Weldmar Hospicecare Weldmar Hospicecare Limited (A Company limited by guarantee and not having a share capital) C(xnpary RegistratDn No. 2520727 (England and Wales) Charity Registration No. 1000414 Annual report and consolidated financial statements For the year ended 31 March 2025 Weldmar Hospicecare Llmltod INDEX Legal and admlnis1rat1￿ information R•port of th• Trustees (including Strateglc Report) 3-16 Report of th• Independent auditors 17-20 Consolldated statement of Ilnanclal actmtles 21 Consolklated and Charity balance sheets Consolidated cash flow S￿￿ement 23 Notes formlng part of th• consolidatad financlal 8tatem•nts 24-44 Weldmar Hospicocarn Llmlted Legal and admlnlstrative Inforniatlon for the year ended 31 March 2025 Patron His Majesty King Charfes111 Prosldent The Hon Mrs C Townshend DL Vlce Pre8ld•nts The Lor(l Fellowes of West Stafford DL Mr J Gibson Fleming DL DrGGuyMBBS Mrs J Mains Mrs C J Nickinson Mrs D Sale RGN RCNT Trust0•8 Mr S Baynard (Chair) Mr J Lambert (Vice Chair) (Resgned 25 July 2024) Mfs D Smith (Vtce Chair) Mr M Addison Dr J De Kretser Viscount FrtzHarrbs Mr D French Mrs T Grant Ms S Hawkett Ms V Havercroft-Dixon Mr J Joicey-cecil Dr H Llewellyn {appolnie(J 29 May 2025) Mr P Lovibond Ch1￿ Executlve Caroline Hamblett Company Secretary Sarah Harbige Reglst•red and Prlnclpal Offlc• Weldmar Hospicecare Herringston Road Dorchester DT12SL Principal Bankorn Santander UK plc 100 Ludgate Hill London EC4M 7RE Weldmar Hosplcécarn Llmitod Legal and admlnlstratlve Infomiatlon for the year ended 31 March 2025 continued Sollcltor8 PengiTIys Challacombe House Beechwood Square PourKlbury Dorset DT13SS Regist•r•d Auditors Saffery LLP MKJland House 2 Poole Road 8oumemon dioxKJe equival8nt) arKI also vahiclo fu81 usage from litres into kwhllitre arKI C028 for the year. Gas and electricity dats have been taken from supplier invoices. Transwt fuel primarty relates lo fuel used by staff using their own vehides on company business. Kg C02 (kilograms of carbon dioxide) data has been taken from our expertses systern and converted based on conversion factors for the lype of fuel. Transport fuel also includes fuel purchased for use in our vans. Data for litres purchased has been taken from fuel card invoices. It has been assumed that fuel purchased in the year approximates to fuel used. Other travel meth(YJs. such as rail or bus. were noi disclosed as these a￿ deemed to be immaterial. Analysis ol rati08 The tC02e (tonnes of carbon dioxide equNalent) per Full Time Equivalent (FTE) is 1.75. We are committed to minimising our environmental impact where possible, which is balanced against our charitable objectives and strategic aims to deliver more Ca￿ to Ihose requiring our services. Towards the end of the year, we replaced our boilers and strearnlined the communty services and anticipate that this will r8duce our tC02e per FTE. Weldmar Hospicecare Limited Report of tho Trustees for the year ended 31 March 2025 Energy efficlency actlon We have implernented energy efficiency initiatives during the year to reduce our environmental Impact where possible. Sorne of these initiatives included actions resulting from our intemal Environmental Sustainabilty Group. These inilialives induded installation of LED afKI molion sensor lighting around our facilities, the InstallatM￿ of gas and electric smart meters ￿)SS our estste and new boilers at our inpatient uniL Futur• plans When our fleet of leased vehicles is due for renewal, we will investigate whether they can be replaced by electric or hybrTd vehicles. Financial review Ro8uIts Weldmar Hospicecare raised £12.383,OIXI {2024'. £10,444,0￿) and spent £11.791,CQO (2024.. £11.540,000) during the year, resulting in an operating surplus of £592.000 (2024.. defKit of £1,096,000). The firraKial perfomiarKe was better ttsn the bjdget for the year. Income The Trustees continue a pollcy of dNersiflcation In income generation to lessen Weklmar Hospicecare's reliance on any one strand of income. Legacy income at £2.699,OCrt) (2024: £1,375,000) was signfficanlty abov8 the target S8t by Ihe Trustees. Exp•ndltur• After allocating support costs. which indude management and adminlstralion costs and propety costs. based or+ the headcount of the xtivity being supported. Weldmar Hospicecare'3 expen¢Jlture 7Kas broken down as follows.. 2025 2024 Inpatient unit Communily nursing service Wellbeing s8rvic68 Educalion Weldmar at Home Generating Funds: Fundraising Sh¢)p8 and trading 35 14 33 15 12 26 Subsldlary tradlng Weldmar Hospicecare Trading Limited generates income from the sale of purchased goods, predominantly Christmas and greetings cards. Total revenue was down 3% to £90.000 in the year (2024: £93.000). Weldmar Hospicecare Llmited Report of the Trustees for the year ended 31 March 2025 Reserves Current reserves stand at £22.319.000 {2024: £21,625,IJ)O). broken dcmm as follov•S. 2025 2024 £k 13,841 2,510 2.782 General fund Capital fund Revaluation reserve Designated slrategic fund Restricted funds Trading Subsidiary funds 16.676 2,507 2,567 80 Full disclosure of fund movernents is made in Note 19 to the financial statements. A description of the varfous resepie funds and their accounting trealmenl is also provided in note 1 .5 to financial statem8nts. Gon8ral fund These are free reserves to insulat8 Weldmar Hospicecare from signiflcant reductions in income from either the NHS or the ger)eral public. including legacies. Their purpose is also to secure the long-tem operation of the servlce, for future capital expenditure, major refurbishment or servke development not yet specif￿d. The Truste8s aim to hold 12-18 monlhs of operational expenditure in General Funds, At 31 March 2025, general funds equated to 17 months. worth of operational expenditu￿ (2024: 14 months). The current level is deemed sufficient for an￿1pated needs arKI risks over the next fve years. Trustees will review the level of reserves annualty. D6slgnatod strateglc fund This is the amount set asNJe by the Trustees for priming new services arKI investing in more opportunities for generating income to subsidise our patient services. The amount required is constantly under feview. At 31 March 2024, £1,8(K).000 of the designated strategic fund was set aside by Trustees to support the Weldmar at Home service for a further 3 years from 1 Aprll 2024 to 31 March 2027. From 1 April 2025, the Weldmar at Home sep4ice was merged with Ihe Community Nursing Seprfice to fom a new Specialist Hospice at Home Service. and as the furKI was no longer required, the balance was released. In the prior year. the Trustees agreed lo set asKJe £600.000 to facililate a move of office based staff to the Inpatient Unit, whSch is planned to take place in 2025-26. Inv•8tmonts Weldmar Hospicecare's investrnents are overseen by the FinarKe. Investment and Propety Committee Icomprising Tnjstees exiemal advisers), who determine overall asset allocation bel￿een cash, property and quoted securities. Detailed asset allocation and performance management of quoted securib'es hav8 been delegaled to Weldmar Hospicecare's investment manager, Ralhbones. The objecbve grven to the investment managers is that the portfolio should achieve a balanced return wth a deflned level of risk (low lo fnediuml, and with no more than 3Vo Invested in propety funds or Gompanies (due to other investments in property). The mandate is kept under constant review. The value of quoted securities as al 31 March 2025 was £10.399.000 (2024: £10.138.0(X)). In addition. the Tmslees hold £526.000 in the CharTtie5 Property Fund (2024: £515,000), a Common Investment Fund available to all charities in England and Wales thal invests directly in UK commercial property. investment portfol￿ produced a combined return of 6.5% (2024". 9.2%). Weldmar Hospicecare Limlted Report of the Trustees for the year ended 31 March 2025 During the year. the Trusiees invested £1.000.01)O from cash reserves in a second portfolio with Rathbones. This portfolio is invested solely in short dated UK government gilts. which are held to maturity. Tr purpose of this portfolio is lo generate a greater retum than cash deposits. This investment portfolio is classed primarily as current assel investmenls in the balance slwt. Eth1￿1 Investment It Is the Truslees. view that no funds should be invested directly in iobacco stocks because of the proven Ilnk betr¥veen smoking and death. and especially premature death from cancer. the focus of our main charitable a¢tivity- Fundralsing practices arKI porformance Weldmar Hospicecare seeks to raise funds through donations, events. sponsored challenges. lotteries, legacies. and selling donated goods. In our fundraising activities. we follow the requirements of charity legislation, money laundering and anti-corruption legislation and the standards promoted by the Fundraising Regulaior and the Chartered Institute of Fundraising. Weklmar Hospicecare therefore. only accepts financial support on the following condillons: The support can conlribule to the furtherance of our charitable aims and objectives. The Trustees are satisf￿d that accepting such support will nol cause adverse publicity which affects our standing in the community in which we operate, our ability to raise funds from other estab1istr￿d supporters or which wrfl be detrimental to our professional repulalion as a service provider. We will nol endorse or approve the services of any ￿rnPany, In particular those associated with our work (underlakers. solicttors, etc.). whether in relum for financial or other support or n(A. We will not accept financial support or enter into partnerships with CoMpan￿S Involved with the commercial exploitation of tobac￿ because of Ihe proven links belween tobacco consurnption and cancer. In addition. Weldmar Hospicecare will not share or sell any of our databases of d0T￿r5 for any ￿aSOn. All of our fundraisers. Ir￿lUdIng agency slaff acting on our behalf, receive trainlng on how to identify and protect people in vulnerable circumstances. tf we encounter someone showing signs of distress, confusion or vulnerability, our fundraisers are trained to polrtely end th& conversation and refuse any donab'on offered in such circumstances. In the unlikely event of a donation being iaken in such drcurnstsnces, we will refu￿1 Ihe donatton. Some of our l0ttOry ticket selling and the running of our lottery are conducted on our behalf by a carefully selected professional agenl. We work very closely with the agenl to make sure they represent our work and our organisation to the hvJhest standards. With the exception of our face40- face fundraisers selling lottery bckets and signing up regular donatK)ns. none of our fundraisers. whether employed by us or one of our agencies. are paid commission. The number of complaints received in the year regarding fundratsing vras 2 (2024". 4). All the complaints were resolved sakn'sfaclorily through our in-house prc¢edures, and none were escalated lo Ihe Fundraising Regulator. Dudng the year and the previous year. the￿ were no InStan￿S of failures to comply with our fundraising standards. Standards are monitored and maintained through mandalory trainirKJ and tr use of mystery shoppers. P•rfomianc• 10 Weldmar Hospicecare Limited Report of the Trustees for the year ended 31 March 2025 Before the start of each financlal year, the Trustees ag￿ a target our fundraising irtome afler cosls bul excluding legacies. In 2025. our fundraising aclivilies generated total income of £2.303.000 (2024: £1.530.000) and incurred costs. excluding allocated support costs, of £688.000 (2024: £619,000). These results represented a net contribulion. beftxe Ihe allocatton of support costs, of £1.615,000 (2024: £981,000>. which was £257.000 above the annual target (2024: £70.IXIO below the annual largel). Plans for future perlods Strat¢gl¢ plan Our strategic plan addresses the challenges we face, aiming to". Develop partnership5 to enhance the region's capacity lo provide a fast. coordinated, flexible response to patients in their own homes Consider joini workirKJ beyond traditional boundarles and on drfFerent business models to create this capacity lrnprove mechanisms for obtairnng patients and families. feedback Develop more secure 8TKI drlersified streams of income Koy objectlvés for 2025126 Flnanclal To contlnue to explore and develop income generatlon and cost savings opportunities to ensure Weldmar Hospic8care is financially sustainable in the long term. 0￿ratIOnal Implernent the new Weldmar Specialist Hospice at Home septhe. Reimplementing the use of IPOS. Explore and generate Ideas for the use of Artificial Intelligen(x (Al) and automation ￿￿thIn Sysimone to help deterniine the best use of resources to improve how we dellver patlent care. Strataglc To implement the new strategy for Weldmar Hospicecare for 202&30. To continue to develop the workforce, fundraisiThJ relall strategies to und8tpin Weldmar Hospicecare's main strategy. structure. governance and management Statu8 Weldmar Hospicecare is a company limiled by guarantee incorKM)rated on 10 July 199), and our company registration number is 2520727 (England and Wales). We are registered as a charity wth the Charity Commission in England and Wales, under charity number 1000414. Governlng doGument Weldmar Hospicecare's ￿vernIng document is our Mem(xarKlum and Articles of Association. Board stru¢tur• The company's goveming body ts a Board of Trustees whose members are elected by the members of the company. The Board currently comprises 12 members. and there are 7 subth individually and collectively, consider Ihat they have acted in good faTth to promote the success of Weldmar Hospicecare for the benefrt of its stakeholders as a whole {f￿ving regard to the matters set oul In s172 of the Act) in the decistons taken during the period. Statement of Trustees, responsibilities Ttr￿ Trustees are responslble for preparing the Trustees, Report and the financial statements In accordance with applicable law and United KirKJdom AccountSng siandards (United Kingdom Generally Accepted Accounting PractKX). Company law requires the Trustees to prepare flnancial ststements for each financial year, whth give true and fair view of the state of affairs of the charitable company and of Ihe incoming resources and application of resources. includiry the income arKI expenditure, of the charitable goup for that period. In preparlng these financial statements. the Trustees are required to.. select sultable accounting poliC￿S and then appty them consi5tenlly,- observe the methods and principles in the Charilies SORP: make judgements and estimales that are reasonable and prudent" state whelher applicable accounting stsndards have been followed, subject to any material departures disclosed and explained in the financiai statements: prepare the financia statements on the going concern basis unless it is inapproprlate to presume that Weldmar HosprAcar8 wlll continue in business. The Tfustees are responsible for ke8ping proper accounting records that disclose wilh reasonable accuracy at any time the financial position of the charitable company and group and enable them to ensure that the financlal staiernents comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and group and hen￿ for tsking reasonable 8teps for the prevention arKI del￿tIon of fraud and other Irregulanlies. The Trustees are responsible for the maintenance and integrity of the corporate and flnanclal information included on the charitable company's website. Legislation in the Untted Kingdom governing the preparation and dissemination of financial ststements may drffer from legislation in other jurisdiclions, 15 Weldmar Hospicecare Limitsd Rèport of the Trustees for the year ended 31 March 2025 Statement as to dlsclosure to our auditors So far as each of the Trusiees. at Ihe time of approvlng thls retx)rL 13 aware: there Is no relevant audtt information of which the auditors are unaware, and they have taken all steps they ought to have taken to make themselves aware of any relevant audii informatr'on and to establish that the auditors are aware of that information. Audltors Saffery LLP a￿ williThJ to remain in as audttors io Weldmar Hospicecare and in aCC￿rdanCe with sectlon 485 of Companies Act 2006, a resolution proposing that they be re-appointed will be put ai the Annual General Meeting. Approved by the Trustees and signed on their behalf by". ILQ Mrs Davlna Smilh - Vke Chair 18th Seplember 2025 16 Weldmar Hospicecare Limited Independent auditors, report to the members of Weldmar Hosplcecare Llmlted Oplnlon We have audited the financial statements of Weldmar Hospicecare Limited (the 'parent chartlable company) and ils subsidiary {the 'group') for the year ended 31 March 2025 which comprise Consolidated Statement of Financial Activities. the Consolidated arml Charity balance sheets, Iho Consolidated Cash Flow Statement and mtes to Ihe financial slatements, including s￿nIfICant accounting policies. The financial reporting framework that has b8en applied in their preparalion is applicable law an¢J United Kingdom Accounting StarKlards. including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (Unrted Kingdom Generalty Accepted Accounting Pr*ice). In our opinion Ihe financlal statements: give a true and fair vlew of state of the affairs of the wp and the parent charitable company as at 31 March 2025 aTKI of the group's incoming resources and applicatlon of resources, Including rts irwme and expenditure. for the year then ended. have been properly p￿Pared in accordance with Uniled Kingdom Generally Accepted Accounting Practice: and have been prepared in acciydance with the requirements of the Companies Act 2006. Basls for oplnion We conducted our audit in accordance with Inlernalional Stsndards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors. responsibilities for the audrt of the financial statements sectNJn of our reporl. We are independent of the group and parent charitable (x)mpany In accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK. induding 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 obiained is SLrfficient and appropriate lo provide a basis for our opinlon. Conclusions relating to golng concern In auditing the financial 5tatement5, we have conduded that the Trustees. use of the going Col￿eM basis of accounllng in the p￿ParatIOn of the financial statements Is appropriate. Based on the work we have performed. we have not identified any material uncertaintles relating to events or conditions that, individually or collectively. may cast signi￿ant doubt on the group or the parent charitable company's ability to continue as a going concem for a period of at least ￿e1ve months from when the financtal statements are authorised for issue. Our responsibllities and the reswnsibilities of th8 Trustees with ￿spect to going concem are described in the relevant sections of thls ￿POrt. Other Inforrnation The Trustees are responsible for the other informatlon. The other infomation comprises the information Induded in the annual report, other than the financial statements and our audltors. report thereon. Our opinion on the financial statements does not cover the other information and, except to Ihe extent othenrtise explicitly stated In (MJr report. we do not express any fom of assurance conclusion thereon. 17 Weldmar Hospicecare Limitsd Independent audltors, report to the members of Weldmar Hospicecare Limlted C￿r resFK>nsibility is to read olher Information and, in doirYJ so. consider whether the other informatron is malerially inconsistent with the financial stalements or our knowledge obtained in Ihe course of the audit or Ott￿r￿Se appears10 be materially misstated. If we identfy such matefial incollsistencies or apparent maierial misstatements. we are required to determin8 vhielher this gives rise to a materi81 missiatemenl in th8 financial staternents themselves. If, based on the work we have perfome(l. we condude that there is a material misslatement of this other infonnation. w8 are required to report that fact. We have nothing to report in this regard. Other matters Prescrib￿ by th• Companles Act 2006 In our opinion, based on the work undertaken in the course of audit: the inforniation given In the Trust885' Annual Report which includes the Dlreclors. Report and the Strategic Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and the Truslees, Annual Report which includes the Directors, Report and Ihe Slrategic Report has been prepared in accordance with applicable legal requirements. Matters on which we are raqulr•d to report by exception In Ihe light of the kncywledge and understsnding of the gr(￿p and the parent charitable company and their envlronmenl oblained in the course of the audrt. we have not identffied material misstatements In the Truslees, Annual Report. We have nothing lo report In respect of the followng matters wheffj the Companles Act 2(X)6 require us to rep(Yt to you rf. in our optnion.. adequate aCC(￿nting records have not been kept by th8 parent charitable company. or returns adequate for our audit have not been received from branches not visited by us", or the parent charitable company financlal ststements a￿ not in agreement wilh the accountirvJ records arKI relums., or certain disclosures of trustees. remuneration specfvd by law are not made,. or we have not received all the inforniation and explanations we require for I￿Jr audit. Responslbllltles of Tru8tO08 As explained more fully in the Stat6ment of Trustees. responsibilities set out on page 15, the Trustees (who are also the directors of the parerrt charitable cornpany for the purposes of company law> are responsible for the preparation of the financial statements and for being satIsf￿d that they give a true and fair view. and for such internal control as the Twstees detemilne is necessary to enable the preparation of ltr￿ financial statements that are free from material misstatement. whether due to fraud or error. In preparing the financial statements. the Trustees are responsible for assessing the group arKI the parent charitable company's ability to continue as a going concem. dlsclosing, as applicable, mallers relaled to going concern and using the going concern basis of accounting unless the Twstees efther intend to liquidate the group or the parenl charitable company or to cease operations or have no realistic altemalrve but to do so. 18 Weldmar Hospicecare Limited Independent audltors, report to the members of Weldmar Hospicecarn Llmlted Auditors. r•sponslbllltl•s for the audtt of the financlal 8tatom•nts We have been appointed as auditors under the Companies Act 2006 and report in accordance vith regulations made under that Act. Our objectives are to obtain reasonable assurance about whether the group and Pa￿nI finarKial statements as a whole are free from material misstatement. whether due to fraud or error and to issu8 an auditors, report Ihat 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. Misstalements can arise from fraud or error and a￿ considered material rf. indSvidually or In the aggregate, they could reasonably be expected lo infiuen(* the economic tlecisiDns of users taken on the basis of these financial statements. Irregularities. Including fraud. are instances of non-compliance with laws and regulations. We design pKKedures in Ilne with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Tf* spectfic procedures for this engagement and the extenl to which these are capable of detecting irregularities. including fraud are detailed below. Identifying and assessing risks related to irregularities: We assessed the susceptibrtty of the group and parent ¢hari18ble company's financlal statements to material misslatement and how fraud might occur. induding through discussions ￿￿th the Truslees, discussions within our audit team planning meeting, updating our record of inlemal controls and ensuring these controls operated as intended. We evaluated possible incentrves ar￿ opportunrtEs for fraudulent manipulation of the financial statements. We identrfied laws 8ThJ regulations that are of significance in the context of the group arKI parent charrtable company by dlscussions with Trustees and updatlng our understanding of the sector in which the ￿0Up and parent charitable company operate. Laws and regulations of direct signif￿inCe In the context of the group and parenl charitsble company include The Companies Act 21X)6 and guidance issued by the Charity Commission for ErKJland and Wales. Further, Ihe group is subject to other laws and regulations ¥%there the consequences of non- compliance could have a malerial effect on amounts or disclosures in the financial statements. through signtficant fines, litigation lx restriciions on Ihe group's operations. We identified the most significant laws and regulations to be those issued by the Care Quality Commission. Audit response to risks idenltfied: We considere(I the extent of compliance wlth these laws and regulations as part of our audil procedures on the related finanoal statement items including a review of financial statement disclosures. We r8viewed the parent charitable company's records of breaches of laws and regulations. minutes of ￿￿etingS and Correspondence wrth relevant authorities to identfy potential material misst81omonts arising. We discuss8d the parent charitsble company's policies and proCedU￿S for compliance wtth laws and regulations wtth members of management responsible for compllance. During the planning meetTng wEth the audit team, the engagernent partner drew attention to the key ar8as which might involve non-compliance wtth labvs and regulations or fraud. We enquired of management whether they were aware of any instances of non•compliance with laws and regulations or knowledge of any actual. suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and Klentfying any signTficant transactions Ihat were unusual or outside the nornial course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit. the engagement partner's review included ensuring that the team had approached their work with appropriate professional scept￿$sM arK1 Ihus the capacity to identfy non (248) 1,992 (1,755) 1,156 N•t cash (used} I by Inv•8tln9 actlvltles Change In cash and cash equivalents in the year Cash and cash equivalents at 31 March 2024 Cash and cash equlval•nts at 31 March 2025 (766> (57) 4,417 4,360 25 3,594 23 Weldmar Hosplcecaro Llmited Notes formlng part of the consolldated flnanclal statements For the year ended 31 March 2025 1. A¢countlng Pollclos Principal accountirwJ fyjlicies adopted, the judgements. and the key sources of estimatK>n uncertainty in the prepar*ion of the financlal statements are as folltrws: Basls of preparatlon The financial statements have beén prepared on a going (x)ncem basis arKJ in accordance with Accounting and reporting by Charities.. Statement of ReCommend￿j Pracllce applicable io charitles preparing their accounts in accordance with Financial Reporting Slandard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019}- (Charities SORP (FRS 102>). the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland (FRS 102). and the Companies Act 2006. Weldrnar Hospicecare Limite(l (the Charlty) meets Ihe definltlon of a publlc Senefft enllty under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction vatue unless otherwise stated in the relevant accounting policy note(s). Where applicable. the amounts in these financial ststements have been rourKled to the nearest £1.000. Legal status of the Charity The Charity Is controlled by ils Truslees actiThJ in concert. The Charity is limited by guarantee and as such does not have a share caprtal. The members, who are also the Trustees, undertake to contn'bute an amount not exceeding £1 in the event of a wndiThJ up. Golng concern The Trustees conslder that Ihere are no material uncertainties about the Charty's ability to contlnue as a going concem. In forming their opinion. the Trustees reviewed the forecasl performance of Ihe Charity prepared by management for the foreseeable future. In doing this, they have considered the poiential impacts of reasonably possible scenarM)S, irduding Ihe impacl of reductions In fvndraising and retail income, in¢￿aseS in costs, and the uncertainty around the timiThJ of cash flows on legacy income. The Trustees have concluded that the Charity has resilience in its liquid resources io manage the impact of these risks and uncertainties. Group financial statements The consolidated results irbclude those of a quasF•subsidiary, on a line-by-line basis. thre the Charity directs the financial and operating policies of the quasi-subsidiary with a view to gaining economic benefil from it. No statement of financial a(Xtvlties Is presented for the charlty as permitted by sectlon 408 of the Companies Act 2006. Funds a¢￿UntIng FurKJs held by the Charity are: Unrestricted funds General fund- these are reserves which can be used in accordance with the charitable obiecls at the discretion of the Trustees. Designated strategic fvnd- these are reserves set aside by the Trustees out of the general fund for specthc fijture purposes or projects. Capital fvnd- Ihese are fvnds set aside by the Trustees based on Charity Commission guldance. The Charity Commission ￿viSeS trustees that they should exclude from reserves the value of tangible fixed assets. as spending these fuTKls may adversely impact the charity's abilty lo deliver its aims. 24 Weldmar Hospicecara Llmlted Notes fonnlng part of the consolldated financial statements For the year ended 31 March 2025 Restricted funds- these are funds that can onty be used for particular ￿tricted purposes within the objects of the Charity. Restrictions arise wt)en specified by the donor or when fvnds are raised for particular restrKted purposes. Further explanation of the nature and purpos8 of each fuThJ is Included In Ihe notes to the accounts. The cost of raising and administering such fuTrYs Is charged against the specffic fund. Investment income, galns and losses are allocated to the appropriate fund. Incom• Incon￿ is recognised when the Charity has an entitlement lo the funds. ary performance condition5 have been met. it is probable that the income will be received, and the amounl can be measured reliably. Where income has related exp8nditur8 (as wtth fundraising or cOntr￿t income), the Ir￿ome and related expenditure are reported gross in the Statement of Financial ActivitBs. Donations. grants and gifts are reco9nlsed when receivable. If a donation is subject to fulfilling Performance conditions before the Chartty is entitled to the funds. the income is deferred and not recognSsed until it is probable that Ihose ￿ndItionS will be fulfilled in the reporting period. Income frorn Gift Aid tax reclaims is recognised as income in the same year as the corresponding donatlon. Any amounts of Gift Aid not r8ceived by the year end are accounted for in income and accwed Income in deblors. Income from NHS contracts, govemment and other grants. whether 'capital' grants or 'revenue' grants are recognised when the Charity has an enlitlemenl to the funds. any performance conditions attached to the granis have been mei, il is probable that Ihe income will b& received and the amount can be measured reliably and is not deferred. Legacy Income is recognised when it Is probable that it will be received. Pecuniary legacies are recognised when probat8 is granted. Resi(tuary legacies are recognised when probate has been granted, provided Ihe amount of the legacy can be determined with reasonable accuracy and there are no unmet conditions for the legacy to be paid. Residuary legacies that cannot be recognised at probate will be recognise(l once the uncertainty relating to them being recetved has been resolved. If the charity has received notrfution from eXe￿ltOrS of Iheir Intentlon to make an interim disth'bution in respect of an unrecognised legacy. the amount of the distritxrtion will be recognised as tncome. Recognitlon of res￿Uary legacies ai ary point before the final estate accounts are agreed gives rise to some uncertainty as to the arnount that will be finally received. This uncertainty is due lo the variation in amounts realised for assels, in particular properties and investments and to a lesser degree any inherrtance tax and costs of administrakn'on payable by the esL3te. The Charty applies a discount lo the value of the legacies at the polnl of recognition to reflect this uncertainty. The dlscount Is calculaled annually base(l on the Charty's experience of the final amount received vs the amount expected at recogniti(￿, for residual legacies compleied within the year. Interest on d8POSit funds hdd is induded when receivable and the amount can be measured ￿liablY by the Charty, 4*hich is normally upon notification of the interest paid or payable by ts bank. Dividends are r8cognis8d once ts dividend has been dedared arKI no1j￿tIon has been received of the divKlend due. typically from the Charity's inveslment manager. Income tax recoverable in relation to Invéstment income is recognised at the b'me investsnent Income is receivable. Sponsorship from 8vents, fundraising and event registration fees are recognised as income when recelved to the extent that the Charty is entiued to the 1￿me and any performance conditions have been met. Income received for major challenge events Is accounted for in the period in which they lake place. 2S Weldmar Hosplcecaro Limited Notes formlng part of the consolidated financial statements For tha year endod 31 March 2025 Lottery income is accounted for Sn respect of th¢)se draws that have taken place in the year. Income received in advance for a fuiure fundraising or challenge event. a future lottery draw. or for grant receTved relating to the followng year Is defer￿d until the criteria for in(x)me recognition are mel. Trading income is recA)gnised at ts wint of Sale for both donated and purchased goods. CustOrn8rs have the right to retum mosl goods. however, rbo provision for retums is made as tts am¢)unts are Immaterial. Donated goods and services Donated services or facilities are recogntsed when the Charfty has control over the item, ary corlditions associated with the donated tlem have been met, the receipt of economic benefit from the use of the item is probable, and Ihat economic benefit can be measured reliably. Donated professional seNices and facilities are recognised as income at the estlmated value of the gtft to the Charity when rec8ivod. based on the amount that the Charity woukl hav8 boén prepared to pay for these services or facilities had it been required to purchase them. with a corresponding cosl recognised in the appropriate expenditure heading for Ihe same amount Donated fixed assets are similarly recognised as income at the value ￿ the Charity with a corresponding amount capiialised In fixed assets. Expondltur• and Irr¢￿V•rabla VAT Expenditure Is recognised once there is a legal or constructrve obligalion to make a payment to a thlrd party. il is probable that settlement ¥￿11 b8 requir8d and the amounl of the obligation can be measured reliabty. All expenditure is accounted for on an accruals basis under the followlng headings: Costs of raising funds comprises fundraising costs Incurred in seeking donations. grants and legaci8S." inveslment management fees,. costs of fundraising acttvities include the costs of gcM)ds sold, shop costs, commercial trading and their associated support costs. FurKlraisirvJ costs do not include the costs of disserninating information in support of the charitable activities. Expenditure on charitsble activities indudes the costs of providing specialisi palllatlve care and support, community services and educational activities undertaken to further the purposes of the Charity and their ass(Kiated support costs. Governance costs are assoclaled wlth the governance arrangements of the Charity arld relate io the general running of the Charity. These costs indude audrt. legal ajvice for Trustees and the costs associaled with meeting constrtutional and statutory requirements. such as the cost of Truslee meetlngs and the preparafjon of statutory accounts. Support costs are those costs which enable fundraising and charitable activilies to be undertaken. These costs indud8 finance, human resources, information systems, ￿MmUnICation, property management and legal costs. Vlhere exp8ndfjture I￿rred relates to more than one cost at6￿ry. It Is apportioned based on staff numbers. Irrecovefable VAT is charged as a cost against Ihe activity for whlch expendlture byas incurred. Volunteerg The value of the seNices prOV￿ed by volunteers is not incorporated Inlo these financial statements. Further d8talls of Ihelr coniribution are provided in the Trustees Report. Weldmar Hospicecare Llmited Notes forniing part of the consolidated financial statements For the year ended 31 March 2025 1.10 Flxod ass•ts Tangible fixed ass8ts costing £500 or more are capttalised at cost and. other than freehold land Induded in freehold property. are depreciated over their eslimated useful economic Ir¥es on a stralght- line basis as follows: As8Ot category Freehold property Leasehold property Motor vehicles Fixtures. fittiros and equipment Office equipment Annual rat• over 50 years over the shorter of the life of the lease or 50 years 25% straight line 15% straight line 20%-33% straight line No detKe¢lation is provKled on freehold land. Impairnient reviews are carried out periodlcally. If an asset is found to have a carrying value materially hlgher than Its recoverable amount. il is written dovm acwdingty. Costs associaiea me seinng up of shops or major reTurDisnmeni of exisllng snops are capitalised where they meet Ihe criteria for capitaltsation, otherwise. they are expensed in the year they occur. 1.11 Revaluation of tangibl• fixed assets The Charity has adopted the revaluation model to revalue freehold and Seasehold property whose falr value can be measured reliably. The revalualions are formally carried out every five years wrth perlodic informal reviews to ensure that the carying amount does not drffer materially from thal which would be delemiined using fair value at the end of Ihe reporting period. Tty￿ fair value of land and build1r￿ Is detemiined from market-based evidence by appraisal that is undertaken by professionally qualrfied valuers. Revaluation gains and losses are recognised in the Statement of FInar￿la1 Activities and added to reserves in a separate Revaluation reserve. The Charity owns two mixed-use freehold properties, property held for operalional use as charty $￿p$ and propety held to earn rentsls and for capital appreciation. These properties have been split on a Squa￿ foot basis and separated between investment property and property held for operational use as a tar+gibl8 fixed asset. 1.12 Intsnglble assets In accordance with FRS102, computer softr￿are costing £500 or rn0￿ is classed as an intangible asset, capitalised al c05t and is depreciated over rts esb"mated economic lrfe on a stra￿h1 line basis at 20Vo-33%. 1.13 Inve8tm?nts Investments held are eilher a fomi of basic financial instruments or Investment pn)perties. The fom18r are initially recognised at thelr transaciion value and subsequentty Tneasured at their fair value as at the balance sheet date using the dosing quoted market pnce. The Statement of Financial Aclivilies includes the net gains aThJ losses arising on revaluation and disposals throughout the year. Investment properties are formally revalued every five years with periodic irrformal reviews, conducted by Ihe Trustees. to ensure that the caryng amount does not differ materially from that which would be detennined using falr value al the end of the reporting perlod. No depreciatk•n Is provided in respect of freehold investment woperties, 27 Weldmar Hospicecare Llmltod Notes forming part of the consolidated flnancial statements For the year èndèd 31 March 2025 All galns and losses are taken to the Statement of Finandal Activities as they arise. Realised gains and losses on financial inveslments are calculated as the drfFerence between sales Pr￿eedS and their opening carying value or their purchase value rf acquired after the first day of the financlal year. Unrealised galns and losses a￿ calculated as the drfference between the fair value at the year end and their carying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Athviiies. The main form of financial risk faced by the Charity is that of volatility in equty markets and Investment markets due to wider econoTnic conditions, the attitude of investors to investment risK and changes In sentiment conceming equities within particular sectors or sub-sectors. 1.14 Stock siock of retail goods is valued at the lower of cost and nel realisable value. Donated ilems of stOGk for resale or distribution are not induded in the financial statements until Ihey are sold or distributed. The Trust8es conslder il impraclical to be able to assess the number of donated stocks. as the￿ are no systems in ￿ace which r8cord th860 iloms until Ihoy are ￿d. Undertaking a stocktake V￿uld incur urKlue cost. whlch oUtWe￿hS the benefits. 1.15 Dobtors Trade and olher debtors are recognised at the settlement arn(￿nt due after any trade discount offered. Prepayments are valued at the amouni prepaid net of any trade discounts due. Accrued income and tax recoverable are induded at the best estimate of Ihe amounts recelvable at the balance sheet date. 1.16 Current asso1 investmenls Investments held are a form of basic financial instruments. They are in￿"allY recognised at their transactM)n value and subsequently measured at their fair value as at the balance sheet date. The Statement of Flnancial Activities indudes income on revaluation arml disposals throughout the year. 1.17 Cash at bank and in hand Cash at bank and cash In hand includes cash and short-term highly liquid investments with a short maturity of three months or less from tha date of acquisrtion or opening of the deposit or similar account. 1.18 Creditors Creditor5 are reGognis8d where Ihe Charity has a present obligation resulting from a past event th wlll probably result in the transfer of funds to a third party, and the amount due to setile the obligation can be measured or estimated reliably. Creditors are n(xmalfy recognlsed at t￿lT settlement amount after all(Y4ving for any trade discounis due. 1.19 Flnanclal Instruments The CharTty only has financial assets and financlal Ilabiiities of a kind that qualfy as basic financial InslTuments. Basic financial instruments are initially recognised at transaction value and subsequenty measured at their settlement value. 1.20 Penglons The Charity operat8s a defined contribution pension scheme, and the pension charge represents the arn￿nts payable by the charity to the fvnd in respect of the year. 28 Weldmar Hospicecare Limitsd Notes fonnlng part of the consolldated financial statements For the year ended 31 March 2025 The Charfty also operates a defined benefft pension scheme. The schem8 is a multi•mployer scheme where it is not possible. in the normal cOu￿e of events. to identify on a consistent and reasonable basis, the share of ur￿artyIng assets and Itabilities belonging to Individual participating employers. Therefore, as required by FRS102 chapter 28 'Retirement benefrts.. the charity accounts for this scheme as If rt were a defined contribution scheme. The amount charged to th8 Slatement of Financial Activty represents contributions payable to Ihe scheme in respect of the accounling period. Further delai13 on contributions are provided In note 22 of these financial statem8nts. 1.21 Ternilnation ben•fft8 Termination benefits are measured at the best estimate of the expendilure required to settle the oblbgation al the balance sheet date. If the expected settlement date of the temiinalion payments is 12 months or more after making the provision, and the effect would be material, the obligation Is discounted Io tts present value calculated usirvJ an appropriate discount rale. 1.22 Dllapldatlon provlBlons Leasehold dilapidations relate to the estimated cost of returning a leasehold propety io ihe state required by the lease andlor meeting any redecoration oblKJations at the end of the lease. In accordaTKe with the lease tenns. The cost is recognis8d as a repair cost over the remaining term of the lease. The main uncertainty relates to estimating the cost that will be incurred at the end of the lease. Provlslons for dilapidatK)ns are estimated based on gross internal area. 1.23 Op•rating leages Rentals appllcable to operating leases are charged to the Statement of Financial Actlvlti85 in the period in which the cost is Ir￿urred. 1 .24 Taxatlon The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charilable Company for UK corporation tax purposes. Accordingly, the Charity Is potentially exempt from taxation in ￿spect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporallon Tax Act 2010 or Section 256 of th8 Taxation of Chargeable Gains Act 1992. to Ihe extent that such income or gains are applied exdusNely lo charilable purposes. 1.25 Ac¢ountlng estimates and judgements In weparing the financial statements. the TfU8tees are requkred to make estimates and judgeménts. The estimates and undertyirvJ assumptions are reviewed on an ongoing basis. Revisions to acC￿ntir￿j estimates are recognised in the period in thich the estimate is revised. where the r8vislon affects only that period, or In the period of the wision and future periods where Ihe revision affects both cJJrrent and future peric%ls. The matter below is consKlered to b8 the most importanl in understanding the judgements made and the uncertaints.es that could impact amounts re&￿ed in the financial ststements. R¢sldual legacy in¢om• Residual legacy income requires judgements ab)ut the probability of receipt. vthich affects the tlming of income recognrtion. A discounting factor based on our experience of Ihe likelihood of receipt of incorne is applied to the expected value of the legacy. This factor will be reviewed each year based on updated experience. Weldmar Hospicecare Limited Notes forn)Ing part of the consolidated financlal statomants For the year ended 31 March 2025 The Charty applies a discounting factor of 10% to resldual legacies that meet the crfterla for recognition. As at 31 March 2025, Ihe amount accTL￿d for legacy income was £1,921,CKJO. The r8alisation of a number of our legacies is dependent on ￿ sale of properties and investments. and the arnount and timing of these salos are uncertain. This ur)certainty ts acc￿nted for In the discount applied to residual legacies. 2. Donatlons and legacies Unrestrlcted general funds £'ooo Restrlcted funds Group Total £'ooo 2024 £'ooo t)onations and gffts Friends donations Legacies 1.237 225 1,462 2.644 2.699 1,375 280 In 2024, of the total irwme from donations aN118￿￿les, £2,319,1X)O vrds to unr8slrfcled funds arbd £23.0(X) to restrided funds. 3. Incom• from charitable activities Unrnstrict genoral funds £'ooo Rostrfct•d funds £'ooo Group Total £'ooo 2024 £'ooo NHS ICB ser4ice contract and other contracts DHSC Grant Education and courses Catering receipts 2.430 183 1430 183 2.598 65 26 27 35 27 2,613 In 2024, of the total income from charitable acilvltss. £94,oc￿ to unrestricted fvnds and £2.S95.000 to restricted funds. Weldmar Hosplcocare Llmited Notes fornilng part of the consolidated financlal statoments For thé y8ar endod 31 March 2025 4. Income from other tradlng actlvltl•s Group Unr•strictod goneral funds Restricted funds £'ooo Total 2024 £'ooo £'ooo Fundraising irthme Lottery Charity shops Sale of go(Kls 634 207 4.107 634 207 4,107 195 4,187 93 In 2024, of the total income from trading aclivrties, £4,843,0￿ was io unrestricted funds and £nil to restricled funds. 5. Net Income from tradlng actlvltles of subsidiary The Charty had a subsidiary for Ihe purpose of generating funds: Waldn￿r HOspIc￿ Trading Limited. The trading activiti'es of the subsidiary induded Ihe sale of goods and agency commission from the sale of gift-aided goods through the Shops. Income from the sale of donated swds is deatl with through the Charily's accounts. AJI taxable profrts ar8 pald to the Charity under gTft aKI. Relevani financial information regardirvJ Weldrnar HospScecare Trading Limited for both the financlal years ended 31 March 2025 and 2024 is as follcrlts: 2025 £'ooo 2024 £'ooo Tumover Cost of sales Gross profft Adminlstrative expenses Net profft befor• taxatlon Taxation Net profrt after taxatlon 90 93 50 31 Weldmar Hosplcecare Limited Notss formlng part of the consolidated financlal statsments For the year onded 31 March 2025 6. Investment Income and interest Group 2025 £'ooo 2024 Deposit int8resl Dividends and treasury stock Propety rental 193 282 27 507 37 525 Amounts Ir￿Uded under propety rental were all receivable in the current year under operating lease5 of greater than two years durdts'on. The minimum fulure rental receipts are £32.000 (2024: £33,0(x)). 7. Net income from operatlonal a¢tlvltlo8 This is stated after Chargin￿ (cre(rrting): Group 2025 £'ooo 2024 £'ooo D8pr8ciation of tangible assets (Profit) on disFx>sal of fixed assets Operating lease rentals Fees payable to the Charilys auditors for: audit of the Char[t￿S and subsidiarfs fir￿ncial statements L2x advisory serrfices 277 (20) 561 260 145} 470 20 15 8. Analysis of total resources expend•d Staff Dlrect Support Group total £'ooo £'ooo £'ooo Cost of g•neratlng fund8 Fundraising actrvities Costs of fundraising activities Costs of running charity shops Total cost of fundraising activities 349 339 1.176 145 90 235 833 3,067 Costs of managing investments Total cost of g•neratlng funds 57 57 3,957 150 235 Dlrect charltabl• •xpondlturo Inpatient unit Communrty nursing servKe Patient and family 5UPPOrt services Education department Weldmar at home seNice Actlvltl•s to provld• palliative car• 2.634 1,196 495 78 565 53 9)9 361 4,108 1,610 762 105 27 307 77 753 Total r•sourc•s 0x￿nd•d 32 Weldmar Hospicecare Limited Notes forniing part of the consolidated financlal statements For the year 8nded 31 March 2025 Comparative figum for th• prlor year Staff costs £'ooo Direct costs £'ooo Support costs £'ooo Group total £'ooo Cost of generating funds Fundralsing activities Costs of fundraising activitles Costs of running charity shops Total cost of fundraising activities 333 182 801 1.165 Costs of managing investments Totsl cost of 9eneratlng funds 66 66 Dlrect charltable 0X￿ndItUre Inpatient unit Community nurslng servlce Patient and family support servlces Educatiorb department Weldmar at horne service Actlvltles to provlde palllatlve carn 2.405 1.321 442 521 31 43 951 365 217 14 365 3,877 1.717 702 74 1,342 897 80 675 Total resourc•s expended 7.168 2.192 In 2024. of the total resources expended. £8.892.(KIO was from unrestricted funds and £2,648.0(K) from restricted funds. The actlvftl•s und•rtylng th• actlvltl•8 abovo. und•r each h•adlng, ar•: Fundraising actTVitles - promoting &fyBreness of the Charity and tts work, organising events, running charity shops and investing in products to create the income fiow needed lo support our activities. Managing investments - brokers, fees for managing the investment portfolio and costs aSS￿lated with maintaining a f￿ehOld investment property. Inpatient unlt - providing a 12thd Inpatient hospi￿ in Dorchester. Comrnunlty nursing seNice - providirKJ a specialist palliative care nursing service for adulis in North, South, and West Dorset. Wellbeing services - providing social respite care places at the inpatient unit in D(xchester, Basepoint in Weymouth, Bridport Community Hospttal, and Blandford Comrnunrty H05pitsI. Education - providing educalion in specialist palllalfve care to our staff and for ger￿ralISt$ throughout the health economy. Weldmar at home - A service introduced in July 2021 to provide hospice care at home Sn North, South. and Wesl Dorset. Weldmar Hosplcocare Limited Notes forming part of the consolldated financial statements For the year ended 31 March 2025 9. Analysls of support Costs Management and admlnljtrallon £'ooo Property costs Govemanc• costs Group t¢)tal £'ooo £'ooo £'ooo Inpatient Unit Community nursing servi Patient and family support ser4ices Education Weldmar at Horne Fundratsing Shops 342 16 361 2U9 27 26 14 307 145 138 79 11 28 Comparatlvo figures for the prior year Management and admlnistratlon £'ooo Prwrty Gov•rnanc• cost• costs Group £'ooo £'ooo Inpatient Unit Communty nursing sorvlce Patient arKI famity support services Educatk)n Weldmar at Home FundralslryJ Shops 830 319 115 951 365 217 14 12 319 159 78 365 182 86 180 22 253 20 Management and administration costs a￿ the support costs which enable fundralslng charitable activities lo be carried out. Property costs are Ihe costs which enable the buildings from which the Charity OFerates to function 8ffectNety. Support costs are allocated based on staff numbers. Included in management and administration expenses are staff costs of £1.278.000 (2024.. £1,213.000). Govemance and professlonal support for Trustees r￿p￿sent ihe costs of complying with statutory requirements. strategic planning and providing legal and other support lo Trustees. 10. Indomnlty Insurance The Charity pays Insurance premiums to IrKlemnify Trustees and senior staff from ary loss arfsing frorn their duties. These costs amounted to £4,200 {2024.. £2.8(M)). Weldmar Hosplcecare Limited Notes forming part of the consolidated flnanclal statements For the year ended 31 March 2025 11. Staff co818 and •molumonts Group 202S £'ooo 2024 £'ooo Wages and salaries Social security Costs Pension costs 7.357 7,124 627 581 645 The total amount of temiination payments in the year, included in wages and salaries. was £66,OlJO (2024.. £25.000). All terminatM)n payments were pald in the year. The average number of staff employed ty the Gr￿p durirwJ the year was as follow5: Group 20ZS Number 20Z4 Numbor Inpatient unit Communrty nursing service Patient and family support services Education Weldmar at Home service Fundraising Charty shops Management and administration of the charity 68 27 16 12 23 11 25 13 87 26 261 24 26S Emoluments of staff earnlng over £60,000 per annurn. Ir￿UdIr￿ employer natlonal insurance contrlbutions arKI temiination payments. but exduding employer pension contribukn'ons. fell within the following ranges.. Group 2025 2024 Number Number £60,001- £70,000 £70,001- £80,000 £80,001- £￿,000 £gO,￿l- £100,000 £100.001 - £110.000 £110,1)01 - £120,(KKI £120,001 - £130,¢XYI £130.001 - £140,(NXI £140,001 - £150,¢XKI During the year, the Chanty's community ser¥ices were restructured to save money following tt termination of a contract with the NHS. Included in the analysis above are 5 staff who left the charTty through re(lundancy, and the addttion of t￿e1r redundancy pay and notlc8 pay to their usual earnings resulted in them earning over £60,000. W•ldmar Hospicecare Limitod Notos fonning part of the consolldatsd financial statements For the year ended 31 March 2025 Contributions of £63.000 {2024: £26,000} were mad8 to the NHS Pension Scheme, a (lefined ber￿lt scheme for 7 higher-paid staff (2024.. 2}. Contributions amounting to £100.000 (2024: £62,IX)O) were made to a defined contribution penslon scheme for 7 higher paid staff (2024: 5). The Charity considers its key managemenl personnel to comprise the Trustees arKI the Director8 Group (senior management team), who a￿ the Chief Executive. the Chief Operating Offi￿r, the Oirector of Cllnlcal Services. the Director of Retail. and Ihe Director of Finance arKI People Services. The total rernuneration. including employer natlonal insurance contributions and employer pension contributions. of Ihe senior management team was £642,01)0 (2024". £703,0(Y)). 12. Trust0￿, remuneratlon and •xp•ns•g The Trustees received no remuneralion in either year. The Trustees received no reimbursement of travel costs for attendi￿ meetings (2024: £Nil). Ouring the year. Truslees waTved no expenses (2024; £Nil). 13. Fixed assets Group and Charlty Land and bulldings Motor v•hicl•8 Flxtur¢s, fittings and equlpment Total £'o(M) £'ooo £'ooo Cost or valuation Al 1 April 2024 Additions DisFX)sals Al 31 March 2025 5,474 130 6.364 721 670 6.415 153 650 110 913 Depreciation Al 1 April 2024 Charge for the year On disposals At 31 March 2025 462 128 1.087 277 20 77 20 110 $74 Net book valu• At 31 March 2025 4,732 339 5,071 At 31 March 2024 5,012 Weldmar Hosplcecare Llmlted Notes fonnlng part of the consolldated financlal statements For the year ended 31 March 2025 Analysis of land and buildin 2025 £'ooo 4,162 43 526 2024 £'ooo 4,073 695 244 Freehold Long leasehold Short leasehold 4,731 5.012 The freehold and long leasehold properties, comprising the inpatient unit in Dorchester, Hamrnick House a long leasehold property in Dorchester. and a freehold property in St Thomas Street. Weymouth, were valued in March 2021 by an independent fimi of Dorchester chartered surveyors, Symonds & Sampson. Hammick House was sold in the year. The inpatient unrt was valued on a depwiated replacement cost basis, due to its specialised natu as a purpos&burft hospice facility. The oth8r prowbes were valued on an open-market basis. The property In St Street. Weymoulh 18 a mix8d-use property; the operational element is recognised as a tangible fixed asset; the remaining element is recognised as an investment property in Nole 14. Hlstorical cost information at 31 MarGh 2025 Cost Depr•ciatlon Hlstorlcal not book value £'ooo £'ooo Freehold property LoThJ leasehokl kyoperty 3.366 93 2.183 1,183 13 14. Investments Group and Charlty Freehold Llsted Charttles Inv•stm• sxurftlos Property nt Fund proporty £'ooo 2025 total 2024 total £'ooo £'ooo £'ooo Market value al 1 ArKil Addilions 81 ￿st Disposals at carying value Unrealised net gains on revaluation Markgt value at 31 March 371 10,138 2.417 (2,384) 514 11.023 2,417 (2,384) 10.785 1.755 (1.872) 228 239 355 371 525 Hlstorlcal cost at 31 March 67 8,927 51)0 9.494 10,705 The freehold propety in St Thomas Street. Weyrnouth. induded in irwestment wopertles, was valued In March 2021 by an independenl fim) of Dorchester chartered surveyors. Symonds & Sampson. The Trustees belleve ts current fair value Is not materlalty drfereth to the formal valuatKm at March 2021. 37 Weldmar Hospicecare Limitsd Notes formlng part of the con501idated flnanclal statoments For the year ended 31 March 2025 15. Oebtorn Group Charity 2024 £'ooo 2025 £'ooo 2024 rooo 2025 £'ooo Trade debtors Other debtors Prepayments Accrued income 31 74 179 1.464 31 144 456 2.155 142 457 2.165 76 179 The Charty has been nolrfied of legacies WTth an estimated value of £165,000 (2024". £780.000) which have not been recognised as income at 31 March 2025 because the legacies have not y8t met the criteria to be recognised as income. 16. Current asset investm•nts Group and Charlty 2025 £'ooo 2024 £'ooo Market value at 1 April Additions at cost Redemptions at par Accwed Inte￿$t and redemption wemium Market valu• at 31 March 1.572 (778) 805 17. CredltorJ: Amounts falllng du• withlTr on• year Group Charity 2024 £'ooo 2025 £'ooo 2024 £'ooo 2025 £'ooo Trade creditors Amounts due to subsidiary undertaking Other credltors Taxation and social security Accruals 381 21 377 78 205 178 111 20 82 115 220 241 678 228 178 112 899 117 220 242 600 Weldmar Hospicecare Limited Notes fomiing part of the consolidated financial statements For the year ended 31 March 2025 Included in other creditors are the following amounts of deferred income. This Income has been def6rred as il was received or recervable in advance of the point al which it can be rec(MJnised as income by the Charty. At 1 Aprfl 2024 Amounts roleased In the yoar £'ooo AdditIor￿1 provlslons made £'ooo At31 March 2025 £'ooo £'ooo Charitable activities Fundraising 8V8nts Other 106 (95) 113 124 127 18. Provision for charg•s and Ilabllltlas Group and Charity At 1 Aprll 2024 Amounts released In the year £'ooo Addftlonal provlsions made £'ooo At31 March 2025 £'ooo £'ooo Dilapldatlons 203 16 252 Dilapidations relate to w)perties where Itwe is a legal responsibilty to pay for these costs before the end of the lease period. 19. Funds At Incomlng Outgoing l Aprll 2024 £'ooo Galn8 l Transf•rs (l¢)sses) At31 March 2025 £'ooo £'ooo £'ooo £'ooo £'ooo R08trlctod funds NHS funding DHSC grants Other restricted funds Total restricted furKI8 2,430 183 280 93 {2,430) (183) Unrestricted funds General fund Capital fund Revaluation reserve Designated strategic nd Trading subsidiaries. funds Unrestrictod fund8 13.841 2.510 2.782 8.951 (8.336) 213 1.557 (3} (166) 16,226 2,508 2,567 (49) 2.400 (473) (1.327) 600 92 (41) (61) 213 Total fund8 213 Weldmar Hosplcecare Limitsd Not•s fornilng part of the consolidated financlal statements For the year endèd 31 March 2025 Description of reStr￿ted funds: NHS funding - The Charity has a servi￿ Level Agreement with NHS Dorset. Under the terms of the contract, the Charity has agreed to provide specialist palliative Gare, both inpatient and day patient facilitjes. lo the terminally ill. It has also contracted to provide specialist nurse advice in the community, bereavement support. trained volunteer support arKI education in palliative care. The Charty also receives NHS funding under a contract to provide hospi¢8 at home services. DHSC grants comprise grants rec￿1Ved from Ihe Department of Health arKI Sw'81 Care under the Hospice Capital Grant scheme, which aims to support chariiable hospices to improve ￿ maintain their physical estate. 3) Other r8stricte(I funds relate to other donations or legacies over £250 which have been recetved to fund a partkular part crf the Charity's work. Description of unrestricied funds: 4) General fund - these are resepies which can be used in accordance wlth the charitable objecls at discretion of the Trustees. s) Caprial fund - these are funds set aside by the Trustees based on Charity Commission guidance. The Charity Commission advises Trustees that they should exclude from reserves the value of tangible fixed assets, as spending these funds may adversely impacl on a Chari￿s ability to delrver its aims. 6) Revaluatlon reseprfe - This reseNe represents the remalnlrKJ surplus on the revaluation of tangible fixed assets used for the Charty's charitable purposes and Is not available to fund future expenditure. The £166,000 transfer made in the year represents the revaluatN)n reserve realised on the sale of Hammick House. 7) Designated strategic fvnd - these are reserves set aside by Trustees of the general fund for speclfic future wrposes or projects. At 31 March 2024. £1.8000.000 of the designated strategic fund was set asKle by Trustees to support the Weldmar at Horne servtce for a further 3 years from 1 April 2024 to 31 March 2027. From 1 Awll 2025, the Weldmar at Home servTrce was merged with the Community Nursing serv￿ to fomi a new Specialist Hospice at Home Servlce. and. as the fund was no lon98r required. the balance was released. In the prior year, the Trustees agreed to set aside £600,(K)O to facilitate a move of office-based staff to the Inpatlent Unil, which is planned to take place in 2025-26. 8) Trading subsidlaries - This fund represents the acoJmui*ed surpluses from the activities of Weldrnar Hospicecare TradirnJ Limited. Transfers have been made betsveen the unrestricted fund balances to designate the amounts r￿eded to implement the Strategy and to maintain the capital fund. Weldmar Hospicecarn Llmited Notes fomiing part of the consolidated financial statements For th8 year ended 31 March 2025 Comparatlve figures for the prior year Incomlng Out9￿n9 Gain8 l Transfer• (losseg) At 31 March 2024 £'ODO 1 Aprfl 2023 £'ooo £'ooo É'ooo £'ooo RoStrfct•d funds NHS furbding DHSC grants Other restricted funds Total restricled funds 2.595 (2.595) 30 30 23 53 Unrnstrlcted ful￿6 General fund Capital fund Revaluatlon reserve Designated strategic furKI Trading subsidiaries, fijnds Unrestrlctod fund8 13.049 3,047 2.839 3,183 7.993 (561) (24) 326 (7.862) 24 (33) (923) 475 13,841 2,510 2.782 2.400 (188) 98 22.216 93 7.827 92 8.893 475 Total fund8 22,246 10.445 11.541 475 19. Analysi8 of group net a88Ot8 betW￿n funds UnrostrI￿ed General Deslgnatod R•8trlctod funds funds funds Total funds 2025 £'ooo Total funds 2024 £'ooo £'ooo £'ooo £'ooo Fund balances are represented by: Fixed assets Investments Net currenl assets Total net assets 4.933 10,987 138 308 153 5,071 11.295 5,277 11.023 21.981 20. Operatln91oa80 commltmonts At ttie balance sheet date. Charity had the following future rninirnum lease payments, under noTr cancellable operating leases. for each of the followng periods.. Land and bulldlngs Other 2025 £'ooo 2024 £'ooo 2025 £'ooo 2024 £'ooo Operatlng lease paymenis due: Nol later than one year Later than on8 year and not later than five years Later than five years Total payments 24 24 1,367 235 47 379 1.626 76 41 Weldmar Hosplcecarn Limited Notes forming part of the consolidated financlal statsments For the year endèd 31 March 2025 21. Captial commitments At the balance sheet date, the Chanty had no capiial commrtments (2024". nll). 21 Penslon comrnltm•nts and other postqetirement benoflt8 The Charity operates both a defined contribution and a defined benefft pension scheme. require contributions to be made to separately adminisiered funds for ihe benefit of staff. Defined contrlbutlon p•nslon scheme The Charity operates a defined contribution pension scheme. The assets of Ihe scheme are held separately from those of the Chanty in an independently administered fund. The pensbn cost charge represents contributions payable by the charity to Ihe furKI and amounted to £366.000 (2024: £316,000). Contributions lotalling £45.000 (2024.. £41.000) were payablo to fund at the balanc sh￿t dato and 2r• included in crÉditors. Defined b•nofft ponsion •chem• Slaff wtK) have previously been members of the NHS pension scheme {the Scheme). before joining the charty, have the option to continue being members of that scheme. The NHS pension scheme Is an unfunded defined benefit scheme tt￿t covers NHS employers, GP practi¢es. and other bodies allowed under the direction of the Secretary of Stale for England and Wales. The scheme is nol designed to be run in a way that would enable employers to hdentify their share of the urKJerlying scheme assets and liabilities. Ther8fore, the scheme is accounted for as If rt were a defined contribution schem8, with the cost to the Chanty of participating in the scheme being taken as equal to the contributions payable to that scheme for Ihe accountiNJ period. The Scheme receives contributlons from staff and employer51o defray the costs of pensions and other benef6ts. The pension cost charge represents contributions payable by the charity to the fund and amounted to £278.CM)0 (2024.. £265,000). Contributions totalling £33,000 (2024: £35,000) were payable to the scheme at the balance sheet date and are included In creditors. An actuarial valuation of the NHS pension scheme was completed in October 2023 based on the scheme's posstion as at 31 March 2020. arKI the liabilrties of the scheme were valued at £380.1 billion. As the NHS pension scheme Ss an unfunded scheme, these liabilTtles are underwritten by HM Treasury. which also funds or retains the year on year drfference between the contribution income and pension payments. Further Infomiallon can be found on the NHSPA website: www.n slons 42 Woldmar Hospicecare Limited Notes fonnlng part of the consolidated flnanclal statements For the year ended 31 March 2025 24. Rdated party tranMctlons The Charty had the following transactions and amounts due with its subsidiaries that are 81iminated In thes8 consolldated financial stalements. Sales of goods and 8oNIc08 2025 £'ooo Amounts duo to related partles 2025 2024 £'ooo £'ooo 78 82 2024 £'ooo Weldmar Hospicecare TradiTVJ Limited The Charity had no other related party transaclions during either the current or prfcK year. 25. Roconclllatlon of n•t expenditure to net cash flow from oporatlng actlvitlos Group 2025 £'ooo 2024 £'ooo Net (deficlt) for th¢ y•ar (as per the stat•rnent of flnanclal activlties) Adjustments for: Depreciath'on charge for the year (Profrt) on sale of tangible fixed assets (Gains) on investments (IrKr8as8) in accrued Invesknent income DivKlends. interest and rents frrjm investments Decrease in stocks (Increase) in debtors Increase in creditors and provlslons for Ilabilities and charges Not cash (used> by operating actlvltl•8 805 (621) 277 (20) (213) (11) (507) (45) (475) (525) (1,052) (65) 254 25. Analysis of cash and ca8h equlvalents Group 2025 £'ooo 3,221 373 2024 £'ooo 4,108 252 Cash in hand Cash held as part of the investment portfollo Total &98h and cash •qulvalents 43 Weldmar Hospicecare Limited Notes fomilng part of the consolidated financlal ststements For the year ended 31 March 2025 26. Flnancial perfomiance of the Charlty Ttr￿ consolidated statement of financial activtts.es includes Ihe results of the Chan￿S subsKliaries, Weldmar Hospicecare Trading Limtled. The summary perforniance of the Charity alone is as follows: 2025 £'ooo 12.293 61 2024 £'ooo 10.352 61 Income Gift Aid from subsidiary companies Total expendlture Net gains l (losses) on investrnents Net (losses) on revaluation of fixed assets Nel {dellcft) Total fund5 brought for6Yard Total funds carrlod forward 11.750 213 11,503 475 817 615 22,350 Representod by: Restricted funds Unrestricted funds 22.350 22.350 21,533