REGISTERED CllARITY NUMBER: 218538 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 FOR PILTON UNITED CHARITY
PILTON UNITED CHARITY CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 P4ge Report ofthe Tn¢¢¢3 I to 4 lttdepettdeni Etsmitterls Rert Statement of Financial Activities Balance Sheet Notes lo th¢ FlnaD¢lal Stst¢ty¢tsts 8 to 15 Detailed Statement of Financial Activities 16 to 17
PILTON UNITED CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 The tThstees present their report with the financial ststements of the charity for the y¢ar ended 31 D¢cemb¢r 2024. The truste¢s have adopted the provisions of A¢counting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their 0nts in accordance with th¢ Financial Reporting Standard applicable in the UK aDd Republic of Ir¢land (FRS 102} (effective l January 2019). OBJECTIVES AND ACTMTIES Objectives and alms The charity's objects are.. l. To provide and maintain ho81ng for poor persons from the ancient parish of Pilton. 2. To provide relief for residents in need from the ancient parish of Pilton. 3. To provide any other charitsble purpose to benefit the inhabitants of the ancicllt parish of Pilton. Public benefit It is felt that th¢ Charity h&s and will Continue to contribute a great deal to the community in the Parish of Pilton. Devon (as set out in the Constitution (dated 28 March 1994) by providing subsidised housing for the poor plus other benefits as mentioned below. All aims and objectives are of a charitable nature and comply with Section 4 of the Charities Act 2006. Public BenefIt has been achieved by the Charity from the following metho(Ls:. Providing and maintaining 24 units of Almshouse a¢wmmodation for elderly people (or couples) to live independent lives. Providing an em¢rgency alarni system to elderly Almshouse residents. Employing a part-time warden to give the Abnshouse residents someone to turn to in c&ses of need an(Vor emergency. Providing events and outings to the Altnshouse residents to give an element of personal interaction and to enhance their wellbein& Providing and maintaining 2 units of Almshouse &ccommodation for families. Providing and maintsinirkg 16 units of "affordable" rented accommodation. These are properties. which have been endowed to (or built by) the Clwity over the year4 and are let at below current market rental values. Provtding grants (and otheT SIUDS) to persons {or groups of person5) whose "need" may not be covered by statutory or local authority ndin Providing a small "pension allowance" to 3 "w)or" person& who are communicant members of the Church of Englan(t as set out in "The Hospxtai Clwity" section of the Constitution. The trust¢¢s are ¢xp¢¢t¢d to "declare an interest and withdraw from voting" in any eVentItrtIQ tha¢ pres¢nts a eonflict of personAI involvement andlor interest. The aims and governing document of the Charity ar¢ revi¢w¢d regularly to avoid "mission drift". The trustees believe that this statement sets out their compliance for Public Ben¢fit under Section 4 of the Charities Act 2006. Page I
PILTON UNITED CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 ACHIEVEMENT AND PERFORMANCE Financial results The attaohcd financial statements show the current state of th¢ fuwKes which th¢ tsustees consider to be sound. The charity received rents of £237.134 (2023 £220,192) during the year and after paying £144,239 (2023 £167,961) for generdl maintenance on the prOrtieS and £53,517 (2023 £40262) on other expenses it produced a profit from renting of £39,378 (2023 £11.969). The charity received £5.320 (2023 £3.159) from investments. They also received donations and ants amounting to £30 (2023 £8). Office equipment was acquired at a cost of £1,885 and depreciated by £283. The d¢preciation charge ts included in rental support Costs. The shares incre&sed in value by £36.947 (2023.. £26.193) in accordance with the changes of values in the Stock Market. Following consultation in 2023 with a local estate agent the approximate market valuation of the properties was set at £7,545,000. This valuation is unchanged from 2023. Overall, there wa5 a net surplus for the y¢aT of £81,675 compared to a net deficit in the previo% year of £9.831.344. The net result is that the clwity bas £8.220.190 (2023 £8.138.515) of assets and fimds as at 31 December 2024. FtNANCIAL REVIEW Reserves policy It is the policy of the charity to maintain tts bank balance in credit and to transfer funds lo and from its deposit accountslinvestments when prndent. This provides sufficient fimds to cover management and administration and support costs and to respond to emergency repairs which arise from tim¢ to time. The trustees operate a policy of upgrading their properties whenever appropriate. However. the trustees are also aware that its historic houscs will in thc futurc bc in nced of considernble rcgular maintenance and as su¢h have built-up th¢ir holding in ¢harity inv¢strn¢nts, including £80.0(K> into a CCLA deposit fun& over the years to safeguard the charity's fitture. During the year the charity gdve grants of £l,01)O to local deserving causes. Due lo extra Workload the charity h&8 aprM)inted an lstant clerk. The ¢harity is aware that 5ignificatrt expenditwe is needed OD the r)fS of Feoffee Cottages and Lower Altnshouses. rRucfuRE, GOVERNANCE AND MANAGEME Governing document The charity is ¢ontroll¢d by its governing documenL a deed of trst and constitutes an unincoTtrf)rated Charity. Pag¢ 2
PILTON UNITED CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Organisalional structure The trustees consist. when complete. of 15 comwent persons and include the Viw, the Churchwarden and Deputy Chur¢hwarden of St. Mary the ViTgiJ4 Pilton. There are 4 nominated trustees who s¢rv¢ for 4 years and are appointed by North Devon District Council {1). Barnstaple Town Council (2) and Pilton West Parish Council (l). Th¢r¢ are 8 co-OPt¢d trust¢¢s who serve for 5 y¢ars and are aptK>int¢d by th¢ board of trustees. The trusttts hold at le&st four ordinary meetings in a year at which at least 6 tnLStees rnt be present. The charity includes the ¢hartty of John Exter. the charity of Katherine Graham. the charity of Thomas Harditig, the Parish Lands charity. the charity of Jobn Rogers and St. Margarets Hospital charity. Risk man8gement Th¢ trustees have examined the Tnajor strategie. business and operntional risks which the charity faces and confirni thal systems have been established to enable regular reports to be produced so that the necessary sfrps can b¢ taken to lessen these risks. REFERENCE AND ADINISTRATIvE DETAll Registered Charity number 218538 Prlnclpal address Little Orchard Braunton Road BARNSTAPLE Devon EX31 IGA Trustees Miss J Coates (Chairperson) Mr J Phillips - Resigned 2 Septernber 2024 Mrs V Elkins Mr M Crooks Mr R Howe - Resigned 15 November 2024 Mr F V Clarke Mr M Willcox Ms D Sibley- Resied l O September 2024 Rev M Tyrrell Mr P Manley Mr C Tippet- Resiglled 6 Nov¢mb¢r 2024 Mr W Sandet3 Mr l Brodie Ms J Hunt Page 3
PILTON UNITED CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner Paul Honeywill Si¢v¢ns & Will¢y Chartered Certified A¢¢ountants Grenville House 9 Boutport Street Barnstspl¢ Devon EX31 ITZ Approved by Ord of the Fx)ard of trustees oll ... i.i.....o3 2025 . and signed on its behalf by: Miss J Coat¢s- Tnte¢ Page 4
INDEPENDENT EXAMINER'S REPORTTO THE TRUSTEES OF PILTON UNITED CHARITY Independent eumiller'5 report to the tn18¢ee8 of Pihon United Charity I report to the charity truste¢s on my examinatTon of the accounts of Pilton United Charity (the Tnjst) for the year ended 31 D¢¢¢mb¢r 2024. Respomsibllities and b18 of report As the charity lrnstees of the TTht you are reswnsible for the pffparation of the aoUnts in accordance with th¢ requirements of the Charities Act 20] I Cthe Acv). I report in respect of my examination of the TnS acLounts carried out und¢r tIOn 145 of the Act and in rying out my examination I bave followed aIl applithle Directions given by the Charity Commission under Section 145{5Xb) of the Act. Independenl eMIner'S ststem¢n¢ I have completed my examination. I confimi that no material mattet3 have come to my attention in onn¢ction with the examination gtving me cause to believe that in any material respe¢t: accounting records were not kept in respect of th¢ T required by S¢¢tion 130 of the ACL or the accounts do not accord with those re£ords' or the accounts do not comply wtth the appli(able requirements concerning the forni and wntent of accounts set out in the Chartties (Accounts and Reports) Regulations 2008 other than any requirement that th¢ a¢¢ounts give a true and fair view which is not a matter considered as part of an independe examination. I hav¢ no concerns and hav¢ Come rosS no other matters in colln¢rtiOD with the examination to which attention should be drawn in this rep)rt in order to enable a proper understanding of the accounts to be reached. Paul Stevens illey Chartered Certified Accountants Grenville House 9 Boutport Street Barnstaple EX31 ITZ I l Mar¢h 2025
PILTON UNITED CHARITY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 2024 Totsl funds 2023 Total funds Unrestricted Restricted fund funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies Charitable activities Subsidised housing 237.134 237,134 220,192 tnvestment income 5J20 5J20 3,159 Total 242,484 242,484 223.359 Charitsble activities Subsidised housing 197,756 197,756 208.223 Net gains on investtnents 36,947 36,947 26,193 NET INCOME Other re¢ogDised gainslOosse5) Gainsl(losses) on r¢valu8tion of fjxed ets 44,728 36,947 81,675 41,329 (9.872,673) Iyet movement in fuDd5 44,728 36947 81,67S (9,831,344) RECONCILIATION OF FUNDS Total fimds brought forward 574,994 7J63J2J 8,138515 17,909.859 TOTAL FUNDS CARRIED FORWARD 619,722 7,61)0.468 8220,190 8,138.515 The notes ott page O fonD part of these financi statemellts P8ge 6
PILTON UNITED CHARITY BALANCE SHEET 31 DECEMBER 2024 2024 Total funds 2023 Total funds Unrestricted R¢stri¢t¢d fimd funLts Notes FIXED ASSETS Tangible &ssets Investments 439280 41,960 7.107J22 493,146 746,602 535,106 7.545,000 498,159 481240 7.6(N).468 8.081,708 8,043.159 CURRENT ASSETS CL8h at bank 155,138 155,138 111,702 CREDITORS Amounts falling due within one year (16,656) (16,656) (16.346) NET CURRENT ASSETS 13&4S2 138.482 95.356 TOTAL ASSETS LESS CURRENT LIABILITIES 619,722 7,600,468 8220,190 ,138.515 NET ASSETS 619,722 7,600,468 8220,190 8.138.515 FUNDS Unrestricted fijnds Restricted funds 619,722 7,600,468 574,994 7,563,521 TOTAL FUNDS 8220,19) 8,l38,515 The financial statements were approved by the Board of Trustees and authorised for issue on L.L.. C).S.:Wa. . and were Sied on its behalf by: Miss J Coates - Trustee The notes on page O forn) part of these fmancial statettw Page 7
PILTON UNITED CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 AccouNfING POLICIES Basi% of preparing the fillaD¢ial ststements The financial statements of the charity, which is a publi¢ benefit entit), under FRS 102. have be¢n prepared in accordance with the Charities SORP (FRS 102) 'Accounting and ReportTng by Charilies: Statement of Recommended Practice applicable to Charities preparing their accounts in ac¢ordan¢¢ with the Financial RertIng Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019),. Financial Reporting Standard 102 'The FitwicÉal Reporting Standard applicable ID the UK and Republic of Ireland, and the Charities Act 2011. The financial statements have been prepared under the historical cost conventioo with the exception of investments which are in¢luded at maTket value. modified by the Tevaluation of certain assets. Illcome All income is recognised in the Statement of Finan¢ial Activities once the elwity h&s entitlement to the fund. The charity records statutory rents received and weekly maintenance contributions received from tenants as rents received throughout these fmancial statements Expenditure Liabilities are recognised &8 expenditure &s soon &8 there is a legdl or nStrUCtive obligation ci)mmitting the charity to that expenditure. it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is a¢counted for on an accruals basis and h&% been classified under headings that aggregate all cost related to the category. Where costs cannot be directly altributed to parti¢ular headings they have been aElocated to activities on a basis consistent with the use of T¢sour¢¢s. Freehold properties The ¢harity owns 42 properties of which 34 were con5tru¢ted before 1900 and there is no record of their original cost. The other 8 properties were constrncted in the year ended 31 December 1988 and have b¢en included at cost less the social landlord5 grant. However, in order for the balance sheet to give a fairer refl¢¢tion of the value of the properties they have been revalued to th¢ir probabl¢ open market value (obtain¢d with the assistance of a local estatelland agent). The previous insuran¢¢ valuc, including r¢build ¢osts. WLS considered excessive and did not reflect th¢ true w>sition. As the properties are maintained in a state of repair such that their estimated retsil value is not less than their carrying amount, the annual charge for depr¢ciation would be nil. This charity is deemed to have pem]an¢nt endowment. Taxation The clwity is exempi from tsx on its ¢haTitable activities. Fund Unrestricted funds can be used in aordanCe with the clwilable objeclives at the dis¢retion of the ste¢s. Restricted funds can only be used for particular restri¢i¢d purp)ses within the objects of the Charity. Restrictions arise when slfied by the donor or when fimds are raised for particular restricted purpos¢s. Further explanation of the nature and PUTwse of each fimd is included in the notes to the fmancial statements. Page 8 ¢ontÉnu¢d...
PILTON UNITED CHARITY NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES- continued Social landlords grnnt The social landloTds grallt paid by thc housing corporation to reduce the cost of development and is, therefore, shown as a deduction from the Cost of housing properties on the balance sheet. It is repayable under certain ctr¢umstanc¢s, primarily following the salc of a property but will nornially restricted to net proceeds of sale. INVESTMENf INCOME 2024 2023 Dividends received Bank int¢rest 2977 2J43 2,798 361 SJ20 3.159 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023. Trustees, expeny There were no trustees, expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023. STAFF COSTS The ¢moluments to the Clerk to the Trnstees was £7.704 (2023.. £7.542) and Assistant Clerk £9,570 {2023= £nil). The only other employee during the year was the Warden who received £5.768 (2023: £3,220) with employers Nl of £588 (2023.. £13)- Page 9 continued...
PILTON UNITED CHARITY NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024 TAY4GIBLE FIXED ASSETS Freehold propety Office Equipment Totals COST At l January 2024 Additions 7¥5,IN)O 1,885 1,885 At 31 Decembcr 2024 7J45,1 1,885 7¥0,885 DEPRECIATION Charge for year NET BOOK VALUE At 31 December 2024 7345,1)00 1,602 7046,602 At 31 December 2023 7,545.000 7.545,0(M) The properties are valued at the approximate market value. The valuation was carried ot by Mr J Traynar Director of Phillips. Smith & Dunn Barnstaple. Of the 42 prop¢rtie5 owned by the charity, 8 were built by 31 December 1998 at a Cost of £267,464. social landlords grant of £186.802 was received at that time. Further improvement costs of £309,604 have been in¢urr¢d since 31 December 2000. The remaining properties pre-dafr 1900. No costs of acquisition are know FIXED ASSET INVESTMENrs Listed invcstmcnts MARKET VALUE At l January 2024 R¢valuations 498,159 36,947 Ai 31 De¢¢tnber 2024 535,106 NET BOOK VALUE At 31 December 2024 535,106 At 31 December 2023 498,159 There were no investtnenl &ssets outside the UK. Page 10 continued...
PILTON UNITED CHARITY NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 DECEMBER 2024 FIXED ASSET INVESTMENfs- coDtiDued Listed investments comprise the following: 2024 2023 In¢ome producing shares 500 Charifunds in¢om¢ units at year end market value 62,392 NAACIF income shares at year end market value 7?62 57,918 7,175 56,040 65280 63,215 Accumulation shar¢s 3,881 NAACIF a¢cutnulation shares at year end market value 469826 434,944 469,826 434,944 Total UK quoted shares 535,106 498,159 CASH AT BANK 2024 Total funds 2023 Total fimds Current accouTrt Deposit account CCLA account 19,517 55,621 44.456 67,246 Totsl 155,138 111.702 Page 11 contitiued...
PILTON UNITED CHARITY NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade creditors 16,656 16,346 MOVEMENf IN FUNDS Nct movement in funds At 31112124 At Iiir24 Unrestricted lldS General fund 574,994 44,728 619,722 Rest]l¢ted funds Emergency Repair Fund Unrealised Gains on Revaluation Reserye 434,944 34082 469026 7.12877 2,06S 7,130,642 736321 36,947 7,6,468 TOTAL FUNDS 8.138515 81,675 8220,190 Net movement in fimds, included in the ave are as follows: Incoming resource5 Resources expended Gains and Movement losses in fvnds UDre5tri¢t¢d fund$ GeneTal fund 242,484 (197.756) 44,728 Restricted funds Emergency Repair Fund Unrealised Gains on Revaluation Reserve 34,882 34,882 2,065 2,065 36,947 36,947 TOTAL FUNDS 242,484 (197,756) 36,947 81,675 Pag¢ 12 ¢ontinued...
PILTON UNITED CHARITY NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024 MOVEMENT IN FUNDS- continued Compgrgtives for movement in funds Net movement in funds Ai 31112123 At 111123 Unres¢ri¢¢ed fund$ General fund 559.858 15.136 574.994 Resirlded funds Emergency Repair Fund UDrealised Gains on Revaluation Res¢rve 409,520 25.424 434.944 17.000,481 (9,871,904) 7,128,577 17,410,001 (9.846.480) 7,563,521 TOTAL FUNDS 17,969.859 (9,831.344) 8,138,515 Cortlparative net movement in fund& iticludeAJ in the aknve are as follows: Incoming our¢es Resources expended Gains and Movement losses in funds Ullrestrieted funds General fund 223J59 (208,223) 15.136 Reslricied funds Emergency Repair Fund Unrcalis¢d Gain5 on Revaluation Res¢rv¢ 25.424 25.424 (9,871,904) (9,871.904) (9.846,480) (9.846.480) TOTAL FUNDS 223,359 (208223) (9.846,480) (9,831.344) Page 13 conlinued...
PILTON UNITED CHARITY NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024 MOVEME[ IN FUiYDS- wlltinued A cu¢llt year 12 months and prior year 12 months combined position is as follows: Net movement in funds At 31112124 At 111123 Unrestrieted funds General fund 559.858 59.864 619.722 Rtstritted fullds Emerg¢n¢y Repair Fund Unrealised Gains on Revaluation R¢serYe 409.520 60.306 469.826 17.000,481 (9.869.839) 7.130.642 17.410.001 (9,809.533) 7.600,468 TOTAL FUNDS 17.969,859 (9.749,669) 8,220,190 A current year 12 months and prior year 12 months combiDed net movement in funds, included in the above are &s follows: Incoming Tesources Resources expended Gains and Movement losses in funds Unrestrieted funds Generdl fund 465.843 {405,979) 59.864 Restricted funds Emerg¢n¢y Repair Fund UnTealised Gains on Revaluation Res¥¢ 60.306 60,306 {9.869,839) (9.869,839) (9,809,533) (9,809,533) TOTAL FUNDS 465.843 (405.979) (9,809,533) (9,749,669) Pag¢ 14 continued...
PILTON UNITED CHARITY NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024 10. RELATED PARTY DISCLOSURES There were no rclatcd party transactions for the year ended 31 Decemkr 2024. Page 15