PILGRIM HOMES TRUST Financial Statements For theyear ended 31 March 2024 COMPANY NUMBER 11685624 CHARITY NUMBER 1183226
PILGRIM HOMES TRUST Contents of the financial statements For the year ended 31 March 2024 Page Trustees, report- statutory information Trustees, report Independent auditor's report io Statement of financial activities li Balance sheet 12 Statement of cash flows 13-24 Notes to the financial statements
PILGRIM HOMES TRUST Trustee's report- statutory information Forthe year ended 31 March 2024 DIRECTOR5AND TRUSTEES Michael Abbott Dr Judy McLaren Sylvia Clovey Andrew Symonds (Chairman) John Edwards Herbert Mark Curran Legal title to the assets of the tharity are held by a wholly owned subsidiary and nominee company, The Aged Pilgrims, Friend Society Trust Ltd. A charity trustees. indemnity insurance policy is maintained by the group of harities. COMPANY SECRETARY Robert Fricker REGISTERED OFFICE 175 Tower Bridge Road London SEI 2AL CHARITY NUMBER 1183226 BANKERS Lloyds Bank plc 25 Gresham Street London EC2V 7HN AUDITORS Jacob Cavenagh & Skeet Chartered Accountant5 S Robin Hood Lane Sutton Surrey SMI 2SW KEY MANAGEMENT PERSONNEL The Key Management Personnel of the charity were the Trustees and the members of the Senior Management Team of Pilgrims, Friend Society. whose names and responsibilities are listed below.. Stephen Hammersley Maureen Sim Hugh Larnbourne Joshua Field Julian Hilman Alexandra Davis Debbie Buggs Chief EKecutive Officer Directorof Operot10115 Directorof Propertyservices DirectorofHumon Resources Directorof Finonce foppointed4 December2023J Directorofmarketing andcommunicotions Directorof Finonce (resigned 9 October2023) Page I
PILGRIM HOMES TRUST Trustee's report Forthe year ended 31 March 2024 The trustees are pleased to present their report. together with the financial statements of the charity Ihereafter in this report referred under the short name of Pilgrim Homes) for the year ended 31 March 2024. The trustees, report incorporates the directors. report prepared for the purposes of company law. STRUCTURE. GOVERNANCEAND MAMAGEMEMT The results of all group entities are consolidated in the accounts of The Pilgrims Friend Group. The trustees make significant decisions for the running of the charity. Responsibility for the day-to-day operations of the charity is delegated to the Chief Executive and Senior Management Team of Pilgrims, Friend Society which has been the main operating charity for the gioup. The Company was recognised as a charity on 2 May 2019 being essentially an incorporated form of the original Pilgrim Homes charity (founded in 18071 with articles which, although rendered in modern English, faithfully reproduce those of the original Pilgrim Homes Charity. On 5 February 2020, the charity acquired the Aged Pilgiims Friend Society Trust Limited, a dormant company, which holds title to the asset5 01 the former Pilgrim Homes and Housing Schemes. To avoid unnecessary ¢o5ts this company will continue to hold title to these a55etS a5 nominee for this Company. As part of the group reconstruction. on 31 March 2020, the charity acquired, by way of a gift, the operating assets of the former Pilgrim Homes, being both freehold properties and operating assets and equipment. OBJECTIVES AND ACTIVITIES The objects of the charity are to provide grants, housing and care for needy Protestant Christians over 60 years of age for the public benefit and to the glory of God. The charity's trustees have considered the guidance regarding public benefit when considering and planning its objectives and activities for the year. ACHIEVEMENTSAND PERFORMANCE Duringtheyearthe Charitycontribuled lo the Group's renewal programme by realising assets. For an overall view of The Pilgrims Friend Group please see ourconsolidaled accounts. FINANCIAL REVIEW As noted above the major activity of this year was the busine55 of the former Pilgrim Homes charity (charity number 2422661 which gives rise to rental and investment income from the investments held by the charity from which it funds capital improvement5 to the properties when necessary. The charity received £63,00012023'. £5,000) in donations from Pilgrim Homes, which consisted of entirely of legacies. The deficit for the year, as dealt with within the SOFA and after charging depreciation amounted to £129,000 12023.. deficit of £366,000). Page 2
PILGRIM HOMES TRUST Trustees, report {continued) Forthe year ended 31 March 2024 FUTURE DEVELOPMENTS It is hoped that the property in Brighton will be sold. and the cash held to fund future capital projects. INVESTMENT POLICY The charity's investments are detailed in note 9 to these accounts. They include a number of houses and bungalows which are either located close to or within the curtilage of the Care Homes. These properties are unsuitable for use by the beneficiaries of this charity and they are therefore let on assured shorthold tenancies either to staff members or unrelated third parties. The trustees intend to maximise the retum on these investments by maintaining them well and letting them at market rents. RESERVES POLICY The Charity holds funds OF £30,248,000 at the yeai end. Restricted funds account for £2,290,OOQ. Of the general and designated funds, £24,526,000 could only be realised by disposing of tangible fixed assets or programme related investments. This means that the reseNes Ithat is, the part of the charity's unrestricted funds that is freely available lo spend on any of the charity's purposes) are £3,432,000 against a target of £50,oIKI, which is three months. worth of annual expenditure excluding depreciation. TRUSTEE RECRUITMENT AND TRAINIMG Trustees are appointed at a board meeting following a nomination process. Candidates must meet a strict Set of specifications concerning personal competence, specialist skills, availability and Christian belief. Once the Board and new trustee decide to proceed with a formal appointment there follows an induction period to familiarise the new trustee with the charity's operations. Newly appointed trustees meet with the Chief Executive and members ol the Senior Management Team to provide an introduction to the affairs of the charity, key operational methods and the current strategic plan. Trustee performance is subject to an annual review by the Chairman. RISK MANAGEMENT The charity maintain5 a comprehensive register of risks which is reviewed by the Key Management Personnel at their monthly meetings and by trustees at every trustee meeting. Risks are rated as to both their likelihood and severity. The greatest risk affecting the Charity 15 the105s OF value of its assets,. this risk is mitigated by the purchase of insurance and a good maintenance programme for property. STAFF ISSUES The Charity does not have any employees. KEY MANAGEMENT PERSONNEL The key management personnel of the chèrity (all of whom are employed by Pilgrims, Friend Society, a fellow member of the Pilgrims Friend Group, are listed on page 11 are in charge of directin& controlling, rL¢nning and operating the charity on a day-to-day basis. Details of their remuneration and expenses reimbursed, and other related party transactions are disclosed in Note 8 to the financial statements of the Pilgrim Friends Group. Their pay is reviewed annually. Page 3
PILGRIM HOMESTRUST Trustees, report (continued) Forthe year ended 31 March 2024 FUNDRAISING POLICY The charity does not seek to raise donations, directingthese instead to Pilgrims. Friend Society. RELATED PARTIES The trustees of the charity consider the following to be related parties.. l. Key Management Personnel of Pilgrims, Friend Society 2. The following charities- a. Pilgrims. Friend Society (charity no. 1045920, company no. 30270711 b. The Pilgrim5 Friend Group IformerlyAPFS 18071 Icharity no. 1134979. company no. 71698751 c. Pilgrim Homes Icharity no. 2422661 d. Strathclyde House Trust (charity no. SC025550, company no. SC1698481 3. PFG Trading Limited- a limited company 4. Aged Pilgrims, Friend Society Trust Limited - a limited company which holds title to the properties owned by Pilgrim Home5 Trust. STATEMENTOFTRUSTEES, RESPONSIBILITIES The trustees (who are also directors of Pilgrim Homes Trust for the purposes of company lawl are responsible for preparing the Trustees. Report (incorporating the directors. report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102.. The finoncial Reporting Stondord opplicable in the UK and Republic ol Ireland (United Kingdom Generally Accepted Accounting Pra¢ticel. Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the charitable cornpany and of the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and then apply them consi5tently' observe the methods and principles in the Charities SORP: makejudgments and accounting estimates that are reasonable and prudent. State whether applicable UK Accounting Standards have been followed. Subject to any material departures disclosed and explained in the financial statements, and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The tru5tee5 are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the a55ets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. STATEMENTOF DISCLOSURE TOAUDITOR So far as each person who was a trustee at the date of approving this report is aware, there is no relevant audit information ol which the charity's auditor is vnoware. Additionally, the trustees individually have taken all the necessary steps that they ought to have taken as trustees in order to make themselves aware of all relevant audit information and to establish that the charity's auditor is aware of that information. Page 4
PILGRIM HOMESTRUST Trustees, report (continued) Forthe yearended 31 March 2024 AUDITORS Jacob Cavenagh & Skeet were the charitable company'5 auditors during the year and have expressed their willingness to continue in that capacity. The above report is prepared in accordance with the special provisions relating to small companies within Part 15 01 the Companies Act 2006. Approved by the trustees and signed on their behalf by J Edwards Trustee Date: 18 July 2024 Page 5
PILGRIM HOMES TRUST Independent auditor's report to thetrusteesof Pilgrim Homes Trust Forthe year ended 31 March 2024 OPINION We have audited the financial statements of Pilgrim Homes Trust (the charity) for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the notes to the financial statements, including a summary of significant accovnting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, inclltding Financial Reporting Standard 102 The Finonciol Reporting 5tondardopplicoblein the UK ond Republic of Irelond (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and lair view of the state of the charitable company's affairs as at 31 March 2024 and of its incoming resources and application of resources for the year then ended. have been properly prepared in accordance with United Kingdom GenerallyAccepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. BASIS FOROPINION We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are furtherdescribed in the Auditor's responsibilities for the audit of the financial statements section of our report. We ale independent of the charitable company in accordance with the ethical requirements that are relevant to our audit ol 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 auditevidencewe haveobtained issufficient and appropriateto providea basis for our opinion. CONCLU510NS RELATING TO GOING CQMCERN In auditing the financial statements, we have concluded that the director's 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 12 months from when the financial Statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. OTHERINFORMATION The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent othetwise explicitly stated in our report. we do not express any form of assurance conclusion thereon. Page 6
PILGRIM HOMES TRUST Independent auditor's reportto the trusteesof Pilgrim Homes Trust {continuedl Forthe year ended 31 March 2024 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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconslstencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement ofthis other information. we are required to report that fact. We have nothing to report in this regard. OPINIONS ON OTHER MAThERS PRESCRIBED BYTHECOMPANIESACT2006 In our opinion, based on the work undertaken in the course of our audit.. the information given in the Trustees, Report, which includes the directors, report and the strategic report prepared for the purpose5 Of company law, for the financial year for which the financial statements are prepared is consistent with the linancial statements. and the strategic report and the directors. report included within the Trustees, Report has been prepared in cordance with applicable legal requiremen mAERs ON WHICH WE ARE REQUIREDTO REPORT BY EXCEPTION In the light of the knowledge and understanding of the charity and it5 environment obtained in the course of the audit, we have not identified material misstatements in the directors. report included with the trustees, report. We have nothingto report in respe(t ofthe following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branche5 not visited by us: or the financial statements are not in agreement with the accounting records and returns; or certain disclosures of trustees, remuneration specified by law are not made. or we have not received all the information and explanations we require for our audit. RESPONSIBILITIES OFTRUSTEES As explained more fully in the trustees. responsibilities statement, the trustees Iwho are also the directors of the charitable company lor the purposes ol company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and lair view, and for such internal control as the trustee5 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 statement5, the trustees are responsible for assessing the charity's ability to continue as a goingconcern, disclosing, as applicable, matters related to going Concern and using the going concern basis of accounting unless the trustees either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. Page 7
PILGRIM HOMES TRUST Independent auditor's reportto thetrusteesof Pilgrim Homes Trust (continued) Forthe yearended 31 March 2024 AUDITOR'S RESPONSIBILITIES FOR THEAUDITOF THE FIMANCIAL STATEMENTS We have been appointed as auditor under section 145 and report in accordance with the Act and relevant regulations made or having effect thereunder. 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 IUKI 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. The extent to which our procedures are capable of detecting irregularities. including fraud 15 detailed below.. Based on our understanding of the charity, we identified that the principal risks of non-compliance with laws and regulations related to charity, financial reporting legislation, health & safety regulations and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011 and the CompaniesAct 2006. We assessed the susteptibility of the charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management, considering the internal controls in place and discussion amongst the engagement team. We determined that the principal risks were related to.. accounting measurements of property disclosure of capital comrnitment5 or provisions recognition of legacy income fraudulent extraction of cash In response to the risks identified we designed procedures which included, but were not limited to.. reviewing third party evidence of investment property valuations agreeing financial statement disclosures to underlying supporting documenlation identifying and reviewingjournal entrie5 discussions with management and review of legal correspondence reviewing Trustees. meeting minutes evaluating the charity's intemal controls There are inherent limitation5 in the audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Material misstatements that arise due to fraud can be harder to delect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council'5 website at: www.frc.org.uklauditorsresponsibilities. This description forms part of our auditorfs report. Page 8
PILGRIM HOMES TRUST Independent auditor's report to thetrusteesof Pilgrim Homes Trust (continued) Forthe year ended 31 March 2024 USE OFOUR REPORT This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and regulation5 made under that Act. Our audit work has been undertaken so that we might state to the charitable company's members those matter5 we are required to State to them in an auditors, report and for no other purpose. To the fvllest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members as a body. for our audit work, for this report, or lor e opinions we have formed. Paul Newton FCA {Senior StatutoryAuditor) for and on behalf of Jacob Cavenagh & Skeet 5 Robin Hood Lane Sutton Surrey SMI 2SW Chartered Accountants statutory Auditor Date.. 2117 |zol(+ Page 9
PILGRIM HOMES TRUST Statement of financial activities (including Income and ExpenditureAccount) Forthe year ended 31 March 2024 2024 Rest- ricted Funds 2023 Rest- ricted Funds £000 Unrest- ricted Funds Total Unrest- ricted Funds £000 Total Mote £000 Income from: Donations, legacies and grants Investments Charitable activities Other income 217 40 373 217 40 373 12 17 47 499 17 47 499 Tot•1 Income Expendlture on: Raising funds Charitable activities Total expendlture (Losses) on investments Met lexpendlture) 1291 1 1291 1 3661 1 3661 14et movem•nt lfi funds 1291 1 1291 1 3661 1 3661 ReconcSllation of funds Total funds brought forward Total funds carried forward All of the activities are continuing. There were no recognised gains or losses other than those stated above. The notes on pages 13 to 24 form part of these financial statements. Page 10
PILGRIM HOMES TRUST Balance sheet As at 31 March 2024 2024 2023 Note £000 £000 £000 Fixed assets Tangible assets Investments 24.526 23,274 25,387 24,135 Current assets Stock of flats held for resale Debtor5 and prepayments Cash at bank and in hand io li 135 4.399 1,234 4,869 4,885 6.407 Credltors.. Amounts fallingdue within one year 12 Net current assets Net •$sets Funds.. Unrestricted funds (including revaluation Serve of £0.523m12023: £0.523mll Restricted funds 13 27.958 28,087 Total Funds The financial statements were approved by the Trustees on 18 July 2024 and signed on their behalf by.. J Edwards Truste• Company Reglrtratlon No: 11685624 The notes on pages 13 to 24 form part ofthese financial statements. Page 11
PILGRIM HOMES TRUST statement of cash flows Forthe year ended 31 March 2024 2024 £000 2023 £000 Cash flows provided byllused inl operating Jrtivities Trading anddonations Net lexpenditurel Interest and dividends included in investing activities Depreciation (Gain) on disposal of tangible fixed assets Net losses on investment5 Net cosh providedby/{usedinJ trading anddonotions 129) 401 482 1251 1 3661 1 471 581 2341 Working copital movements Decrease in stocks Transfers from Stock to tangible fixed assets Decrease/lincreasel in debtors IDecreasel/increase in creditors Plet cash provldedby/(usedin) working copitolmovements 1,099 9741 470 208 1 7041 {L4) Net ¢•$h provided byllus*d Inl operating artlvltles Cash flows from Investlng and financing activitles Tan9ible lixedussets Payments on additions of tangible fixed assets Other adjustments to tangible fixed assets Proceeds on disposal ol tangible fixed assets Net cash (used inJ/provided by tongible fixedosset$ 17571 1 31 1 2631 Fixedosset investments Interest and dividends received Proceeds on disposal of fixed asset investments Net cash provldedby fixedassetinvestments 40 47 Flnoncing activities Repayment of borrowings Net cash (used Inl Ilnanclng •rti¥ities (L) Net cash (used inllprovided by Investln8 and fiTran¢ing actlvltles Net cash inflow Cash and cash equivalents at l April 2023 47 182 Cash and cash equivalents at31 March 2024 The notes on pages 13 to 24 form part of these financial statement& Page 12
PILGRIM HOMES TRUST Notes to the financial statements Forthe year ended 31 March 2024 ACCOUNTING POLICIES The company is registered as a charitable company limited by guarantee incorporated in England and Wales and is governed by its Memorandum and Articles of Association. Its registered office is 175 Tower Bridge Road, London SEI 2AL. The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements ère as follows- la. Basis of accounting These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" I'FRS 102"1.-Accounting and Reporting by Charities" the Statement of Recommended Practice for Charities applying FRS 102, the Companies Act 2006, the Charities Act 2011 and UK Generally Accepted Accounting Practice. The charity is a Public Benefit Entity as delined by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £1,000. The financial statements have been prepared on the historical cost convention, modified to include certain investments and financial instruments at fair value. Ib. Con501idation This charity is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this charity, which are intended to give a true and fair view of the assets, liabilities, financial position and surplus or deficit ol the group. The charity has therefore taken advantage of exemptions from the requirement to disclosure transactions with other group undertakings. The financial statement5 of the charity are consolidated in the financial statements of The Pilgrims Friend Group. These consolidated financial statements are available from its registered office at 175 Tower Bridge Road, London SEI 2AL. Ic. Golng concern Atthe time of approvingthe financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern bosis of accounting in preparing the financial statements. Id. Tanglble flxed assets Fixed assets are recorded at historic cost. Expenditure on existing propertie5 15 capitalised when works result in an enhancement of economic benefits of the asset. Other expenditLFre on the properties is charged to the income and expenditure account. Where appropriate, the historic cost less accumulated depreciation of any replaced components is released from the asset and recognised as a loss on disposal. Page 13
PILGRIM HOMES TRUST Notesto the financial statements (continued} Forthe year ended 31 March 2024 ACCOUNTING POLICIES {continuedl Id. Tanglble fixed assets (contlnuedl Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost or valuation. less estimated residual value, of each assetover its expected useful life. The following rates are used on a 5traight- line basis: Land Buildings Roof Electrics Windows, doors, heating and plumbing Bathrooms and lifts Kitchens- sheltered Boilers Kitchens- residential Furniture and equipment- sheltered Hard landscaping Computerequipment 100 years 70 years 40 years 30 years 20 years 20 years IS years 10 years 10 years 5 years 4 years le. Income Rental and ancillary income is recoEnised on the basis of when the setvice was provided to the resident. Voluntary income and donations (including legaciesl are accounted for once the charity has entitlement to the income, it is probable the income will be received and the amount of income receivable can be reliably measured. Where material a55ets are donated to the charity lor its use, these are capitalised at the estimated market value at the date ofthe gift and included under income. If. Expendlture Expenditure is accrued as soon as a liability is considered probable. discounted to present value for longer term liabilities. Charitable expenditure includes all support costs in respect of the charity's activities. Ig. Governance costs This comprises expenditure on compliance with statutory legal requirement5 and is included in charitable activities. Ih. Stock of leasehold flats held for resale Stock is comprised of flats held for sale to new residents and are valued atthe lowerof cost and net realisable value. Cost is comprised of the purchase price of the properties. Page 14
PILGRIM HOMES TRUST Notes tothe financial statements (continued) Forthe year ended 31 March 2024 ACCOUNTING POLICIES (continu} Il. Fund accountlng General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance ofthe general objectives ofthe charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund are set out in the notes to the financial statements. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors. The aim and use of each iestricted fund are set out in note 16 to the financial statement5. IJ. Flxed asset Investments Fixed asset investments are freehold properties let on assured shorthold tenancies at market rents. These properties are included in these accounts al the trustees, estimate of market value. Gains and losses arising from revaluation are recognised in the Statement of Financial Activities. Ik. Debtors Debtors are included at the settlement amount due. Prepayments are valued at the amount prepaid. Il. Cash and cash equlvalents Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less Irom the date of opening of the deposit. Im. Credltors and provl$lon$ Creditors and provisions are recognised where the charity has a present obligation arising from a past event that will probably result in the transfer of funds to a third party and the amount due tQ Settle the obligation can be measured or estimated reliably. Creditors and provisions are recognised at their settlement amount. In. Financial instruments The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. INCOME FROM OONATIONSAND LEGACIES 2024 £000 2023 £000 Grants receivable- other Grants receivable- government Other sources 63 126 28 12 Page 15
PILGRIM HOMES TRUST Notes to the financial statements (continued) Forthe yearended 31 March 2024 INCOME FROM INVESTMENTS 2024 £000 2023 £000 Rental of investment properties Bank interest Other interest 35 42 INCOME ON CHARITABLEACTIVITIES 2024 £000 2023 £000 Extra Care Housing lease sales OTHER INCOME 2024 £000 2023 £000 Gain on disposal of fixed assets EXPENOITURE ON CHARITABLE ACTIVITIES 2024 £000 2023 £000 Housing costs Cost of Extra Care Housing lease sales Other administrative costs Loan interest Governance costs.. AuditOTS' fees for audit Auditors, fees for accountancy Depreciation 373 12 499 27 22 NET (EXPENDITURE) 2024 £000 2023 £000 This is stated after charging.. Depreciation (Gain) on disposal of fixed assets l flats Loan interest Auditors, remuneration for audit services Auditors, remuneration forother services 482 11251 581 12341 22 Page 16
PILGRIM HOMES TRUST Notes tothe fjnancial statements (continued) Forthe year ended 31 March 2024 TANGIBLE FIXEDASSETS Freehold and leèsehold properties £000 Furnlture, fixtures and fittings £000 Total £000 Cost As at l April 2023 Additions Transfers from stock Other adjustments Disposals As at 31 March 2024 29,401 700 974 452 915 57 30,316 757 974 794 342 Depreciation As at l April 2023 Charge for the year other adjustments Released on disposals 6,451 411 591 71 351 7,042 482 791 As at 31 March 2024 Net book value As at 31 March 2024 As at 31 March 2023 The cost of freehold and long leasehold property comprises the following.. 2024 £000 4,443 4,679 2,348 1,719 1,408 1,814 3,867 3,082 2023 £000 4,401 4,461 2,348 1,564 1,384 1,773 3.458 2,080 Freehold property: Dorothea CoLtrt, Bedford Great Finborough Evington Home, Leicester Shottermill Home, Haslemere Milward Home, Tunbridge Wells Wantage Home Royd Court, Mirfield Pilgrim Gardens, Evington, Leicester Middlefields House 30.852 28.937 At Committee's revaluation, 31" March 1954 plus cost since: Brighton Home 675 464 Total propertles Page 17
PILGRIM HOMES TRUST Notes to the financial statements Icontinued) Forthe year ended 31 March 2024 INVESTMENTS Investment properties £000 Valuation As at l April 2023 Additions Disposals Transferred from fixed assets Revaluations 861 As at 31 March 2024 Historic cost as èt 31 March 2024 Investment properties comprise the lollowing: 2024 £000 2023 £000 At falr valu•: Tronsferred from Pilgrim Homes.. House on Pilgrims, Way, Great Finborough 60 Royd Court, Mirfield Redbourn Land House on Liphook Road, Haslemere 275 206 275 206 The investment properties were revalued al the open market value as at 31 March 2024 by the previous Director of Property Services, Andy Walsh ARIBA. 10. STOCK 2024 £000 2023 £000 Stock of leasehold flats held for resale (see below) Royd Court Number Cost £000 Pilgrim GardÈn5 Number Cost Mo £000 Totjl £000 As at l April 2023 Sold Transferred to fixed assets Bought back As at 31 March 2024 355 131 13731 121 12351 879 111 11401 151 17391 1,234 1 5131 1 9741 Page 18
PILGRIM HOMESTRUST Notes to the financial statements (continued) Forthe yearended 31 March 2024 10. STOCK Iiontinuedl The net gain on disposal for the yeèr is made up of- £000 Net gain on flat movements Contin9ent liabilities on housin9 Stock Under the terms of the sale of leases at Royd Court, the Society is committed to repurchase leases should leaseholder5 cease to be residents. The total potential value of the flats not held in stock at 31 March 2024 is £3.9 million. Underthe termsofthesaleof leases at Pilgrim Gardens, the Society iscommitted to repurchase leases should leaseholders cease to be residents. The total potential value of the flats not held in stock at 31 March 2024 is £1.26 million. 11. OEBTORSAND PREPAVMENT5 2024 £000 2023 £000 Due from group entities and associated undertakings Other debtors and prepayments 4,388 4,858 12. CREDITORS AND ACCRVALS: amounts falllng due wlthln one year 2024 £000 2023 £000 Trade creditors Other creditors 17 95 Page 19
PILGRIM HOMES TRUST Notes to the financial statements (continued) Forthe yearended 31 March 2024 13. ANALYSIS OF NET ASSETS BETWEEM FUNDS General Funds £000 Designated Funds £000 Restricted Funds £000 Total Funds £000 2024 Fixed asset$ Tangible Investments 24.526 24,526 861 861 Current assets 1,515 1,080 2,290 4,885 Current liabilitles 41 Total Net Assets General Funds £000 Deslgnat Funds £000 Restricted Funds £000 Total Funds £000 2023 Flxed J55etS Tangible Investment5 23,274 23.274 861 861 Current assets 3,037 1.080 2,290 6,407 Current liabllltles Tot•1 Net Assets Page 20
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PILGRIM HOMESTRUST Notes to the financial statements (continued) Forthe yearended 31 March 2024 IS. DESCRIPTION OF FUNDS General Fund Assets held in the General Fund are available for the general purposes of the charity- Designated Funds The trustees have designated these unrestricted funds for use for Specific purposes as detailed below. Restricted Funds These are funds where there is a restriction imposed either by the donoror the charity setting out conditions under which funds may be used. Deslgnated Funds OperationolAssets EquityFund Established by the trustee to reflect the value of fixed asset properties owned by the charity which would not be capable of disposal without affecting the ongoingwork of the charity. During the year a transfer has been made to match the value of this fund to the value of the asset5 owned by the charity. Operotionol Risk ReseThe This fund consists of funds required to ensure the continuity of care in the event of a major disruption to the operation ol the charity. Property EmergencyRepoir Fund This fund has been established toen5ure that funds are set aside to deal with anyemergency repair5 required to principally any of this charity's properties. but the fund may be used for any emergency property repairs. In general, all repairs to property occupied by ihe Pilgrim Homes Restricted Fund will be carried out under the auspices of that Fund and the value gifted to this charity by way of an in-specie grant. A cash reserve of at least £50,000 will be maintained within the charity lo enable these funds to be accessible in an emergency. Re$tri¢ted Funds StAlbans ond Lucy McNeil Home Funds These funds, accepted on 31 March 2020 as part of the transfer from Pilgrims. Friend Society, relate to the receipt of donations and the proceeds of various fundraising activities for the purpose of establishing new homes. Page 23
PILGRIM HOMES TRUST Notes to the financial statements (continued) Forthe yearended 31 March 2024 16. RELATED PARTYTRANSACTIONS The Pilgrims Friend Group is the ultimate controlling charity of the group, whose principal activity is to run Christian care homes. It is a charitable company limited by guarantee incorporated in England and Wales. Its registered office is 175 Tower Bridge Road. London SEI 2AL. Company number.. 07169875. Charity number.. 1134979. The charity is a subsidiary of The Pilgrims Friend Group by virtue of that charity being the sole member ol Pilgrim Homes Trust with the right to appoint directors. Transactions with The Pilgrims Friend Group and its other groijp undertakings are not disclosed as consolidated financial statement5 for the group are publicly available. Details of trustees and key management personnel are given on page l. No remuneration or reimbursed expenses are paid to any ofthem from this charity. There are no other related party transactions. 17. LIFE TENANCY In 2012 the charity was notified of a legacy which included a share of a freehold property, which is subject to a life tenancy. The conditions for recognition of this income have not been met and therefore this legacy is not included as income in the accounts. The estimated value of the legacy is unknown at present. 18. CHURSTON FERRER5 OVERAGE The sale of the land at Churston Ferrers included an overage agreement stating that Pilgrim Homes Trust will re¢eive payment if planning permission is granted on the land disposed of before 2052. Page 24