Company registration number: 08582100 Charity registratlon number: 1154226 Pilton House Trust (A company Ilmlted by guarantee) Annual Report and Financial Statements for the Year Ended 31 December 2024 WESTCOTTS CHARTEREO ACCOVNTANTS a BUSINESS AD¥iseks Pilton House Trust Reference and Administrative Details Trustees: J Coates J Hunt l Hockin M Norris J Orange (appointed 16 January 2024) Charity Registratlon Number 1154226 Company Registration Number 08582100 The charity Ss incorporated in England and Wales. Registered Office Pilton House Pilton Street Bamstaple Devon EX31 1PQ Audltor Westcotts (SW) LLP 47 Boutport Street Bamstaple Devon EX31 1SQ CAF Bank 25 Kings Hill Avenue Kings Hlll Kent ME19 4JQ Bankers Page 1 Pilton House Trust Contents Reference and Administrative Details Trustees, Report 2to9 Independent Auditors, Report 10t013 Statement of Financial Activities 14 Balance Sheet 15 Statement of Cash Flows 16 Notes to the Flnanclal Statements 17to30 Pilton House Trust Trustees. Report The trustees who are also directors of the charity for the purposes of the Companies Act 2006. present their report with the financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice appllcable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective 1 January 20151. Objectives and Activities The objectives and airn of Pilton House Trust is the relief of povety, 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 avall8ble 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 relativeslfriends. Achlevement and Performance Charitable Activities Generally, the year 1 January 2024 to 31 December 2024 presented continued challenges for the Trust due to the rising cost of living and other inflationary pressures. From the middle of the year the impact of significant inflation and a challenging recruitment landscape with rising wages across the sector combined in a perfect storm to increase costs across the Trust significantly. This is a pattem that seems to be evident in several of the re￿nt years. Through careful managernent and creative problem solving, the management team were able to navigate these headwinds admirably, only to be faced with the announcement in the new budget of further rises in costs for 2025, not least of all another significant increase in the National Living Wage and Employer National Insurance contributions for April 2025. COVID-19 safety measures continued to transition to infection control best practice and the Home would feel more like old times for residents, their family and friends were it not for the challenging structural works required by the main entrance - a considerable cost for the Trust and a difficult project to manage due to heritage aspects and the need for Listed Building Consent before works can proceed. As always, the staff worked tirelessly to ensure the best and safest service was able to be delivered to everyone associated with the Home. We have also further grown the adoption of new methods of working, the effective use of technology to keep in touch with families and support healthcare provision, and additional support for staff and residents as needed. Comparing the operation of the Home now to even just 3 years ago is fairly unrecognisable - the staff do an incredible job of optimising systems to maximise our effective service delivery which is always focussed on the exceptional care and happiness of our residents. Page 2 Pilton House Trust Trustees. Report The ex￿lIent care provision provlded by the Trust has ensured the Home malntained a healthy waiting list of potential residents during 2024. This includes a significant number of day care visitors, who often transition to becoming a resident as time progresses. Sadly, a number of other activities remained suspended for much of this year such as the Memory Café which usually operates from the Home along with regular coffee mornings and some meetings of the Friends of Pilton House continued to be affected. despite resuming at points in 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. Like in previous years, extraordinary work was required to ensure Pilton House was able to meet its needs for the future. As the year continued, we saw a significant cost of living increase to wages introduced by the Government which would require further planning to ensure staff were not disadvantaged and that Pilton House Trust could ￿JntInUe to meet the needs and expectations of our staff. Nevertheless, the Home remained fully staffed and was able to operate safely and effectively for another year despite these challenges, and against the wider landscape of reported difficulties in many care settings across the country. Sadly, the Govemment's promises of social care funding reform have yet to lead to any tangible benefits to the Trust or its residents and their families. With other care providers across the region declaring the situation unsustainable and closing their doors. all eyes have turned towards the local authority funding review to provide much needed financial support and create a sustainable funding model that we can all rely on. Financial security for care charities such as the Trust depends on being able to plan and take control of our finances, and recent years have proved that is not always easy to achieve. 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 with over 2000 sessions delivered for staff during 2024. The 2024 programme contlnues to build upon thls, includlng: Dementia and mental capacity Infection Control Medication RESTORE 2 Confidentiallty Equality and Diversity GDPR Falls Awareness Person Centred Care 10. Leadership Skills for Team Leaders 11. Effective Communication. Belief and Values 12. Safeguarding, PREVENT. consent and the power of attorney 13. End of Life Care 14. Oral health care including care plans 15. Influenza and infection control. sepsis awareness 16. Pressure area care and management 17. Moving and handling including instructor training 18. Challenging Behaviour 19. Inductions Page 3 Pilton House Trust Trustees. Report 20. Effective and safe use of PPE 21. Nutrition and hydration, special diets including for residents with diabetes 22. COSHH, Hand Hygiene, Food Hygiene, Legionella 23. Non-pharmacological approaches to symptom management 24. Practical fire evacuation and fire safety 25. Fire Awareness Level 2 26. First aid training including first aid instructors 27. Level 2 and level 3 diplomas in Care for staff that do not hold this qualification yet Health and safety including Health and Safety Instructor courses for more efficient and flexible delivery of cr)urses within the Home 29. Six staff are completing NVQS in: Health and Social Care 28. 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, being shared with families and members of the Trust where permissions allow. Technology has continued to be used effectlvely to support outside contact with relatives and frlends when visiting Is not possible or practical. It Is truly remarkable to visit the Home and see physlcal activity sessions for residents who have limited mobility, to listen to singing and live music actlvities and to look at some of the creative endeavours of staff and residents on display throughout the Horne. The grounds have been further developed and malntslned to include a a large fishpond, ducks, rabbits. and chlckens which have been hatched from eggs, In addltion 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 is a true oasis for the residents and staff of Pilton House, as well as provlding a beautiful haven for wildlife. The kitchen garden receives regular attention and is created In a way to be accessible as possible for residents, allowing them to tend to plants with ease. The Home and grounds are brightened by even more plants and flowers. Residents are able to enjoy gardening activities should they wlsh. The Home has an active work experience programme for local students, 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. continuing the move to more paperless systems, with the vast majority of day-to-day operations now supported by technology. A number of new systems which were introduced including the move to a different cloud-based medication system have proven highly effective. The new. electronic HR system was introduced during 2023 and has proven both a great time saver and much easier way for all staff to get things done. The feedback from quality surveys and testimonials throughout the year has been a real recognition of our continued pursuit of excellence in the service we deliver to residents, their families and friends. Page 4 Pilton House Trust Trustees. Report Fundraising Activities Income has improved gradually, not only through a revised fee system but also due to fundraising initiatives by friends and families of current and former residents, the care staff and the Home Manager. However. the refurbishment programme has meant the home has been unable to operate at full capacity at times during the year. This. combined with the dramatic increase in costs across the Trust, has created a funding shortfall which was not offset as in previous years by the additional local authority funding. Funds such as those from investments and donations have been used for projects within the Home to increase the positive experien￿ of residents. The Home continues to benefit from significant redecoration and refurbishment of some parts of the Home and continuous improvements throughout the year. The Circle af Friends group 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. Due to the age and historical significance of the building, this has required Listed Building Consent and has identified repairs from decades earlier which were not suitable. Work to the front porch and entrance is ongoing. awaiting decisions from the Local Authority and building contractors, but projects such as these create incredible strain on the charity's already tight budgets. Repairs are often also required to parts of the structure of the main building including windows and doors. Maintaining quality facilities in an historic Grade-11 Listed bullding 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 much-loved benefits of the services we provide, bringing joy to our residents and staff alike. It is a truly speclal place with a tremendous history. An employee asslstance programme which was introduced in January 2019 and includes Face to Fa￿ Counselling and Cognitive Behavioural Therapy (CBT}, combined with a 2417 support servlce, continues to be well used by staff. This is offered free of charge to staff and their immediate famllies to provide greater care and support to our valued team. Combined with the wider support offered In the area. and national programmes, staff have had a range of support structures that could be accessed if required. Without the support, dedication, courage and determination of the staff at Pilton House Trust. the Home would not be able to flourish in the way that it has. Animal experien￿5, travelling farm visits and many animal encounters for residents and staff at the Home, were all able to continue in 2024. Combined with our internal activities programme. ably supported by several of our staff (all superstarsl). the Home continues to be a thriving centre of activity for our residents. 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. We were incredibly proud this year to have been awarded a national Gold Standards Framework (GSF) Quality Hallmark Award in recognition of the excellent end of life care we provide. Our incredible team received the award in-person at the GSF annual conference and awards ceremony on Friday 27th September 2024 at BMA House in London a celebration of the UK'S exceptional health and social care providers for care in the final year of life. Pilton House Trust was one of 140 organisations from across the country receiving the award in London {98 care homes, 1 primary care team, 5 domiciliary care agencies, 8 retirement villages, 1 prison healthcare team and 27 hospital wards). Julie Armstrong-wilson, Chief Operating Officer for GSF said: Page 5 Pilton House Trust Trustees. Report "Congratulations to all the organisations who have successfvlly achieved accreditation and received the QualiÉy Hallmark Award this year. The standard of care and compassionate cuttures that have been observed is truly inspiring, showing a commitment to ensuring people receive the right care at the right time which has a positive impact on the people cared for and their families. Listening to what matters most to each and every individual and providing care in accordance with their goals, wishes and preferences is the Gold Standard and these organisations are delivering it. Within the awards there are a number of organis8tions that have demonstrated their sustainability of GSF muttiple times with six of the care homes achieving GSF Accreditation six times. The GSF team are so very proud of all our Award Winners,. with our ageing population it is so important we enable them to live well and when the time comes deliver quality care in their final year/days of life. A huge well done to you alll. Prlncipal funding sources Funds are generated by the charity through residents. charges, obtaining grants, receiving donations, investment income and undertaking other fundraising activitles. Reserves policy The trustees have indicated that they wish to keep a minimum of four months, reserve in hand at all times, preferably six months if this is possible. Total income for the year amounted to £1,346,682 (2023: £ 1,265,637), £2,252 (2023: £ 4,800) of which was speclfically directed for utilisation towards restrlcted expenditure. Personnel expenditure relating to salaries and penslon contributions remains by far the single largest area of expenditure, amounting to £1,123,769 (2023: £ 979.316). Total reserves at the end of 2024 amounted to £1,148,223. This includes fixed assets of £979,155 and net current assets of £21.617. Restrlcted reserves amounted to £10,627. FUTURE PLANS In 2024, the Home's management team continued to support the development of individual department teams responsible for dlfferent areas of the Home and business through training and greater autonomy, improving efficiency and allowng us to better adapt to the budget constraints that were experienced during the year. This included some changes of personnel to support these changes. The number of individuals and famllies using our services continues to remain healthy and, wlth long waiting lists, this shows no sign of changing during 2025. The management team hope to increase the level of day care provision the Home is able to provlde to members of the local community further during the year ahead, although this already represents a healthy proportion of the Home. Giving the significant ongoing costs of maintenance and repair, and further raises to the National Living Wage and Employer Nl during 2025. 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 2025, but this is he8vily dependent on the local authority funding review. The Trust malntains 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 able to respond to these costs as the need arises. Page 6 Pilton House Trust Trustees. Report The staff are our key to success, and we must continue to ensure their tralning 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 well supported staff will provide our residents with the best possible care, and thls Is something we recognise and is at the heart of everything we do. Achieving the balance be￿een the cost of care and financial viability is imperative and only possible at present because we are a non-profit making organisation. FEEDBACK FROM RESIDENTS, VISITORS AND STAFF Included below are a selection of comments received during 2024: Family members 'How can we ever thank the wonderful team enough, words can never describ8 how very grateful we are, it was over and above what anyone could have expected., Thank you so much. I really can¥ praise your team at Pifton House gnough. Amazing care and so kind to [familyJ. It really meant the world that they all felt so cared for., .1 particularfy appreci8ted the efforts made to take residents out and also to provide entertainment in house., 'This is what a real care home looks like., Thank you for being the best carers ever., 'Well done to you all we really appreciate the hard work you 811 put into making the resid8nts comfortable and cared for in their final years. We send our gr8teful thanks and congratulations on getting the [GSF] award., ongratulations to you all. Love you all. Thank you for all your care and support for mum and us as a family., .1 Gany say thank you enough. It is a tough job that you have but what you do makes such a difference to the residents and their families during a re811y drfficult time. We have had lots of tears with some giggles along the way., 'Many we could not have found or asked for better care. You were all maNellous and I thank you so much. The team face her the most wonderful care. You are amazing angels., Staff '1 appreciate the invaluable experience I have gained while working with such a dediGated and compassionate team. l am confident that Pilton House Tnist will continue to make 8 Posltive impact in the lives of individuals., 'Roxy has an open-door policy which means if we have anything we want to discuss. she is there any time. l (2,097) (100,307) 721 (99,586) (2.097) Reconclllation of funds Total funds brought forward 1,237,903 9,906 1,247,809 1,249.906 1,247,809 Total funds carried forward 20 1,137.596 10,627 1,148,223 All of the charity's activities derlve from continuing operations during the above two periods. The funds breakdown for 2023 is shown in note 20. The notes on pages 17 to 30 form an integral part of these financial statements. Page 14 Pilton House Trust (Registration number: 08582100) Balance Sheet as at 31 December 2024 2024 2023 Nots Fixed assets Tangible assets Investments 14 15 979,154 147,452 1,126,606 935,767 193,996 1,129,763 Current assets Debtors Cash at bank and in hand 16 17 59.300 26,473 35,405 116,237 151,642 85,773 Creditors: Amounts falllng due within one year 18 (64,156) (33,5961 Net current assets 21,617 118,046 Net assets 1,148,223 1,247,809 Funds of the charity: Restricted Income funds Restricted funds 10,627 9,906 Unrestricted Income funds Unrestricted funds 1,137,596 1,237,903 Total funds 20 1,148,223 1,247,809 These financial statements have been prepared in accordance with the special provisions relating to companles subject to the small companies regime within Part 15 of the Companies Act 2006. The financial statements on pages 14 to 30 were approved by the trustees, and authorised for issue on 12 September 2025 and signed on their behalf by: M Norris Trustee The notes on pages 17 to 30 form an integral part of these financial statements. Page 15 Pilton House Trust Statement of Cash Flows for the Year Ended 31 December 2024 2024 2023 Note Cash flows from operating actlvlties Net cash expenditure (g9,586) (2,097) Adjustments to cash flows from non-cash items Depreciation Investment income Revaluation of investments 26,790 {4,742) (12,923) {90,461) 18.119 (5.422) {12,595) (1,995) Working capital adjustments Increase in debtors Increase in creditors 16 18 (23,895) 30,560 (14,857) 2,158 Net cash flows frorn operating activities (83,796) (14,694) Cash flows from investing activltles Interest re￿1vable and similar income Purchase of tangible fixed assets Purchase of investments Sale of investments Income from dividends 769 (70,177) (43,357) 102,824 3,973 668 (18.384) (59,097) 55,952 4.754 14 15 Net cash flows from investing activities Net decrease in cash and cash equivalents 15,968) 16,1071 (89,764) 116,237 (30,801) 147,038 Cash and cash equivalents at 1 January Cash and cash equivalents at 31 December 26,473 116.237 All of the cash flows are derived from continuing operations during the above periods. The notes on pages 17 to 30 form an integral part of these financial statements. Page 16 Pilton House Trust Notes to the Financial Statements for the Year Ended 31 December 2024 1 Charity status The charity is limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £10 towards the assets of the charity in the event of liquidation. The address of its registered office is: Pilton House Pilton Street Bamstaple Devon EX31 1 PQ 2 Accounting policies Summary of significant accountlng policies and key accounting estimates The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. Statement of compliance The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (applicable to charities preparing thelr accounts in accordan￿ wlth the Financial Reporting Standard applicable in the UK 8nd Republic of Ireland (FRS 102)) (issued in October 2019) - (Charities SORP (FRS 1021), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102} and the Comp8nies Act 2006. Basls of preparation Pilton House Trust meets the definition of a public beneflt entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless othemise stated in the relevant accounting policy notes. The financial statements are prepared in sterling which is the functional currency of the entity. Going concern The trustees consider that there are no material uncertainties about the charitrfs ability to continue as a going concern nor any significant areas of un￿rtainlY that affect the carrying value of assets held by the charity. Income and endowments All income is recognised once the charity has enlitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably. Page 17 Pilton House Trust Notes to the Financial Statements for the Year Ended 31 December 2024 Donations and legacles Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these condits'ons will be fulfilled in the reporting period. Grants receivable Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where perfonnance conditions are attached to the grant and are yet to be met. the income is recognised as a liability and included on the balance sheet as deferred income to be released. Investment income Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity., this is normally upon notification of the Interest paid or payable by the bank.Dividends are recognised once the dividend has been declared and notification has been re￿iVed of the dividend due. Expenditure All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, wlth central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs. Charitable activities Charitable expenditure comprises those costs inCu￿ed by the charity In the delivery of its activities 2nd services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Support costs Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources. for example, allocating property costs by floor areas, or per capita. staff costs by the time spent and other costs by their usage. Governance costs These include the costs attributable lo the charity's compliance with constitutional and statutory requirements, including audit. strategic management and trustees meetings and reimbursed expenses. Page 18 Pilton House Trust Notes to the Financial Statements for the Year Ended 31 December 2024 Government grants Government grants are recognised based on the accrual model and are measured at the falr value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognlsed. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred. it is recognised as deferred Income. Taxatlon The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finan￿ Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly. the charity is potentially exempt from taxation in respect of income or capital gains received within 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 applled exclusively to charitable purposes. Tangible fixed assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impainnent losses. Depreciation and amortlsatlon Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estlmated residual value, over their expected useful economlc lrfe as follows: Asset class Freehold property Fixtures and fittings Equipment Depreciatlon method and rate 1 % straight line 150/0 reducing balance 20 % stralght line Flxed asset investments Fixed asset investments, other than programme related investments, are Included at market value at the balance sheet date. Reallsed gains and losses on investments are calculated as the difference belMeen sales pro￿edS and their market value at the start of the year, or their subsequent cost. and are charged or credited to the Statement of Financial Activities in the perlod of disposal. Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activlties based on the market value at the year end. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-tem highly liquid investments that are readily convertlble to a known amount of cash and are subject to an insignificant risk of change in value. Fund structure Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity. Designated funds are unrestricted funds earmarked by the Trustees for specific purposes. Page 19 Pilton House Trust Notes to the Financial Statements for the Year Ended 31 December 2024 Restricted income funds are those donated for use In a particular area or for specific purposes, the use of which is restricted to that area or purpose. Pensions and other post retirement obligatlons The charity operates a defined contributlon pension scheme whlch is a pension plan under which flxed contributions are paid into a pensjon fund and the charity has no legal or constructive obligation to pay further contrlbutions even if the fund does not hold sufficient assets to pay a51 employees the benefits relating to employee service In the current and prior periods. Contributions to defined contribution plans are recognised In the Statement of Flnancial Actlvities when they are due. If contribution payments exceed the contribution due for service. the excess is recognised as a prepayment. Financial instruments Classificatlon Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classlfied according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities. Recognition and measurement Basic financial instruments are initially recognised at the amount receSvable 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 Debt instruments which meet the following conditions are subsequently measured at amortSsed cost using the effective interest method. Investments Listed investments are measured at fair value with changes In fair value being recognised in income or expenditure Page 20 Pilton House Trust Notes to the Financial Statements for the Year Ended 31 Dacember 2024 3 Income from donatlons and legacles Unrestricted funds General Restrlcted funds Total 2024 Donations 92 2.252 2.344 Unrestricted funds General Restricted funds Total 2023 Donations Government grants 595 300 4,500 895 4,500 595 4,800 5.395 4 Income from charltable activities Unrestrlcted funds General Total 2024 Residents fee income 1.339,496 1,339,496 Unrestricted funds General Total 2023 Resldents fee income 1,254,198 1.254.198 5 Investment Income Unrestrlcted funds General Total 2024 Investment dividends Bank interest receivable 3,973 769 3,973 769 4,742 4,742 Unrestricted funds General Total 2023 Investment dividends Bank interest receivable 4,754 668 4,754 668 5,422 5.422 Page 21 Pilton House Trust Notes to the Financial Statements for the Year Ended 31 December 2024 6 Other income Unrestricted funds General Totsl 2024 Parking fees 100 100 Unrestricted funds General Total 2023 Parking fees Sundry income 494 128 494 128 622 622 7 Expendlture on charitable activltles Unrestrlcted funds General Restricted funds Total 2024 Note Direct service provlsion Allocated support costs Governance costs 1,432,644 18,967 6,050 1,531 1,434.175 18,967 6,050 1.457,661 1,531 1,459.192 Unrestricted funds General Restricted funds Total 2023 Note Direct seNice provision Allocated support costs Govemance costs 1,252,453 16.380 5.953 5,523 1,257.976 16,380 5.953 1,274,786 5.523 1,280.309 Page 22 Pilton House Trust Notes to the Financial Statements for the Year Ended 31 December 2024 8 Analysis of support costs Support costs allocated to charitable activities Total 2024 Total 2023 Bookkeeping costs Investment management costs Legal and professional fees 12,983 1,630 4,354 14,400 1.980 18,967 16,380 Governance costs Unrestrlcted funds General Total 2024 Audit of the financial statements 6,050 6,050 Unrestricted funds General Total 2023 Audit of the financial statements 5,953 5.953 9 Net incomingloutgoing resources Net outgoing resources for the year include: 2024 2023 Depreciation of fixed assets Auditors, remuneration 26,790 6,050 18,119 5,953 10 Trustees remuneration and expenses No trustees, nor any persons connected with them, have received any remuneration from the charity during the year. No trustees have re￿iVed any reimbursed expenses or any other benefits from the charity during the year. Page 23 Pilton House Trust Notes to the Financial Statements for the Year Ended 31 December 2024 11 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 1,026,903 76,883 19,983 900,388 61.464 17.464 1.123,769 979.316 The monthly average number of persons (including senior management I leadership team) employed by the charity during the year was as follows: 2024 No 50 2023 Charitable activlties 48 No employee received emoluments of more than £60.000 during the year. 12 Audltors. remuneration 2024 2023 Audit of the financial statements 6,050 5,953 Page 24 Pilton House Trust Notes to the Financial Statements for the Year Ended 31 December 2024 13 Taxation The charity is a registered charity and is therefore exempt from taxation. 14 Tangible fixed a55ets Land and buildings Fixtures and fittings Equipment Total Cost At 1 January 2024 Additions 950,000 39,411 67,343 56,335 1.045,746 2,834 70.177 At 31 December 2024 950.000 106,754 59,169 1.115.923 Depreciation At 1 January 2024 Charge for the year 46.560 9,034 28,036 11,807 35.383 5,949 109.979 26,790 At 31 December 2024 55,594 39,843 41,332 136,769 Net book value At 31 December 2024 894,406 66,911 17,837 979,154 At 31 December 2023 903,440 11,375 20,952 935,767 Page 25 Pilton House Trust Notes to the Financial Statements for the Year Ended 31 December 2024 15 Flxed asset investments Listed investments Total Cost or Valuation At 1 January 2024 Revaluation Additions Disposals 193,996 193.996 12,923 12,923 43,357 43,357 (102,824) 1102.824) 147.452 147.452 At 31 December 2024 Net book value At 31 De￿mber 2024 147,452 147,452 At 31 De￿mber 2023 193,996 193,996 The historical cost of the investments as at 31 December 2024 is £104,235 (2023: £170.478). 16 Debtors 2024 2023 Trade debtors Prepayments 31,649 27,651 26,941 8,464 59.300 35.405 17 Cash and cash equivalents 2024 2023 Cash at bank 26,473 116.237 18 Creditors: amounts falling due within one year 2024 2023 Trade creditors other taxation and social security Other creditors Accruals 35,656 17,212 4,288 7,000 12,387 12,157 3,112 5,940 64,156 33,596 Page 26 Pilton House Trust Notes to the Financial Statements for the Year Ended 31 December 2024 19 Obllgations under leases and hire purchase contracts Operating lease commitments Total future minimum lease payments under non-cancellable operating leases are as follows: 2024 2023 other Within one year Be￿een one and five years 21,354 34.077 26,265 40,106 55,431 66,371 20 Funds other recognised gainsl (losses) Balance at 31 December 2024 Balance at 1 January 2024 Incoming Resources resources expended Unrestricted funds General General Funds Investment dividends Property funds 316,154 18,309 903.440 1.340,457 3,973 (1,448.6271 12,924 220,908 22,282 894.406 (9,034 (1,457,661) 1.237,903 1,344,430 12,924 1,137.596 Restricted funds Dementia Care Propety Maintenance Stsff 3,247 6,659 (445) (1,025) 61 2,802 7,443 382 1,809 443 9,906 2,252 (1,531 10,627 Total funds 1,247,809 1,346.682 (1,459,192 12,924 1,148,223 Page 27 Pilton House Trust Notes to the Financial Statements for the Year Ended 31 December 2024 Balance Balance at1 other at31 January Incoming Resources recognised December 2023 resources expended Transfesuinsl(losses) 2023 Unrestrlcted funds General General Funds Dementia Care Investment dividends Property funds Amenities 311,166 1.255.488 (1,261.095) 2,315 (3,289) 13,555 912,566 272 (1,980) 974 12,575 316.154 4,754 18,309 903,440 (9,126) 1,276) 1,239,874 1,260,837 (1,274,786) 595 409 (597) 12,575 1.237,903 Restricted funds Dementia Care Government Grants Property Maintenance staff 4,325 1,707 4.000 (1,078) (1,707) (2,141) 597 3,247 4,800 6,659 597 10,032 4.800 (5,523) 597 9.906 Total funds 1,249,906 1.265.637 (1,280,309 12,575 1.247,809 Page 28 Pilton House Trust 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: Designated funds The Investment dividend fund is used to provlde extra items to improve the wellbeing of residents. The Property fund represents the net book value of the freehold propety owned by the charity. Restricted funds Govemment Grants.. This income is to support the charity with infection control and the additional costs of PPE incurred as a result of Covid-19. There was also additional support in respect of retaining and recruiting staff post pandemic. Dementia Care: This funding was received to specifically support residents in respect of their c8re for Dementia. The transfer from the Dementia Care fund to the staff fund was for the specific tr8ining and support given to staff in respect of Dementia. Property ma.intenan￿: This is money granted to the Trust for Ihe specific use for maintaining the property. Staff: This grant was to support staff with their training requirements 21 Analysls of net assets between funds Total funds at31 December 2024 Unrestricted funds General Restricted funds Tangible fixed assets Fixed asset investments Current assets Current liabilities 979,154 147.452 75,146 (64,156) 1,137,596 979,154 147,452 85,773 (64.156) 1,148.223 10,627 Total net assets 10,627 Page 29 Pilton House Trust Notes to the Financial Statements for the Year Ended 31 December 2024 Total funds at31 December 2023 Unrestricted funds General Restricted funds Tangible fixed assets Fixed asset investments Current assets Current liabilities 935,767 193,996 141,736 (33,596) 1,237.903 935,767 193.996 151,642 (33,596) 1,247.809 9,906 Total net assets 9,906 22 Related party transactlons During the year ended 31 December 2024, the Trust was invoiced £2,013 (2023: £1.917) by Lineal So￿are Solutions Ltd. Matthew Norris. a trustee in Pilton House Trust is also a director in Lineal Sofvare Solutions Ltd. As at the year end £171 was owed by Pilton House Trust to Lineal Sofvare Solutions Ltd. Page 30