COMPANY REGISTRATION NUMBER: 08582100 CHARITY REGISTRATION NUMBER: 1154226
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Pilton House Trust
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Company Limited by Guarantee Financial Statements , 31 December 2021
THOMAS WESTCOTT LLP Chartered Accountants & Statutory Auditors 47 Boutport Street Barnstaple Devon EX31 1SQ
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## Pilton House Trust
## Company Limited by Guarantee
## Financial Statements
## Year ended 31 December 2021
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||Trustees’ annual report (incorporating the director's report)||1 to 10|
||Independent auditor's report to the|members|11 to 14|
||Statement of financial activities (including income and|||
|.|expenditure account)||15|
||Statement offinancial position||16 to 17|
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||Statement of cash flows||18|
||Notestothefinancialstatements||19to30|
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## Pilton House Trust
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## Company Limited by Guarantee Trustees' Annual Report (Incorporating the Director's Report)
## Year ended 31 December 2021
The trustees, who are also the directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 31 December 2021.
## Reference and administrative details
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|Registeredcharityname
Charity registration number|Pilton HouseTrust
1154226||
|---|---|---|
|Company registration number|08582100||
|Principal office and registered|Pilton House Residential CareHome||
|office|Pilton House||
||Pilton Street||
||BARNSTAPLE||
||Devon||
||EX31 1PQ||
|The trustees|MrsV A Elkins|(Resigned 3 September 2021)|
||Mr M Norris||
||Ms
| M Hockin||
||Mrs J L Hunt||
||Mrs J Coates||
|Auditor|Thomas Westcott LLP||
||Chartered Accountants & Statutory Auditors||
||47 Boutport Street||
||Barnstaple||
||Devon||
||EX311SQ||
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## Pilton House Trust Company Limited by Guarantee Trustees’ Annual Report (Incorporating the Director's Report) (continued) Year ended 31 December 2021
## Structure, governance and management
Governing document The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
## Recruitment and appointment of new trustees
Trustees have historically consisted of at least 5 and not more than 15 individuals. Although there are only currently 5 acting trustees, there has been a concerted effort in recent years to advertise and appeal for potential new trustees to come forward, in addition to making use of the networks of existing trustees. While trustee numbers have been maintained, which is encouraging, no new trustees have been added. Largely this reflects the general national trend which has seen volunteer numbers significantly declining in recent years. -
One third of the trustees must retire at each AGM, those longest in office retiring first and the choice between any of equal service being made by drawing lots. Except on rotation a trustee may be appointed at a general meeting but only if there is a vacancy and he/she is recommended bya trustee or a member has given the required notice of proposal with written confirmation of willingness to be elected a trustee. All trustees must have a satisfactory and up to date Disclosure and Barring Service check in order to remain a trustee.
## Organisational structure
Miss R Jenner is the Home's registered manager and manages operational issues day to day. She is supported by an assistant manager, heads of department and a group of team leaders.
The trustees meet at regular monthly meetings, where all significant issues are discussed and agreed. The. trustees guide the Home Manager on a regular basis which enables the trustees to maintain the overall management of the House.
## Related parties
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No trustee may take part in any discussion or decision where they have a conflict of interest and where the outcome of that decision may be to the benefit or detriment of themselves, their relatives, friends or employers. Their interest, if such circumstances should arise, must be made known to the board.
## Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. Risk management policies have been produced by the trustees.
The major risks to which the charity is exposed, as identified by the trustees, relate to the management of the investments, the management of the business on a daily basis with delegated responsibilities passed from trustees to the management and staff, financial risks and reputational risks. The trustees have reviewed these risks and contingency plans have been established to mitigate these risks.
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## Pilton House Trust
## Company Limited by Guarantee
## Trustees' Annual Report (Incorporating the Director's Report) (continuea)
## Year ended 31 December 2021
## Objectives and activities
## Objectives and aims
The objectives and aim of Pilton House Trust is the relief of poverty, sickness and old age, in particular by the provision of suitable housing accommodation and nursing homes and the provision of day and respite care facilities for elderly persons in Barnstaple with the object of improving their conditions of life.
In setting their objectives and planning their activities, the trustees have given careful consideration to the Charity Commission's general guidance on public benefit. A regular newsletter is produced by the House Manager to update residents and relatives on activities and issues at the House. The website is updated to reflect changes in the Home and to provide relevant information for families and individuals interested in our services. Fundraising activities aim to involve the support of the local community.
A Statement of Purpose has been drawn-up which is available to residents, relatives and third parties on request.
The charity meets its objectives by feedback from inspections undertaken by the Care Quality Commission together with regular feedback from the residents and their relatives/friends.
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## Pilton House Trust Company Limited by Guarantee Trustees’ Annual Report (Incorporating the Director's Report) (continued)
## Year ended 31 December 2021
## Achievements and performance
## Charitable activities
Generally, the year 1 January 2021 to 31 December 2021 has been one of the most challenging years since the Trust began. This was due in part to the global pandemic but also due to rising costs across the organisation which, when combined with a challenging market for the recruitment of staff, created considerable difficulty in planning throughout the year. Continued and significant difficulties associated with COVID-19 were presented for the staff and residents to overcome. COVID-19 safety measures remained in place for much of the year, creating very different experiences for residents, their relatives and friends. Nevertheless, the staff worked tirelessly to ensure the best and safest service was able to be delivered to everyone associated with the Home. This has included the adoption of new methods of working, effective use of technology to keep in touch with families and support healthcare provision, and additional support for staff and residents as needed.
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Despite the challenges surrounding the pandemic, the excellent care provision and extensive COVID19 adaptations ensured the Home maintained a healthy waiting list of potential residents. Sadly, a number of other activities remained suspended from this year such as the Memory Café which usually operates from the Home along with regular coffee mornings and meetings of the Friends of Pilton House. Some events continued through the use of technology with videoconferencing becoming a regular feature of life at the Home for staff and residents. Due to the continued restrictions and wider COVID-19 landscape during the year, sources of income remained under pressure with a number of the usual fundraising activities unable to be completed as they would usually be. This reached a peak during the middle of the year and extraordinary work was required to ensure Pilton House was able to meet its needs for the future. As the year continued, significant cost of living increases to wages introduced by the Government would require further planning to ensure staff were not disadvantaged and that Pilton House Trust could continue to meet the needs and expectations of our staff. Nevertheless, as the Home remained fully staffed and was able to operate safely and effectively despite these challenges, and against the wider landscape of reported difficulties in many care settings across the country. Additional funding was made available by the local authority to many care homes, and this was vital in supporting the high quality of care for residents at Pilton House during
2021.
A considerable amount of training has been undertaken by staff during the year through a mix of virtual sessions, e-Learning and in-house trainers. CQC noted nationally that training in 2020 had been adversely impacted by the impact of the pandemic. However, Pilton House Trust maintained a schedule of some 1,755 sessions for staff during 2020. The 2021 programme continues to build upon this, including:
1. COVID-19 safe working practices, testing, vaccination programme 2. Effective and safe use of PPE 3. Infection Control , 4. RESTORE 2 5. Leadership Skills for Team Leaders 6. Confidentiality 7. Falls Awareness 8. Safeguarding, PREVENT, consent and the power of attorney 9. GDPR 10. End of Life Care
11. Effective Communication, Belief and Values
12. Oral health care including care plans
- 13, Pressure area care and management
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## Pilton House Trust
## Company Limited by Guarantee
## Trustees’ Annual Report (Incorporating the Director's Report) (continuea)
## Year ended 31 December 2021
14. Moving and handling including instructors 15. Induction 16. Nutrition and hydration, special diets including for residents with diabetes
17. Dementia and mental capacity
18. Person Centred Care
- 19, Influenza and infection control, sepsis awareness 20. COSHH, hand hygiene, food hygiene, legionella 21. Medication 22. Non-pharmacological approaches to symptom management
23. Practical fire evacuation and fire safety
24. Fire Awareness Level 2
25. First aid training including first aid instructors
26. Challenging Behaviour
27. Equality and Diversity
28. Level 2 and level 3 diplomas in Care for the majority of staff that do not hold this qualification yet
29. Health and safety including Health and Safety Instructor courses for more efficient and flexible delivery of courses within the Home
- : 30. Six staff are completing NVQs in: Health and Social Care, Team Leading, Supervision, and Catering
The OOMPH activities programme, which was introduced in 2018, has continued unabated supporting many enjoyable activities for our residents each month. Staff continue to receive training in this programme with regular reports on progress that show sustained improvements. Photographs of some of the wonderful activities of residents are displayed in the Home for all to see and technology has been used effectively to support outside contact with relatives and friends while visiting in person was restricted due to the pandemic. It is truly remarkable to visit the Home and see physical activity sessions for residents who have limited mobility, to listen to singing and live music activities and to look at some of the creative endeavours of staff and residents on display throughout the Home. Observation of the Just Bowl indoor bowling is a particular treat. The grounds have been further developed and now include a large fishpond, ducks, rabbits, and chickens which have been hatched from eggs, in addition to the more usual dogs and cats that can often be found exploring the Home each day. In summer, the area in front of the veranda is awash with colour from the raised flower beds and a true oasis for the residents and staff of Pilton House.
The Home and grounds are brightened by even more plants and flowers, and residents are able to enjoy gardening activities should they wish. The Home hopes to be able to welcome a return to the work experience programme for local students next year, having previously been impacted by the pandemic. The endless work of our staff and volunteers to better the experiences of our residents and Staff is truly appreciated.
The staff and management team have continued to streamline processes as part of our GDPR programme this year, including the move to more paperless systems, with the vast majority of day-today operations now supported by technology. A number of new systems have been introduced including the move to a different cloud-based medication system. The feedback from quality surveys and testimonials throughout the year have been a real recognition of our continued pursuit of excellence in the service we deliver to residents, their families and friends.
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## Pilton House Trust Company Limited by Guarantee Trustees’ Annual Report (Incorporating the Director's Report) (continueg) Year ended 31 December 2021
## Achievements and performance (continued)
## Fundraising activities
Income has improved gradually, not only through a revised fee system but also due to fund raising initiatives by friends and families of current and former residents, the care staff and the Home Manager. Nevertheless, COVID-19 restrictions meant at several times during the year the Home was unable to operate at full capacity as it was not safe to accept new residents. This created a funding shortfall which was offset in part by the additional local authority funding due to the pandemic. Funds such as those from investments and donations have been used for projects within the Home to increase the positive experience of residents. While there has been significant redecoration of some parts of the Home and continuous improvements throughout the year, much of the investment has been around COVID-19 adaptations such as the establishment of visiting areas, including outdoor structures. The Circle of Friends group was closed again this year due to the pandemic. We hope in the future this can be formed once again so its members can assist in fund raising and other initiatives, including the promotion of the Home in the Pilton area and to local businesses to encourage support and donations.
## Other activities
Repairs were required to a number of exterior areas of the site, resulting in some unexpected expenditure. Repairs were also required to parts of the structure of the main building including windows and doors. Maintaining quality facilities in an historic Grade-ll Listed building such as Pilton House often comes at a greater expense and creates more complexity for the management team than would be found in a purpose-built Home. But living and working in Pilton House is one of the most unique and loved benefits of the services we provide, bringing joy to our residents and staff alike. It is a truly special place with a tremendous history.
An employee assistance programme was introduced in January 2019 which includes Face to Face Counselling and Cognitive Behavioural Therapy (CBT), combined with a 24/7 support service. This is offered free of charge to staff and their immediate families in order to provide greater care and support to our valued team. Combined with the wider support offered in the area due to the effects of the pandemic, and national programmes, staff have had a range of support structures that could be accessed if required. It is without a doubt been one of the most challenging years for the staff of Pilton House Trust and without their support, dedication, courage and determination, the Home would not be able to flourish in the way that it has. .
Sadly, many of our usually rich breadth of experiences that are made available to residents were unable to continue normally. Activities such as Carriage Riding (with thanks to the Calvert Trust Exmoor) — a remarkable and memorable experience for all concerned — our animal experiences, travelling farm visits and many animal encounters for residents and staff at the Home, have all been missed dearly in 2021. Nevertheless, our internal activities programme has continued with barely a pause, ably supported by a number of our staff. Our person-centred approach with the personalisation of bedrooms and indoor areas to make the Home more reflective of the tastes and wishes of our residents has continued, including redecoration when needed.
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## Pilton House Trust
## Company Limited by Guarantee Trustees’ Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 December 2021 : Financial review
Total income for the year amounted to £1,102,197 (2020: £1,115,799), £48,812 (2020: £41,549) of which was specifically directed for utilisation towards restricted expenditure.
Personnel expenditure relating to salaries and pension contributions remains by far the single largest area of expenditure, amounting to £835,897 (2020: £809,846).
Total reserves at the end of 2021 amounted to £1,253,174. This includes tangible fixed assets of £947,340, Investments of £208,389 and net current assets of £100,445. Restricted reserves amounted to £3,000.
## Principal funding sources
Funds are generated by the charity through residents charges, obtaining grants, receiving donations, investment income and undertaking other fundraising activities.
## Reserves policy
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The trustees have indicated that they wish to keep a minimum of four months reserves in hand at all times, preferably six months if this is possible. In 2021, they are currently only holding 3 “% months of free reserves.
## Plans for future periods
In 2021, the Home’s management team developed individual department teams responsible for different areas of the Home and business through training and greater autonomy, improving efficiency and allowing us to better adapt to the budget constraints that were experienced during the year. 2019's introduction of new methods of keeping in touch with families continued to be a valuable resource during 2021 with greater use of video calling and other secure online communications. This is being developed continuously in response to the changing nature of the pandemic.
The number of individuals and families using our services continues to remain healthy and, with long waiting lists, this shows no sign of changing during 2022.
Giving the significant costs of COVID-19, ongoing maintenance and repair, and raises to the National Minimum Wage and National Living Wage during 2022, it is clear that a revised fee structure will be required in order to keep the Home sustainably funded for the immediate future. Plans are in place to revise the fee structure for 2022.
The Trust maintains a desire to increase the level of reserves we have. for the future. Despite an established programme of planned maintenance, unexpected costs continue to present themselves each year and, in the face of the pandemic, the Home must continue to be in a position to respond to these costs as the need arises.
The staff are our key to success, and we must continue to ensure their training needs are met to achieve the highest standard of care. This includes the level of care and support given to staff both personally as well as professionally. Only happy and secure staff will provide our residents with the best possible care, and this is something we recognise and is at the heart of everything we do.
Achieving the balance between the cost of care and financial viability is imperative and only possible at present because we are a non-profit making organisation.
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## Pilton House Trust Company Limited by Guarantee Trustees' Annual Report (Incorporating the Director's Report) (continueg) Year ended 31 December 2021
## Plans for future periods (continued)
## FEEDBACK FROM RESIDENTS, VISITORS AND STAFF
Included below are a selection of comments received during 2021:
“In life, one of the hardest decision a family has to make is whether their loved family member would be cared for better and safer in a care home environment: My brother and | can truly say the decision we made for Mum to move into Pilton House was the right one at a time when Mum was at her most vulnerable. :
The outside terrace and garden is a safe and pleasant area full of plants, colour and wildlife not to mention the ducks, chickens and rabbits; a delight and pleasure to Mum. The home is always warm, clean and full of life; with rooms to sit quietly or rooms to be with others; loneliness is not to be found here. Time is always given for a chat or a simple holding of a hand.”
— Family Member of Resident
“Thanks to the staff who make mum happy, who support her when she is unbalanced, who are patient with her whilst she processes instructions, who lower her bed and tuck her in at night, who check in on her whilst she sleeps, who wake her up with a smile, who help her wash to stay comfortable and clean, who make her feel pretty through beauty treatments, who help her get dressed, who prepare her food and beverages, who feed her when she is confused, who clean her clothes and change her sheets, who clean her room and the rest of the home, who go out of their way to send me updates & pictures of mum getting involved with activities, who repair and improve the quality of her surroundings, who keep her safe, who offer their support and best wishes to me and who love my mum for the beautiful character she is. Thank you for all that you do, you are all what makes Pilton House the special place it is today.” — Family Member of Resident
“This amazing Trust has been a lifesaver for my sanity and phenomenal in looking after my mum’s care. ! will always be eternally grateful and am in total awe of all the staff. So amazing. Thank you.” — Family Member of Resident “Pilton house is very welcoming and friendly home. The Management and staff are all very supportive to both residents and their families. They are a great team at Pilton House and work very weil together at all levels - they are extremely patient and very caring towards all the residents and nothing is too much trouble. We are very happy that my Mother is able to live here and has the support and care she needs.” — Family Member of Resident
“The team at Pilton House have really helped us as a family as well as our loved one that lives there. It wasn’t an easy decision for us, but she couldn’t have been in better hands. They are all incredibly caring and do everything they can to help.” — Family Member of Resident
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## Pilton House Trust Company Limited by Guarantee Trustees’ Annual Report (Incorporating the Director's Report) (continued) Year ended 31 December 2021
## Events after the end of the reporting period
At the date of preparation of the financial statements, the instability factor relating to the Covid health emergency should not be underestimated. There have been no adjusting events identified whilst preparing the accounts. The charity has reviewed this scenario and evaluated the management actions to mitigate the operational impact. The charity has adopted initiatives to safeguard the health of its people and actions aimed at maintaining operational activity. The repercussions on any adjustments to the financial statements are currently not determinable in light of the volatility of the scenario and the continuous evolution of the market, these will be reflected in the 2022 results
## Trustees' responsibilities statement
The trustees, who are also directors for the purposes of company law, are responsible for preparing the trustees’ report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure, for that period.
In preparing these financial statements, the trustees are required to:
- e select suitable accounting policies and then apply them consistently;
- ° observe the methods and principles in the applicable Charities SORP; ° make judgments and accounting estimates that are reasonable and prudent; ° prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## Smali company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
Pilton House Trust
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## Company Limited by Guarantee
## Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 December 2021 aS eeeaeeee
The trustees' annual report was approved on od 2.07 Mang signed on behalf of the board of trustees by:
Mr M Norris Trustee
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## Pilton House Trust Company Limited by Guarantee Independent Auditor's Report to the Members of Pilton House Trust Year ended 31 December 2021
## Opinion
We have audited the financial statements of Pilton House Trust (the 'charity') for the year ended 31 December 2021 which comprise the statement of financial activities (including income and expenditure account), statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- ° give a true and fair view of the state of the charity's affairs as at 31 December 2021 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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- ° have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
- ° have been prepared in accordance with the requirements of the Charities Act 2011.
## Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## Conclusions relating to going concern
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In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not.identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
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## Pilton House Trust Company Limited by Guarantee Independent Auditor's Report to the Members of Pilton House Trust (continuea) Year ended 31 December 2021
## Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report.
We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:
- e the information given in the trustees’ report is inconsistent in any material respect with the financial statements; or
- . adequate accounting records have not been kept; or
- ° the financial statements are not in agreement with the accounting records and returns; or
e we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal contro! as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
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## Pilton House Trust
## Company Limited by Guarantee
## Independent Auditor's Report to the Members of Pilton House Trust (continuea)
## Year ended 31 December 2021
## Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: ‘
- e We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience and through discussion with the trustees and other management. We communicated identified laws and regulations throughout our team, and remained alert to any indications of noncompliance throughout the audit.
- e The Trust is subject to laws and regulations that govern the preparation of the financial statements, including financial reporting legislation, and other charity legislation. The Trust is also subject to other laws and regulations where the consequences of non-compliance could have a material impact on the amounts or disclosures within the financial statements, including employment, anti-bribery, anti-money laundering and certain aspects of charity legislation. We identified the following as most likely areas to have such an effect - Compliance with CQC regulations and additional Health and Safety regulations due to the nature of operations.
- e Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. In any audit, - there remains a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect noncompliance with ail laws and regulations.
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: :
- e Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- ° Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.
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- e Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.
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## Pilton House Trust
## Company Limited by Guarantee
## Independent Auditor's Report to the Members of Pilton House Trust (continuea)
## Year ended 31 December 2021
- ° Conclude on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern.
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- ° Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
## Use of our report
This report is made solely to the charity's members, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed.
Thomas Westcott LLP Chartered Accountants & Statutory Auditors 47 Boutport Street Barnstaple Devon EX31 1SQ
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## Pilton House Trust
## Company Limited by Guarantee
## Statement of Financial Activities (including income and expenditure account)
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## Year ended 31 December 2021
||||2021||2020|
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|||Unrestricted|Restricted|||
|||funds|funds|Totalfunds|Total funds|
||Note|£|£|£|£|
|Income and endowments||||||
|Donations and legacies|5|2,031|48,812|50,843|69,853|
|Charitable activities|6|1,046,196|-|1,046,196|1,040,780|
|Investment income|7|4,292|~|4,292|4,327|
|Other income|8|866|_|866|839|
|Total income||1,053,385|48,812|1,102,197|1,115,799|
|Expenditure||||||
|Expenditure on raising funds:||||||
|Costs of raising donations and||||||
|legacies|9|-|_|_—|18|
|Expenditure on charitable activities|10,11|1,071,237|45,812|1,117,049|1,091,995|
|Total expenditure||1,071,237|45,812|1,117,049|1,092,013|
|Net gains on investments|13|20,419|-|20,419|5,243|
|Net income and net movement in|funds|2,567|3,000|5,567|29,029|
|Reconciliation offunds||||||
|Total funds brought forward||1,250,607|-|1,250,607|1,221,578|
|Totalfundscarriedforward||1,253,174|3,000|4,256,174|1,250,607|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
;
|
The notes on pages 19 to 29 form part of these financial statements.
it
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## Pilton House Trust
## Company Limited by Guarantee
## Statement of Financial Position
## 31 December 2021
||||2021|2020|
|---|---|---|---|---|
|||Note|£|£|
||Fixed assets||||
||Tangible fixed assets
Investments|17
18|947,340
208,389|963,047
192,835|
||||1,155,729|1,155,882|
||Current assets||||
||Debtors|19|7,676|19,215|
||Cash at bank and in hand||126,759|421,824|
|.|||134,435|141,039|
||Creditors: amounts falling duewithin one year|20|33,990|46,314|
||Net current assets||100,445|94,725|
||Total assets less current liabilities||1,256,174|1,250,607|
||Net assets||1,256,174|1,250,607|
||Funds ofthe charity||||
||Restricted funds||3,000|-|
||Unrestricted funds||1,253,174|1,250,607|
||Totalcharityfunds|23|1,256,174|1,250,607|
For the year ending 31 December 2021 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
## Directors' responsibilities:
- ° The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- e The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
|
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These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.
## The statement of financial position continues on the following page. The notes on pages 19 to 29 form part of these financial statements.
16
Pilton House Trust
a
| / i
## Company Limited by Guarantee
## Statement of Financial Position (continued
## 31 December 2021
## A
These financial statements were approved by the board of trustees and authorised for issue on AR O24, and are signed on behalf of the board by:
.
Mr M Norris Trustee
: :
The notes on pages 19 to 29 form part of these financial statements.
|
)
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## Pilton House Trust
## Company Limited by Guarantee
## Statement of Cash Flows
## Year ended 31 December 2021
**----- Start of picture text -----**
||||||||||
|---|---|---|---|---|---|---|---|---|
|2021|2020|
|£|£|
|Cash|flows|from|operating|activities|
|Net|income|5,567|29,029|
|Adjustments|for:|
|Depreciation|of tangible|fixed|assets|15,707|17,558|
|Government|grant|income|(45,812)|(66,678)|
|Net|gains|on|investments|(20,419)|(5,243)|
|Other|interest|receivable|and|similar|income|(4,292)|(4,327)|
|Accrued|income|(156)|(1,766)|
|Changes|in:|
|Trade|and|other|debtors|11,539|(3,187)|
|Trade|and|other|creditors|(12,168)|8,750|
|Cash|generated|from|operations|(50,034)|(25,864)|
|Interest|received|4,292|4,327|
|Net|cash|used|in|operating|activities|(45,742)|(21,537)|
|Cash|flows|from|investing|activities|
|Purchase|of tangible|assets|-|(5,431)|
|Purchases|of|other|investments|(41,983)|(30,156)|
|Proceeds|from|sale|of other|investments|46,848|29,580|
|Net|cash|from/(used|in)|investing|activities|4,865|(6,007)|
|Cash|flows|from|financing|activities|
|Government|grant|income|45,812|66,678|
|Net|cash|from|financing|activities|45,812|66,678|
|Net|increase|in|cash|and|cash|equivalents|4,935|39,134|
|Cash|and|cash|equivalents|at|beginning|of year|121,824|82,690|
|Cash|and|cash|equivalents|at end|of year|126,759|121,824|
**----- End of picture text -----**
|
The notes on pages 19 to 29 form part of these financial statements.
## Pilton House Trust Company Limited by Guarantee Notes to the Financial Statements
## Year ended 31 December 2021
## 1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Pilton House Residential Care Home, Pilton House, Pilton Street, Barnstaple, Devon, EX31 1PQ. ;
2. Statement of compliance These financial statements have been prepared in compliance with FRS 102, ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’, the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006.
: | | ! , : | :| | '
3. Accounting policies
## Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities.
The financial statements are prepared in sterling, which is the functional currency of the entity.
## Going concern
:
There are no material uncertainties about the charity's ability to continue.
## Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
|
## Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
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## Pilton House Trust Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 December 2021
.
## 3. Accounting policies (continued) : Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: ;
- e income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
- e legacy income is recognised when receipt is probable and entitlement is established. e income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
- ° income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
|
## Resources expended
Expenditure is recognised on an accruals basis asa liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
- ° expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.
- e expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
- e other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Snared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
: 1 : ] : ' 4 :
## Operating leases
.
Lease payments are recognised as an expense over the lease term ona straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
20
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*
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## Pilton House Trust
## Company Limited by Guarantee
Notes~ to the Financial. . Statements (continueq)
## Year ended 31 December 2021
## 3. Accounting policies (continued)
## Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
## Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings - 15% reducing balance Equipment - 20% straight line
## Investments
Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.
Listed investments are measured at fair value. with changes in fair value being recognised in income or expenditure.
## Government grants
.
Government grants are recognised at the fair value of the asset received or receivabie. Grants are not recognised until there is reasonable assurance that the charity will comply with the conditions attaching to them and the-grants will be received.
Where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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## : Pilton House Trust Company Limited by Guarantee
## Notes to the Financial Statements (continuea)
## Year ended 31 December 2021
## 3. Accounting policies (continued) . Financial instruments )
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost.
Where investments in shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. Ail other such investments are subsequently measured at cost less impairment.
## Defined contribution plans
- Contributions to defined contribution plans are recognised as an expense in the period in which ‘the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.
## 4. Limited by guarantee
|
Pilton House Trust is a company limited guarantee and accordingly does not have the share capital.
Every member of the company undertakes to contribute such amount as may be required not exceeding £10 to the assets of the charitable company in the event of its being wound up while he or she is a member, or within one year after he or she ceases to be a member.
5. Donations and legacies
||Unrestricted|Restricted|Total|Funds|
|---|---|---|---|---|
||Funds|Funds||2021|
||£|£||£|
|Donations|||||
|Donations|2,031|3,000||5,031|
I
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co :
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## Pilton House Trust
.
## Company Limited by Guarantee
## Notes to the Financial Statements (continued)
## Year ended 31 December 2021
## 5. Donations and legacies (continued)
,
||||||Unrestricted|Restricted|Total Funds|
|---|---|---|---|---|---|---|---|
||||||Funds|Funds|2021|
||Grants|||||||
||Government grant income||||-|45,812|45,812|
||||||2,031|48,812|50,843|
||||||Unrestricted|Restricted|Total Funds|
||Donations
Donations||||Funds
£
2,875|Funds
£
300|2020
£
3,175|
||Grants|||||||
||Government grant income||||25,429|41,249|66,678|
||,||||28,304|41,549|69,853|
|6.|Charitable activities|||||||
|||||Unrestricted|Total Funds|Unrestricted|Total Funds|
|||||Funds|2021|Funds|2020|
|||||£|£|£|£|
||Residents fee income|||1,046,196|1,046,196|1,040,780|1,040,780|
|7.|Investment income|||||||
|||||Unrestricted|Total Funds|Unrestricted|Total Funds|
|||||Funds|2021|Funds|2020|
|||||£|£|£|£|
||Bank interest receivable|||4|1|10|10|
||Investment dividends|||4,291|4,291|4,317|4,317|
|||||4,292|4,292|4,327|4,327|
|8.|Other income|||||||
||:|||Unrestricted|Total Funds|Unrestricted|Total Funds|
|||||Funds|2021|Funds|2020|
|||||£|£|£|£|
||Parking fees||.|820|820|800|800|
||Sundry income|||46|46|39|39|
||||||866|866|839|839|
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## Pilton House Trust
## Company Limited by Guarantee
## Notes to the Financial Statements (continuea)
## Year ended 31 December 2021
## 9. Costs of raising donations and legacies
|
|||Unrestricted
Funds|Total Funds
2021|Unrestricted
Funds|Total Funds
2020|
|---|---|---|---|---|---|
||Fundraising events|-|~|18|18|
|10.|Expenditure on charitable activities by fund type|||||
||||Unrestricted|Restricted|Total Funds|
||||Funds|Funds|2021|
||Direct service provision||£
1,050,791|£
45,812|£
1,096,603|
||Support costs||20,446|-|20,446"|
||||1,071,237|45,812|1,117,049|
||||Unrestricted|Restricted|Total Funds|
||||Funds|Funds|2020|
||||£|£-|£|
||Direct service provision||1,031,109|41,549|1,072,658|
||Support costs||19,337|_|19,337|
||||1,050,446|41,549|1,091,995|
|11.|Expenditure on charitable activities by activity type|||||
|||Activities||||
|||undertaken||Total funds|Total fund|
|||directly Support costs||2021|2020|
|||£|£|£|£|
||Direct service provision|1,096,603|20,446|1,117,049|1,091,995|
|12.|Analysis ofsupport costs|||||
||||Charitable|||
||||activities|Total2021|Total 2020|
||||£|£|£|
||Auditors remuneration||4,273|4,273|4,495|
||Bookkeeping||14,360|14,360|13,253|
||Investment management fees||1,813|1,813|1,589|
||||_
20,446|20,446|19,337|
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## Pilton House Trust
## Company Limited by Guarantee
## Notes to the Financial Statements (continued)
## Year ended 31 December 2021
## 13. Net gains on investments
|||Unrestricted|Total Funds|Unrestricted|Total|Funds|
|---|---|---|---|---|---|---|
|||Funds|2021|Funds||2020|
||Gains/(losses) on listed investments|£
20,419|£
20,419|£
» §,243||£
5,243|
|14.|Net income||||||
||Net income is stated after charging/(crediting):||||||
||Depreciation oftangible fixed assets|.||2021
£
15,707||2020
£
17,558|
||Fees payable for the audit of the financial|statements||4,273||4,495|
||||||—||
|15.|Staff costs||.||||
## 15. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
||2021|2020|
|---|---|---|
||£|£|
|Wages and Salaries|777,370|753,747|
|Social security costs|45,342|43,862|
|Employer contributions to pension plans|13,185|12,237|
||835,897|809,846|
The average head count of employees during the year was 45 (2020: 48). The average number of full-time equivalent employees during the year is analysed as follows:
|||2021
No.|2020
No.|
|---|---|---|---|
|Charitable|activities|28|28|
No employee received employee benefits of more than £60,000 during the year (2020: Nil).
## 16. Trustee remuneration and expenses
During the year ended 31 December 2021 no Trustees received any remuneration or other benefits (2020: ENil). No Trustees expenses were paid during the year (2020: ENil)
:
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## Pilton House Trust
## Company Limited by Guarantee
## Notes to the Financial Statements (continued)
.
## Year ended 31 December 2021
## 17. Tangible fixed assets
|Tangible fixed assets|||||
|---|---|---|---|---|
||Freehold|Fixtures and|||
||property|fittings|Equipment|Total|
||£|£|£|£|
|Cost|||||
|At 1 January 2021 and|||||
|31 December 2021|950,000|37,213|37,220|1,024,433|
|Depreciation|||||
|At 1 January 2021|18,905|21,277|21,204|61,386|
|Charge for the year|9,311|2,391|4,005|15,707|
|At 31 December 2021|28,216|23,668|25,209|77,093|
|Carrying amount|||||
|At 31 December 2021|921,784|13,545|12,014|947,340|
|At 31 December 2020|931,095|15,936|16,016|963,047|
|Investments|||||
|||||Listed|
|||||investments|
|||||£|
|Cost or valuation|||||
|At 1 January 2021||||192,835|
|Additions
Disposals|;|||41,983
(46,848)|
|Fair value movements||||20,419|
|At 31 December 2021||||208,389|
|Impairment
At 1 January 2021 and 31 December2021|||||
|Carrying amount|||||
|At 31 December 2021||||208,389|
|At31December2020||||192,835|
## 18. Investments
;
All investments shown above are held at valuation.
## Financial assets held at fair value
The historical cost of the investment as at 31 December 2021 is £147,244 (2020: £142,580).
## 19. Debtors
||Debtors|||
|---|---|---|---|
|||2021|2020|
||Trade debtors|5,003|16,279|
||Prepayments and accrued income|2,673|2,936|
|,||||
|||7,676|19,215|
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## Pilton House Trust
## Company Limited by Guarantee
## Notes to the Financial Statements (continued)
## Year ended 31 December 2021
## 20. Creditors: amounts falling due within one year
|Creditors: amounts falling due within one year|||
|---|---|---|
||2021|2020|
|Payments received on account|612|830|
|Trade creditors
Accruals and deferred income|11,359
7,581|22,319
7,737|
|Social security and other taxes|11,958|12,726|
|Other creditors|2,480|2,702|
||33,990|46,314|
## 21. Pensions and other post retirement benefits
‘
## Defined contribution plans
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £13,185 (2020: £12,237).
## 22. Government grants
|The amounts recognised in the financial statements for government grants are as follows:|The amounts recognised in the financial statements for government grants are as follows:|The amounts recognised in the financial statements for government grants are as follows:||
|---|---|---|---|
||2021||2020|
|,|£|,|£|
|Recognised in income from donations and legacies:||||
|Governmentgrantsincome|45,812||66,678|
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## Pilton House Trust
.
## Company Limited by Guarantee
## Notes to the Financial Statements (continueg)
Year ended 31 December 2021 —$ $$
## 23. Analysis of charitable funds
|Unrestricted funds|Unrestricted funds||||||
|---|---|---|---|---|---|---|
||At
1 Jan 2021|Income|Expenditure|Transfers|Gains and
losses|At 31
Dec 2021|
||£|£|£|£|£|£|
|General funds|1,237,901|1,047,328|(1,063,361)|(922,701)|20,419|319,586|
|Dementia Care|2,397|-|-|-|-|2,397|
|Investment|||||||
|dividends|9,475|4,026|(4,094)|~|-|9,407|
|Fixed asset|||||||
|Property Fund|-|-|=|921,784|~|921,784|
|Amenities
Staff
Green Man Day
Patient Comfort|834
-
-
-|2,031
_
-
-|(3,782)
-
-
-|917
-
—
-|-
-
-
-|-
-
_
-|
||1,250,607|1,053,385|(1,071,237)|-|20,419|1,253,174|
||At||||Gains and|At|
||1 Jan 2020|Income|Expenditure|Transfers|losses 31 Dec 2020||
||£|£|£|£|£|£|
|General funds|1,205,974|1,065,847|(1,042,242)|3,079|5,243|1,237,901|
|Dementia Care|2,397|~|_|_|-|2,397|
|Investment|||||||
|dividends|9,571|4,028|(4,124)|-|-|9,475|
|Fixed asset|||||||
|Property Fund|—|-|-|-|_|-|
|Amenities
Staff|557
117|4,375
-|(4,098)
-|-
(117)|-
-|834
-|
|Green Man Day|2,829|-|—|(2,829)|_|-|
|Patient Comfort|133|-|-|(133)|-|-|
||1,221,578|1,074,250|(1,050,464)|-|5,243|1,250,607|
The Investment dividend fund is used to provide extra items to. improve the wellbeing of residents.
The value of the property has been designated this year, to show users of the accounts that what “free” reserves are actually available.
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28
Pilton House Trust -
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:, : : : : | : | |
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## Company Limited by Guarantee
## Notes to the Financial Statements (continued)
## Year ended 31 December 2021
## 23. Analysis of charitable funds (continued)
## Restricted funds
||||At|||||Gains and|At|
|---|---|---|---|---|---|---|---|---|---|
|||1 Jan 2021||Income|Expenditure|Transfers||losses 31|Dec 2021|
|Community
Support
End of Life Care||£|-
~|£
-
-|£
-
~|£|-
-|£
-
~|£
-
-|
|Property
maintenance
Government
Grants|||-
-
-|3,000
45,812
48,812|-
~— (45,812)
(45,812)||-
-
-|-
-
-|3,000
-
3,000|
||||At|||||Gains and|At|
|Community
Support|~|1 Jan 2020
£
—||Income
£
200|Expenditure
£
(200)|Transfers
£
-||losses 31
£
-|Dec 2020
,
£
-|
|End of Life Care|||-|100|(100)||-|~|_|
|Government
Grants|||-|41,249|,
(41,249)||-|~|_|
||||~|41,549|(41,549)||-|-|-|
## Government Grants:
This income is to support the charity with infection control and the additional costs of PPE incurred as a result of Covid-19.
Property Maintenance — a donation was made during the year to be specifically used on property maintenance costs.
## 24. Analysis of net assets between funds
|||Unrestricted|Restricted|Total Funds|
|---|---|---|---|---|
|||Funds|Funds|2021|
|||£|£|£|
|Tangible fixed assets||947,340|-|947,340|
|Investments||208,389|—|208,389|
|Current assets||131,435|3,000|134,435|
|Creditors less than 1|year|(33,990)|-|(33,990)|
|Net assets||1,253,174|3,000|1,256,174|
||:|Unrestricted|Restricted|Total Funds|
|||Funds|Funds|2020|
|||£|£|£|
|Tangible fixed assets||963,047|-|963,047|
|Investments||192,835|_|192,835|
|Current assets||141,039|-|141,039|
|Creditors less than 1|year|(46,314)|-|(46,314)|
|Netassets||1,250,607|-|1,250,607|
:
.
| | | |
## Pilton House Trust
## Company Limited by Guarantee
## Notes to the Financial Statements (continued)
## Year ended 31 December 2021
## 25. Analysis of changes in net debt
|||||At|
|---|---|---|---|---|
|||At 1 Jan 2021|Cash flows|31 Dec 2021|
|||£|£|£|
||Cash at bank and in hand|121,824|4,935|126,759|
|26.|Operating lease commitments||||
||The total future minimum lease payments under|non-cancellable operating leases
2021||are as follows:
2020|
||Not laterthan 1 year
Laterthan 1 yearand not laterthan 5 years
Later than 5 years||22,890
79,905
-|22,890
89,539
13,257|
||||102.796|125,686|
## 27. Related parties
During the year ended 31 December 2021, the Trust was invoiced £2,679 (2020 £3,572) by Lineal Software Solutions Ltd, Matthew Norris, a trustee in Pilton House Trust is also a Director in Lineal Software Solutions Ltd.
30