PILGRIM HOMES (FORMERLY AGED PILGRIMS, FRIEND SOCIETY) Financial Statements For the year ended 31 March 2024 CHARITY NUMBER 242266
PILGRIM HOMES (FORMERLY AGED PILGRIMS, FRIEND SOCIETY) Contents of the financial statements Forthe year ended 31 March 2024 Page Trustees, report- statutory information Trustees, report Independent auditor's report Statement of fi nancial activities Balance sheet io Statement of cash flows 11-15 Notes to the financial statements
PILGRIM HOMES (FORMERLY AGED PILGRIMS, FRIEND SOCIETY) Trustee's report- statutory information For the year ended 31 March 2024 TRUSTEE The Pilgrims Friend Group (Registered Charity No. 1134979 and Company No. 071698751 was the sole trustee and the ultimate holding company servi ng during the year. Its directors are as follows: Michael Abbott (Chairman) Alan Copeman Ivice-chairmanl Andrew Symonds Ivice-chairmanl Dr Judy McLaren Genefer Espejo Max Robinson Iresigned 24 July 20231 Sylvia Clovey John Edwards Herbert Mark Curran Robin Turnbull (resigned 31 December 20231 Sheila Warnes Martin Hallett16 October 2022 to 19 June 2023} Bryan Jarvis Ivice-chairmanl (resigned 31 December 20231 Legal title to the assets of the charity are held by 3 nominee company, The Aged Pilgrims, Friend Society Trust Ltd. A charity trustees, i ndemnity insurance policy is mai ntained by the group of charities. REGISTERED OFFICE 175 Tower Bridge Road London SEI 2AL CHARITY NUMBER 242266 BANKERS Lloyds Bank plc 25 Gresham Street London EC2V 7HN AUDITORS Jacob Cavenagh & Skeet Chartered Accountants 5 Robin Hood Lane Sutton Surrey SMI 2SW KEY MANAGEMENT PERSONNEL The Key Management Personnel of the charity were the Trustees and the members of the Senior Management Team of Pilgrims, Friend Society, whose names and responsibilities are listed below: Stephen Hammersley Maureen Sim Andy Walsh Joshua Field Alexandra Davis Julian Hillman Debbie Buggs Chief Executive Officer Director of Operations Director of Property Services Director of Human Resources Gnd IT Director of Morketing Director of Finonce (appointed 4 December2023) Director of Finance (resigned 9 October2023) Page I
PILGRIM HOMES (FORMERLY AGED PILGRIMS, FRIEND SOCIETY) Trustee's report For the year ended 31 March 2024 The trustee is pleased to present its report, together with the fi nancial statements of the charity Ihereafter in this report referred under the short name of Pilgrim Homes) for the year ended 31 March 2024. STRUCTURE, GOVERNANCE AND MANAGEMENT Pilgrim Homes is a registered charity (number 2422661 established as a trust and governed by Charity Commission Schemes of 23 December 1993, 22 December 2003 and 18th October 2004. The Pilgrims Friend Group Iformerly APFS 18071 acts as the sole corporate trustee. Responsibility for the day-to-day operations of the charity is delegated to the Chief Executive and Senior Management Team of Pilgrims, Friend Society which has been the main operatingcharity forthe group. On 31 March 2020, 311 of the charity's assets were gifted, under the authority of a Charity Commission Scheme to the Pilgrim Homes Trust, a fellow subsidiary of the Pilgrims Friend Group incorporated as a successor to this charity. The only anticipated income for the charity is expected to be the occasional legacy, which will be transferred to Pilgrim Homes Trust when received, OBJECTIVES AND ACTIVITIES The objects of the charity are to provide grants, housi ng and care for needy Protestant Christians over 60 years of age for the public benefit and to the glory of God, The charity owned a number of care homes and housing schemes all of which are made available to Pilgrims, Friend Society (the Pilgrim Homes Restricted Fund) free of charge to operate as Care Homes and Housing Schemes. All the residents in these homes are qualifying benef iciaries of the Pilgri m Homes Restricted Fund withi n Pilgri ms, Friend Society, and as this restricted fund req uires identical criteria for beneficiaries to this charity all would be qualifying Pilgrim Homes beneficiaries. As already mentioned all ofthe assets ofthe charity were, on 31 March 2020, donated to Pilgri m Homes Trust- an i ncorporated charity sharing identical objectives to this charity. The charity's trustee has considered the guidance regard ing public benefit when considering and planning its objectives and activities for the year. ACHIEVEMENTS AND PERFORMANCE, FUTURE DEVELOPMENTS AND GOING CONCERN The charity has now ceased to trade but will remain open for a period as it Is antici pated that there may be legacies i n the future due to the charity. For an overall view of The Pilgrims Friend Group please see our consolidated accounts. FINANCIAL REVIEW Overall, the charity received legacy income of £63,00012023,. £5,0001. The income receivable for the year was matched with an equal amount of grants to Pilgrim Homes Trust. The remaining debtors will be realised and the resulting funds passed across to Pilgrim Homes Trust on receipt. A more detailed breakdown ofthe results may be found on page 8 and the related notes to the accounts. RESERVES POLICY All of the reserves of the charity were transferred to the Pilgrim Homes Trust on 31 March 2024 and all further income will be passed on as it arises. Page 2
PILGRIM HOMES (FORMERLY AGED PILGRIMS, FRIEND SOCIETY) Trustees, report (continued) Forthe year ended 31 March 2024 RISK MANAGEMENT The only remai ning risk facing the charity is that there may be a challenge to the legacies receivable by the charity. STAFF ISSUES The Charity does not have any employees. KEY MANAGEMENT PERSONNEL The key management personnel of the charity lall of whom are employed by Pilgrims, Friend Society, a fellow member of the Pilgrims Friend Group, are listed on page 11 are in charge of directing, controlling, running and operating the charity on a day-to-day basis. Details of their remuneration and expenses reimbursed, and other related party transactions are disclosed i n Note 8 to the fi nancial statements of the Pilgri m Friends Group. Their pay is reviewed annually. FUNDRAISING POLICY The charity does not seek to raise donations, directi ng these instead to Pilgrims, Friend Society. RELATED PARTIES The trustees of the charity consider the followi ng to be related parties: l. Key Management Personnel of Pilgrims, Friend Society 2. The following charities: a. Pilgrims, Friend Society {charity no. 1045920, company no. 30270711 b. The Pilgrims Friend Group (formerly APFS 18071 (charity no. 1134979, company no. 71698751 c. Pilgrim Homes Trust- (charity no, 1183226, company no. 116856241 d. Strathclyde House Trust- (charity no. SC025550, company no. SC1698481 3. PFG Trading Limited- a limited company 4. Aged Pilgrims, Friend Society Trust Limited - a limited company which holds title to the properties owned by Pilgrim Homes Trust. STATEMENT OF TRUSTEE'S RESPONSIBILITIES The trustee is responsible for preparing the Trustee's Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards including Financial Reporting Standard 102.. The Financial Reporting Standard applicable in the UK and Republic of Ireland IU nited Ki ngdom Generally Accepted Accounting Practice). Page 3
PILGRIM HOMES (FORMERLY AGED PILGRIMS, FRIEND SOCIETY) Trustees, report (continued) For the year ended 31 March 2024 The law applicable to charities in England & Wales requires the trustee to prepare financial statements for each financial year which give a true and fai rview of the state of affai rs of the charity and of the income and expenditure of the charity for that period. In prepari ng these fi nancial statements, the trustee is requi red to: select suitable accounting policies and then apply them consistently. observe the methods and principles in the Charities SORP. makejudgments and accounting estimates that are reasonable and prudent. State whether applicable accounting standards have been followed, subject to any material departures d isclosed and explained in the financial statements, and prepare the financial statements on the going concern basis unless it is inappropriate to presu me that the charitywill continue in business. The trustee is responsible for maintaining proper accounti ng records which disclose with reasonable accuracy at any ti me the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust's governing documents. The trustee is also responsi ble for safeguardi ng the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregu larities. STATEMENT OF DISCLOSURE TO AUDITOR So far as each person who was a trustee at the date of approving this report is aware, there is no relevant audit information of which the charity's auditor is unaware. Additionally, the trustees individually have taken all the necessary steps that they ought to have taken as trustees in order to make themselves aware of all relevant audit i nformation and to establish that the charity's aud itor is aware of that information, AUDITORS Jacob Cavenagh & Skeet were the charity's auditors during the year and have expressed their willingness to continue in that capacity. The financial statements complywith current statutory requirements, FRS 102"The Financial Reporting Standard applicable in the UK and Republic of Ireland" I'FRS 102,1 and 'Accounting and Reporting by Charities" the Statement of Recommended Practice for Charities applying FRS 102. Approved by the trustee and signed on its behalf by J Edwards Director of The Pilgrims Friend Group Date- 18 July 2024 Page 4
PILGRIM HOMES (FORMERLY AGED PILGRIMS, FRIEND SOCIETY) Independent auditor's report to the trustees of Pilgrim Homes Forthe year ended 31 March 2024 OPINION We have audited the financi31 statements of Pilgrim Homes {the ch3rityl for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the notes to the financial statements, including a summary of significant 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 rhe Finonciol Reporting Standardopplicable in the UK and Republic of Irelond (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the charity's affairs as at 31 March 2024 and of its incoming resources and application of resources for the yearthen ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,, and have been prepared in accordance with the requirements ofthe Charities Act 2011. BASIS FOR OPINION We conducted our audit in accordance with International Standards on Auditing IUKI IISAS {UKII and applicable law. Our responsi bilities under those standards are further described in the Auditor's responsi bilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the eth ical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have f ulfilled ou r 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 opi nion. CONCLUSIONS RELATING TO GOING CONCERN In auditing the fi nancial statements, we have concluded that the director's use of the going concern basis of accounting i n the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, i ndividually or collectively, may cast significant doubt on the charity's abi lity to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. OTHER INFORMATION The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form ofassurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other i nformation is materially inconsistent with the fi nancial statements or our knowledge obtained in the course of the audit, or OtheIse appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial Page 5
PILGRIM HOMES (FORMERLY AGED PILGRIMS, FRIEND SOCIETY) Independent auditors, report to the trustees of Pilgrim Homes (continued) For the year ended 31 March 2024 statements themselves. 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 nothingto report in this regard. MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements i n the d irectors, report included with the trustee's report. We have nothingto report in respect ofthe following matters in relation to which the CompaniesAct 2006 requires us to reportto you if, in ouropinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us. or the financial statements are not in agreement with the accounting records and returns; or certain disclosures of trustees, remuneration specified by law are not made. or we have not received all the information and explanations we requireforouraudit. RESPONSIBILITIES OF THE TRUSTEE As explai ned more fully i n the trustee's responsibilities statement, the trustees {who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustee determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. I n preparing the financial statements, the trustee is responsible for assessi ng the charity's abi lity to continue as a going concern, disclosing, as applicable, matters related to going concern and using the goi ng concern basis of accounting unless the trustee either i ntends to liqu idate the company or to cease operations, or have no realistic alternative but to do so. AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS We have been appointed as auditor under section 145 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opi nion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fra ud or error and are considered material if, individ ually or i n the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting i rregularities, i ncludi ng fraud is detailed below: Based on our understandi ng of the charity, we identif led that the pri ncipal risks of non-compliance with laws and regulations related to charity financial reporting legislation and we considered the extent to which non- Page 6
PILGRIM HOMES (FORMERLY AGED PILGRIMS, FRIEND SOCIETY) Independent auditors, report to the trustees of Pilgrim Homes (continued) For the year ended 31 March 2024 compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011. We assessed the susceptibi lity of the charity's f inancial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management, considering the internal controls in place and discussion amongst the engagement team. We determined that the pri ncipal risks were related to: recognition of legacy income In response to the risks identified we designed procedures which included, but were not limited to: reviewing legacy correspondence reviewing Trustees, meeting minutes There are inherent limitations in the audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibi lities for the audit of the fi nancial statements is located on the Fi nancial 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 trustee in accordance 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 trustee those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustee, for our audit work, for this report, or for the opinions we have formed. Jacob Cavenagh & Skeet Chartered Accountants Statutory Auditor 5 Robin Hood Lane Sutton Surrey SMI 2SW Date.. zz loZ4 Jacob Cavenogh & Skeet is eligible forappointment as auditorof the charityby virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. Page 7
PILGRIM HOMES (FORMERLY AGED PILGRIMS, FRIEND SOCIETY) statement of financial activities For the year ended 31 March 2024 2024 Unrestricted Funds £000 2023 Unrestricted Funds £000 Note Income from: Donations and legacies Total income Expenditure on: Charitable activities Total expenditure Net income Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward All assets and operations were transferred to Pilgrim Homes Trust on 31 March 2020 and all further income receivable is passed on as it arises. The notes on pages 11 to 15 form part of these financial statements. Page 8
PILGRIM HOMES (FORMERLY AGED PILGRIMS, FRIEND SOCIETY) Balance sheet As at 31 March 2024 2024 2023 Note £000 £000 £000 £000 Current assets Debtor5 and prepayments Cash at bank and in hand 2,646 2,585 287 2,971 2,872 Creditors: Amounts falling due within oneyear Net current assets Total assets less current liabilities Funds.. Unrestricted funds Restricted funds Total Funds The financial statements were approved by the Trustee on 18 July 2024 and signed on its behalf by: J Edwards Director of The Pilgrims Friend Group The notes on pages 11 to 15 form part of these financial statements. Page 9
PILGRIM HOMES (FORMERLY AGED PILGRIMS, FRIEND SOCIETY) Statement of cash flows For the year ended 31 March 2024 2024 £000 2023 £000 Cash flows from operating activities Troding and donations Net income Net cash provided by trading and donations Working capital movements Ilncreasel in debtors Increase in creditors { 61) 12961 Net cash provided by/{used in) working capital movements 12fj21 Netcash provided byl(used in) operating activltle5 12fi21 Net cash inflowl(outflow) 38 12691 Cash and cash equivalents at l April 2023 287 Cash and cash equivalents at 31 March 2024 The notes on pages 11 to 15 form part of these financial statements. Page 10
PILGRIM HOMES (FORMERLY AGED PILGRIMS, FRIEND SOCIETY) Notes to the financial statements For the year ended 31 March 2024 ACCOUNTING POLICIES Pilgrim Homes is a registered charity Inumber 2422661 established as a trust and governed by Charity Commission Schemes of 23 December 1993, 22 December 2003 and 18th October 2004. Its principal place of business is 175 Tower Bridge Road, London SEI 2AL. The principal accoLJnti ng policies adopted, judgements and key sources of estimation uncertai nty i n the preparation of the financial statements are as follows: la. Basi5 of accounting These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" I" FRS 102,1, 'Accounting and Reporti ng by Charities" the Statement of Recommended Practice for Charities applying FRS 102, the Charities Act 2011 and UK Generally Accepted Accounting Practice. The charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the charity. Moneta ry amounts in these financial statements are rounded to the nearest £1,000. The financial statements have been prepared on the historical cost convention, modified to include certain investments and fi nancial instruments at fai r value. This charity is a qualifying entity for the purposes of FRS 102, being a memberofa group where the parent of that group prepares publicly available consolidated financial statements, i nclud i ng th is charity, which are intended to give a true and fair view of the assets, liabi lities, financial position and su rplus or deficit of the group. The charity has therefore taken advantage of exemptions from the requirement to disclosure transactions with other group undertakings. The financial statements of the charity are consolidated in the fi nancial statements of The Pilgri ms Friend Group. These consolidated fi nancial statements are avai lable from its registered off ice at 175 Tower Bridge Road, London SEI 2AL. Ib. Going concern At the ti me of approving the fi nancial statements, the trustee has a reasonable expectation that the charity has adequate resources to continue i n operational existence for the foreseeable future. Thus the trustee continues to adopt the going concern basis of accounting in preparing the fi nancial statements. Ic. Income Voluntary income and donations (including legacies) are accounted for once the charity has entitlement to the income, it is probable the income will be received and the amount of income receivable can be reliably measured. Where material assets are donated to the charity for its use, these are capitalised atthe estimated market value at the date of the gift and included under income. Id. Expenditure The charity passes all income to Pilgrim Homes Trust as a grant. Page 11
PILGRIM HOMES (FORMERLY AGED PILGRIMS, FRIEND SOCIETY) Notes to the financial statements (continued) For the year ended 31 March 2024 ACCOUNTING POLICIES (continued le. Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. If. Debtors Debtors are included at the settlement amount due. Ig. Cash and cash equivalents Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of opening ofthe deposit. Ih. Creditors and provisions Creditors and provisions are recognised where the charity has a present obligation arising from a past event that will probably result in the transfer of funds to a third party and the amou nt due to settle the obligation can be measured or estimated reliably. Creditors and provisions are recognised at their settlement amount. Flnancial Instruments The charity only has fi nancial assets and liabilities of a ki nd that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. INCOME FROM DONATIONSAND LEGACIES 2024 £000 2023 £000 Legacies receivable EXPENDITURE ON CHARITABLE ACTIVITIES 2024 £000 2023 £000 Grants to Pilgrim Homes Trust Page 12
PILGRIM HOMES (FORMERLY AGED PILGRIMS, FRIEND SOCIETY) Notes to the financial statements (continued) For the year ended 31 March 2024 NETINCOME 2024 £000 2023 £000 This is stated after chorging.. Aud itors, remuneration for audit services Auditors, remuneration for other services The auditors, fees are borne by other group entities. DEBTORS AND PREPAYMENTS 2024 £000 2023 £000 Due from group entities and associated undertakings Other debtors and prepayments 1,796 85 1,286 CREDITORS AND ACCRUALS: amounts falllng due within one year 2024 £000 2023 £000 Due to group entities and associated undertakings Page 13
PILGRIM HOMES (FORMERLY AGED PILGRIMS, FRIEND SOCIETY) Notes to the financial statements {continued) For the year ended 31 March 2024 ANALYSIS OF NET ASSETS BETWEEN FUNDS General Funds £000 Total Funds £000 2024 Current assets 2,971 2,971 Current liabilltles (2 971) Total Net Assets 2023 Current assets 2,872 2,872 Current liabilities 87 Total Net Asset5 FUNDS Funds brought forward £000 Funds carried forward £000 Income Expenditure £000 £000 2024 Unrestricted funds General fund 63 { 63) Total funds 2023 Unrestricted funds General fund { 5) Total funds Page 14
PILGRIM HOMES {FORMERLY AGED PILGRIMS, FRIEND SOCIETY) Notes to the financial statements (continued) For the year ended 31 March 2024 RELATED PARTY TRANSACTIONS The Pilgri ms Friend Group is the ultimate controlling charity of the group, whose pri ncipal activity is to run Christian care homes. It is a charitable company limited by guarantee incorporated i n E ngland and Wales. Its registered office is 175 Tower Bridge Road, London SEI 2AL. Company number.. 07169875. Charity number: 1134979. The charity is a subsidiary of The Pilgrims Friend Group by virtue of that charity being the sole trustee of Pilgrim Homes. Transactions with The Pilgrims Friend Group and its other group undertakings are not disclosed as consolidated financial statements for the group are publicly available, Expenditure on charitable activities i ncludes grants made to Pilgri m Homes Trust, a fellow group charity, in the year of £63,00012023: £5,000), None of the trustees have been paid any remuneration or incurred any expenses. 10. LIFE TENANCY I n 2012 the charity was notif led of a legacy which included a share of a freehold property, which is subject to a life tenancy. The conditions for recognition of this income have not been met and therefore this legacy is not included as income in the accounts. The estimated value ofthe legacy is unknown at present. Page 15