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2025-12-31-accounts

Trustees’ Report and Accounts

For the year ended 31 December 2025

thepilgrimtrust.org.uk

Trustees’ Report and Accounts

Principal Address

Pilgrim Trust New Wing Somerset House Strand London WC2R 1LA

Board of Trustees

Lord Sassoon (Chair) Ms Samira Ahmed (appointed 4 March 2026) Mr Toby Anstruther (appointed 4 March 2026) Mr David Barrie CBE (until 16 February 2026, retired) Ms Caroline Butler (until 16 February 2026, retired) Dr Anna Keay OBE Ms Alice La Trobe Weston Mr Atulkumar Patel MBE Mr Matthew Ridley* Ms Simone Spray (appointed 4 March 2026) Ms Marie Staunton CBE Dr Alexander Sturgis CBE Ms Cullagh Warnock Ms Joan Winterkorn MBE

Contact

Website Phone Number Charity Number

thepilgrimtrust.org.uk 020 7834 6510

Director

Ms Sue Bowers MBE

Staff

Ms Nik Burdon Ms Sonja Forbes Ms Justine Michell Ms Megan Moody (appointed September 2025) Ms Caroline O’Dwyer Mrs Pauline Romano (retired September 2025)

The Trustees whose names are marked * form the Trust’s Finance, Audit and Risk Committee.

Auditor

Buzzacott Audit LLP 130 Wood Street London EC2V 6DL

Bankers

Lloyds Bank plc 98 Victoria Street London SW1E 5JL

Solicitors

Farrer & Co LLP 66 Lincoln’s Inn Fields London WC2A 3LH

Investment Advisors

Stanhope Capital 35 Portman Square London W1H 6LR

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For the year ended 31 December 2025

The following pages do not form part of the audited accounts

List of grants awarded by the Collaborative Conservation Skills Internship Programme

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Trustees’ Report and Accounts

Trustees’ report

Edward Stephen Harkness (1874-1940) of New York founded the Pilgrim Trust in 1930 by endowing it with a capital sum of just over £2 million. The donor was prompted by his admiration for what Great Britain had done in the 1914-18 war, and by his ties of affection for the land from which he drew his descent. He desired that the gift should be used for some of the country’s more urgent needs and to promote her future wellbeing.

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For the year ended 31 December 2025

Objectives and activities for public benefit

The Trust believes that the wellbeing of the UK’s people is enhanced both by its cultural heritage and by social initiatives that support people experiencing disadvantage. We support organisations that share our commitment to delivering positive and lasting change.

Objectives

The Pilgrim Trust’s grant giving objectives in 2025 were:

Public Benefit

Trustees consider the Charity Commission’s guidance on public benefit and the provisions of the Charities Act 2011 when reviewing their objectives and aims, making grants and reviewing their grant making policies. The Trustees’ report demonstrates the activities of the Trust and how they meet the public benefit requirements as defined in the Act.

We publish open grants data on 360Giving and are a member of the Institute for Voluntary Action Research (IVAR)’s Open and Trusting Grant-making network. An independent grantee and applicant perceptions survey carried out during the year confirmed that the Trust is viewed as a transparent, flexible and relational funder.

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Trustees. Report and Accounts Pilgrim Trust

For the year ended 31 December 2025

Review of the Year

Trustees awarded 102 new grants totalling £2,905,531 in 2025. This section reviews our work during the year and how we delivered against our objectives. A list of all grants awarded is set out at Appendix A.

Conservator Francis Downing working on the grand ceiling painting at the Commissioner’s House, Chatham Historic Dockyard © Oliver Dixon

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Trustees’ Report and Accounts

At a glance

Total amount of grants awarded £2,905,531

Total to Preservation and Conservation ~~£1,559,618~~

Total to Young Women in Mind

£1,228,413

Total to Research, Advocacy and Development £117,500

Total number of grants 102

Preservation and Conservation 80 Young Women in Mind 18 Research, Advocacy and Development 4

Outcomes

Preservation and Conservation

Sustainable uses for Conservation of historic buildings cultural heritage Early stage Preservation and support conservation of historic fabric Supporting heritage at risk

Young Women’s Mental Health

----- Start of picture text -----
Peer learning Community of
practices
Improved Improved
access to transitions from
services adolescent
to adult services
Age and gender
specific services
----- End of picture text -----

Partnerships and Collaborations

Sharing of good Leveraging practice additional funding Extending Strengthening the breadth and sector reach of impact Better connections

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For the year ended 31 December 2025

~~Scotland £246,120 North East £288,390 N Ireland £114,500 North West £116,850 Yorkshire and The Humber £924,173 East Midlands £105,000 West Wales Midlands East of England £145,000 £44,500 £95,000 London £89,430 South East South West £227,468 £34,000~~

Grants to organisations with a UK wide remit totalled

£475,100

Success Preservation Young Women Research, Advocacy Rates and Conservation in Mind and Development 53% at Stage 1 31% at Stage 1 N/A at Stage 1 73% at Stage 2 52% at Stage 2 60% at Stage 2

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Trustees’ Report and Accounts

Conserving cultural heritage and increasing access to conservation expertise

Through our grant giving, we help conserve the UK’s rich cultural heritage enabling more people to access and enjoy it. The projects also enhance understanding of historic objects, collections and manuscripts, as well as enabling specialist knowledge to be shared more widely across the sector. Our grants strengthen the professional skills of conservators, supporting the long-term stewardship of heritage.

We amplify our impact through strategic partnerships. By working with the Association of Independent Museums, we help small and medium-sized museums across the UK to secure conservation grants and professional conservation expertise, often for the first time. Our partnership with the National Manuscripts Conservation Trust helps conserve important manuscripts and archives held in non-national collections. We also continue to support the Church Buildings Council, contributing to the conservation of significant historic church interiors including monuments, textiles and paintings.

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~~CASE STUDY~~

----- Start of picture text -----
Chatham Historic Dockyard © Oliver Dixon
For the year ended 31 December 2025
----- End of picture text -----

Chatham Historic Dockyard Conservation of Mars Surrounded ~~.~~ ~~by an Assembly of Gods~~

Conservators are restoring this grand 18th-century ceiling painting, depicting Neptune crowning Mars - attributed to Thomas Highmore – which originally adorned the Great Cabin of the warship HMS Royal Sovereign . Now located above the main staircase of the Grade I-listed Commissioner’s House at Chatham, the artwork is undergoing conservation as part of a major renovation due for completion in July 2026.

CASE STUDY

CASE STUDY

National Museums Scotland Conservation of the Peebles Hoard.

Our grant supports a three-year conservation programme to stabilise and preserve this spectacular Bronze Age hoard of bronze, leather and wooden material. The work will ensure the hoard can be safely displayed, studied and its stories shared with the public for years to come.

The Pilgrim Trust © National Museums Scotland

Britten Pears Arts, Aldeburgh Restoration of Benjamin Britten’s viola.

We are helping to restore Britten’s 19[th] -century childhood viola to playing condition, returning it to performance in time for the 50[th] anniversary of his death in 2026. This grant was awarded through AIM’s Museum Fundamentals Programme.

© Britten Pears Arts

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Trustees’ Report and Accounts

Creating pathways towards sustainable futures for historic buildings, particularly those at risk

Conserving and helping to find new uses for significant historic buildings – particularly those at risk – is one of our priorities. In deciding on awards, Trustees take into account our role as a ‘stepping stone’ funder, heritage at risk, heritage importance, those who have less access to resources and geographical spread. We keep a flexible mindset and look to support where we think we can be of most help. Often this is through early development work such as specialist surveys but we support capital repair and conservation work as well where we consider our funding will make a difference.

Increasingly we see applications from charities taking on redundant historic buildings (schools, town halls, churches) and revitalising them as hubs offering a hive of activities for the community. There is an increasing body of evidence of the additional wellbeing benefits of community spaces located in heritage buildings. A recent piece of research carried out by Church Works[1] and funded by Historic England found individuals attending Warm Welcome Spaces in heritage buildings emphasised how the historic setting contributed to their wellbeing through cultivating a sense of belonging, identity and ownership of the space.

  1. ‘A place of living’: The role of heritage buildings on community wellbeing in a ‘Decade of Renewal’ by Esther Platt and Alisha Palmer, November 2025

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Norton Community Trust © Laura Shepard

For the year ended 31 December 2025

~~CASE STUDY~~

Norton Community Trust Adapting a former church into a new ~~community space.~~

The church, a Grade II* listed building, was closed in 2019 due to a dwindling congregation. Norton is a rural village in mid Wales and has no shop, post office, pub or village hall. The Trust saw a perfect opportunity to take over the church to create the village’s first ever indoor community space,

now called the Norton Community Hub. The new space is available to hire and hosts a range of activities including a book club, senior lunches, coffee mornings and games nights.

CASE STUDY

London Borough of Lewisham

Foxborough Gardens Murals by William Mitchell (1925-2020).

The 1960s murals, commissioned by the London County Council, are located inside the entrances of two six storey housing blocks in Lewisham. One is made from offcuts of wood glued to a baseboard to make a mosaic; the other made from concrete and is more purely abstract. Both murals were in poor repair. Championed by the Tenants and Residents Association and supported by Lewisham Council and the Heritage of London Trust, these murals have now been restored. There was strong engagement from local young people who learnt about William Mitchell’s practice, visited the conservators at work, and helped repaint the concrete mural.

© Heritage of London Trust

CASE STUDY

Scottish Historic Buildings Trust Saving the Bernat Klein Studio.

In the summer, a coalition between the Scottish Historic Buildings Trust, the National Trust for Scotland and the Bernat Klein Foundation successfully acquired Peter Womersley’s 1972 masterpiece. Grade A and on the at risk register and needing extensive repair and restoration, the long-term plan is for the Studio to return to its original use as a design studio and base for exhibitions, workshops and talks. Our grant is towards the first phase of emergency repairs.

The Pilgrim Trust Bernat Klein Studio © Mike Bolam

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Trustees’ Report and Accounts

Improving access to high quality mental health services for young women (16-25)

This year saw the completion of our initial five-year Young Women in Mind programme (2021-2025) which aims to help improve the mental health of young women in the UK through increasing their access to high quality mental health services. Demand for this support remains acute: recent NHS data shows that young women 17-25 are twice as likely as their male peers to have a mental health disorder, with more than 30% experiencing a diagnosable condition - the highest rate for any age group in England. Yet the specific needs of young women continue to be overlooked, a gap this programme seeks to address.

Our approach is grounded in four core principles: support must be gender informed, age appropriate, promote substantive equality and be integrated into wider support services. A facilitated community of practice, led by an independent peer learning specialist, strengthens learning across the programme. Over five years we have awarded more than £5m to charities improving mental health support for young women.

This year the scheme focused on Northeast England and Yorkshire and the Humber, resulting in eleven new awards. We also provided capacity-building grants to the 2021 cohort of grantees to expand their services through fundraising, advocacy and elevating the voices of young women.

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Cohort five grantees gather for their first meeting in Hull with facilitator Sam Anderson and joined by Pilgrim Trust staff © Blossom For the year ended 31 December 2025

CASE STUDY

HEY Smile Foundation, Hull Three-year grant: £101,200

The HEY Smile Foundation has partnered with Blossom, part of the Humber Wellbeing Hub, to support individuals who selfharm or are at risk of suicide. This grant will enable Blossom to

expand its offer to young women by providing a safe space where they can access one-to-one support, creative and therapeutic group sessions, counselling and crisis de-escalation. Young

women have been central to shaping the project, their voices highlighting the need for traumainformed, relationship-based and non-clinical support.

Young Women’s Champions group in action © Northern Ireland Youth Forum

CASE STUDY

Northern Ireland Consortium Capacity building grant: £60,000.

A consortium of four charities in Northern Ireland – Northern Ireland Youth Forum, Lighthouse, Falls Women’s Centre and The Parent Rooms – each members of our first cohort of grantees, has come together to strengthen and amplify their collective support for young women’s mental health. With this funding, the partners have established a Young Women’s Champions Group, recruiting three young women from each organisation to act as advocates for change. The Champions have received training in public speaking, campaigning and policy

engagement, enabling them to influence decision-makers including the Children’s Commissioner and Northern Ireland’s Mental Health Champion.

They will also help lead a young women’s conference and contribute to a social-media campaign highlighting issues that matter most to them. A professionally produced video will showcase the consortium’s achievements over the past three years. Funding will also strengthen partnership working helping to ensure this collaboration continues beyond the life of the programme.

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Trustees’ Report and Accounts

Working in collaboration and partnership to strengthen the sectors in which we work

CASE STUDY

Finding Futures for Scotland’s Churches

Across the UK, but particularly in Scotland, closing churches are a recognised heritage crisis, with around 800 of all Scottish churches due to close in the next few years. Many are architecturally important, and almost all of them are centres of significant intangible cultural heritage. We are supporting the Society of Antiquaries of

Scotland working in partnership with the Scotland’s Churches Trust with their Research in Action on Church Heritage (ReACH). Collaboration is key, and dialogue is taking place across the many interested parties. The project will undertake a rapid analysis of Scotland’s at risk ecclesiastical heritage and the social value of churches, collate the data and

identify gaps in knowledge. It will then engage with community groups and build relationships with sectoral organisations to help prioritise support, foster connections through symposia and action groups, and support communities through pilot studies into heritage and social value recording in closing churches.

Tour at Whitekirk open day led by ReACH’s Research Manager, Lizzie Swarbrick © Scotland’s Churches Trust

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----- Start of picture text -----
Megan Whiteley, Manuscripts Conservation
intern at Senate House Library © ICON
For the year ended 31 December 2025
----- End of picture text -----

~~CASE STUDY~~

Safeguarding Conservation Skills

Our collaboration with trusts and foundations to provide internships for early career professionals continued to strengthen with the Swire Charitable Trust joining the Anna Plowden Trust, Idlewild Trust, the Julia Rausing Trust, National Manuscripts Conservation Trust, the Radcliffe Trust and the Pilgrim Trust to work in partnership with The Institute of Conservation. Internships offer newly qualified conservators practical experience and insight into professional challenges in a supportive environment.

Five internships are now fully funded and underway in books and archival material, musical instruments, horology and scientific instruments, industrial heritage and modern materials. The collaboration increases the funders’ collective impact to address critical skills shortages. A list of grants awarded is at Appendix B.

Alongside this, we supported The Institute of Conservation’s Conservation Skills at Risk project. This two-year initiative will map expertise, assess training pathways, and identify skills shortages threatening the long-term care of collections and historic objects. It will produce

an evidence-based action plan to strengthen training, support knowledge transfer and sustain vital skills for future generations.

CASE STUDY

Sharing good mental health practices for young women and girls

Over its first three years, our Young Women in Mind programme supported more than 3,000 young women through a wide range of communitybased projects. In 2025, the Centre for Mental Health, our evaluation partner, completed their three-year evaluation report Empowering Minds: Transforming Young Women’s Mental Health .

and wellbeing as well as their understanding of their own mental health. It affirms that targeted, trauma informed mental health support is life changing and urgently needed.

We will share these findings through webinars, blogs and stakeholder engagement and work with others to see how these principles can be embedded in the sector.

Trust to commission Agenda Alliance and the Centre for Young Lives[2] to review the role of philanthropy in addressing the girls and young women’s mental health crisis. In many ways this validated our approach strengthens opportunities for future collaboration.

The report finds that mental health support that offers safe and dedicated women only spaces and uses one to one support, counselling, creative therapies and peer support successfully improves young women’s confidence, self-esteem,

Alongside this piece of work, we partnered with the Prudence

The Pilgrim Trust 2. ‘The role of philanthropy in addressing the girls and young women’s mental health crisis’ by Agenda Alliance and the Centre for Young Lives, 2025 17

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Trustees’ Report and Accounts

Financial Review

Financial objectives

The Trust sets its distribution target for the year based on an annual target distribution rate of 4% of the endowment’s average net asset value (NAV) over the last eight quarters. In 2025, this figure was £3,398,593. Grants can be committed for up to four years ahead; consequently, to calculate the net amount available for grant awards in any coming year, the distribution target is reduced at the beginning of the year by past commitments due in that year and the Trust’s administration costs.

In 2025, this meant that £1,678,459 was available for new in year grant awards. Grants were awarded during the year against that budget or assigned to a future budget depending on the nature of the project. The Trustees aimed to spend 60% of the budget in the field of preservation and conservation and 40% in social change. Any research, advocacy and development grants are assigned to the relevant strand.

Reserves and investment policy

The Pilgrim Trust’s original Trust Deed does not differentiate between income and capital. Trustees have adopted a Total Return approach which means that both income from the portfolio and the underlying capital can be used in support of the Trust’s activities. The Trust does not solicit funds from the public, but it welcomes donations and legacies. It operates two restricted funds which have separate bank accounts; the National Cataloguing Account (predecessor of Archives Revealed) and the Collaborative Conservation Skills Internship Programme.

For the Trust, the reserves policy is inextricably linked with the spending policy. The Total Return approach means that actual income received each year will be supplemented, if necessary, from distributable capital.

The Trustees have sufficient flexibility to respond to unforeseen circumstances if necessary, and therefore it is not considered appropriate to identify a level of free reserves that needs to be maintained.

The Trust’s investment strategy is one of long-term growth and the endowment’s time horizon is in perpetuity. The Trustees’ policy in respect of the endowment has been to maintain its value in real terms in the long term. This real value or core capital is assessed based on the NAV on 31 December 2010 when the portfolio stood at £60m, and then annually adjusted for CPI. As at the end of December 2025, the implied core capital stood at £93,120,881.

The target has been for the portfolio to return over the preceding year CPI plus 4%. At the end of December 2025, the portfolio had returned 11.1% during the year, and the endowment stood at £100,409,694 (being equal to the carrying value of investments of £99,984,420 plus cash balances totalling £425,274 being held for future investment).

The Trust aims to invest positively in those companies that are the best Environmental, Social and Governance (ESG) performers and to move the portfolio progressively from current passive funds to ESG equivalents.

The Finance, Audit and Risk Committee has responsibility for the overall investment management strategy supported by Stanhope Capital who advise Trustees on their approach to the portfolio of investments, on asset allocation and on specialist managers to achieve a diversification of the Trust’s investment portfolio and so manage risk.

The Total Expense Ratio figure for the portfolio as of 31 December 2025 was 0.31%.

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For the year ended 31 December 2025

Future periods

Trustees have agreed a target for disbursement of funds of £3,648,316 for 2026. When commitments already made for the coming year and the administration costs are deducted, Trustees will have £2,566,136 available for new grants to be offered in 2026. Grants can also be assigned to future budgets depending on the nature of the project. In November, Trustees met for a strategy away day to review the work of the Trust and to shape its future direction of travel with agreement to remain in the fields of preservation and conservation and young women’s mental health with an increasing emphasis on directing its funding to where it will have greatest impact and to seek collaborations which will strengthen the sector and leverage in funding.

Risk factors

The Trustees examine the major strategic, business and operational risks, which the charity faces on a yearly basis and confirm that systems are established so any necessary steps can be taken to lessen these risks. The Trustees have considered the major risks to which the charity is exposed via its risk register and have satisfied themselves that systems and procedures are in place to manage those risks.

The principal investment risk to the Pilgrim Trust’s activities is the unpredictability of investment returns and the potential for crystallising a loss of capital through a downturn in the markets. To mitigate the risks to the Trust’s funds, the investments are spread across asset classes and cover a wide global exposure. The Trust also pursues a robust and prudent liquidity strategy. The performance of the investment managers is reported on by the Pilgrim Trust’s investment advisers. Trustees review their investment performance on a quarterly basis at their meetings and at the Finance, Audit and Risk Committee’s meetings.

Summary financial review

A summary of the year’s results can be found on page 20.

Total income for the year ended 31 December 2025 amounted to £1,238,983 (2024: £1,297,868). This was principally derived from the income received from the Trust’s listed investments.

Total expenditure for the year ended 31 December 2025 amounted to £3,485,597 (2024: £3,209,373). A major part of this related to the Trust’s core grant making activity and associated support costs. These are reported in greater detail elsewhere in this report.

Net expenditure for the year ended 31 December 2025 before accounting for investment losses amounted to £2,246,614 (2024: £1,911,505). After accounting for the net gains on the revaluation and disposal of the Trust’s listed investments of £8,535,886 (2024: net gains of £9,848,581),

the overall net expenditure for the year, and net increase in reserves, amounted to £6,289,272 (2024: net expenditure of £7,937,076). The Trust’s reserves at 31 December 2025 totalled £94,706,447 (2024: £88,417,175).

Fundraising

The charity does not actively fundraise or engage in fundraising activities (by way of appeals, collections, or otherwise seeking donations). The Trustees therefore do not consider that they are obliged to make any further disclosures in relation to this area.

Statement of Trustees’ responsibilities

The Trustees are responsible for preparing the Trustees’ report and accounts in accordance with applicable law and United Kingdom Accounting

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Trustees’ Report and Accounts

Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Trustees to prepare accounts for each financial year, which give a true and fair view of the state of affairs of the Trust and of the income and expenditure of the Trust for that period. In preparing these accounts, the Trustees are required to:

The Trustees are responsible for the maintenance and integrity of the Trust and financial information included on the Trust’s website. Legislation in the United Kingdom governing the preparation and dissemination of accounts may differ from legislation in other jurisdictions.

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the accounts comply with the Charities Act 2011, applicable Charity (Accounts and Reports) Regulations and the provisions of the Trust’s constitution. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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For the year ended 31 December 2025

Structure, governance and management

The Trust is governed by its Deed of Trust dated 5 September 1930 as amended by the scheme of 28 January 1988. The Trustees were incorporated as a body in January 2009. The Trust Deed states that both capital and income can be applied for such charitable purposes within Great Britain and Northern Ireland as the Trustees may determine. The Trustees are empowered to accept additional funds for the general purposes of the Trust.

The Board comprises up to twelve Trustees. The power to appoint Trustees is vested in the Board members themselves following recommendations from the Nominations Committee, a sub-committee of the Board. Appointments are made through open competition and informed by a skills audit. Trustees serve a term of five years, renewable for a further five years. At the end of the year, we said a warm farewell to Caroline Butler, who expertly chaired the Finance, Audit and Risk Committee, and to David Barrie. Both have completed their terms, and we record our thanks for their wisdom, commitment and guidance. We are delighted to welcome three new Trustees – Samira Ahmed, Toby Anstruther and Simone Spray.

The induction process for newly appointed Trustees comprises meeting with the Director and Chair

whilst core governance documents are provided in the Trustees’ Handbook alongside the latest Annual Report and Accounts, a recent set of Board papers, the Charity Commission’s guidance ‘The Essential Trustee’ and the Charity Governance Code.

All Trustees give of their time freely. Details of Trustee expenses and related-party transactions are disclosed in note 15 to the accounts. A conflicts of interest register is maintained covering Trustees and staff, supported by a conflicts of interest policy.

The Trustees meet quarterly and decide matters of strategy, determine priorities, set budgets and make grant awards. An additional meeting was held this year to consider longer-term strategy. The day to day running of the Trust is delegated to the Director and a small team. Trustees were delighted to hear that Sue Bowers, the Director, had been appointed a Member of the Order of the British Empire in the New Years Honours for services to heritage.

Staff remuneration is reviewed annually with reference to CPI rates. All employees are enrolled in a defined-contribution pension scheme with an employer contribution of 12%. No additional benefits are provided.

Samira Ahmed

Toby Anstruther

Simone Spray

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Trustees’ Report and Accounts

Frankfurt kitchen

Frankfurt kitchen © Victoria and Albert Museum, London

The Finance, Audit and Risk Committee oversees all financial matters including the monitoring of the Trust’s investment portfolio. The Committee meets quarterly, and these meetings are attended by the Trust’s investment advisors Stanhope Capital as well as an independent advisory member, Eirian Jones, who brings additional specialist investment expertise. A detailed financial report is presented to the Board at each meeting.

For the Trust’s Young Women in Mind programme, a panel of four Trustees reviews the applications and makes recommendations to inform Board decisions. This year the panel was joined by Simone Spray, Chief Executive of 42nd Street (who subsequently became a Trustee) and was further strengthened by the participation of a young woman with relevant lived experience.

The Board undertakes an annual visit to a different part of the UK to view funded projects and discuss programme and policy developments. In September, the Trustees visited the V&A Storehouse in East London to see the ground-breaking ‘Frankfurt Kitchen’ designed by Margarete Schutte-Lihotzky

in the 1920s, now installed and on display for the first time. They travelled on to Sheerness to visit the award winning regenerated Sheerness Dockyard Church which the Sheerness Dockyard Preservation Trust has rescued from dereliction and repurposed as a community café, event space and youth employment hub. Trustees also held a stakeholder reception at the Arts Workers’ Guild to mark the 95th anniversary of the Pilgrim Trust.

Approved by the Board of Trustees and signed on its behalf by:

Lord Sassoon Chair

Date:

23/06/26

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For the year ended 31 December 2025

----- Start of picture text -----
Sheerness Dockyard Church before photo © James Brittain
----- End of picture text -----

Sheerness Dockyard Church after photo © Dirk Lindner

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Trustees’ Report and Accounts

Independent auditor’s report to the Trustees of the Pilgrim Trust

Opinion

We have audited the accounts of the Pilgrim Trust (the ‘Trust’) for the year ended 31 December 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows, and the notes to the accounts including the principal accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the accounts:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the accounts section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the accounts, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the accounts is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the accounts are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Report and Accounts other than the accounts and our auditor’s report thereon. Our opinion on the accounts does not cover the other information and we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the accounts or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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For the year ended 31 December 2025

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to the Charities (Accounts and Reports) Regulations 2008 which require us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Statement of Trustees’ Responsibilities contained within the Trustees’ Report, the Trustees are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error.

In preparing the accounts, the Trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the accounts

We have been appointed as auditor under section 144 of the Charities Act 2011 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 accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these accounts.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with applicable laws and regulations, was as follows:

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Trustees’ Report and Accounts

We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk or irregularities and noncompliance with laws and regulations, we designed procedures which included but were not limited to:

There are inherent limitations in our 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. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect 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 accounts is located on the Financial Reporting Council’s website at www.frc.org.uk/ auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity’s Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s Trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the

Pilgrim Trust

26

For the year ended 31 December 2025

fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Buzzacott Audit LLP Statutory Auditor 130 Wood Street London EC2V 6DL

Date:

25.06.26

Buzzacott Audit LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

Pilgrim Trust

27

Trustees. Report and Accounts Pilgrim Trust 28

For the year ended 31 December 2025

Financial Statements

For the year ended 31 December 2025

Pilgrim Trust

29

Financial Statements

Statement of Financial Activities

For the year ended 31 December 2025

Notes Unrestricted
funds
£
Restricted
funds
£
2025
Total funds
£
Unrestricted
funds
£
Restricted
funds
£
2024
Total funds
£
Income from:
Investments
1
Other sources
2
Total income		 1,187,518
—
1,187,518
1,202,795
—
1,202,795
3,465
48,000
51,465
2,573
92,500
95,073
1,190,983
48,000
1,238,983
1,205,368
92,500
1,297,868
Expenditure on:
Raising funds
3
Expenditure on charitable actvites
– Social Change
4
– Preservaton and Conservaton
– Research, Advocacy and
Development
Total expenditure		 14,955
—
14,955
22,639
—
22,639
1,472,844
—
1,472,844
1,500,085
—
1,500,085
1,808,902
—
1,808,902
1,462,644
92,500
1,555,144
140,896
48,000
188,896
131,505
—
131,505
3,437,597
48,000
3,485,597
3,116,873
92,500
3,209,373
Net expenditure before
gains on investments
Net gains on investments
8		 (2,246,614)
—
(2,246,614)
(1,911,505)
—
(1,911,505)
8,535,886
—
8,535,886
9,848,581
—
9,848,581
Net income and
net movement in funds
5		 6,289,272
—
6,289,272
7,937,076
—
7,937,076
Reconciliaton of funds:
Balances brought forward
at 1 January
Balances carried forward
at 31 December		 88,417,175
—
88,417,175
80,480,099
—
80,480,099
94,706,447
—
94,706,447
88,417,175
—
88,417,175

All of the charity’s activities derived from continuing operations during the above two financial periods. All gains and losses recognised in the year are included in the above statement of financial activities.

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30

For the year ended 31 December 2025

Balance Sheet

As at 31 December 2025

Notes 2025
£
2025
£
2024
£
2024
£
Fixed assets
Tangible fxed assets
7
Investments		 6,494
10,733
99,984,420
93,448,781
99,990,914
93,459,514
Current assets
Debtors
9
Cash at bank and in hand		 135,991
152,610
737,046
986,110
873,037
1,138,720
Current liabilites
Creditors: amounts falling due
within one year
10
Net current liabilites		 (4,809,585)
(4,107,660)
(3,936,548)
(2,968,940)
Total assets less current liabilites 96,054,366
90,490,574
Long-term liabilites
Creditors: Amounts falling due
afer more than one year
11
Net assets		 (1,347,919)
(2,073,399)
94,706,447
88,417,175
The funds of the charity
Income funds
Unrestricted funds
13, 14		 94,706,447
88,417,175
94,706,447
88,417,175

The notes at pages 37 to 47 form part of these accounts.

The accounts were approved by the Board of Trustees and signed on its behalf by:

Lord Sassoon Chairman

Mr Matthew Ridley Trustee

Date:

Date:

23/06/26

23/06/26

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31

Financial Statements

Statement of Cash Flows

For the year ended 31 December 2025

Notes 2025
£
2024
£
Cash fows from operatng actvites:
Net cash used in operatng actvites
A		 (3,436,829)
(3,185,313)
Cash fows from investng actvites:
Interest and dividends
Proceeds from the sale of listed investments
Payments to acquire listed investments
Net cash provided by investng actvites		 1,187,518
1,202,795
5,754,268
14,500,000
(3,754,021)
(14,000,000)
3,187,765
1,702,795
Net decrease in cash and cash equivalents (249,064)
(1,482,518)
Cash and cash equivalents at 1 January
B		 986,110
2,468,628
Cash and cash equivalents at 31 December
B		 737,046
986,110

Notes to the statement of cash flows for the year to 31 December 2025

A Reconciliation of net income for the year to net cash used in operating activities

2025
£
2024
£
Net income for the year as per statement of fnancial actvites
Adjustments for
Depreciaton
Loss on disposal of tangible fxed assets
Investment income receivable
Net gains on investments
Decrease in debtors
Decrease in creditors		 6,289,272
7,937,076
1,160
1,243
3,079
—
(1,187,518)
(1,202,795)
(8,535,886)
(9,848,581)
16,619
213,828
(23,555)
(286,084)
Net cash used in operatng actvites (3,436,829)
(3,185,313)

B Analysis of cash and cash equivalents

BAnalysis of cash and cash equivalents
2025
£
2024
£
Cash at bank and in hand 737,046
986,110
Total cash and cash equivalents 737,046
986,110

No separate reconciliation of net debt has been prepared as there is no difference between the net cash (debt) of the Trust and the above cash and cash equivalents.

Pilgrim Trust

32

For the year ended 31 December 2025

Principal Accounting Policies

Basis of preparation

These accounts have been prepared for the year to 31 December 2025 with comparative information provided in respect to the year ended 31 December 2024.

The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these accounts.

The accounts have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) (Charities SORP FRS 102) the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The charity constitutes a public benefit entity as defined by FRS 102.

The accounts are presented in sterling and are rounded to the nearest pound.

Assessment of going concern

The Trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern. The Trustees have made this assessment in respect to a period of one year from the date of approval of these accounts.

With respect to the next accounting period ending 31 December 2026, the most significant areas of uncertainty that affect the carrying value of assets held by the Trust are the level of investment return and the performance of investment markets.

Critical accounting, judgements and estimation uncertainty

Preparation of the accounts requires the Trustees to make significant judgements and estimates. The items in the accounts where these judgements and estimates have been made include:

With regard to the next accounting period (i.e. the year ending 31 December 2026), as described in the Trustees’ report, the most significant areas that may affect the carrying value of the assets held by the Trust are the level of investment return and the performance of global investment markets.

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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33

Financial Statements

Financial instruments

The Trust only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the Trust and their measurement basis are as follows:

Cash at bank and in hand

Cash at bank and in hand represents such balances that are available on demand or have a maturity of less than three months from the date of acquisition. Deposits for more than three months but less than one year are disclosed as short-term deposits. Cash placed on deposit for more than one year is disclosed as a fixed asset investment. Investment in cash instruments form part of the charity’s overall portfolio of investments and included within fixed asset investments and are not considered to be a cash and cash equivalent.

Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the Trust is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Income recognition

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received, and the amount of income can be measured reliably.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our investment managers of the dividend yield of the investment portfolio.

Expenditure recognition

Expenditure is recognised on the accruals basis. All costs which can be directly attributed to charitable activities are allocated to the relevant activity. Liabilities are recognised as expenditure as soon as there is

Pilgrim Trust

34

For the year ended 31 December 2025

a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Costs of charitable activities include grants made, allocated support costs and governance costs.

Charitable expenditure (other than grant commitments) and including support costs for the year ended 31 December 2025 was allocated as follows:

Any research, advocacy and development grants are assigned to the relevant strands above.

Support costs are allocated to charitable activities based on the grants voted for the year.

Governance costs comprise the costs involving the public accountability of the Trust (including audit costs) and costs in respect to its compliance with regulation and good practice.

No VAT is recoverable and is charged against the expenditure heading for which it was incurred. Costs of raising funds include investment management costs.

Grants

Grants payable are payments made to third parties in the furtherance of the charitable objects of the Trust. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the one-year or multi-year grant.

Provisions for grants are made when the intention to make a grant has been communicated to the recipient. The provision for a multi-year grant is recognised at its present value where settlement is due over more than one year from the date of the award, there are no unfulfilled performance conditions under the control of the Trust that would permit the Trust to avoid making the future payment(s) and settlement is probable.

Tangible fixed assets

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

33.33% straight line

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35

Financial Statements

Fixed asset investments

Listed investments are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price.

Unlisted investments are initially recognised at their transaction value and subsequently measured at their fair value as determined with reference to the quoted market price of the securities held within the unlisted fund. Further information regarding the basis of valuation of unlisted holdings is provided within the notes to the accounts.

All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on the disposal of listed investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses on the revaluation of listed investments are calculated as the difference between the fair value at the year end and their carrying value.

Pensions

The Trust operates a defined contribution pension scheme. The assets of the scheme are held separately from the assets of the Trust, in independently administered funds. Pension contributions charged in the financial statements represent those payable by the Trust to the funds during the year.

Debtors

Accrued income is recognised on the basis of investment and other income due but not yet received at the year end. Prepayments are valued at the amount prepaid net of any discounts due.

Creditors

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Funds

Unrestricted funds are funds which can be used in accordance with the charitable objects at the discretion of the Trustees. Where there has been a decision of the Trustees to commit funds for a particular purpose, these amounts are shown as designated funds and not currently available for general expenses. Restricted funds are used in agreement with individual funders for agreed purposes and only available for those specified purposes.

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36

For the year ended 31 December 2025

Notes To The Accounts

For the year ended 31 December 2025

1 Income from investments

1 Income from investments
Unrestricted funds
2025
£
2024
£
Income from listed investments 1,187,518
1,202,795

2 Income from other sources

2 Income from other sources
Unrestricted
funds
£
Restricted
funds
£
Total
2025
£
Unrestricted
funds
£
Restricted
funds
£
Total
2024
£
Internship Programme
Royalty, Donaton & Other		 —
48,000
48,000
—
92,500
92,500
3,465
—
3,465
2,573
—
2,573
3,465
48,000
51,465
2,573
92,500
95,073

3 Expenditure on raising funds

Unrestricted funds
2025
£
2024
£
Investment Advisor’s fees
Investment Managers’ net rebates		 54,000
63,654
(39,045)
(41,015)
Costs relatng to investment fees comprise: 14,955
22,639
Unrestricted funds
2025
£
2024
£
Cambridge Associates (Annual fee including quarterly reports)
Stanhope Capital (Annual fee including quarterly reports)
BlackRock (Invoiced and deducted from Property Fund income)
Blackrock Net Fee Rebate
RobecoSAM Net Rebate of Fees		 —
63,654
54,000
—
39,887
37,888
(71,650)
(71,687)
(7,282)
(7,216)
14,955
22,639

In addition to the above fees, which are directly incurred, the Trust bears costs in funds in which it has invested. The Trust is currently invested in the following “managers/funds” where fees are charged directly to the funds concerned:

The Total Expense Ratio is 0.31% which amounts to £313,267.

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37

Financial Statements

4 Expenditure on charitable activities

4 Expenditure on charitable actvites
Year ended 31 December 2025 Unrestricted funds
Grants
payable
£
Allocated
support
costs
£
Allocated
governance
costs
£
2025
Total
£
Social Change
Preservaton and Conservaton
Research, Advocacy and Development		 1,228,278
156,089
88,477
1,472,844
1,508,535
191,703
108,664
1,808,902
117,500
14,932
8,464
140,896
2,854,313
362,724
205,605
3,422,642

In addition to the unrestricted expenditure on charitable activities above, a further £48,000 (2024: £92,500) expended on the Conservation Skills Internship Programme in the year to 31 December 2025 was included as expenditure on preservation and conservation. This was met through the charity’s restricted income funds (see note 13).

All grants were paid to institutions. Grants awarded during the year totalled £2,905,531. After accounting for grants cancelled or repaid totalling £51,218 the total grants chargeable in the year was £2,854,313.

Included in the above is £97,473 awarded to Well Women Centre, Wakefield. After the year end, the grant was withdrawn following the closure of that organisation, and repayment for the first year’s instalment was sought.

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38

For the year ended 31 December 2025

Allocated support and governance costs for 2025 were as follows:

Year ended 31 December 2025 Support costs
£
Governance costs
£
2025 Total
£
Staf remuneraton
Pension costs		 159,540
93,699
253,239
30,216
17,746
47,962
Total staf costs (note 6)
Recruitment costs
Freelance work
Rent, service charge and rates
Audit fee
General Ofce expenses
Ofce expenses – Equipment / Furnishing
Premises & ofce insurance
Somerset House Insurance recharge
Subscriptons
Staf training
Computer support and maintenance
Online applicaton support
Web-site hostng, support and maintenance
Statonery, printng and postage
Hire of Meetng Rooms
Ofce cleaning
Printng Annual Report
Trustee papers via: Onboard Portal
Travelling expenses
Hospitality expenses
Trustee training
Telephone /Internet Service
Moving/Disposal costs
Legal and Professional fees
Consultancy
Evaluaton & Facilitaton costs YWMH
Bank charges
Depreciaton
Loss on disposal of fxed assets		 189,756
111,445
301,201
—
10,200
10,200
—
—
—
31,422
18,453
49,875
—
21,290
21,290
196
115
311
2,464
1,448
3,912
651
382
1,033
1,614
948
2,562
5,624
3,303
8,927
1,261
741
2,002
—
7,467
7,467
13,894
—
13,894
2,688
—
2,688
529
311
840
1,481
870
2,351
730
428
1,158
—
—
—
2,016
—
2,016
5,083
2,985
8,068
—
7,905
7,905
—
148
148
249
146
395
—
35
35
—
11,686
11,686
—
—
—
103,066
—
103,066
—
1,060
1,060
—
1,160
1,160
—
3,079
3,079
172,968
94,160
267,128
362,724
205,605
568,329

Support and governance costs are apportioned according to the amount committed in grants to each of Social Change, Preservation and Conservation and Research, Advocacy and Development (RAD).

Pilgrim Trust

39

Financial Statements

Year ended 31 December 2024 Unrestricted funds
Grants
payable
£
Allocated
support
costs
£
Allocated
governance
costs
£
2024
Total
£
Social Change
Preservaton and Conservaton
Research, Advocacy and Development		 1,255,493
142,771
101,821
1,500,085
1,224,157
139,208
99,279
1,462,644
110,063
12,516
8,926
131,505
2,589,713
294,495
210,026
3,094,234

In addition to the unrestricted expenditure on charitable activities above, a further £92,500 expended on the Conservation Skills Internship Programme in the year to 31 December 2024 was included as expenditure on preservation and conservation. This was met through the charity’s restricted income funds (see note 13).

All grants were paid to institutions. Grants awarded during the year to 31 December 2024 totalled £2,813,482. After accounting for grants cancelled or repaid totalling £223,769 the total grants chargeable in the year was £2,589,713.

Pilgrim Trust

40

For the year ended 31 December 2025

Allocated support and governance costs for 2024 were as follows:

Year ended 31 December 2024 Support costs
£
Governance costs
£
2024 Total
£
Staf remuneraton
Pension costs		 150,209
88,218
238,427
29,336
17,229
46,565
Total staf costs (note 6)
Recruitment costs
Freelance work
Rent, service charge and rates
Audit fee
General Ofce expenses
Ofce expenses – Equipment / Furnishing
Premises & ofce insurance
Somerset House Insurance recharge to Sept 24
Subscriptons
Staf training
Computer support and maintenance
Online applicaton support
Web-site hostng, support and maintenance
Statonery, printng and postage
Hire of Meetng Rooms
Ofce cleaning
Printng Annual Report
Trustee papers via: Onboard Portal
Travelling expenses
Hospitality expenses
Trustee training
Telephone /Internet Service
Moving/Disposal costs
Legal and Professional fees
Consultancy
Evaluaton & Facilitaton costs YWMH
Bank charges
Depreciaton		 179,545
105,447
284,992
—
33,325
33,325
—
1,625
1,625
30,635
17,992
48,627
—
17,400
17,400
238
139
377
3,070
1,803
4,873
499
292
791
1,220
716
1,936
5,199
3,054
8,253
1,142
671
1,813
—
3,480
3,480
13,905
—
13,905
1,248
—
1,248
324
191
515
1,667
979
2,646
800
469
1,269
—
—
—
1,944
—
1,944
4,361
2,561
6,922
—
3,978
3,978
—
3,668
3,668
261
155
416
—
155
155
—
10,002
10,002
—
—
—
48,437
—
48,437
—
681
681
—
1,243
1,243
114,950
104,579
219,529
294,495
210,026
504,521

Support and governance costs are apportioned according to the amount committed in grants to each of Social Change, Preservation and Conservation and Research, Advocacy and Development (RAD).

Pilgrim Trust

41

Financial Statements

5 Net income and net movement in funds

This is stated after charging:

2025
£
2024
£
Staf costs (note 6)
Statutory audit services
Depreciaton (note 7)
Loss on disposal of fxed assets		 301,201
284,992
21,290
17,400
1,160
1,243
3,079
—

6 Staff costs and remuneration of key management personnel

The average number of employees during the year was 6 (2024: 6). The average number of full-time equivalent employees during the year was 4 (2024: 4) with all employee time involved in providing either support to the governance of the charity or support services to charitable activities.

Employment costs 2025
£
2024
£
Wages and salaries
Social security
Pension costs
– Employer contributons
– Employee contributons (including salary sacrifce)		 234,573
220,159
18,666
18,268
32,221
30,551
15,741
16,014
Allocaton of employment costs 301,201
284,992
2025
£
2024
£
Social change
Preservaton and conservaton
Allocaton of employment costs		 81,657
100,851
100,288
98,315
7,811
7,032
Governance 189,756
206,198
111,445
78,794
301,201
284,992

The remuneration payable in respect of key management personnel for the year ended 31 December 2025 including employer pension contributions and employer social security costs were £122,764 (2024: £118,478). One employee earned between £95,001 - £100,000 (2024: one between £90,001 - £95,000).

Pilgrim Trust

42

For the year ended 31 December 2025

7 Tangible fixed assets

Cost Leasehold
improvements
£
Furniture and
fittings
£
Ofce
equipment
£
Total
£
At 1 January 2025
Disposals		 12,268
24,846
22,637
59,751
(12,268)
(14,014)
(16,184)
(42,466)
31 December 2025
Depreciaton		 —
10,832
6,453
17,285
At 1 January 2025
Disposals
Charge for the year		 12,268
15,018
21,732
49,018
(12,268)
(11,402)
(15,717)
(39,387)
—
722
438
1,160
At 31 December 2025
Net book values		 —
4,338
6,453
10,791
At 31 December 2025
At 31 December 2024		 —
6,494
—
6,494
—
9,828
905
10,733

8 Investments

8 Investments
Total
2025
£
Total
2024
£
At 1 January
Additons
Disposals
Realised gains
Unrealised gains		 93,448,781
84,100,200
3,754,021
14,000,000
(5,754,268)
(14,500,000)
1,011,452
4,148,380
7,524,434
5,700,201
At 31 December 99,984,420
93,448,781

Pilgrim Trust

43

Financial Statements

Investments at fair value comprised the following investments:

Investments at fair value comprised the following investments:
2025
£
2024
£
UK Property Funds
UK Equites
Global Infaton-Linked Bonds
Exchange Traded Funds:
iShares Physical Gold ETC
iShares UK Gilts All Stocks Index
Cash Instruments
Global Equites:
Emerging Markets Equity Fund
Blackrock Dev World Index Fund
RobecoSam Sustainable Water Equites
Northern Trust World Green Transiton Index Fund
Generaton IM Global Equity Funds		 6,804,944
6,713,647
6,804,648
6,539,061
6,063,468
6,062,609
5,337,357
2,629,779
7,075,836
6,027,329
3,422,319
3,384,788
11,401,304
9,940,006
3,937,913
3,537,152
5,303,591
5,176,722
32,590,046
26,804,410
11,242,994
10,479,702
99,984,420
93,448,781

All investments are held on the balance sheet at their fair value as at the balance sheet date.

All of the charity’s investments are traded on a recognised stock exchange with the exception of the charity’s holding in the Generation IM Global Equity Funds (see below). The fair value of all listed investments that are traded in an active market have been determined with reference to their quoted price on the active market as at the balance sheet date.

With respect to the charity’s holding in the Generation IM Global Equity Funds, this holding is a sub-fund of Generation IM Fund Plc, and whilst the underlying stocks in the fund are traded, the fund itself is not listed. The fair value of the fund has been determined by the fund manager based on the quoted price of the underlying securities.

The significance of financial instruments to the ongoing financial sustainability of the Trust is considered in the financial review and investment policy and performance sections of the Trustees’ report. The main risk to the Trust from financial instruments lies in the combination of uncertain investment markets and volatility in yield.

9 Debtors

2025
£
2024
£
Income tax recoverable
Other debtors		 1,764
6,644
134,227
145,966
135,991
152,610

Pilgrim Trust

44

For the year ended 31 December 2025

10 Creditors: amounts falling due within one year

10 Creditors: amounts falling due within one year
2025
£
2024
£
Taxes and social security costs
Authorised grants (note 12)
Accruals
Other creditors		 6,495
6,233
4,628,184
4,010,389
33,081
17,788
141,825
73,250
4,809,585
4,107,660

11 Creditors: amounts falling due after more than one year

11 Creditors: amounts falling due afer more than one year
2025
£
2024
£
Authorised grants (note 12) 1,347,919
2,073,399

12 Financial commitments

At 31 December 2025 the company had annual commitments under non-cancellable operating leases as follows:

Land and buildings
2025
£
2024
£
Within one year
Between one and fve years		 50,252
48,620
169,495
24,310
Movement in recognised provisions and funding commitments
during the year		 219,747
72,930
Charitable commitments accrued
2025
£
2024
£
Grant commitments as at 1 January
New grant commitments charged in year (note 4)
Grants cancelled during the year
Grants paid during the year		 6,083,788
6,410,896
2,905,531
2,813,482
(51,218)
(223,769)
(2,961,998)
(2,916,821)
Grant commitments as at 31 December
Amounts falling due within one year (note 10)
Amounts falling due afer more than one year (note 11)		 5,976,103
6,083,788
4,628,184
4,010,389
1,347,919
2,073,399
5,976,103
6,083,788

Pilgrim Trust

45

Financial Statements

13 Restricted Funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for a specific purpose.

Balance at Income Expenditure Transfers Balance at
1 January £ £ £ 31 December
2025 2025
£ £
Conservaton Skills
Internship Programme — 48,000 48,000 — —

Funds were received from Anna Plowden Trust, Idlewild Trust, Radcliffe Trust, National Manuscripts Conservation Trust, Swire Charitable Trust and the Julia Rausing Trust in respect of the Conservation Skills Internship Programme which is administered by the Pilgrim Trust.

As at 31 December 2025 the charity held £120,470 (2024: £92,423) (after bank charges) in the CCSIP bank account, included in current assets, which is held for grants not yet awarded and grants awarded but not yet paid.

As at 31 December 2025 the charity held £40,874 (2024: £284,661) in the Cataloguing Scheme bank account, included in current assets, which is held for grants not yet awarded and grants awarded but not yet paid.

Comparative information for the year ended 31 December 2024:

Balance at Income Expenditure Transfers Balance at
1 January £ £ £ 31 December
2024 2024
£ £
Conservaton Skills
Internship Programme — 92,500 92,500 — —

Funds were received from The National Archives and the Wolfson Foundation in respect of the Archives Revealed Scheme being administered by the Pilgrim Trust in collaboration with The National Archives.

Pilgrim Trust

46

For the year ended 31 December 2025

14 Analysis of net assets between funds

At 31 December 2025 Unrestricted
funds
£
Restricted
funds
£
Total
£
Tangible fxed assets
Investments
Current assets
Creditors: amounts falling due within one year
Creditors: amounts falling due afer more than one year		 6,494
–
6,494
99,984,420
–
99,984,420
873,037
–
873,037
(4,809,585)
–
(4,809,585)
(1,347,919)
–
(1,347,919)
94,706,447
–
94,706,447
Restricted funds Unrestricted Total
£ funds £
At 31 December 2024 £
Tangible fxed assets 10,733 – 10,733
Investments 93,448,781 – 93,448,781
Current assets 1,138,720 – 1,138,720
Creditors: amounts falling due within one year (4,107,660) – (4,107,660)
Creditors: amounts falling due afer more than one year (2,073,399) – (2,073,399)
88,417,175 – 88,417,175

15 Related party transactions

None of the Trustees (or any person connected with them) received any remuneration; however, three Trustees (2024: three Trustees) were reimbursed travel expenses during the year totalling £1,563 (2024: £1,796). In addition, the Trustees incurred costs in fulfilling their duties to monitor how recipients of grants are managing projects to which the Pilgrim Trust has committed grants. The total amount of costs incurred during the year was £2,990 (2024: £3,668) and these were paid directly by the Pilgrim Trust.

In the year ended 31 December 2025, there were no conflicts of interests declared. In the year ended 31 December 2024, Dr Anna Keay, Trustee of the Pilgrim Trust, declared a conflict of interest in the application from the Landmark Trust as she is its Director. She left the room during the discussion and decision making. The Landmark Trust was awarded £40,000. The amount remained payable at 31 December 2025 and the full amount is therefore included within year end creditors.

The Pilgrim Trust has a written policy on conflicts of interest, and it is a standing item on the agenda for each meeting. If Trustees or staff have a conflict of interest, they take no part in either the assessment or decision-making process and withdraw from the meeting when that item is discussed.

Other than as reported above, there were no other related party transactions in the period of report (2024 – no other).

Pilgrim Trust

47

Trustees. Report and Accounts Pilgrim Trust 48

For the year ended 31 December 2025 Appendices Pilgrim Trust 49

Appendix A

Appendix A

Grants awarded: for the year ended 31 December 2025

Preservation & Conservation Historic buildings

Annan The History Town Group, Dumfries

and Galloway

Preservation of Annan’s Motte and Bailey.

Birmingham Diocesan Trust

Stained glass window repairs at St Giles RC Church, Cheadle. £5,000

Bourne Town Hall Trust

Conversion of old town hall into a community hub. £20,000

£10,000

Archbishop’s Palace Conservation Trust, Otford

Archaeological investigations to inform the next phase of restoration.

£10,000

Arnos Vale Cemetery Trust, Bristol

A Conservation Management Plan and listed building inspections.

Braziers Park School of Integrative Social Research, Wallingford

Urgent work on rainwater goods and building fabric at this Grade II* mansion at risk.

£20,000

Cambo Heritage Trust, St Andrews

Repairing and conserving the historic garden walls. £5,000

£10,000

Bailiffgate Museum & Gallery, Alnwick

Restoration and repair of Northumberland Hall as a new home for the Museum.

£30,000

Ballinderry War Memorial Hall Management Committee, Lisburn, Co. Antrim Restoration and regeneration of Ballinderry War Memorial Hall.

Charnwood Borough Council

Investigative surveys to support the conservation and repair of the Grade II The Old Rectory in Loughborough. £5,000*

Colchester City Council

Urgent repairs to Anglo-Saxon Tower of Holy Trinity Church.

£30,000

£20,000

Barrow Hill Engine Shed Society, Chesterfield

Condition survey of the Roundhouse.

£5,000

Birmingham Conservation Trust

Restoration of The Golden Lion Inn as a community facility in Cannon Hill Park. £20,000

Comrie Development Trust, Crieff

Jail Block Museum Roof Restoration at Cultybraggan Camp. £30,000

Delapre Abbey Preservation Trust, Northampton

Apple Store restoration as part of the stables block project.

£5,000

Pilgrim Trust

50

Grants awarded: for the year ended 31 December 2025

Food Museum, Stowmarket

Repair and conservation of the Grade II medieval barn. £25,000*

Gracemount Mansion Development Trust, Edinburgh

Repair work to the Mansion as a first phase so that it can reopen as a community space.

£20,000

Friends of Abingdon Abbey Buildings Trust

Abingdon Abbey Buildings Enhancement Project. £30,000

Friends of Campsie High Kirk, Lennoxtown

Condition survey for the Grade A at risk High Kirk. £5,000

Friends of Friendless Churches

Conservation of medieval wall-paintings at St Lawrence’s, Gumfreston. £30,000

Friends of Goadby Marwood Village Hall

Structural investigative work into Goadby Marwood Village Hall. £5,000

Friends of the Broadway Prestwick

Development work to help bring this redundant 1935 cinema back into use. £15,000

Galloon Hall Management Committee,

Co Fermanagh

Condition survey on historic building to support future community use of Galloon Hall. £4,500

Glasgow Building Preservation Trust

Development support towards the regeneration of Whitevale Baths into a flexible community space.

£15,000

Grosmont Community Council, Monmouthshire

Restoration of the Town Hall into a community space.

£10,000

Hay Castle Trust, Powys

Preservation of Hay Castle’s Medieval Curtain Wall. £5,000

Hearth Historic Buildings Trust

Restoration and regeneration of Riddel’s Warehouse in Belfast.

£30,000

King John’s House and Tudor Cottage Trust, Romsey

Development of a statement of historical significance for this medieval site. £5,000

Loftus Town Council, Cleveland

Loftus Town Hall Heritage Improvement Project.

£15,000

MacDougall of Dunollie Preservation Trust

Specialist investigative works at Dunollie Castle, Oban.

£12,000

Making It Out CIO, Brighton and Hove

Development works at the Tithe Barn at Buncton to provide workshop space for ex-offenders.

£15,000

Pilgrim Trust

51

Appendix A

Meigle and Ardler Community Development Trust, Perthshire

Regeneration of the old bowling pavilion into a vibrant community space.

£20,000

Norfolk Historic Buildings Trust

Waxham Great Barn Roof and Floor renovation. £20,000

North Craven Building Preservation Trust

Urgent structural work to Dr Buck’s House in Settle. £10,000

Ross of Mull Historical Centre, Isle of Mull

Urgent repairs to the Old Corn Mill, Bunessan. £5,000

Scottish Historic Buildings Trust

Restoration of the Bernat Klein Studio. £30,000

Serendipity Artists Movement, Leicester

Refurbishment of the Gothic Revival Victorian front and internal doors.

£15,000

St Andrews Parish Centre Trust, Pershore

Norwich Historic Churches Trust

Urgent conservation work on the tower of the Church of Sts Simon and Jude. £5,000

Stonework repairs. £4,500

Ushaw Historic House, Chapels & Gardens,

Co Durham

Nottingham Roman Catholic Diocesan Trustees

Restoration of original Victorian Gothic Pugin decorations at Nottingham Cathedral.

£20,000

Parish of English Martyrs Reading,

Catholic Diocese of Portsmouth

Restoration of the historic organ built by George M Holdich.

£15,000

Condition survey of the Big Library building. £20,000

St Ives Community Land Trust

Development work to support the conversion of historic former chapel building to affordable studios. £14,000

T & M Greg Trust, Hertfordshire

Roof repairs to Westmill Village Hall

£15,000

PK Porthcurno Museum of Global Communications

Replacement of the air handling units to keep the World War Two Tunnels preserved and open. £5,000

Tectona Trust, Plymouth

Conservation and maintenance of Heritage Wooden tall Ship Tectona.

£5,000

Presteigne and Norton Community Trust, Powys

Restoration of the turret clock on the former St. Andrews Church in Norton, now a community hub. £10,000

The Arkwright Society, Cromford

Repairing and repurposing of the ‘at risk’ Building 1 for sustainable transformation and preservation.

£30,000

Pilgrim Trust

52

Grants awarded: for the year ended 31 December 2025

The Bircham Centre Charity, Reepham

Window repairs and conservation to the Bircham Centre. £5,000

The Bronte Spirit

Refurbishment of North windows of the Old School Room, Haworth. £3,000

The Charleston Trust (Bloomsbury in Sussex)

Restoring Charleston’s 1925 painting studio.

£30,000

Tylorstown Welfare Hall Limited, Rhondda Fach

Repair and renewal of the last remaining Miners Welfare Hall in the Rhondda Fach. £20,000

Tywi Gateway Trust, Carmarthen

Restoration of the walled garden at Parc yr Esgob, Bishops’s Park in Abergwili. £20,000

West Horsley Place Trust, Surrey

Preservation of the west range gabled roof at West Horsley Place.

£10,000

The Friends of the Mint House, Pevensey

Conservation of the Mint House Wall Paintings. £13,500

The Gregynog Trust, Newton

Repair of the roof of Gregynog Hall, former home of sisters Gwendoline and Margaret Davies. £30,000

Heritage Trust for the North West

West Midlands Historic Buildings Trust

Urgent repair work to St Michael’s Chapel and The Master’s House, Saltisford, Warwick. £15,000

Whiston Parish Council, Rotherham

Repair of the thatched roof at Whiston Manorial Barn.

£20,000

Repair of the chimney on the engine house of Grane Mill, Haslingden. £25,000

Spitalfields Historic Buildings Trust

Stabilising the Great Hall at Charing Archbishop’s Palace, Kent.

£4,500

Toys Hill Village Hall and Chancel

Repair and restoration of the fabric of the Village Hall.

£5,000

Pilgrim Trust

53

Appendix A

Conservation of Cultural Heritage and Care of Collections

Ashmolean Museum, Oxford

Conservation of “A Bacchanal” by Domenico Fetti (1589–1623). £4,500

Chatham Historic Dockyard Trust

Conservation of ‘Mars surrounded by an Assembly of Gods’ in The Commissioner’s House. £25,000

Chiltern Open-Air Museum, Chalfont St Giles

Repairs to the 1826 High Wycombe Toll House. £10,000

Manchester Historic Buildings Trust

Urgent Repair Work at Elizabeth Gaskell’s House to protect interiors and collections. £13,000

National Museums Scotland

Conservation of the Peebles Hoard.

£20,000

Pembrokeshire Museum Service

Restoration of Penrhos Cottage, Pembrokeshire’s last surviving ‘Tŷ Unos’. £20,000

Royal Society of Sculptors

Creation of a secure archive space for the Society’s archives at Dora House, London. £20,000

Commonwealth War Graves Foundation,

Maidenhead

Preservation of the historically significant archive collection of photographic negatives and glass plates.

£10,000

Egypt Exploration Society, London

Secure storage of archive and manuscript collections as the first stage of redevelopment project. £30,000

London Borough of Hackney

Conservation of an early 19th century painting of horticulturalist George Loddiges (1786-1846). £3,430

London Borough of Lewisham

Sainsbury Centre, University of East Anglia

Conservation work to the St Etheldreda panels. £10,000

Scottish Jewish Archives Centre, Glasgow

Conservation and digitisation of early 20th century Glasgow printed and published Yiddish newspapers. £4,120

The Bowes Museum, Barnard Castle

Environmental works to the galleries to safeguard collections for the future.

£25,000

The Friends of Stewart Fleming School

Conservation of historic plan drawings, log book and school register to be used as teaching materials. £5,000

Restoration and conservation of two William Mitchell murals on the Foxborough Gardens Estate. £8,000

Pilgrim Trust

54

Grants awarded: for the year ended 31 December 2025

The Liliesleaf Trust UK (now called The Anti-Apartheid Legacy Trust)

Conservation and storage of objects and photographs in the new Centre at 28 Penton Street, London.

£23,000

Worthing Theatres and Museum

Conservation of four key paintings for display in its new gallery space at the Museum.

£4,968

Strategic Partnerships

Research, Advocacy and Development

CPRE The Countryside Charity

Scoping research for a campaign raising awareness on light pollution.

£14,000

Society of Antiquaries of Scotland Research in Action on Church Heritage

Research to create a robust foundation for better decision-making for Scotland’s ecclesiastical at-risk heritage and supporting people to record heritage and social value.

£55,000

Association of Independent Museums

Museum Fundamentals grant scheme to help small museums care for and conserve their collections across the UK.

£292,600 (over two years 2026-2027)

National Manuscripts Conservation Trust

Funding towards its grants scheme for the care and conservation of manuscripts in the UK. £120,000 (over three years 2026-2028)

Total Preservation and Conservation £1,559,618

The Institute of Conservation

Conservation Skills at Risk - Protecting Heritage for Future Generations.

Research to assess which areas of conservation skills are most at risk of being lost, identify future needs, and create a long-term delivery plan.

£45,000

Collaborative Conservation Skills

Internship Programme

Allocation towards an industrial heritage conservation internship alongside other funders.

£3,500

Total Research, Advocacy and Development £117,500

Pilgrim Trust

55

Appendix A

Young Women In Mind Young Women in Mind Round Five

Children and Young People’s Empowerment

Project, Barnsley

Girls@HOME: a project to support girls aged 16-25 with mental health challenges through a dedicated girls’ worker and weekly peer support programme. £100,944

Family Gateway, Tyne and Wear

Rise and Resilience Project: mental health support for young women aged 16–25, including group sessions, counselling and lived-experience mentors. £101,200

GROW Organisation, Rotherham

Vibe Project: holistic, person centred and trauma-informed support to help young women access services that can help them improve their mental health.

£100,561

Hey Smile Foundation, Hull

Blossom: provides safe, dedicated spaces for young women aged 16–25 experiencing self-harm, suicidal thoughts or trauma through one-to-one support, creative activities, and peer-led support. £101,200

Leo’s, Teesside

Perinatal mental health support for young women who have experienced baby loss and having children in neonatal care.

£97,190

Scarborough, Whitby and Ryedale Mind

Beyond Harm: improving wellbeing for young women through trauma informed programmes

offering one-to-one advocacy sessions and counselling to sustain long-term positive mental health. £101,125

Sheffield Rape and Sexual Abuse Centre

A psychoeducation and peer support programme for young women who have experienced sexual abuse or sexual violence combining creativity, activism and mutual support.

£97,200

Support After Rape and Sexual Violence Leeds (SARSVL)

Specialist counselling and therapeutic support for young women after sexual violence and abuse. £101,200

The Creative Art House, Wakefield

Photovoices: Expression Through the Lens is a creative health programme supporting young women (16–25) to explore and express their mental health journeys.

£100,104

The Youth Association, Wakefield

Thrive 360: uses youth work to improve mental health outcomes for young women aged 16-25 through trusted relationships, peer learning, and informal education.

£91,366

Well Women Centre, Wakefield

HerSpace: support for young women aged 16-25 years through individual counselling and group art therapy.

£97,473

Total Young Women in Mind £1,089,563

Pilgrim Trust

56

Grants awarded: for the year ended 31 December 2025

Young Women in Mind Capacity Building

Stockport Women’s Centre

Support toward an impact film for Manchester cohort, appointing a fundraiser and additional hours for the Policy and Commumications Lead. £15,000

M13 Youth Project, Manchester

Support for impact measurement, contribution to impact film for Manchester cohort, fundraising, strategy and governance development and networking, advocacy and influencing.

£15,000

Northern Ireland Consortium – Northern Ireland Youth Forum, Falls Women’s Centre, Lighthouse,

The Parent Rooms

Asian Development Association Bury

Support toward impact film for Manchester cohort, BAME mental health partnership workshop and Mental Health First Aid training development. £3,850

Manchester Action on Street Health

Support for improving data gathering tools and practice, developing its storytelling and advocacy and voice work. Also a contribution toward an impact film for Manchester cohort.

Support toward Northern Ireland consortium’s youth champions programme, strategic and sustainability planning with monthly stakeholder meetings and young women’s conference and impact video.

£60,000

Total Young Women in Mind Capacity Building £138,850

£15,000

The Counselling and Family Centre, Altrincham

Support for fundraising, contribution to impact film for Manchester cohort and embedding female voice in service design. £15,000

Total grants offered in 2025 £2,905,531

Odd Arts, Manchester

Support for digital communications and advocacy consultant, strategy development, joint impact film with Manchester cohort and learning conference. £15,000

Pilgrim Trust

57

Appendix A

Appendix B

Collaborative Conservation Skills Internship Programme Grants

National Maritime Museum

Conservation internship in horological objects and scientific instruments.

£25,000

Senate House Library, University of London Conservation internship in books and archival materials.

£25,000

The Institute of Conservation/University

of Edinburgh

Conservation internship in musical instruments.

£25,000

Pilgrim Trust

58

Grants awarded: for the year ended 31 December 2025

Pilgrim Trust

59

New Wing, Somerset House Strand, London WC2R 1LA

thepilgrimtrust.org.uk 020 7834 6510 Charity Number 206602