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 EXaMine￿S 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 be￿een 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 Advan￿ment 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 be￿een different religious traditions,.
continuing long-eslablished practi￿S 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 ac￿rdance 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 Un￿rtaIntieS about the charity's abilty to ¢ontinue as
a going concern nor any significant areas of Un￿rtainlY 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 ir￿rne
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, dOna￿On$ 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 re￿llt 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 be￿een 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
Tangl￿e 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