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
mA￿ERs 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
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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
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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