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 p￿parIng 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 e￿nPlet10n 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 A￿ounting 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 ne￿ed.
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 wh￿h 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 reqUI￿d 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 re￿iVed 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. F￿ehOld 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 repla￿ments
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
QUi￿er 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
Beh￿een one and two years
Be￿een 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 balan￿S 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 bel￿een 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 r￿ed 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