Company registration number- 0575567 Charty registration number: 1097774 The Epiphany Trust (Truro) Ltd (A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 December 2024
The Epiphany Trust (Truro) Ltd Contents Reforence and Admlnistr8tlve Details Trustees Report 2to8 Independent EXaMineS Report statement of Financial Activities 10 Balance Sheet 11 to12 Notes to the Financial Statements 13to26
The Epiphany Trust {Truro) Ltd Reference and Administrative Details Chalmian Mrs Deborah Mitchell (Chairl Charlty Reglstration Number 1097774 Company Reglslratlon Number 0575567 Trustees Mr Peter Berry Dr Emma Carlyon The Revd Derek Collins Ms Christine Lidgley Mrs D8borah Mitchell (Chair) Mr John Mitchell OBE The Revd Jefftey Risbridger Mr Geoffrey Tate (Resigned 20106120241 Dr Michael Tedder Secretary Dr Emma Carlyon Senior Management i Leadershlp Team Ms J Lowndes. Operations Director Mr Alan Walla, CEO Registered Office Epiphany House Kenwyn TRURO TR13DR Independent Examlner Darren Perry ACA DChA Francis Clark LLP Lowin House Tregolls Road Tnjro Comwall TR12NA Sollcltors: Fool Anstey LLP High Water House Malpas Road TRURO TR1 1QH Bankars CAF Bank Ltd 25 Kings Hill Avenue Wesl Mailing Kent ME19 4SQ Page 1
The Epiphany Trust (Truro) Ltd Trustees Report The Iruslees. who are directors for the purposes of company law. present the annual report together with the financial Statements of the charitable company for the year ended 31 December 2024. Strudurg. governancè and managemont Nature of governlng document The Epiphany Trust ITruro} Limit&J Ithe "Trust") is constituted as a wmpany limited by guarantee and was registered as a charity on 2 June 2003. It is govemed by its Memorandum and Articles of Association. The Articles of Association provide for a minimum of three tnjslees and an ordinary resolution passed on 4 April 2003 limited the maximum lo e1Ve. The possible number of trustees was increased in 2014 to 14. Trustees usually meet every six to eight weeks. Recruitment and appointment of trustees Trustees may be appointed at any annual general meeting if retiring by rotation. or rf they are recommended by the trustees. tsr rf notice is given by a member beeen 14 and 35 days before such 8 meeting proposing a person for 8ppoinlment. In acGordance with the Articles of Associatlon. Revd. Derek Collins. Ms. Christine Lidgley and Revd. Jeffrey Risbridger retire by rol81ion in 2025. Being eligible, they may offer themselves for re-election at the 2025 Annual General Meeting. Mr. Geoffry Tale retired during 2024. Organisational structure There were six general meetings of the Board of Trustees during 2024 which were chaired by D Mitchell. As well as the full board, Trustees served on the following sub-committees las delegated under section 46 of the Articles of Association). according to their respective Terms of Reference.. Finance., Premises., Ethos,. Executive. Each Committee includes at least three trustees and members of the staff team, and held meetings as and when appropriate. Staff Management A Walla. Chlef Exe¢ulFve, led the staff team holding responsibility for both the Business and Spiritual Life of the Epiphany Trust. A Programme and Development Manager was appointed in August 2024. The staffing structure was populated with seven salaried, part-tiff* roles.. House Manager. held by J Lowndes Resource Manager. held by J Boorne Hospitality Co-ordinator. held by D B(x)me Bookkeeper. held by N Grantham Hospitality Assistant. held by L Griffilhs Programme Manager held by D Mantell Roberts In view of the seasonal nature of aspects of the business, the staff team were supported by five regular bank workers as and when required. In addition. v8ltJ8ble support and serwce was provided by a group of oight committed volunteers whose generous contributions to the worshipping life, and maintenance, of Epiphany House and its grounds, is recognized. Page 2
The Epiphany Trust (Truro) Ltd Trustees Report Major risks and management of those rlsks Financial risk The Board of Trustees annually revlews the major risks to which the Trust is exposed. in particu18r 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 minlmise any potential impact on the Trust should any of these rfsks materiallse. The financial markets and value of the Trust's portfolio of investments continued to be volatile In response to worldwde geoFX)lilical instability and challenging economic conditions. The Trustees continue to engage Quilter Cheviot for the professional management of its investment funds. Operational risk The Board of Trustees reviewod the emerging risk to the pattern, trends and sustainability of the Trusts programme of events. In response, a proposal was adopted lo recruit a part time Programme and Marketing manager. Safeguarding dsks The Trusts Safeguardlng Pollcy was reviewed by the Board of Trustees and considered inadequate. An arrangement was consequently estsblished with Éhe Diocese of Truro Safeguarding Team whereby,. access to S training portal and dashboard was facilitated.. provision of oversight agreed.. management of the pmcess for DBS checks will be undertaken. Two new Safeguarding Leads were estsblished within the Trust, being the Chief Executive for staff, and Revd. J Risbridger for Trustees. Objoctivgs and activities Objects and Public benefit The objects of the Trust are described in its Memorandum of Association. and are currently under review. They are set out below, together with a listing of typical activities taking place at the House that show a clear public benefit. The table was compiled in response to guidance in the Charity Commission paper, The Advanment of Religion for the Public Benefit. Page 3
The Epiphany Trust (Truro) Ltd Trustees Report 1. The advan¢emenl of the Christian faith and the promotion of its practice Christianty has an identifiable moral, ethlcal and spiritual framework whlch impacts on soaety in 8 beneficial way. It gives meaning to followers, lives and contributes to their spiritual well-being. This offers benefi'ts to wider society as people of faith are motivated to assist their fellow humans. Public benefit from the 8clivilies of the Trust derives from.. provision of spaee and time for quiet days for contemplation. prayer and study. av8i18ble lo individuals and church groups- organising and holding long- or short-stay relreals. organising and holding. or hosting conferences and retreats promoting the study of religious teachings and practices. including courses for those preparing for or who are employed within Christian ministry. facilitating the practlce of spiritual directic. whereby individuats seek discernment and companionship from suitably trained others- enabling meetings and training of ministers lo benefit the working of individual or groups of local churches- enabling inter-lailh meetings to promote understanding beeen different religious traditions,. continuing long-eslablished practiS of being a house of prayer, notably through the activity of the Epiphany House Prayer Community. While eligibilty for some activities is restricted to users. many are open to 8ny()ne who is interested. To ensure that income does not impede access. the Trust makes rooms available to selected church, charity and individual users at reduced rates or free of thafge. 2. The rellef of those who are old or POOT or sick The Trust is not directly involved in providing services to the old or poor or sick as distinct groups of people. However, our premises are valued and used by public bodies and other groups that are involved in the care of those less able to meet their own needs. Public benefit is provided through giving Space for-. meetings of statutory bodies and charitable organisations that are health or social care providers., individual counselling for people with disparate emotional needs. 3. The reforming of those who shall have led or be in danger of leading immoral lives The House provides a sympathetic space for meetings of local authority services, counsellors and self-help groups. Page 4
The Epiphany Trust (Truro) Ltd Trustees Report 4. The advancement of educatlon Th8 House programme offers quiet days and infomial study opportunities in theological and spiritual matters. The House hosts courses of formal theological education and training and retreats lo support professional form21ion and spiritual growth. Sessions are also hosted for in-service training and professional development by local authorty agencies, health providers. Exeter Universty and other public organlsallons. 5. The undgrtaklng of any other prolect whSch Is charitable according to the laws of England Other public benefits are provided through= maintaining. with free access for the community, the attractive grounds thus preserying a green space that protects a diverse wildlife environment for bees, badgers, deer, bats and birds. maintaining the historic listed building of Epiphany House; maintaining the graves of the Slsters of the Community of the Epiphany in Kenw churchyard. In pursuancg of these aims the Trust makes rooms available lo seleGted Ghurch. charity and individual users at reduced rates or free of charge The Iruslees confimi that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. Achlevements and Performance The Trust entered into a new strategic partnership agreement with South West Ministry Training Course. who moved their local office and theologic81 library into Epiphany House. Occtjpation is under a Licensed Agreement and provides opportunity for future collaboration based on the synergy between each charitable organisalion. The House's Hospitality Co-Ordin8tor and Chef attalned 8 5. Food and Hygiene rating and maintained an exceptional quality of catering provision and level of cleanliness to the fabric of the House. Staff refined the reporting processes on Key Performance Indicators.. Growth in aclivty year on year,. Relr8al and Quiet Day trends; income and expenditure.. scheduled bookings against delivered., night and day room occupancy. Page S
The Epiphany Trust (Truro) Ltd Trustees Report Opgrational Activity The mandatory 5 Year Fire Officer Report was undertaken by Comwall Fire and Rescue Service In January 2024. To ensure compliance with new fire regulations for buildirkgs offering accommodation. work was subsequently carried out lo.. upgrade all door locking mechanisms- fire proof the basementr. replace kitchen extractor f8ns-. remove woodchip w811 Goverings resulting in necessary replaslering and redecoration. An investigation into the options for transferring the booking process to an on-line system for improved accessibility. took place. To raise the Trusts profile. priority was given lo redesigning the website and increasing actimty on all soclal media platforms and more traditional medium. A comprehensive review of the suite of policies. resuhed in a revision of existing policies and the introduction of additional new FK)licies in line with Charity Cornmission requirements. New arrangements for line m8n8gement of stsff were su(eSsfullY introduced and adopted. . The advertised programme offered an increased number and variety of Quiet Days and Retreats. Foundational and preparatory work began, toward the establishment of a New MonastiG Community (Community of the Epiphanyl to be located at Epiphany House. Wych Elms Wych Elms, valued in 2023 at £300.000, was relet in 2024 under a new 3-year lease agreement with St Pelroc's, which is outside the Landlord and Tenants Act. Rent was received throughout the year from St Pelroc's who let the property for use by some of the homeless people supported by their organiz8tion, and wFTh) are in transition to leading a more structured life. Achievements and performance Fundraising Our approach lo fvjndraising involves collecting donations from our supporters. gift-aid envelopes, monthly direct debits in exchange for quiet days and light lunches held al Epiphany House, and online donations via give.net Irijn by Stewardship to our building fund.) stewardship (known officially as Stewardship Services IUKETII is registered with the Fundraising Regulator and Information Commissioners Office. We are commilled lo responsible and honest fundraising and believe Stewardship provide a secure and transparent plaffomi in order lo achieve this. We hold a bullyinglharassment policy and a soc181 medi21confiden1121ity policy whith serve to not only protect our employees bul third p8rt1es. includlng our supporters and donors. In addition to protecting our staff, these policies also serve to protect the privacy and wellbeing of vulnerable people while fundraising. All staff members are made aware of the policies as part of the induction process and onfim their understanding. We will refuse a donati(In if we are aware, or have good reason lo believe. that an individual may lack the capacity to make an1nfomed decision. Page 8
The Epiphany Trust {Truro) Ltd Trustees Report Financial revlew The Board of Trustees believe that the Trust has adequate funds to fulfil its principal activities for the foreseeable future. The unreslricled general free reserves (including investments which can be liquidated 8t feasonable nolicel at 31 December 2024 gtand at £319,400 12023.- £464,352). The adequacy of reserves is reviewed annually as part of the Board of Trustees, formal budgeting process. The Board considers il to be important to malnlaln 8 level of reserves sufficient lo ensure that funds are available lo meet any costs that will arise if il becomes necessary to update facilities at the house lo meet the requirements of ils users. In view of the Trustees, responsibility lo maintain a listed building there continues lo be the potential to incur slgnrficant repair costs al any time. Taking these factors into account the Trustees last year set a reduced target reserve figure of £350.000 ft)Ilowing the sale of investments lo fund the additional accommodation. The Trust plans lo review its operations and business model on a monthly basis, in order to improve performance and manage the level of reserves. Investment pollcy and objectives Under the Memorandum and Articles of Association, the Trust has the power lo make any investment which the Board of TTUStees see fit. The Board engages Quilter Cheviot lo manage the Trust's investment portfolio on a day-to-day basis. The Trust's main priority is lo achieve a level of income that is consistent with preserving the real value of the capital. The market Value of the investments has risen and fallen in line wf(h market fluctuations and trends within Climate Assets Fund. Plans for future periods Aims and key objectives for future periods Trustees The Board of Trustees recognizes that out of a possible fourteen, it operates with eight trustees amongst whom there remain identifiable gaps in skill sets. Recruitment to the Board of Trustees. remains a key alm. Estate The programme of external Maintenan and repair works was completed. A refurbishment of the en-suite rooms in the new wing, to enhan appeal, will commence in early 2025. Investment advisors A resolution to re-elect Quilter Cheviot as investment advlsors lo the Trust will be submitted al the Annual General Meeting. Solicitors A resolution to re-elect Foot Anstey as sclicitors of the Trust will be submitted at the Annual General Meeting. Independent Examiner A resolution lo re-elect Francis Clark LLP as independent examlner will be submitted at Ihe Annual General Meeting. Small companies provision statement This report has been prepared in accordance with the small companies regime under the Companies Act 2006. Page 7
The Epiphany Trust (Truro) Ltd Trustees Report statement of trustees. responsibilities The trustees (who are also the directors of The Epiphany Trust (Trurol Ltd for the purposes of company lawl are responsible ft)r preparing the trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards Iuntted Kingdom Generally Accepted Accounting Practice). induding FRS 102 "The Financial Reporting Stsndard applicable in the UK and Republic of Ireland.. Company law requires the trustees to prepare financial statements foT each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the stale of affairs of the charitable company and of the incoming resources and application of resources. including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and apply them consistently. observe the methods and principles in the Charities SORP. make judgements and estimates that are reasonable and prudent.. slate whether applicable accounting standards, comprising FRS 102 have been followed. subject to any material departures disclosed and explained in the financial statements.. and prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charitable company wll continue in business. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy al any time the financi81 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. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation goveming the preparation and dissemination of financial statements may differ from legislation in olherjurisdiclions. The annual report was approved by the trustee8 of the charity on the 12th of June 2025 and signed on its behalf by= vllc Lthi Mr John Mitchell OBE Trustee Page 8
The Epiphany Trust (Truro) Ltd Independent Examiner's Report to the trustees of The Epiphany Trust (Truro) Ltd ('the Company,) I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2024. Responsibilities and basis of report As the charity's Injstees of the Company {and also its directors for the purposes of Company lawl you are responsible for the preparation of the account$ in ac¢ordan¢e wrth the requirements of the Companies Act 2006 (Xhe 2006 A¢t'l. Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination. I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 {'the 2011 A¢l'l. In carrwng out my examination I have followed the Directions given by the Charity Commission under section 14515}Ib} of the 2011 Act. Independent examiner's statement I have completed my examinats'on. I confirm that no matters have come to my attention in connection with the examination giving mo cause to believe.. 1. accountlng records were not kept in respect of The Epiphany Trust (Trurol Ltd as required by section 386 of the 2006 Act-. or 2. the accounts do not accord with those records., or 3. the accounts do not mplY with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give 8 'true and fair Vie which is not a matter considered as part of an independent examination., or 4. the accounts have not been prepared in acrdance w'rth the methods and principles of the Statement of Recommended Practice for accounting and repothng by charities lapplicable to charities preparing their ac¢ounl$ in a¢¢ordan¢e with the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland IFRS 102)]. I have no concems and have come across no other matters in connection with the examlnalion to which attention should be drawn in this report in order lo enable a proper understanding of the accounts to be reached. Darren Perry ACA DChA Francis Clark LLP Lowin House Tregolls Road Truro Cornwall TR12NA Date=. Pag89
The Epiphany Trust (Truro) Ltd Statement of Financial Activities for the Year Ended 31 December 2024 {Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestricted funds Restricted funds Total 2024 Total 2023 Note Income and Endowments from: Donations and legacies Charitable activities Investment income 5,375 183.328 8,862 390 5,765 183.328 8,862 3,145 197.823 23.779 Total income 197,565 390 197,955 224,747 Expgnditurg on: Charitable activities 318.491 {318.4911 1241,0391 Total expenditure Gainsllosses on investment assets (318.4911 {318.4911 1241,039) 14,900 14,900 27,915 Net lexpenditurellincome 106,026 390 105,636 11,623 Net movement in funds {106,0261 390 105,6361 11,623 Reconciliation of funds Total funds brought forward 3,061.242 113,383 3.174,625 3,163,002 Total funds carried forward 17 2.955.216 113.773 3.068.989 3.174.625 All of the charity's activities derive from Gontinuing operations during the above two periods. The funds breakdown for 2023 is shown in note 17. The notes on pages 13 to 26 fomi an integral part of these financial statements. Page 10
The Epiphany Trust (Truro) Ltd (Registration number: 0575567) Balance Sheet as at 31 December 2024 2024 2023 Note Flxed assets Tangible assets Investments 10 11 2,291,307 741,422 3.032.729 2,037,959 981,335 3,019.294 Current assets Stocks Debtors Cash at bank and in hand 12 13 14 1.566 6,988 90,516 1,566 12,707 158,807 99,070 173.080 Crnditors: Amounts falling due within one year Net current assets 15 62.810 17.749 36.260 155.331 Net assets 3,068,989 3,174,625 Funds of the Gharity: Restrlcted income funds Restrided funds 113.773 113,383 Unrestricted income funds Revaluation fund Property fabric fund Tangible asset reseNe Gen8ral funds 1,140,338 165.804 1.329,674 319,400 1,354,759 165.804 1.076,327 464,352 Total unrestricted funds 2,955,216 3.061.242 Total funds 17 3,068.989 3.174,625 For the financial year ending 31 December 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors, responsibilities.. The membors have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476,. and The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. These financial statements have been prepared in accordan with the special prowsions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The notes on pages 13 to 26 fomi an integral pari ol these financial statements. Page11
The Epiphany Trust (Truro) Ltd (Registration number: 0575567) Balance Sheet as at 31 December 2024 The financial statements on pages 10 10 26 were approved by the trustees, and authorised for issue on 12th of June 2025 and signed on their behalf by.. LOL Mr John Mitchell OBE Tnjstee The noles on pages 13 to 26 lom an integr81 part ofthese financial ststemenls. Page 12
The Epiphany Trust (Truro) Ltd Notes to the Financial Statements for the Year Ended 31 December 2024 1 Charity ststus The Charity is limited by guarantee, incorporated in England and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £10 towards the assets of the charity in the event of liquidation. The address of ils registered Offi is.. Epiphany House Kenwyn TRURO TR13DR 2 kcounting policies Summary of slgnlficant accounting poli¢ie3 and key accounting estlmates The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied lo all the years presented, unless otherwise slated. Statement of compliance The financial statements have been prepared in accordan with Accounting and Reporting by Charities= Statement of Recommended Practice (applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 10211 (issued in October 20191 Icharities SORP IFRS 102}I, the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) and the Companies Act 2006. Basls of preparation The Epiphany Trust (Trurol Ltd meets the definitlon of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historlcal cost or transaction value unless otherwise stated in the relevant accounting policy notes. Golng concem The trustees consider that there are no material UnrtaIntieS about the charity's abilty to ¢ontinue as a going concern nor any significant areas of UnrtainlY that affect the carrying value of assets held by the charty. Income and endowments All ineome is recognised once the charty has enlltlement to the Income. it is probable that the irrne will be received and the amount of the income recelvable can be measured reliably. Page 13
The Epiphany Trust (Truro) Ltd Notes to the Financial Statements for the Year Ended 31 December 2024 Donations and legacies Donations and legacies are received by way of general grants, dOnaOn$ and gifts and are included in full in the statement of financial activities when receiv2ble. Donated services and facilities are included al the value lo the charity where this can be quantified. The value of services promded by volunteers has not been included. Income from visitors for the use of the premlses ancl facilities at Epiphany House is accounted for in the period which the service Is provlded. Legacies are included when the charity is advised by the personal representative of an estate that payment wlll be made or propety transferred and the amount Involv can be quantified. Deferred Income Deferred income repre$enl$ amounts received for future periods and is released to incoming resources in the period for which. it has been received. Such income is only deferred when.. The donor specifies that the grant or donatson must only be used in future accounting periods- or The donor has imposed conditions which musl be mel before the charity has unconditional entitlement_ Investment income Income from investments is included in the year in which it is receivable. Expendlture Expenditure is recognised on 8n accrual basis as a liability is incurred. Charitable expenditure comprises those costs incurred by the charity in the delivery of ils activities and services for its beneficiaries. It Includes both costs that can be allocated directly lo such activities and those costs of an indirect nature necessary to support them. Epiphany House expenditure principally indudes the costs of maintsining Epiphany House and providing facilities for its visitors. All expenses including support costs and govemance costs are allocated to the applicable expenditure headlngs. Irro¢overable VAT The Trust uses the partial exemption method lo detemiine the input VAT that Can be recovered. Any drfferences arising between the initial recording of input VAT and the recovery available after the partial exemption calculation is recognised within the irrecoverable VAT expense. Taxation The charity is considered lo pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore rt meets the definition of a charitable company fi)r UK corporation tax purpose$. Accordingly, the charity is potentially exempl from taxation in respect of income or capltal gains received wilhin categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992. to the extent that such income or gains are applied exclusively lo charitable purposes. Page 14
The Epiphany Trust (Truro) Ltd Notes to the Financial Statements for the Year Ended 31 December 2024 Tangible fixed assets Freehold land and buildings are held 8t valuation with any significant additions at cost. No depreciation is provided on freehold land or buildings. The Trust undertakes regular maintenance such that its buildings are kept in a continual slate of sound repair. The Trustees consider that the useful economic lives and residual values of these assets are so large that depreciation would be immaterial. Depreciation is also not provided on fixtures and fittings which were originally valued at £80,000 in 1992 and were included in the financial statements at this value as il was not wssible to ascertain the historic cost. These assets were revalued to £12,500 in the current year. Subsequent expenditure on fixtures, fittings and equipment Is recognised in the year in which il is incurred at cost and depreciated over the remaining useful economic life of the asset. Depreciation and amortisation Depreciation is provided on tangible fixed 8sset5 $0 as to write off the cost or valuation. less any eslimaled residual value. over their expected useful economiG life as follows- Asset class Fixtures, fittings and equlpment Depreciation mgthod and rate 200/0 straight line Investment properties The investment property is carried al fair value, as determined annually by the Trustees. The valuation is derived from the most rellt professional valuation adjusted by the UK house price index specific to the location and nature of the specific asset in subsequent years. Changes in fair value a recognised in the statement of financial activitie5. Fixed asset Investments Stock market investments held as fixed assets are revalued at mid-market value al the balance sheet date and the gain or loss taken lo the ststement of financial activities. Pension costs 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 to the scheme in respect of the accounting year in accordan with FRS102. Trade debtors Trade and other debtors are recognised al the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash and cash equlvalents 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 date of acquisition or opening of the deposit or similar account. Page 15
The Epiphany Trust (Truro) Ltd Notes to the Financial Statements for the Year Ended 31 December 2024 Trade creditors Creditors and provisions are recognised where the charity has a present obligatlon resulting from a Past event that will probably result in the transfer of funds to a third paty and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provision are nom)ally rec£Jgnlsed at their settlement amount after allowing for any trade discounts due. Fund structure Unrestricted funds are available for use at the discretion of the Trustees in the furtherance of the Trust's charitable objectives. The Revaluation Reserve represents the difference between valuation and cost of fixed assets. Unrestricted funds 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 reserve representing the cost of the Charills fixed assets and therefore funds not available to supp)rt the Charity's day-to-day ectivilies. Reslricled funds are funds which are to be used in accordance with specific restrictions imposed by donors of which have been raised by the Trust for particular purposes. The costs of raising and administering such funds are bome by General Funds. The aim and use of each restricted fund is set out in the notes of the financial statements. 3 Incomg from donatlons and legacies Unrestricted funds Restricted funds Total 2024 Total 2023 Donations and legacies., Donations and friends subscriptions together with gift aid Legacies 5,375 390 5.765 3,110 35 5,375 390 5.765 3.145 4 Investment income Unrestrlcted funds Total 2024 Total 2023 Income from dividends- Dividends receivable from other listed investments Interest retrivable and similar income., Interest receivable on bank deposits 7,671 7,671 23,779 1.191 1,191 8.862 8,862 23.779 Page 16
The Epiphany Trust (Truro) Ltd Notes to the Financial Statements for the Year Ended 31 December 2024 5 Income from charitable activities Unrestrlcted funds Total 2024 Total 2023 Rental income other income Visitor income 14,613 544 168,171 183,328 14,613 544 168.171 11.880 3,565 182,378 183.328 197.823 6 Expenditure on charitablg activities Activity undertaken directly Activity support costs 2024 2023 Wages & salaries Event costs Housekeeping Utilities Sundry Repairs & maintenance Insurance Advertising Subscriptions & licenc8s Depreciation Irrecoverable VAT Legal & professional fees Bank charges 167,871 19,258 9,406 24,663 1,751 30,502 9,142 482 1,219 2,326 42,721 167,871 19,258 9,406 24.663 1,751 30,502 9,142 482 1.219 2,326 42,721 8,935 215 93,485 20,289 10,791 37.158 1,497 29,619 7.787 595 331 2,038 6,448 30.731 270 8,935 215 309,341 9,150 318,491 241.039 £318.491 12023- £241,039) of the expenditure on charitable aGtivilies is unrestricted and £nil 12023.. £nil} is restricted. The comparative period split of Gharitable activity costs have been grouped where appropriate. Page 17
The Epiphany Trust {Truro} Ltd Notes to the Financial Statements for the Year Ended 31 December 2024 7 Net Incomingloutgoing resources Net outgoSng resources for the year include.. 2024 2023 Audit fees Other non-audh services Depreciation of fixed assets Independent examiners fee Unrealised Igainsylosses on investfflent assets Realised Igainsylosses on investment assets 3.500 3,983 2,038 1,475 27.915 2.998 2,326 1,500 9,809 24.709 8 Staff Costs The aggregate payroll costs were as follows: 2024 2023 staff costs during the year were: Wages and salaries Social security Costs Pension costs 153,516 7,278 7,077 89,029 479 3.977 167,871 93,485 The monthly average headcount linduding senior management I leadership team) employed by the charity during the year was as follows= 2024 No 2023 No Employees No employee received emoluments of more than £60.000 during the year. Pension contributions of £1,17812023: £1671 remained unpaid al year end. The total remuneration of the key management personnel of the charity was £102.739 12023 £34.6991. Key management personnel remuneration includes the salary. employers nation81 insurance contributions and employers pension conlribluions of Jane Lowndes {Operations Director) and At8n Wallace {CEOI 12023.. Only salary and employers national insurance contributions of Jane Lowndesl. The Operations Director also receives a benefit in the form of living utility expenses being paid for by the charity- This benefit lotalled £67912023.. £5901. 9 Taxation The eharty is a registered charity and is therefore exempt from taxation. Page 18
The Epiphany Trust (Truro) Ltd Notes to the Financial Ststements for the Year Ended 31 December 2024 10 Tangible flxed assets Froehold property (Epiphany House) Fixtures. fittings and equipment Total Costlvaluallon At 1 January 2024 Additions 1,950,000 252.224 90,194 2,040,194 3.450 255.674 At 31 December 2024 2,202,224 93,644 2,295,868 Depreciation At 1 January 2024 Charge for the year At 31 December 2024 2,235 2.326 2,235 2.326 4.561 4.561 Net book value At 31 December 2024 2,202,224 89,083 2,291,307 At 31 December 2023 1,950,000 87,959 2,037,959 Epiphany House was valued on 22 August 2023 by Lodg8 and Thomas Estate Agents lo a market value of £1,950,000. The historical cost of the freehold land and buildings at 31 December 2024 is £1.363,026 12023: £1,110,802). Improvement works have been added as additions at cost. It is not possible to ascertain from the charity's records the historic cost of the fixtures, fittings and equipment. They have therefore been included at a valuation of £80,000 provided by Vickery Holman Chartered Surveyors in 1992, with future additions added at cost. Page19
The Epiphany Trust (Truro) Ltd Notes to the Financial Statements for the Year Ended 31 December 2024 11 Fixed asset investmgnts 2024 2023 Investment properties Other investments 300.000 441,422 300,000 681,335 741.422 981,335 Investment propartigs Investment properties Cost or Valuation Al 1 January 2024 300.000 At 31 December 2024 300.000 Net book value At 31 December 2024 300,000 At 31 December 2023 300.000 The freehold property Wych Elms was valued by Lodge & Thomas Estate Agents on 22 August 2023. The Trustees Consider this figure represents a reasonable estimate of the fair market value at the year end. Other Investmenls Llsted investments Total Cost or Valuation At 1 January 2024 Revaluation Additions Disposals 681,335 681.335 19,8091 19,809} 1.064.086 1.064,086 1.294.190 1.294.190 At 31 December 2024 441.422 441,422 Net book value At 31 December 2024 441,422 441,422 At 31 December 2023 681,335 681,335 The historic cost of the listed investments at 31 December 2024 was £451.81512023= £477,307) Page 20
The Epiphany Trust (Truro) Ltd Notes to the Financial Statements for the Year Ended 31 December 2024 12 Stock 2024 2023 Stocks 1,566 1,566 13 Debtors 2024 2023 Trade debtors Prepay)nents Accrued income 2,984 275 3,729 6,100 200 6,407 6.988 12.707 14 Cash and cash equivalents 2024 2023 Cash on hand Cash at bank Short-lemi deposits 363 64,776 25,377 90,516 336 156,483 1,988 158,807 15 Creditors- amounts falling due within one year 2024 2023 Trade creditors other laxalion and social security other creditors Aecru8ls Deferred Inco 5,898 25,322 1,132 25.633 4,825 4,097 4,712 122 6.181 2,637 62,810 17,749 2024 2023 Deferred income at 1 January 2024 Resources deferred in the period Amounts released from previous periods Deferred income at year end 2.637 4,825 2,637 19.532 2,637 19.532 4,825 2,637 Deferred income held al the year end relates to deposits taken in advance of stays. Page 21
The Epiphany Trust (Truro) Ltd Notes to the Financial Statements for the Year Ended 31 December 2024 16 Commltments Capital commitments Al the balan sheet date the company had commllments due in relation to general building works. The total amount contracted for but not provlded in the financial slalements was £1,850 12023 £175,314). other financial commltments At the year end the company had tot81 commrtments under non-cancellable operating leases of £255 12023 - £862). of which £253 i8 due in one year and £2 in 2 to 5 ye8rs. Page 22
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The Epiphany Trust (Truro) Ltd Notes to the Financial Statements for the Year Ended 31 December 2024 The specific purposes for which the funds are to be applied are as follows: Restricted funds The development fund relates to funding the current development of the House. The disabled access and lift grants were partially used in connection with the development of the house. The defibrillator funds were used partly in 2021 and Carers refresh days is ulilised for annual carer training. Desi naled funds The tsngible asset reserve represents the cost of assets which are held for use in the ongoing operation of the Charity and cannot be readily converted into cash. The property fabric fund has been set aside by the Trustees out of general funds to provide for the long temi maintenance of the fabric at Epiphany House. The ITansfer beeen the unreslricled general fund and the unrestricted designated tangible fixed asset fund represents the general cash balance utilised to purchase fixed asset additions in the year. 18 Analysls of net assets between funds Total funds at31 December 2024 Unrestrlcted funds General Deslgnated Restridod funds Other Tangible fixed assets Fixed asset investments Current assets Current liabilities 1.261,207 68,467 165,804 919.199 221,139 110,901 2,291,307 741.422 99.070 62,810 451.816 169,733) 62.683 2.999 127 Total net assets 319,400 1,495,478 1,140,338 113,773 3,068,989 Total funds at31 Restricted December funds 2023 Unrestrleted funds General Designated Other Tangle fixed assets Fixed asset investments Current assets Current liabllitles 1,007,860 68,467 165,804 919.198 436,561 110.901 2.037.959 981,335 173,080 17,749 477.307 4.667 17.622 2,609 127 Total net assets 464.352 1,242,131 1.354,759 113.383 3,174,625 Page 25
The Epiphany Trust (Truro) Ltd Notes to the Financial Statements for the Year Ended 31 December 2024 19 Related party transactions During the year the charty made the following related paty transactions.. Trustees During the year income from memberships and donations totalling £319 12023: £2691 was received from 8 trustees. £nil was reimbursed to truslees12023-. £1 was reimbursed to one trustee in respect of peppercom lease payments). No trustees. nor any persons conneoted with them, have received any remuneration from the charity during the year. Al the balan sheet dale the amount due tolfrom Trustees was £Nil12023 - £Nill. Pag9 26