainson investments Net income 701 I,ooi 1,702 6,722 357 7,079 Translers between funds Net movement in funds 702 1,000 1,702 6,706 373 7,079 Reconciliation of funds Total funds brought forward 94 Total funds carried forward All the activities are continuing. There were no recognised gains or losses otherthan those stated above. The notes on pages 18 to 34 form part ofthese financial statements. Page 15
PILGRIMS, FRIEND SOCIETY Balance sheet As at 31 March 2024 2024 2023 Note £000 £000 £000 £000 Fixed assets Tangible assets Investments io li 7,962 7,514 10,968 9,942 Current assets Debtors and prepayments Cash equivalents on deposit Cash at bank and in hand 12 5,356 3,407 23 10,997 6,137 2,502 9,670 Credltors: Amounts falling due within one year 13 Net current assets 294 Total assets less current liabllltle5 Funds.. Unrestricted funds Restricted funds 14 14,15 16 13,989 13,287 Total Funds The financial statements were approved by the Trustees on 18 July 2024 and signed on their behalf by.. A Copeman Trustee Company Reglstration No: 3027071 The notes on pages 18 to 34 form part ofthese financial statements. Page 16
PILGRIMS, FRIEND SOCIETY Statement of cash flows Forthe year ended 31 March 2024 2024 £000 2023 £000 Cash flows from operating activities Trading and donations Net movement in funds 1,702 7,079 Depreciation Gift of Koinonia net assets excluding cash Giftof Melbourne Hall property Giftofcumbria Emmaus net assets excludingcash I ncrease in legacy debtors Investment income Movement in fair value of investments Lossllga inl on disposal of fixed assets Net cash provided by/(used in) trading and donations 293 261 {2,3071 11,0591 (1,103) 1,555 { 113) 78) 26 14,3861 21 Working capital movements Ilncreaselldecrease in debtors excludi ng legacies Increase in creditors Net cash provided by working capital movements 1 506) 1,230 139 2,556 Net cash provided by operating activities Cash flows from Investing actlvities Tangible fixed assets Payments on additions of tangi ble fixed assets Proceeds on disposal of Melbourne Hall Proceeds on disposal of tangible fixed assets Adjustments to fixed assets Net cash provided by tangible fixed assets (511 1 2521 1,059 27 512 73 Fixed asset investments Interests and dividends received Payments on additions of fixed asset investments Net cash (used in) fixed asset investments 113 Net cash {used in)Iprovided by investing activities Net cash inflow 2,108 2,764 Cash and cash equivalents at l April 2023 Cash and cash equivalents at 31 March 2024 The notes on pages 18 to 34 form part ofthese financial statements. Page 17
PILGRIMS, FRIEND SOCIETY Notes to the financial statements Forthe year ended 31 March 2024 ACCOUNTING POLICIES The company is registered as a charitable company limited by guarantee incorporated in England and Wales and is governed by its Memorandum and Articles of Association. Its registered office is 175 Tower Bridge Road, London SEI 2AL. The principal accounting policies adopted, judgements and key sources of estimation uncertai nty i n the preparation of the financial statements are as follows.. la. Basis of accounting These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable i n the U K and Republic of Ireland, I'FRS 102,1, 'Accounti ng and Reporting by Charities" the Statement of Recommended Practice for Charities applying FRS 102, the Companies Act 2006, the Charities Act 2011 and UK Generally Accepted Accounting Practice. The charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterli ng, which is the functional currency of the charity, Monetary amounts in these financial statements are rounded to the nearest £1,000, The financial statements have been prepared on the historical cost convention, modified to include certain investments and financial instruments at fair value, Ib. Consolidation This charity is a qualifying entity forthe purposes of FRS 102, being a member ofa group where the parent of that group prepares publicly avai lable consolidated financial statements, including this charity, which are i ntended to give a true and fair view of the assets, liabi lities, financial position and su rplus or deficit of the group. The charity has therefore taken advantage of exemptions from the requirement to disclosure transactions with other group undertakings. The financial statements of the charity are consolidated in the financial statements of The Pilgri ms Friend Group. These consolidated financial statements are avai lable from its registered office at 175 Tower Bridge Road, London SEI 2AL. Ic. Going concern At the time of approving the financial statements, the trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the goi ng concern basis of accounting in preparing the fi nancial statements. Id. Tangible fixed assets Fixed assets are recorded at historic cost. Expenditure on existing properties is capitalised when works result in an enhancement of economic benefits of the asset. Other expenditure on the properties is charged to the income and expenditure account. Where appropriate, the historic cost less accumulated depreciation of any replaced components is released from the asset and recognised as a loss on disposal. Page 18
PILGRIMS, FRIEND SOCIETY Notes tothe financial statements {continued) For the year ended 31 March 2024 ACCOUNTING POLICIES {continued) Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life. The followi ng rates are used on a straight- line basis.. Land Buildings Roof Electrics Windows, doors, heating and plumbing Bathrooms and lifts Kitchens- sheltered Boilers Kitchens- residential Furniture and equipment- sheltered Hard landscaping Motor vehicles Computer equipment 100 years 70 years 40 years 30 years 20 years 20 years 15 years 10 years 10 years 5years 4 years 4 years le. Income Housing and care income is recognised on the basis of the period that the service was provided to the resident. Voluntary income and donations lincluding legacies) are accounted for once the charity has entitlement to the income, it is probable the income will be received and the amount of income receivable can be reliably measured. Where material assets are donated to the companyfor its use, these are capitalised at the estimated market value at the date ofthe gift and included under income. If. Expenditure Expenditure is accrued as soon as a liability is considered probable, discounted to present value for longer term liabilities. Charitable expenditure includes all support costs in respect of the com pany's activities. Ig. Governance costs This comprises expenditure on compliance with statutory legal requi rements and is included in charitable activities. Ih. Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance ofthe general objectives ofthe charity and which have not been designated for other purposes, Designated fundscomprise unrestricted fundsthat have been setaside by thetrustee for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors. The aim and use of each restricted fund is set out in note 18 to the financial statements. Page 19
PILGRIMS, FRIEND SOCIETY Notes tothe financial statements (continued) Forthe year ended 31 March 2024 ACCOUNTING POLICIES (continued) li. Leases Rentals payable under operating leases are dealt with on a straight-line basis over the lease term. Total lease repayments have been disclosed over the remaining life ofthe lease. IJ. Pensions The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect ofthe year. Ik. Investments Investments in subsidiary charities are included at the historic cost less provisions for impairment. Listed i nvestments are stated at fai r value. 11. Debtors Debtors are included at the settlement amount due. Prepayments are valued at the amount prepaid. Im. Cash and cash equivalents Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of opening of the deposit. Cash equivalents on deposit includes cash on deposit with a maturity of over three months. In. Creditors and provlsions Creditors and provisions are recognised where the charity has a present obligation arising from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are recognised at their settlement amount. Concessionary loans are included at historic cost. lo. Financlal instruments The charity only has financial assets and liabilitiesof a kind that qualifyas basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlementvalue. Page 20
PILGRIMS, FRIEND SOCIETY Notes tothe financial statements (continued) Forthe year ended 31 March 2024 DONATIONSAND LEGACIES Unrestricted Funds £000 Restricted Funds £000 Total 2024 £000 Total 2023 £000 Donations Gift of Melbourne Hall property Net assets gifted by Koinonia Net assets gifted by Cumbria Emmaus Legacies 96 168 264 267 1,059 2,434 1,500 396 1,500 INCOME FROM INVESTMENTS Unrestricted Funds £000 Restricted Funds £000 Total 2024 £000 Total 2023 £000 Rental of investment properties Bank interest 109 113 INCOME FROM CHARITABLE ACTIVITIES Unrestricted Funds £000 Restricted Funds £000 Total 2024 £000 Total 2023 £000 Care fees Housing income Covid-19 LA care grants 9,028 209 8,395 824 17,423 1,033 14,602 909 OTHER INCOME Unrestricted Funds £000 Restricted Funds £000 Total 2024 £000 Total 2023 £000 Gain on disposal of fixed assets Other sources 14 Page 21
PILGRIMS, FRIEND SOCIETY Notes to the financial statements {continuedl Forthe year ended 31 March 2024 EXPENDITURE ON RAISING FUNDS Unrestricted Funds £000 Restricted Funds £000 Total 2024 £000 Total 2023 £000 Publicity and deputation EXPENDITURE ON CHARITABLE ACTIVITIES Unrestricted Funds £000 Restricted Funds £000 Total 2024 £000 Total 2023 £000 Activities split by fund.. Housing Care Education and training Raising awareness General support costs iii 9,371 281 136 401 10,300 697 7,716 24 808 17,087 305 144 912 15,178 216 106 8,462 18,762 16,745 Depreciation Loss on disposal of fixod assets 293 293 261 Page 22
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PILGRIMS, FRIEND SOCIETY Notes to the financial statements Icontinued) Forthe year ended 31 March 2024 STAFF COSTS 2024 £000 2023 £000 Wages and salaries Social security costs Pension costs Agency staff costs 11,414 873 383 9,584 705 386 489 Redundancy payments totalling £43,73112023', £nill are included above. The average number of staff employed in the period on a headcount basis was.. No No Home5 Head Office 586 41 529 The average number of staffemployed in the period on a full-time equivalent basis was,. No No Homes Head Office 462 40 397 The emoluments of ten employees exceeded £60,000 in the year ended 31 March 202412023,. five). Four of those employees earned between £60,000 and £70,000, three earned between £70,000 and £80,000, one earned between £80,000 and £90,000, one earned between £90,000 and £IOO,000 and one earned between £IIO,000 and £120,000 including redundancy pay12023.' three between £60,000 and £70,000, one between £80,000 and £90,000 and one between £90,000 and £lOO,0001, Remuneration of £1,574 {2023: £3,044) was paid to one trustee, Mr Martyn Hallett during the year for employment as pastoral co-ordinator on a part time basis. Mr Hallett started this paid role on l March 2020, before he was appointed as a trustee in October 2022. Continued employment is in accordance with Clause 4 ofthe Articles ofAssociation ofthe Charity and consent given bythe Charity Commission. No remuneration was paid to any other trustee during the year. Travel expenses of £34312023.. £1,180) were reimbursed to 3 trustees12023: 4 trustees) for items i ncurred wholly, exclusively and necessarily in the course of the charity's activities. The total aggregate remuneration of Key Management Personnel for the yearwas £532,78512023.' £496,272). The total remuneration lincluding gross salary, employer's National Insurance, benefits in kind and employer's pensions contributions) paid to family members of the trustees was £64,39112023: £58,884). Page 24
PILGRIMS, FRIEND SOCIETY Notesto the financial statements {continuedl Forthe year ended 31 March 2024 NET INCOME 2024 £000 2023 £000 This is stated after charging., Depreciation Loss/lgainl on disposal of fixed assets Auditors, remuneration for audit seNices Auditors, remuneration forother seNices 293 26 22 261 1141 25 10. TANGIBLE FIXED ASSETS Freehold land and buildings £000 Furniture, flttings and equipment £000 Motor vehicles £000 Total £000 Cost As at l April 2023 Additions Adjustments from acquisitions Disposals 8,549 331 1,625 1,438 74 392 iio 106 10,097 511 2,203 As at 31 March 2024 Depreclation As at l April 2023 Charge for the year Adjustment5 from acquisitions Released on disposals As at 31 March 2024 1,793 158 875 734 98 373 56 37 2,583 293 1,255 Net book value As at 31 March 2024 As at 31 March 2023 2024 £000 2023 £000 At cost or donated value: Bethany Christian Home, Plymouth Ernest Luff Care Home, Walton-on-the-Naze Ernest Luff Housing, Walton-on-the-Naze Emmaus Care Home, Harrogate Permanent landscape, Ernest Luff Care Home Koi nonia Christian Care, Worthing Carey Gardens, Kirby Muxloe Emmaus House, Whitehaven, Cumbria 605 2,265 1,611 889 34 2,015 1,130 2,419 1,590 1,162 34 2,033 1,278 Page 25
PILGRIMS, FRIEND SOCIETY Notes to the financial statements (continued) For the year ended 31 March 2024 11. INVESTMENTS Listed investments £000 Unlisted investments £000 Total £000 Valuation As at l April 2023 Additions Disposals Revaluation 200 500 2,228 2,428 500 78 As at 31 March 2024 Historlc cost Asat31 March 2024 The closi ng balance of un listed investments related to the charity's IOOqlo controlling interest i n Strathclyde House Trust Limited, a charitable company registered i n Scotland. 12. DEBTORS AND PREPAYMENTS 2024 £000 2023 £000 Arrears of local authority and residents, contribution Amounts due from group entities Amounts owed from Pilgrim Garden service charge Amounts owed from Royd Court service charge Amounts owed from Strathclyde service charge Other debtors and prepayments 202 1,109 39 252 355 196 655 125 347 13. CREDITORS AND ACCRUALS: amounts falling due within one year 2024 £000 2023 £000 Short term loans Trade creditors Taxation and social security Amounts due to group entities Other creditors and accruals 115 236 197 3,191 165 343 143 2,928 797 Page 26
PILGRIMS, FRIEND SOCIETY Notes tothe financial statements (continued) Forthe year ended 31 March 2024 14. ANALYSIS OF NET ASSETS BETWEEN FUNDS Restricted Funds- Pilgrim Homes (note 16a) £000 Restricted General Designated Funds- Funds Funds general (note 15) (note 16b) £000 £000 Total Funds 2024 £000 £000 Fixed assets Tangi ble Investments 6,670 2,228 1,292 778 7,962 3,006 Current assets 10,118 123 756 10,997 Current Ilabllitles iJoll) Total Net Assets 2023 Fixed assets Tangi ble Investments 7,514 7,514 2,428 2,228 200 Current assets 7,921 118 1,631 9,670 Current liabilities Total Net Assets 15. DESIGNATED FUNDS Brought forward at i April 2023 £000 Carried Revaluations forward at 31 Income Expenditure and transfers March 2024 £000 £000 £000 £000 2024 Strathclyde House Trust () 2023 Strathclyde House Trust Page 27
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PILGRIMS, FRIEND SOCIETY Notesto the financial statements {continued} Forthe year ended 31 March 2024 18. FURTHER DETAILS ON RESTRICTED AND DESIGNATED FUNDS Designated Funds Strothclyde House Trust Fund This was earmarked by trustees to represent the value of the investment recognised for Strathclyde House Trust. It was decided that this was no longer useful and therefore the balance of this fund was transferred to the General Fund. Restricted Funds Pilgrim Homes Fund This heading includes both the reserves of Pilgrim Homes and the Pilgrim Homes Restricted Fund within Pilgrims, Friend Society, which were transferred to Pilgrim Homes Trust on 31 March 2020. StAlbans and Lucy McNeil Home Funds These funds relate to the receipt of donations and the proceeds of various fundraising activities for the purpose of establishing new homes. Foith in Loter Life This represents donations from the Outlook Trust, this charity and a number of partner charities for use towards the costs of the 'Faith in Later Life, i nitiative mentioned in the Trustees, report. This i nitiative is in the course of being incorporated as a separate charity and following incorporation the balance of f unds held will be transferred to this new charity. Local Homes Project Funds These represent the amounts raised and spent by local homes towards specific locally agreed i n itiatives within specific homes. Dementia Fund This fund is utilised to assist in meeting the costs of new initiatives to better look after our residents Wlth dementia. Home5 Voluntary Support Funds Homes Voluntary support funds represent donations made by supporters for the purpose of improving care at specific homes. These fu nds are also avai lable, i n the event of a home making a trading loss in a fi nancial year, to reduce the loss sustained. Covid grants This relates to grants receive by local authorities to deal with increased costs of deali ng with the pandemic le.g. staff and personal protective equi pmentl. Carey Gardens This represents a donation to fund substantial capital improvements at Carey Gardens, as a supplement to the sinkingfund contributions paid by residents. Page 32
PILGRIMS, FRIEND SOCIETY Notes to the financial statements (continued) Forthe year ended 31 March 2024 19. LEASING COMMITMENTS Operating leases The charitable company's total future minimum lease payments under operating leases at 31 March 2024 were payable as set out below,. 2024 £000 2023 £000 Within one year Within two to five years 38 42 50 The operating lease charges forthe year were: 2024 £000 2023 £000 Land and buildings Hire of plant and machinery 60 41 97 The lease over 175 Tower Bridge Road, London expired on 31 December 2014. Since that date the charity has continued to pay rent at the existing annu31 rate of £67,000. The charity is required to give 3 months, notice under Section 27 of the Landlord & TenantAct 1954 to vacate the premises. 20. PENSION COMMITMENTS The pension cost charge represents contributions payable by the group to the pension funds. There were contributions of £75,000 due to the fund at the period end12023,. £61,000). The Society also makes a small number of ex grotio pension payments to former employees. The annual commitment to make these payments has been reducing over the past few years and currently stands at around £3,000 per annum. A few years ago, the trustees considered whether to accrue for this liability but, given the amounts payable, the age of those receiving a pension and the complexity of determining an appropriate reserve, no provision was made. Page 33
PILGRIMS, FRIEND SOCIETY Notes to the financial statements (continued) Forthe yearended 31 March 2024 21. RELATED PARTY TRANSACTIONS The Pilgrims Friend Group is the ulti mate controlli ng charity of the group, whose pri ncipal activity is to ru n Christian care homes. It is a charitable company limited by guarantee incorporated in England and Wales. Its registered office is 175 Tower Bridge Road, London SEI 2AL. Company number.. 07169875. Charity number,, 1134979. The charity is a subsidiary of The Pilgri ms Friend Group by virtue of that charity being the sole mem ber of Pilgrims, Friend Society with the right to appoi nt directors. Transactions with The Pilgrims Friend Group and its other group undertakings are not d isclosed as consolidated fi nancial statements for the group are publicly available. Details oftrustees, and key management personnel and remuneration are disclosed in note 8 to the financial statements. There are no other related party transactions. 22. COMPANY LIMITED BY GUARANTEE The organisation is a charitable company limited by guarantee and has no share capital. In the event of the company beingwound up, members are required tocontribute an amount not exceeding£l. Page 34