PILGRIM HOMES TRUST Financial Statements For the year ended 31 March 2025 COMPANY NUMBER 11685624 CHARITY NUMBER 1183226 PILGRIM HOMES TRUST Contents of the financial statements Forthe year ended 31 March 2025 Page Trustees. report - ststutory information Trustees, report Independent auditor'5 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 infomiation Forthe year ended 31 March 2025 DIRECTORSAND TRUSTEES Michael Abbott Dr Judy McLaren Sylvia Clovey Andrew Symonds (Chairmanl John Edwards Herbert Markcurran Legal title to the assets of the charity are held by a wholly owned subsidiary and nominee company, The Ag Pilgrim5' Friend Society Trust Ltd. A charity trustees. indemnity insurance policy is maintained by the group of charities. COMPANY SECRETARY Julian Hillman REGISTERED OFFICE 175 Tower Bridge Road London SE12AL COMPANY NUMBER CHARITY NUMBER 11685624 1183226 BANKERS Lloyds Bank plc 25 Gresham Street London EC2V 7HN AUDITORS Xeinadin Audit Limited Chartered Accountants S Robin Hood Lane Sutton Surrey SM12SW KEY MANAGEMENT PERSONNEL The Key Management Personnel of the chority were the Trustee5 and the members of the Senior ManagemL¥)t Team of Pilgrims. Friend Society, whose name5 and responsibilities are listed below.. Stephen Hammersley Maureen Sim Hugh Lambourne Joshua Field Julian Hillman Alexandra Davis Chief Executive Officer Directorof Operations Directorof Property Services Directorof Human Resources Directorof Finonce Directorof Marketing and Communicotions Pagel PILGRIM HOMES TRUST Trustee's report For the year ended 31 March 2025 The trustÈes are pleased to present their report, together with the financial statements of the charity Ihereaft in this report referred under the short name of Pilgrim Homes) for the year ended 31 March 2025. The trustees, report incorporates the directors, report prepared for the purposes of company law. STRUCTURE, GOVERNANCEAND MANAGEMENT The results of 311 group entities areconsolidated in the accountsofThe Pilgrims Friend Group. The trustees make significant decisions forthe running of the charity- Responsibility for the day-to-day operations of the charity is delegated to the Chief Ex￿UtiVe and Senior Management Team of Pilgrims, Friend Society which has been the main operating charity for the group. The Comp3ny wa5 recognised as 3 charity on 2 May 2019 being essentially an incorporated form of the original Pilgrim Homes charity Ifounded in 18071 with articles which, although rendered in modern English, faithfully reproduce those ofthe original Pilgrim Homes Charity. On S February 2020, the charity acquired the Aged Pilgrims Friend Society Tnjst Limited. a dormant compary, which holds title to the assets of the former Pilgrim Homes and Housing Schemes. To avoid unnecessary costs this company will continue to hold title to these assets as nominee for this Company. As part of the group reconstruction, on 31 March 2020, the charityacquired. byway ofa gift. the operating assets of the former Pilgrim Homes, being both freehold properties and operating assets and equipment. OBJECTIVESAND ACTIVITIES The objectsof the charityareto provide grants. housing and carefor needy ProtestantChristiansover60 year50f age for the public benefit and to the glory of God. The charity'strustees have considered the guidanceregardingpublic benefit when consideringand planning its objectives and activities for theyear. ACHIEVEMENTSAND PERFORMANCE Duri ng theyearthe Charity contributed totheGroup's renewal programme by realising assets. Foran overall vi of The Pilgrims Friend Group please see our consolidated accounts. FINANCIAL REVIEW As noted above the major activity of this year wa5 the business 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 improvements to the properties when necessary. The charity received £nil12024.. £63,1XK)l in donationsfrom 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 £479,OCK) 12024.. deficit of £129,0001. Page2 PILGRIM HOMES TRUST Trustees, report (continued} Forthe year ended 31 March 2025 FUTURE DEVELOPMENTS The trustees expect the operations ofthe charity to continue broadly unchanged in the forthcoming year. 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 tenanci either to staff members or unrelated third parties. The trustees intend to maximise the return orTr these investments by maintaining them well and letting than at market rents. RESERVES POLICY The Charity holds funds of £29,769.(QJ at the year end. Restricted funds accountfor £2,290,000. Of the general and designated funds, £24.422.000 could only be realised by disposing of tangible fixed assets or programn related investments. This means thatthe reserves (that is, the partof the charity'sunrestricted funds that is freely available to spend on any of the charity's purpose51 are £3,057.OC4) against a target of £50,000, which is three months, worth of annual expenditure excluding depreciation. TRUSTEE RECRUITMENT AND TRAINING Trustees are appointed at a board meeting followinga nomination process. Candidates must meet a strict set of specificationsconcerning personal competence, specialist skills, availability and Christian belief. Once the Board and new trustee decideto proceed with a formal appointment there followsan induction period to familiarisethe new trustee with the charity'50peration5. Newly appointed Irusteesmeet with the ChiefExecutive and members of the Senior ManagementTeamto provide an introduction to the affairsof 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 maintainsa comprehensive reElSter 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 CharTrty 15 the 1055 of value of its assets- this risk 15 mitigated by the purchase of insurance and a good mainlenance programme for property. STAFF ISSUES The Charity does not have any employees. KEY MANAGEMENT PERSONNEL The key management personnel of the charity (all of whom are employed by Pilgllms, Friend Society. a fell¢ member of the Pilgrims Friend Group. are listed on page 11 are in charge of directing, controlling, running and operating the charity on a day-to-day basis. Details of their remuneration and expenses rei mbur5ed. and other related party tr3nsactionsare disclosed in Note 8 to the financial statements of the Pilgrim Friends Group. Their pay is reviewed annually. Page3 PILGRIM HOMES TRUST Trustees, report (continued) For the year ended 31 March 2025 FUNDRAISING POLICY The charity does not seek to raise donations. directing these 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. The Pilgrims Friend Group (charity no. 1134979. company no. 71698751 b. Pilgrims, Friend Society (charity no. 1045920. company no. 30270711 Pilgrim Homes (charity no. 2422661 d. Strathclyde House Trust Icharity no. SC025550. company no. SC1698481 e. Bridge Care Limited Icharity no. 2994(M), company no. 02￿1246) 3. Homesdale (Woodford Baptist Homes) Limited - Cooperative & Community Benefit Society No 13406R 4. PFG Trading Limited - a limited company Ino. 011237991 5. Aged Pilgrims, Friend Stxiety Trust Limited - a limited company Ino. 008101681 which holds title to the properties owned by Pilgrim Homes Trust. STATEMENT OFTRUSTEES, RESPONSIBILITIES The trustees Iwho arealsodirectors of PilErim HomesTrust for the purposes of company lawl areresponsible for preparing the Trustees, Report (incorporating the directors, reFK)rtl and the financial statements in accordance with applicable law and United Kingdom Accounting Standards. includingFinancial Reporting Standard 102.. The Finonciol Reporting Stondord opplKotsle in the UK oftd Republic of Irelond (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial yearwhich give a true at fair view of the state of affairs of the charitable company and of the income and expenditure, of the charitaL4e company for that period. In preparing these financial statements, the trustees are required to: select suitable accounting policies and then apply them consistently. observe the methods 3nd principles in the Charities SORP., make judgments and accounting e5tim3tes 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 statementson thegoing concem basisunless itis inappropriateto presume thatthe charitable company ivill continue in business. The trustees are responsible for maintaining properaccountingrecordswhich disclosewith reasonableaccuracy at a ny 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 assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud a nd other i rregularities. Page4 PILGRIM HOMES TRUST Trustees, report {continuedl For the year ended 31 March 2025 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 i nformation of which the charity's auditor is unaware. Additionally, the trustees individually have taken all the necessary steps that they ought to havetaken astrustees in order to make themselves awareofall relevant audit information and to establish that the charity's auditor is aware of that information. AUDITORS Xeinadin Audit Limited were the charitable company's 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 of the Companies Act 2006. Approved by the trustees and signed on their behalf by J Edwards Trustee Date: 17 July 2025 Page5 PILGRIM HOMES TRUST Independent auditor's report tothe trustees of Pilgrim Homes TNst For the year ended 31 March 2025 OPINION We have audited the financial statement5 of Pilgrim HomesTrust Ithe charity) for the year ended 31 March 2025 which comprise the Statement of Financial Activities. the Balance Sheet, the Statement of Cash Flows and the notes to the financial statements, includinga Summary of significa ntoccounting policies. Thefinancial reporting framework that has been applied their preparation is applicable law and United Ki ngdom Accounting Standards, including Financial Reporting Standard 102 TheFinoncialReportingStondordapplicablein the UKand Republic of Ireland Iunited Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. Bive a true and fair view of the state of the charitable company's affairs as at 31 March 2025 and of its incoming resources and application of resources forthe year then ended- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 20C6. BASIS FOR OPINION We conducted our audit in accordancewith International Standards on Auditing IUKI IISAS IUKII and applicable law. Ourresponsibilitiesunderthose standardsare further described in the Auditor's responsibilitiesfor the audit of the financial statements section of our report. We are independent of the charitable company i n accordance with the ethical requirements that are relevant to our audit ol the financial statements in the UK, i ncluding the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. Webelievethattheauditevidencewehaveobtained is sufficient and appropriate to provide a bays for our opinion. CONCLUSIONS RELATING TO GOING CONCERN In auditing the financial statements, we have concluded that the trustees, use of the goi ng 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 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 tnJstees with respect to going concern are described in the relevant sections of this report. OTHER INFORMATION The other information comprises the information included in the onnual report. other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contai n& within the annual report. Our opinion on the financi81 statements does not cover the other information and, except to the extent otherwiseexplicitlystated inour report, wedo not express any form of 3ssuranceconclusion thereon. Poge 6 PILGRIM HOMES TRUST Independent auditor's report to the t￿Stee$ of Pilgrim Homes Trust Icontinuedl For the year ended 31 March 2025 Our responsi bility 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 othewise appears to be materially mi5Stated. If we identify such material inconsistencies or appa rent 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 BYTHE COMPANIESACT2006 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 prepared for the purposes of company law, for the financial yea r for which the financial statements are prepared is consistent with the financial statements. and the Trustees, Report has been prepared in accordoncewith applicable legal requirements. MAThERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the light ofthe knowledge and understanding of the charityand its 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 nothing to report in respectof the following matters in relationtowhich theCompaniesAct 2006require5 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 branches not visited by us-, or the financial statements are not in agreement with the accounting records and returns. or certain disclosures of tru5tees' remuneration SP￿lfied by law are not made. or we have not received all the information and explanations we require for our audit. the trustees were not entitled to prepare the financial statements in accordance with the small companie5 regime and take advantage of the srnall companies exemption5 in preparing the trustees report ar)d from the requirement to prepare a strategic report. RESPONSIBILITIESOF TRUSTEES As explained more fully in the trustees, responsibilities stotement. the trustees Iwho are also the directors of the charitable company for the purposes of comp3ny lawl are responsible for the prepa ration of the financial statements and for being satisfied thatthey givea true and fairview. and for such internal control as the trustees determine is necessary to enable the preparatiorb of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the finoncial statements. the trustees are responsible for assessing the charity's ability to continue as a goingconcern, disclosing, as applicable. mattersrelated 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 Th) realistic alternative but to do so. Page 7 PILGRIM HOMES TRUST Independent auditorfs report tothe trustees of Pilgrim HomesTrust (continued) For the year ended 31 March 2025 AUDITORIS RESPONSIBILITIES FOR THEAUDITOF THE FINANCIAL 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 3ssur3nce 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 orerror and areconsidered material if, individually orin the aggregate, t 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 is detailed below: Based on our understanding of the charity,weidentified thatthe principal risks of non-compliancewith lawsaThJ regulations related lo charity, financial reporting legisLition, health & safety regulations and we considered t 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 tl Charities Act 2011 and the Companies Act 2006. Weassessed thesusceptibility of thecharity'sfinancial statementsto material mi55tatement, including obtaining an understanding of how fiaud might occur, by making enquiries of management, considering the internal controls in place and discussion amongst the engagement team. We determi ned that the principal risks were related to: accounting measurements of property disclosure of capital commitments or provisions recognition of legacy income fraudulent extraction of cash In response to the risks identified we designed procedures which inclLJded, but were not limited to.. reviewing third party evidence of investment propety valuations agreeing financial statement disclosures to underlying supporting documentation identifying and reviewing journal entries discussions with management and review of legal correspondence reviewing Trustees, meeting minutes evaluating the charity's internal controls There are inherent limitations in the audit procedures described above. The more removed that laws and regulations are from financial transactions, theless likely it IS that we would become aware of non-compliance. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as th may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements Is located on the Financial Reporti ng Council's website at= www.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report. Page8 PILGRIM HOMES TRUST Independent auditovs report to the trustees of Pilgrim HomesTrust Icontinuedl Forthe year ended 31 March 2025 USE OF OUR REPORT This report is made solelyto the charitablecompany's members. asa body. in accordancewith Chapter3 of Part 16 01 the CompaniesAct 2(KJ6 and regulationsmade under that Act. Our auditwork has been undertaken so that we might state to the charitable company's members those matters we ore required to state to them in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsi bility to anyone other than the charitable company and its members as a body, for our audit work, for this report, or for the opinions we have fomied. Paul Newton FCA Iseniorstatutory Auditor) for and on behalf of Xeinadin Audit Limited S Robin Hood Lane Sutton Surrey SMI 2SW Chartered Accountants Statutory Auditor Date.. 18 2015 Page 9 PILGRIM HOMES TRUST Statement of financial activities (including Income and Expenditure Account) Forthe year ended 31 March 2025 2025 Rest- ricted Funds £000 2024 Rest- ricted Fund5 £000 Unrest- rected Funds £000 Total Unrest- ricted Funds £000 Total Note £000 £000 Income from: Donations, legaciesand grants Investments Choritable activities Other income 28 53 280 28 53 280 217 40 373 217 373 Total income 371 Expenditure on: Raisingfunds Charitable activities 84 844 Total expenditure 85 (Losses) on investments Net lexpenditurèl I Net movement in funds 4791 4791 1291 1 1291 Reconciliatien of funds Total lund5 brought forward 27 Total funds carrièd forward 47 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 2025 2025 2024 £000 Note £000 £000 £000 Fixed assets Tangible assets Investments 24,422 24,526 25.283 25,387 Current assets Stock of flats held for resale Debtors and prepayments Cash at bank and in hand io li 722 3.755 135 4,399 4,503 Credltors.. Amounts falling due within oneyear 12 I￿7) Net current assets Net assets Funds.. U nreslricted funds lincluding revaluation reseNe of £0.528m12023.. £0.528mll Restricted funds 13 27,479 27,958 TotalFunds The financial statements were approved by the Trustees on 17 July 2025 and signed on their behalf by.. J Edwards Trustee Company Registration No: 11685624 The notes on pages 13 to 24 form part of these financial statements. Page 11 PILGRIM HOMES TRUST statement of cash flows For the year ended 31 March 2025 2025 £000 2024 £000 Cash flows provided byl{used inl operating actlvities Troding and donotions Net lexpenditurel Interest and dividends included in investing activities Depreciation (Gainl on disposal of tangible fixed assets Other adjustments to tangible fixed assets Net losses on investments Net cosh providedby trading anddonotions { 4791 1 531 609 ioi 691 1 1291 1 401 11251 31 Working copitolmovements Decrease in stocks Transfers from stock lo tangible fixed assets Decrease]lincreasel in debtors (Decreasellincrease in creditors Net cash (u5edin)/providedby working capital movements 15871 1181 644 7) 1,099 1 9741 470 Net cash (used Inllprovided by operatlng activities Cash flow5 from Investing and financing artlvities Tangible fixed ossets Payments on additions of tangible fixed assets Proceeds on disposal of tangible fixed assets Net cash (used inj tongible flxedassets 13181 io IAoai 7571 I￿￿2) Fixedasset investments Interest and dividends received Proceeds on disposal offixed asset investments Net Coshprovidedby fixed a55et investments 53 Net cash (used inl investing and financing activities Net cash (outflowllinflow Cash and cash equivalents at l April 2024 13251 47 Cash and cash equivalents at 31 March 2025 26 The notes on pages 13 to 24 form part ofthese financial statements. Page 12 PILGRIM HOMES TRUST Notesto the financial statements Forthe year ended 31 March 2025 ACCOUNTING POLICIES The company is registered as a Charitablecompany limited byguarantee incorporated in England and Wales and is govèrned 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 areas follows: la. Basis of accounting These financial statements have been prepared in accordarbce with FRS 102 "The Financia l Reporting Standard applicable in the UK and Republic of Ireland" I'FRS 102,1, 'Accountingand Reporting by Chariti￿, the Statement of Recommended Practice lor Charitie5 applying FRS 102, the Companies Act 2006, the Charities Act 2011 and UK Generally Accepted Accounting Practice. The charity 1$ 3 Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterting. which 15 the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £l.(4)J. The financial statements hove been prepared on the historical cost convention, modified to include certain investments and financial instruments at fairvalue. Ib. Consolidation Thischarity is a qualifying entityfor the purposes of FRS 102, being a member ofa groupwhere the parent of that group prepares publicly available con501idated financial statements, including this charity, which are intended to give a true and fair view ol the assets, liabilities, financial position and surplus or deficit of the group. The charity has therefore taken advantage of exemptions from the requirement to disclosure transaction5 Wlth other group undertaking The financial statements of the charity are consolidated in the financial statements of The Pilgrims Friend Group. These consolidated financial statements are availablefrom its registered office at 175 Tower Bridge Road. London SEI 2AL. Ic. Golng con