Charity number.. 1097774 Company number: 0575567 THE EPIPHANY TRUST {TRURO) LIMITED (A COMPANY LIMITED BY GUARANTEEI TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
THE EPIPHANY TRUST (TRURO) LIMITED (A COMPANY LIMITED BY GUARANTEE} CONTENTS Page Legal and administrative information Trustees, report Independent Examinerfs report to the Trustees Slalement of financial activities Balance sheet 10 Notes to the financial slalements 11-22
THE EPIPHANY TRUST ITRURO) LIMITED {A COMPANY LIMITED BY GUARANTEE) LEGAL AND ADMINISTRATIVE INFORMATION Charity number 1097774 Company registration number 0575567 Registered office Epiphany House Kenwyn TRURO TR13DR Trustees Revd L Attwood Ichairllrelired 9 September 20211 Dr M Tedder (Acting Chair and Chair from 20 January 2022) Mr P Berry Revd D J Collins Ms C A Lidgley Mrs D A Mitchell Mr R J A Robinson (retired 24 March 20221 Mr A Starr Mr G Tale Mr W J C Mrtchell OBE lappointed 4 February 20211 Revd Amanda Stephens lappoinled 9 September 2021) Dr Emma Carlyon lappointed 9 September 20211 Revd J E Risbridger (appointed 5 May 20221 Company Secretary Mr R J A Robinson to 24 March 2022 Dr Emma Carlyon from 24 March 2022 Minute Secretary Mr D Lovelock Senior Management Revd J Mullett (House Dire¢tor}lunlil 31 January 2022} Ms J Lowndes (Operations Director) (from 1 February 2022} Independent Examiners Bishop Fleming LLP Chy Nyverow Newham Road TRURO TR1 2DP Bankers CAF Bank Limf(ed 25 Kings Hill Avenue Wesl Mailing Kent ME19 4SQ
THE EPIPHANY TRUST {TRUROI LIMITED (A COMPANY LIMITED BY GUARANTEEI LEGAL AND ADMINISTRATIVE INFORMATION Investment advisors Quilter Cheviot One Kingsway London WC2B 6AN Solicitors Fool Ansley LLP High Water House Malpas Road TRURO TR1 IQH
THE EPIPHANY TRUST ITRURO) LIMITED (A COMPANY LIMITED BY GUARANTEEEI REPORT OF THE TRUSTEES (INCORPORATING THE DIRECTORS, REPORTI FOR THE YEAR ENDED 31 DECEMBER 2021 The Trustees present their report 8nd the financi statements for the year ended 31 December 2021. Legal and administrative infomialion set out on pages 1 and 2 forms part of this report. The Trustee5 have adopted the provisions of the Charities SORP {FRS102) 'Ac¢ounling and Reporting by Charities.. Statement of Recommended Practice, applicable lo charities pparIng their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS1021. stwcture, governance and management Govemance The Epiphany Trust ITrurol Limited Ith$ "Trust") is constiluled as a company limited by guarantee and was registered as a charity on 2 June 2003. 11 is governed by ils Memorandum and Articles of Association. The Articles of Association provide for a minimum of 3 Trustees and an ordinary resolution passed on 4 April 2003 limited the maximum lo 12. In order lo strengthen the range of skilFs available lo the charity a resolution was approved al the 2014 Annual General Meeting to increase the number of Trustees to 14. The Trustees usually meet every 6-8 weeks. Trustees may be appointed al any general meeting if retiring by rotation, or if th are recommended by the Trustees. or if notice is given by a member behveen 14 and 35 days before such meeting proposing a person for appoinlmenl. There were eight general meetings of the Trustees held online during 2021. The first four were chaired by the Revd Leslie Attwood while meetings following the AGM on 9th September were chaired by the Vice Chairman, Dr Michael Tedder. Michael Tedder was confirmed as Chaiman of the Trust al a Board meeting in January 2022. In accordance with tho Articles ofA$socialion, Ms C Lidgley, Mr P Berry, Revd D Collins and Mr Adam Starr retire by rolalion. These individuals being eligible offer themselves for re-election al the 2022 Annual General Meeting. As well as the full Board, Trustees served on one sub4ommittee during the year, the Finance and Resources Group. This has at least four Trustees, wlh staff attending as necessary. Other ad hoc sub committees may be formed when required. in 2021 a Staffing Group was appointed lo work with senior slaff on the restructuring of responsibilities once it became known that the House Director was going lo resign. Staff Management Revd Janette Mullett was the House Director during 2021 and up until 31 January 2022 when she resigned to become the priest-in<harge at All Saints Highertown, Truro. She usually worked on a fulklime basis and was responsible for the general operation of the House and ils programme of activities. The senior staff role is now held by Jane Lowndes who accepted an enhanced role as Operations Director with effect from 1 January 2022 while a second post of Resource Manager wa s advertised al th8 and of 2021 and an appoinlm8nl made lo lake effect from 1 March 2022. As a result of the Covid pandemic Epiphany House was unable lo undertake all of its activities during 2021. It was therefore necessary lo continue lo furlough some of the employees. During the second half of the year il became possible lo resume some activities and Janette and her team were able lo host a number of retreats and other meetings. The Board of Trustees 15 extremely grateful to all staff and volunteers for their commitment and support for the smooth running of Epiphany House. Risk management The Board of Trustees annually reviews the major risks to which the Trust is exposed. in particular those related to the operations and finances. and is satisfied that systems are in place lo mitigate the Trust's exposure to such risks and that procedures have been designed to minimise any potential impact on the Trust should any of these risks materialise.
THE EPIPHANY TRUST (TRUROI LIMITED (A COMPANY LIMITED BY GUARANTEEE) REPORT OF THE TRUSTEES (INCORPORATING THE DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2021 Risk Manag8ment fcontlnuedi The market value of our investments can be volatile. We continue to re¢eThie good advice from Duncan Gwyther at Quilter Cheviot. The Covid-19 pandemic has had a major impact on the operation and finances ofthe charity. Advantage has been taken of government grants towards overheads and payroll costs which has reduced part of the deficit that would otherwise 8rk8e. The Trustees look forward to being able lo fully ulilyze the House's new and improved facilities in 2022. During this difficult period the Trustees are satisfied that sufficient free reserves are availab to support the period of disruption and the charity's future actiwties Obleetives and activitiès Charitable objects and public benefit The objects of the Trust are described in ils Memorandum of Association. The annual accounts in PTevious years presented a table of the objects together with an extensive listing of typical 8etivilies taking place al the House that show a clear public benefit. The table was compiled in response lo guidanee in the Charty Commission paper, The Advancement of Religion forthe publ Benefit. As 8 re5uII of the Covid pandemie many of the activities shown have not been able lo take place in 2021 bul will resume when conditions allow. Such activities as occurred in 2021 however continued lo provide a clear public benefit. A¢hievements and performance Income and Expendilure The income from visitors increased from £32,035 in 2020 10 £82,982 in 2021. The total income, including investment income as well as grants and donations increased slightly from £197,141 in 2020 10 £200,001 in 2021. Total exp&ndilur& rodu¢ed by £22,939 to £167,720. Tho ovgrall rosult, thorefore, was surplus of £32,281. One very significant donation in 2021 came from the estate of a former Trustee. the late Peter Mf(chell. who was Chairman of the Trust from September 2005 to December 2011. The Trustees musl acknowledge the work and commrtment shown by the core staff of Janette. the House Director, and Jane, the Operations Manager in leading the staff team and volunteers during another difficult year. Despite the difficulties caused by COVKI restrictions. the staff team was able to bring into regular use the new residential accommodation and improved facilitie5 added by the enPlet10n of the building prtiecl late in 2019. Following a period of corrections to some of the building and snagging early in the year. the new accommodation was furnished and equipped and has made a substantial difference to our capacty to welcome guests and course delegates as individuals and as group members. The new extension marks an important Stage in the achievement of the goals of the Restore and Renew Project that was launched by the Revd Leslie Attwood early in 2019.
THE EPIPHANY TRUST ITRUROI LIMITED {A COMPANY LIMITED BY GUARANTEEEI REPORT OF THE TRUSTEES (INCORPORATING THE DIRECTORS, REPORTI FOR THE YEAR ENDED 31 DECEMBER 2021 Achievements and performance Icontlnuedl Wy¢h Elms Wych Elms is generalty let on a shorthold basis to tenants and rent was received in the year. An arrangement is in place with the Sl Petroc's Society to let the propety for use by some of the homeless il supports. Flnancial review ReseTh6S The Board of Trustees believe that the Trust has adequate funds lo fulfil its principal activities for the foreseeable future. The unreslricled free reserves at 31 December 2021 sland at £398,160. The adequacy of reserves is reviewed annually as p8rt of the Board of Trustees, formal budgeting process, they consider il to be important to maintsin a high level of reserve5 to ensure that funds are available to meet any c0515 that will arise if il becomes ne¢essary lo update facilities al the House to meet the requirements of ils users. Also in view of the Trustees, responsibility to maintain a listed building there continue5 to be the potential lo incur significant repair costs at any lime. Taking these two factors into account the Trustees have set a reduced largel reserve figure of £350,000 because some of the resetves have now been used to fund the development of additional residenttal accommodation. Investments Under the Memorandum and Articles of Association. the Tru51 has the power lo make any investment which the Board of Trustees see fil. The Board engages Quilter Cheviol lo manage the Trust's investrnenl portfolio on a day to day basis. The Trust's main priority is to achieve a level of income that is consistent with preserving the real value of the capital. The market value of Ihg inv&stments has increasgd as a result of market fluctuations. The Board have appointed a sub-committee lo review the Charity's investments, agree an updated investment policy and review the service provided by our current Advisers. Plans for future periods As the government reduces covid reslriclions this will allow the Trustees plan lo bring the addrtional residential accommodation fully into operation lo meet the needs of the organisalions we 5UPPOrt and expand the range of activities avallable. Efforts will then be made lo re-engage with previous House users and lo attract new guests. statement as to disclosure of inforniation to Independent Examiners In so far as the Trustees are aware.. there is no relevant information of which the charitable company's independenl examiners are unaware., and the Trustees have taken all steps that they ought to have taken lo make themselves aware of any relevant financial information and lo establish that the independent examiners are aware of that information.
THE EPIPHANY TRUST ITRURO) LIMITED (A COMPANY LIMITED BY GUARANTEEE} REPORT OF THE TRUSTEES (INCORPORATING THE DIRECTORS, REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 ststement of Trustees. responslbilllies The Trustees (who are also directors of The Epiphany Trust (Trurol Limrted for the purpose of company lawl are responsible for preparing the Tru5tees' Annual Report and the financial slalements in accordance with applicable law and United Kingdom Generally Accepted Aounting Practice. Company law fequires the Trustees lo prepare financial statements for each financial year which gnie a true and fair view of the slate of affairs of the charitsble company and of the income and application of resources. including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required lo.. select suitable accounting policies and thon apply them ¢onsislenlty', observe the methods and princrbles in the Charities SORP.. make judgments and estimates that are reasonable and prudenL slate whether applicable UK Accounting Standards have been followed. subject to any material departures disclosed and explained in the financial stslements,. and prepare the financial statements on the going concem basis unless il is inappropriate to PTesume that the charitable company will continue in operation. The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any lime the financial position of the charitable ccxmpany and which enable them lo ensure that the financial statements comply with the Companies Ad 2006. They are also responsible for Safeguarding the as5et5 of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularf(ies. Investment advisors As Previously advised the trustees are currently reviewing the provision of inv8$lmont advice but in the meantime Quilter Cheviol will continue in this role. Solicitors A resolution lo re-elect Foot Anstey as solicitors of the Trust will be submitted at the 2022 Annual General Meeting. Independent Exarniner Having resolved al the 2014 AGM that an independent examination rather than an audit is lo be undertaken in relation to the company's accounts Bishop Fleming were appointed to this role. Their fe-appoinlment will be consmdered by the board in 2022. Srnall company provisions, In preparing this report, the Trustees have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 20C6. On behalf of the board Dr M Tedder Chair Date: ILLIJ J clM/
THE EPIPHANY TRUST (TRURO) LIMITED (A COMPANY LIMITED BY GUARANTEE) Independent Examiners Report lo the Trustees of The Epiphany Trust (Truro) Limited I report on the financial statements of the company for the year ended 31 December 2021, which are set out on pages 910 22. This report is made solety to the Trust's Trustees, as a body. in accordance wi(h Section 145 of the Charities Act 2011 and regulations made under section 154 of that Act. My work has been undertaken so that I might stale lo the Trusvs Trustees those matters l am required lo state to them in an independent examiner's report and for no other purpose. To the fullest exlenl permitted by law. I do not accept or assume responsibility lo anyone other than the Trust and the Trust's Trustees as a body, for my work or for this report. The financial slalements have been prepared in accordance with Accounting and Reporting by Charities preparing the accounts in accordancewith the Financial Reporting Standards applicable in the UK and Republic of Ireland IFRS 1021 in preference lo the Accounting and Reporting by Charities.. Statement of Recommended Practice issued in 1 April 2005 which is referred to in the extant regulations but has been wf(hdrawn. This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effedive for reporting periods beginning on or after 1 January 2015. Respective responsibilities of Trustees and Examiner The Trustees (who are a150 the directors of the company for the purposes of company lawl are responsible for the preparation of the accounts. The Trustees eonsider that an audit is not required for this year under section 144121 of the Charities Act 2011 Ilhe 2011 Actl and that an independent examination Is need. Having satisfied myself that the charity is not subjed to audit undfyr company law and is eligible for independent examination, il is my responsibility to.. examine the accounts under section 145 of the 2011 Act.. lo follow the procedures laid down in the General Directions given by the Charty Commi55ion under section 14515llbl of the 2011 Act. and lo slate whelhei particular matters have come to my attention. Basls of Independent examiner's report My examination was carrted out in accordance wlh the Gener Directions given by the Charity Commission. An examination includes a review ofthe accounting records kept by the charty and 8 comparison oflhe accounts presented wrth those records. It also includes consideration of any unusual items or disclosure5 in the accounts. and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all th$ evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'lrue and fair view, and the report is limf(ed to those matters sel out in the statement below.
THE EPIPHANY TRUST (TRURO) LIMITED (A COMPANY LIMITED BY GUARANTEEI Independent Examiner's Report to the Trustee$ of The Epiphany Trust {Truro) Lirnited (¢ontinued) Independent examiner's statement In connection with my examination. no matter has come to my attention.. 11) which gives me reasonable caLJse lo believe that in any material respect the requirements: to keep accounting records in accordance with section 386 of the Companies Act 2006.. and • to prepare financial slalemenls whh accord with Ihe accounting records, Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard in the UK and Republic of Ireland IFRS1021 and in other respects comply with the accounting requirements of section 396 of the Companies Act 20(E and with the methods and principles of the statement of Recommended Practice." Accounting and Reporting by Charities. have not been mel.. or 121 lo which, in my opinion. attention should be drawn in order to enable a proper understanding of the accounts to be reached. A Oliver FCA For and on behalf of Bishop Fleming LLP Chartered Accountants Chy Nyvemow Newham Road TRURO TR1 2DP Date.. 16th September 2022
THE EPIPHANY TRUST {TRURO) LIMITED (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES incor oratin Income and Ex enditure Account FOR THE YE4R ENDED 31 DECEMBER 2021 2021 Restrlcted Notes 2021 Unrestrlcted 2021 Total 2020 Total Income from Donations and legacies Income from investments Income from charitable activities 1,220 30,385 20.566 123.654 31.605 20.566 147,830 9,882 20,130 167.129 4 24.176 Total Income 2S,396 174,605 200,001 197.141 Expendlture Expendrture on charitable activitie8 S 142 237 Total Expenditure 142 237 167720 190859 Net (income) l expenditure before gains and losses on investments 87 Ng1 gainsl{b$sesl on investments 65,143 65,143 153,360) Net movement In funds {871 97.511 97.424 146,878) Funds at 1 January 2021 112,720 3,132,341 3,245,061 3,291,939 Fund$ at 31 December 2021 112,633 3,229,852 3,342,485 3,245,061 The comparatives for each fund are shown in the notes lo the accounts
THE EPIPHANY TRUST (TRURO) LIMITED (A COMPANY LIMITED BY GUARANTEE) BALANCE SHEET AS AT 31 DECEMBER 2021 2021 2020 Notes Fixed assets Tangible assets Investments 2.228.250 1,011.367 2,228,697 946,512 10 3.239.617 3,175,209 Current assets Debtors Short temi deposits Cash at bank and in hand 13,988 9,077 139.474 11,785 13,725 144.125 12 162.539 169,635 Creditors: amounts falllng due within one year 13 119,9811 150.6161 Net current assets Total assets loss current liabilities Llabllltles due after more than one year Loan 3,382,175 3,294.228 14 139,690) 149,1671 Net assets 15 Restricted Funds Unrestricted Funds Propety fabric fund Tangible asset SerVe Revaluation reserve General funds 16 17 112,633 112,720 165,804 1.048,490 1.617.398 398,160 153,104 1.050,157 1,552,543 376.537 Total funds The Trustees consider that the Trust is enlilled to exemption from the requirement lo have an audit under the provisions of section 477 of the Companies Act 20061'lhe Act l and members have not reqUId the Trust lo obtain an audit for the year in 9uestion in accordance with section 476 of the Act. The Trustees acknowledge Iheir responsibilrties for complying with the requirements of the Companies Act 2006 wf(h respect lo accounting records and for pre aring financial statements which gNe a true and fair view of the stale of affairs oflhe Trust as al 31 December1021 and of its net resources expended forthe ear in accordance wf(h the requirements of sections 394 and 395 of the Act and which otherwise compl with I e requirements of the Companies Act 2006 relating to financial statements, so far as applicable lo the rust. The financial statements are prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small charitable companEs. The financial statements were approved by the Board on and signed on ils behalf by Dr M Tedder Chair 2021 10
THE EPIPHANY TRUST (TRURO) LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 1. Accoundng policies The principal accounting policies are summarised below. The accounting policies have been applied consislenlly throughout the year and the preceding year. 1.1. Ba$is of preparing the financial statements The financial statements of the charitable company. which is a public benefit entity under FRS 102. have been prepared in accordance with the Charities SORP IFRS 1021 'Ac¢ounting and Reporting by Charilie5'. Slalement of Recommended Practice applicable lo charities preparing their accounts in accordance wiih the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. Financial Reporting Standard 102. 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 20L. The financral statements have been PTepared under the historical cost convention as modified for the revaluation of fixed assets and inveslmenls. Financial reporting standard 102- reduced dis¢losure exemptions The charity has taken advantage of thefollowing disclosure exemption in preparing these financial statements, as pemiitted by FRS 102 'The Financial Reporting Standard applieable in the UK and Republic of Ireland,: - the requirements of Section 7 Slalement of Cash Flows. 1.2. Fund accounting Unreslricled funds are available for use at the discretion of the Trustees in furtherance of the Trust's charitable objectives. Unrestricted tunds include a fund designated by the Trustees, known as the Property Fabric Fund, to provide for the long term maintenance of the fabric of Epiphany House together with a fixed asset serve representing the cost ofthe Charity's fixed assets and therefore funds not available lo support the Charity's day lo day aclivilies. The Revaluation Reserve represents the difference between valuation and cost of Ihfj fixed assets. ReslTlCted funds are funds which are lo be used in a¢¢ordance with specific restrictions imposed by donors or which have been raised by the Trust for particular purposes. The costs of raising and administering such funds are borne by General Funds. The aim and use of each reslricled fund is set out in the notes lo the financi statement5. 1.3. Incoming rosourco$ All income is included in the statement of financial activities when the charty is entitled lo the income and the amount can be quantified with reasonable accuracy. The following specific polices are applied lo particular categories of income. Donation5 and legacies are reiVed by way of general grants, donations and gifts and are included in full in the statement of financial acts'vrties when receivable. Donated services and facilities are included at the value lo the charity where this can be quanlifyed. The value of services provided by volunteers has not been included. Income from visitors for the use of the premises and facili(ies al Epiphany House is accounted for in the period in which the service is provided. Income from investments is included in the year in which il is receNable. Legacies are included when the charty is advised by the personal represenlalive of an estate that payment will be made or property transferred and the amount involved can be quantified.
THE EPIPHANY TRUST (TRURO) LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 1. Expenditure Expenditure is recogni5ed on an accrual basis as a liability is incurred. Expenditure includes any VAT which annot be fully recovered. Charitable expenditure comprises those costs incurred by the charity in the delivery of rts aclivf(ies and services for ts beneficiaries. 11 includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Epiphany House expenditure principally includes the costs of maintaining Epiphany House and providing facilrties for Ils visilors.All expenses including support Costs and governance costs are a12ocaled to the applicable expenditure headings. 1.5. Tangible fixed as$et$ and depreciation Tangible fixed assets are held for direct charitable purposes or as an investment lo secure rentsl income lo support the Charity. FehOld land and buildings are held al valuation with any significant additions al cost. No depreciation is provided on freehold land or buildings. Building work progress is recorded under a separate heading al cost until the construction phase has been completed. The Trust has a policy and practice of regular maintenance and repair su¢h that ts buildings ar$ kept in a wnlinual slate of sound repair. A¢¢ordingly. the Trustees consider that the useful economic lives of these assets are so long and their residual values are so high, that their depreciation would not be material. Expenditure on fixtures. fittings and equipment 15 harged in the year in which il is incurred. 1.6.Investments Stock market investments held as fixed assets are revalued at mid-market value at the balan sheet date and the gain or loss lakgn lo the statement of financial aclivilies. 1.7.Pensions co$t$ The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The amount charged against profits represents the contributions payable lo the scheme in respect of the accounting year in accordance with FRS102. 1.8.Debto Trade and other debtors are recognised at the settlement amount due after any trade discount offera. Prepayments are valued at the amount prepaid nel of any trade discount5 due. 1.9.Ca$h at bank and in hand Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the dae of acquisition or opening of the deposit or similar account. 1.10.Creditors and provisions Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probabty result in the transfer of funds to a third paty and the amount due lo settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised al their settlement amount after allowing for any trade discounts due. 1.11. Golng Concern As referred to in the Trustees report as a result of the Covid19 pandemic the House has been closed to the public for a large part of 2020 and part of 2021. The House should be almost fully operational in 2022. The Trustees are satisfied that the Charity has adequate reserves lo enable rt lo meet il continuing costs. The accounts have therefore been prepared on a going concern basis. 12
THE EPIPHANY TRUST {TRURO) LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 2. Donations and legacies 2021 Total 2020 Total 19.239 Legacy Donations and Friends subscriptions together with gift aid (Restricted 2021-£1.220 2020-£2,5581 3. Incorne from investments 2021 Total 2020 Total Dmdends and interest from fixed 8Ssel investments Income from charitable activities 2021 Total 2020 Total Grants received { nil restricted in 20211 {£36.250 restricted in 20201 Visitors incom& Other income Rental income Insurance Claim Government support relating to Covld 19 {£24.176 Restricted in 202111£46,311 restricted in 20201 37.250 32.035 288 10,320 16,925 71,311 82,982 1,929 12.600 50.319 147,830 168,129
THE EPIPHANY TRUST (TRURO) LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 5. Expenditure on charitable activities 2021 Total 2019 Total Wages and salariesl£24,176 restricted in 2021}1£46,311 restricted in 20201 Retreat Leaders and other programme costs Employer's NIC Pension costs Cleaning Irrecoverable VAT Water charges and business rates Heal, light and power Equipment, repairs and replaments 1£1.307 reslricled in 20211 (Nil in 2020) Insurance Advertising Interest payable Garden expenses (including replacement mower) Telephone costs Printing, postage and stationery General expensos Catering expenses Accountancy Fees Independent examiners remuneration Legal and other professional fees Investment management fees Investment propety costs-new wlnd¢)ws and doors 84.098 311 596 3,121 1,771 5,876 500 7,996 25,586 106,540 25 1,745 4,554 662 3,342 2,028 7,104 29,849 6,620 550 104 5,570 1,638 774 2,580 940 4,724 1,573 1,550 2,662 4,879 7,920 1.062 3,360 1,888 8,468 3,205 1,430 2,140 5,093 167,720 190,659 6. Net galnsl Ilosses) on investments 2021 Total 2020 Total Realised gainslllossesl on disposal of investsnent assets Gains on revaluation of investsnenl assets 288 198.9341 14
THE EPIPHANY TRUST (TRURO) LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 7. Employees Employment costs 2021 2020 Wages and salaries Social security costs (net of reliefj Pension costs Redundancy Costs 84.098 596 3,121 94,881 1.745 4,554 87,815 112.839 No employee received emoluments of more than £eO,00012020'. None). Pension contributions of £1,143 were unpaid al the year end12020 £Nil) All Trustees and certain senior employees who have authority and responsibilty for planning. directing and controlling the activities of the Charty are considered lo be key management personnel. Totsl remuneration in respect of the employees is £30,295 {2020 £29,004). The Trustees received no remuneration or expenses during the year. Number of employees The averago monthly head count was 12.5 {2020'. 81 8. Taxatlon The charity is exempl from lax on income and gains falling within Section 505 of the Taxe5 Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to 115 charitsble obiecls. 15
THE EPIPHANY TRUST (TRURO) LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Freehold property Epiphany House Fixtures, fittings and equipment TOTAL 9. Tangible flxed assels Cost or valuatlon Al 1 January 2021 Disposal in year 2.148.697 141471 80.000 2.228,697 14471 At 31 December 2021 Net book values At 31 December 2021 2,148,250 80,000 2,228.250 At 31 December 2020 2,148,697 80,000 2.228.697 Epiphany House was revalued on 4 March 2010 by Vickery Holman, Chartered SuNeyors, to depreciated replacement c051. As a result, the property has been disclosed in the accounts al ils revalued amount together wf(h subsequent additions at cosl. The historic cost of the freehold land and buildings at 31 December 2021 is £1,090.92412020.' £1,091.3711. tt is not possible to ascertain from the charity's records the historic cost of fixtuies, frttings and equipment, therefore they have been included at a valuation provided by Vickery Holman, Chartered Surveyors, in 1992. The Trustees have considered the valuation of Epiphany House and believe this represents a reasonable representation of ils current value, however a new Valuation will be commissioned once the redevelopment process has been fully completed and a nomial level ot House activities is able lo resume. 10. Fixed asset Investments Listed Investments Freehold Property Total Valuation At 1 January 2021 661,512 285.000 946,512 Revaluation At 31 December 2021 Historical cost as at 31 December 2021 All fixed asset investments are hekl within the United Kingdom. The freehold propety Wych Elms was valued by Vickery Holman on 4 MaTch 2010 and is shown in the account5 at this amount. The Trustees consider this figure still represents a reasonable representation of the current value. 16
THE EPIPHANY TRUST (TRURO) LIMITED (A COMPANY LIMITED BY GUARANTEE> NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 11. Debtors 2021 2020 Income Tax and VAT recoverable Other debtors 578 13,410 2,808 8.977 13.988 11,785 12. Short temi deposits 2021 2020 QUier Cheviot capital account 9,OTI 13,841 13. CredStors: amounts falllng du9 wlthln one year 2021 2020 Other tsxes and social securty Other creditors Accruals and deferred income Loan 1.190 1.159 47,434 833 2,966 4,542 2021 2020 Deferred Income included above Balance al 1 January 2021 and 31 Docgmber 2021 17
THE EPIPHANY TRUST (TRURO) LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 2021 2020 14. Liabilities due after more than one year Bounce Back Loan The Bounce Back Loan which is unsecured has been made under the government Covid Support Scheme. Repayments commence after 12 months and any interest and charges during that first pertod are paid by the government. Interest is charged at 2.50/• per annum after the first tsvelve months. The balance of the loan is repayable as follows.. 2021 2020 In one year or less Beheen one and two years Beeen kn and five years In five years or more 9.527 9,768 29,922 833 10,000 30,000 18
THE EPIPHANY TRUST (TRURO) LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 15. Analysis of net assets between funds Unreslricled Fund balanS at 31 December 2021 are represented by.. Re5trlcted G•noral funds funds Tanglblè a$8¢t Revaluation teserve reserve Property fabri¢ fund Total fvnds Tangible fixed assets 110, 901 Investment assets Nel Current assets Long term liability 980,023 68,467 1,137,326 480,072 2.228,250 1,011.367 142,558 462.828 124,9781 1.732 165.804 112633 398 160 At 1 Jan 2021 1048 490 Incomo 1617 398 Expenditure 165804 3 342 485 At 31 De¢ 2021 16. Restricted Funds Development Fund Covid 19 Job Retention Sch&me Disabled access and lift Defibrillator fund Carers Refresh days 103.281 1,220 24,176 104,501 124.1761 6,400 1.639 6.400 332 {1.3071 The Development Fund relates lo funding the current development of the House. The Covid 19 Job Retention Scheme is a temporary initiative that allows employers to access financial support lo pay part of their employee's wages lo avoid their being laid off. The Disabled a¢$$ and lfft grants were used in onjunclion with the completed development. The funds for a defibrillator were partly used in 2021 and the Carers Refresh days funds wll be utilized in 2022. 17. Unrestricled funds At 1 January 2021 At Gains and 31 December Transfers losses 2021 Income Expenditur General funds Revaluation reserve 376,537 174,606 1142.237} 111.033) 1.552.543 288 64,855 398.160 1.617,398 1.920,080 174,605 1142,2371 (11,0331 65,143 2,01 S.$58 The transfers beleen General funds, the Revaluation reserve and designated ftjnds represents Tealised gains on disposals together with movements on the Property fabric fund. Unrestricted Designated funds At 1 January 2021 At 31 Dgc&mber 2021 Transfars IN OUT Tangible asset reserve Property fabric fund 1,050,157 153 104 11,6671 1,048,490 18 000 19
THE EPIPHANY TRUST (TRURO) LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 17. (¢ontlnued> Purposes of designated funds The tangible asset reserve represents the cost of tangible fixed assets which are held for use in the ongoing opeialion of the Charity and cannot readity be converted into cash. The property fabric fund has been set aside by the directors out of general funds for a designated purpose, lo provide for the long term maintenance of the fabric of Epiphany House. 18. Comparatives forthe statement offinancial activities, analysis of net assets between funds and statement of funds 2020 2020 2020 Restricted Unrestricted Total Income from Donations and legacies Income from investments Income from charitable activities 2,$88 7,294 20,130 84,568 9,882 20,130 167,129 82,561 Total Income 111992 197 141 Expenditure Expendrture on Charitable acltvities 190 659 Total Expendlture 31 19 659 Net Income(expenditurel before gains and losses on investments Net losseslgains on investments 38,838 {32,3S6) 153.3601 6,482 {53.360} Net movement in funds 38,838 185.716} {46,8781 Funds at 1 January 2020 73,882 3.218,057 3,291,939 Funds at 31 Dgcember 2020 20
THE EPIPHANY TRUST (TRURO) LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 18. (continued) Analysis of net assets between funds Unrestricted Fund balances at 31 December 2020 are represented by.. Re¥tri¢ted General funds funds Tangible asset Revaluatlon res&tv• reserve Property fabric fund Total funds Tangible red assets 109,681 Investment assets Nel Current assets Long term liability 981,690 68,467 1.137,326 415,217 2.228,697 946.512 119,019 482,828 3,039 137,1241 163.104 112 720 376 537 1050 157 1552 543 153 104 3 245 061 Restricted Funds At 1 Jan 2020 Income Expenditure At 310ecember 2020 Development Fund Covid 19 Job Retention Scheme Disabled access and lift Defibrillator fund Carers Refresh days 64,443 38,838 46,311 103.281 {46,3111 6,400 1.639 6,400 1,639 The Development Fund Telales lo funding the current development of the House. The Covid 19 Job Retention Scheme is a temporary initiative that allows employers to access financial support to pay part of their employee's wages to avoid their being laid off_ The Disabled access and lift grants have been used in conjunction with the completed development. The funds for a defibrillator and Carers Refresh days will b¢ ulilized in 2021. Unrestricted funds At 1 January 2020 At Gains and 31 December Transfer$ losses 2020 Income Expenditure General funds 855,576 111,992 1144.3481 1347,7491 198,934) 376,537 Revaluation resetve 1.708,980 {202.011) 45,574 1.552,543 2.564,556 111,992 1144,348) 1549,7601 153.360} 1.929,080 21
THE EPIPHANY TRUST {TRURO) LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 18. (continued) Unrestrlcted Deslgnated fund$ At 1 January 2020 At 31 December 2020 Transfers IN OUT Tangible asset reserve Propety fabric fund 518,397 135104 531,760 1,050,157 The transfers bebmeen General funds. tho Revaluation reserve and designated funds represents realised gains on disposals together with movements on the Property fabric fund. Purposes of designated funds The tangible asset reserve represents the cost of tangible fixed assets which are held for us& in the ongoing operation of the Charity and cannot readity be converted into cash. The property fabric fund has been set aside by the directors out of general funds for a designated purpose. to provide for the long term maintenance of the fabric of Epiphany House. 19. General information The Epiphany Trust (Trurol Limrted is a company limited by guarantee registered in England and Wales and accordingty does not have any share capilal.11'5 registered office is situated at Epiphany House, Kenwyn, Truro,TR1 3DR. Every member of the company undertakes to contribute such amount as may be required not exceeding £10 per member lo the assets of the charitable company in the event of it being wound up while he or she is a member. or within one year after he or she ceases to be a member. 22