Peace Hospice Care PEACE HOSPIC£ CARE {A Charitable Company limitèd by guarantee) TRUSTEES ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Cornpany No: 2604892 Charity No: 1002878 *ABEHVYCJ" 12110r2022 COMPANIES HOUSE
PEACE HOSPICE CARE TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2022 CONTENTS Refèrence and administrative detsils Trustees. Report Independent auditors report 15 Consolidated Statement of Financial Activities 18 Consolidated and Charity balance 5heels 19 Consolidated Cashflow Statemeni . 21 Notes to the fLnancial statements 22
.PEACE HOSPICE CARE TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2022 Charlty Name Peace Hospice Care Charity Number 1002878 Company Number Registered OWtte 2604892 Peace Oti¥e Watford Herts WD17.3PH Trustee5 Dr Jeremy ShÉndler (Chairl Mr Jormo Kesan¢O (Wice-chairl Mr Richard Ru5sell-Hogg (Treasurer) Dr Brihad Abhyankar Mr David Cunnington Mr Garry Davis Mr Alan Graham MBE Mrs Seema Hill Mrs Erika Morale2-Perez Mr Geoff Cortè Iresigned 24 May 2022) Ms Annesha Archyangelio (resigned 24 May 20221 Chief Executiv* Execulive Manag¢mènt Team Mrs J Tritton Ms C Allen Mf A Forth Dr"S Klinger Mr N Harman Auditors Haysmacintyre LLP 10 Queen Stieet Place London EC4R IAG Bankers Nat West Bank PIC 72-74 High Street Watford Hèrts WD17 2GZ
PEACE HOSPICE CARE TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2022 TRUSTEES ANNUAL REPORT The Annual Report is to ensure that Peace Hospice Carè IPHCI is pubLicly accountable to its stakeholders lor the stewardship and management of the funds it holds on trust This report meets the requirernents of law and ieguiation. It provides a fair, bal3nced and understandable review ol the CharitS structure, legal purpose, objectives, activities, fi.nancial performance and flnancial positLOn. REVIEWOF THE YEAR It has been another successful year in 2021-2022 for us despite the difhcult circumstances emerging from the COVID-19 pandemic restrictions. During ihis year our team has worked in collaboration with the Herts and West Essex local Integrated Care System in improving Palliative And End of Life Care services across West Herts. This has included working in partnership with other Hospices in provision of our Improving Access to Psychological Therapies IIAPTI contrac( which has increased our Berehvement and Covn5elling contacts. We continue to work with the two West Herts hospicès and Central London Community Health ICLCHI NHS trust in increasing our reach and coverage io people in their own homes/care homes. We have done this through the introductton ol the joint NHS ar Peace Hospice Care community virtual ward model, which includes irnproved communication and coordination of care and extension of our Palliative Response teams service hours. as well as continually increasing referrats to our Rapid Personalised Careiseryice. This increase in actjvity is recognised with an increase in direct funding from the NHS, which ir¢ turn allows Lts to invest more of our donated resources across all our setvice5. A key marker of the impact of Palliative and end of-life care services s the number of people who achieve their preferred place of care and death. Our community services have achieved tn excess of 8 out of 10 of our patients dying in their preferred place of cafe and death. Our community services team are able to demonstrate an increase in patient prèference5 and wishes to die at home, which we are enabling them to achieve. Our Ch(el Executive OffLcer and Executive Managemènt team substantially Succeeded with 90% of their strategic objectives during the year and on behalf of the Boaid of Tru51ees. I thank them for their hard worl diligence and dedication to our service. l also wholeheartedly thank all of our volunteers. donors, corFK)rate Sponsors and supporters for all your contributtons to Peace Hospice Care during the last year. Without your" dedicated support we could not have ach4eved this enhanced level of service provision for all our clients. Jerèmy Shindler Chair OBJECTIVES AND ACTIVITIES Charltable Objects and Purpose Peace Hospice Care is a company limited by guaranlee and is a registered chaiity. The Chaiity purpose is set out in its Articles ol Association io promote=_ . the relief of sickness or suffering lor those sufferin9 from any Life-limiiing illness primarily btjt not exclu5tvely within the area of South West Hertfordshire support and care for their farniLies, friend5 and carers other objects of social welfare which may now or hereafter be deemed by law to be charitable, in such ways as the Trustees shall from time to time think fit through the provision of heolth and social care setvices of all types. including Iwithoui limitation) accommodation and day care servtces through establishing and maintaining a Hospice,. palliative care services,. Counselling, bereavement other 5ervice5 to help relieve emotionaL mental or Spiritual distress, and to promote education about, and research into the development Governance.
PEACE HOSPICE CARE TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2022 . Public Benefit PHC is a PLJblic Benefit Entily. The Trustees confirm that they have complied with iheir duty under section 17 of the Charities Act 2011. They have considèred the public benefit guidance pUb[hed by the Charity Cornm510n and believe that they havÉ* followed it. Thts report provtde5 csetails of the aieas of charitable activity Lsndertaken by PHC. Pèace Hospice Care pn)vides the fotiowillg seNice5: Peacè Inpatient SÈrvi¢es'. Our Inpaiient Unit IIPUI is a 12-bedded. short stay unit providing high quality. 5pecialisl palli)tive care which includes symptom control rehabilitalion and end of life care for individuals whose symptoms cannot be controlled at home. The team deliver holistic carè for patients and their families including physical, emotionaL spiritual and practical 5UPPOrt lor those living with a lile-iimiting illness. The Unit supports the values of PHC in lis caring and relaxed environfflent. treating all patients and their loved ones with respect and dignity. The IPU has a highly effettive. multL-disciplinary team ensurkng all aspects of each patient's condition are addressed in a sensitive manner. Peace Outpatient Sèrvices: Pèace Outpatient SeNices provide holistic assessment care and Support for people living with life- limiting illnesses in South West Hertfordshire. The team tatlor services to meet the frequently changing needs of our individual patients at different points in time. ensuring that the patient and. their family i5 at the heart of all decision making. This includes providing detailed holistic assessments and. ieviews via a nurse-led clinio multidisciplinary teams and consensu5 decision making which underpin our patient-centfed approach. To achieve our aims,. we offer three tiers of wellbeing and rehabilitation support {univeisaL targeted and specialisedl. which may change overtime to meet the specific needs of each patient. The servtce includes a very wide range of rehabilitation interventions and support. wellbeing and creative arts a flourish¢ng and growing Compassionate Neighbours service and a grow(ng counsett(ng and bereavement service. We are keen to enhance the acces5 to these services for. those patients in seldom-heard communities who have not until r. regularly accessed our services. Pèace Communlty SÈtvtcÈs: Our Rapid Per5onèlised Cère Service prpvides personal care for up to 12 weeks to patients at home receiving end of lile care whilst our Palliative Response Team s a skilled nurse and medical team supportin9 Patients. their families and carers at home in line with their wishes to receive and remain at home for their care. Peace Education Services: As well as providing internal tiair)ing to Staff and volunteers, we work exlernally with care.home staff to raise awareness of the needs of patients with palliative care needs. STRATEGY 2020 - 2025 Oui Purpose Making J difference to those in our community who need us because, we believe. every person matters. every day counts. Our Wision Until the day that all paLL¢ative care needs in our community are mel we will stnve to extend our reach to support more people. whenever and wherever they need us. Our Value5 Which underpin everything we do: Page5.
PEACE HOSPICE CARE TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2022 IntegTity- we are opery honest and forthri9ht. Qvality - we aTe committed to achieving the highest possible standards across our organisat(on to benefit patients, families, carer5. voILinteers. staff and the wider commLinity. Collaboration krK)w that working together makes u5 stronger and we seek to work in partnership to maximise resouices. skills, expertise and knowledge. as well as efftciencies. Compassion - the physicaL psychological and emotional weilbeiThJ of otheis ¢s at ihe heart of what we do. Key Stratègtc Alms This organisational wide work plan supports the agreed 5-year PHC strategic ambitions and clinical strategy goèls and planned prioiities 202212023. Progress against the plan will be monitored through Executive Board feain meelings. The plan will be reported by exception to the Board and ils sub committees on a quarterly basis. Peace H¢5pice Care Strategic Ambitions l. We will reach more people and their families ln our community living With a life-limitin9 Lllnèss. We w(11 continue to have exceptional care at the heart of whal we do. We will offer care and support to ouf community. regardless of their diagnosi* and as soon after ih¢s phase of illness is identified. 2. We will recognise. enga9e aNI actively respond to opportunities for working sharing and leaming from each other..As experts in delivering palilative care, we will work with other providers to improve care anij support and educate others about the value add impact of our work 3. We will manage our Charity eflicientty and effectively. To deliver our strategic pian. we will invest in our people, our income generatiorn oui brand and our cornrnunications. STRUCTURE. GOVERNANCE AND MANAGEMENT Legal Structure and Purposè Peace Hospice Care is a company limited by guarantee under the Companiès Act 2006. number 2604892. The charitable company ts governed by its Memorandum and Articles of Association and És registered with the Care Quality Commission whith monitors and inspects the Charity as an independent health care provider. Thè registered manager is Mrs Jackie Tritton, Chief Executive Officer. The Hospice provides care and support for adults and farnilies affected by cancer and otheT life- limiting illnesse5 from diagnosis, whether on a known curative pathway or not. Our offer 4$ focused on intervention5 of care from self-management through to specialisi palliative and end of life ca. This can be accessed through the IPU. day seThices and the Hospice at Home Service. In line with the UK'S independeni hospice movement, PHC'S services ère provided at ro c05t to patients or iheir famtiies. Nurses and rlinicians provide specialt care as.well as practical hands-on nur5in9 carè for patienis with a range of terrninal and iile-threatening i(Inesses. PHC'S charitable purposes are set out rn the objects contained in the companys Memorandum of Association. In Section 4, the objects are defLned as'the relief of sickness. and this is further defined in relation to the charitable purposes through a series of more detailèd objects. The objècts all support the Charity's purpose which is the provision of a specialist palliative nursing ore seivice to patients with life-lirniting illness. Page 6
PEACE HOSPICE CARE TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2022 Corporate GovÈrnance 8oard of Trustees The Board of Trustees as Directors ol the Company are legally responsible for directtng the affairs of the Charity. They serve for a renewable term of three years and maxtmum ol nine years and have widè range of skills and experience (nclud(ng citnical and professional expertise. The Board meets at least flve times each year to review and direct Peèce Hospice Care strategy, budget and peTformance. Day-to-day management of the Charity is delegated to the Chief Executive, the Executive Board and the Sentor Management Team. Specific responsibilities are also delegated to a number of committees. Certain matters are reserved for 8oard approvaL incLuding change5 to strategy. budget and delegated authorities. Appointmènts. Trairilng and Évaluation of Board The Board of Trustees appoints all nevi Trustees and Commitiee members. Trustees are recruited through a process ol advertisemenL application and interviews based on clear selection criteria, which ensures a broad range of relevant skills and experience. Ar7 induction prograffjme is provided to all new Trustees with further updates and training as required. This includes meetings with the Chiel Executive. Executive Board and other membefs of the Senior Management Team as appropriate. The Board has a process where it reviews its performance annually and initiates periodic reviews. The Chair conducted Board Appraisals throughout the year in line with the Board Apprai[ Policy. In addition, the Board also reviewed its own performance and that of the Committees. OveralL the TrLtstees believe the Board and the Committees are performing welL although Tecognising Ihe need for continuous improvement. Remuneration The talented stèff we employ. alongside our skilled and cornmttted volunteers. are vit•l in providing the high-quality care we offer to people living with any life-limiting illnesses. and also their families. Peace Hospice Care is a large and complex organisation with more than 115 slalf and 450 voluntèers helping to provide this care and support. Peace Hospice Care use5 a fair and transparent process in determining all job performance levpls. These are then benchmarked against similar jobs in other tharities and relevant organisations to ensure we adopt and apply fair and consistent pay and benefits for staff. We curientiy operate The Peace Way pay Structure which eleavOurS to match NHS rates for our clinical services to attrart and retain people with the right skills. taLents and instght. and ensure we are as efficient and eflective as possible. No individual perf0rrnan bonvses are paid. Publi¢ Benefit The Trustees have taken account of the Charity Commission's general guidance on public benefit when reviewing the CharitS aims. objectives and p&nning. Commlttees A new commiltee structure was agreod by the Boafd in February 2021 and commenced oft 111 April 2021 following the introduction ol a new integrated governance framework which brings together all the LegaL Clinical and Corporate Governance Structu5. process and documents. To support the Board fulfilling ils objectives to deliver the PuTpose and Wlon of Peace Hospice care. the Board ol trustees has established three committees each responsible to the Board. Risk Audtt and Qualily Assurance Committee (RAQA).. The purpose of the RAQA Committee is to provide assurance to the Board ensLtring thal effective control systems are established and maintained across the oiganisation. while remaining compliant Wlth all legislative and Teguiatory requirements. To achieve th4S the Commitree considers and exatates to the board any strategic
PEACE HOSPICE CARE TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2022 risks that could impact PHC'S ability to achieve its ambitions. It also provides board level assurance on all aspects of quality governance including audit. clinical effectiveness, customer. patient staff and voluntew expeTience and quality standards and best practice. Buslness Strategy and Performance Commlttee (BS&P): The Purpose of the BS&P Committee is to PTovide assurance io the Board on the development and dèlivery of the charitS strategic ambitions and annual operational plan. It identilies r*ew risks which may arise out of the development of the plan. It also identifie5 opportunities to maximtse business growth and service dèvelopments which are resPOn5ive to our local needs as well as ensLJring we have a fit and proper workforcè that Can fiexibly deliver the strategic pian. To achteve this. the Committee also provides board level assurancè on all 35peFts of performance induding financial accounts stewardship, Income Generation profitability and Patient Seryice5 capacity and activity- Remunerat40n and Nomlnation Committee (R&N):' this committee generally meets twice a year. The R&N Committee funaions primarily as an assurance tommittee, a55iSting the Board in its duty to ensure appropriate Fit and Propel governarbce arrangements are in pkce. It also supports recommendations feiating tr) remuneration terms and ¢ondiiitins of service for Board and the Executive Director roles. Charlty Governan¢e C( The Charity Governance Code (the" Code} is a Set of principles and f0mmended good practice against which Charities may compare thtrmselves and identify area5 of Strength and foi potential improvement. The Code includes seven principles which the Board of Trustees ha5 considered in its aim to ensure ontinued strong governance at Peace H05pice Care. Integrlty The culture of the Board supports independent and challenging thought accompanied by a supportive ethos. Procedures are in place to prevent conliicts of interest and to en5vre the Board is independent in it5 decision making. Decision Making. Risk and Control The Board'has developed an effective structuie of board commiltee5 and working 9roups. This enables management to effectively implement the strategic priorities of Peace Hospice Care whitst allowing the Board time to focus on stiategy. Operational matters are delegated to the Executive management team who report on key strategic developments to the Board. Importance is placed on effective risk management. Durir¥J the period of this repor( the risk management proce5S Was reviewed and refined. Board Effectivene5S The Chair has initiated governance reviews during the year to ensure the process for the recruitment. appointment &nd Ketirement of Board members is effective. Equality. D¢versity 8r Inclusion The Board recogni5e5 that a variety of perspective5. backgrounds and skills is essential for good governance. These matter5 are considered as part of the Pro5$ for nominating new trustees. Openne55 and Arcountsbiiity The Board pteS great importance in ensuring that Peace Hospice Caie's services. activities and impact ale reported to all stakeholders in a transparent way. Key information is made available to staff and volunteers by the Chair and Chief Executive. In additiorn we aetiveiy seek feedback from our staff. voluntee¥5 and patients.
PEACE HOSPICE CARE TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2022 Reiatconships with er Interests and Related Parties Peace Hospice Care is a member of HO$Ce UK. the National Association foi Hospice at Home and Together lor Short Lives. Individual membeis of the Executive Management Team and other members of Staff afe membeis of various professional representative bodies. Management The board delegates operational responsibility to the Chief Executive and through them to the Executive management team. The Chief Executive has line managernent responsibility for the Executive team comprising the DirtOrS ol Patient Services. Income Generation. People and Resources. Engagement and the Medical Director. Members of the Executive management team represent the oiganisation on significant locaL regional and national organisations, committees and bodies. The Board of Trustees agrees the strategy for the Chtyrity aThJ the Executive Management Team are accountable lor detiveiing this. Fundra¢sing Regulator Peace Hospice Care is registered with the Fundraising Regulator and is committed to the Fundraising Promise and adherence to the Code of Fundraising Practice. Donors can be assured thai we comply Wlth these regulatory.standards. Auditors In accoidance with section 489 of the Companies Act 2(K)6, a decision on the appointment of Auditors put to the Annual General Meeting IAGMI. Hay5macintyre were Te-appointed as auditors at the AGM in September 2022.
PEACE HOSPICE CARE TRUSTEES REPORT FOR THE YEAR ENDEO 31 MARCH 2022 FINANCIAL REVIEW This financial year Peace Hospice Care IPHC) received a totsl of £7,118,621 of income {2021= .£6,221,602) ' including £2,576.904 from donations and legacies 12021- £3,189.002), Clinical Commi55koning Group funding of £1.368.965 12021.. £1.302.751) and £3.172,752 from other trading activities and investment irKome12021= £1.729N91. The main decrease in this year compared to 2021 is due to Fundraising income down due to the pandemic and disappointing low levels of legacies. These were partly offset fcom Government Funding including NHSE. Job Retention Scheme and Business Support Grants. The Fundraising income excluding legacie5 equated to £1,187,182 12021: £2.607,785) and when measured against the core fundraising costs (excluding SUPFK)rt cost5) of £413.363 12021-. £384,035) it resulted in a retur.n of £2.'87 £1 {2021= £6.79.. £11. A numbei of income streams did not perform as well as expected but this was mainly oftset by careful control of costs. Restricteil fvndraising income included grants totalling £223.926 {2021-. £1.346,0101 for various ro ects but matnl from NHSE for makin available bed capaoty and community support. Re¥lewd1•ffle20I0.I1 Re4lewoflKome2021.2Z The income streams for Fundraising and Retail were disappointing in 2021122 mainly due to the paremiC. These are being addressed for 2022123 to achieve the budget targets. RevlewofEyndiur*202ty21 Reviewol ExpendiurelOII.2Z Expenditure wa5 below budget (lue to good financial management during the pandemic which has partly offset some of the income shortfalls. The NHSE awardèd funding to allow the hospice to make available bed capacity and community support f¥om November 2021 to March 2022 to provide support to people with complex needs in the context of the COVID-19 situatton and to provide bed Capacity and Communty support Page 10
PEACE HOSPICE CARE TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2022 Plans for Coming Year In 2018/19 the Medium-Term Financial Sttategy IMTFS) was introduced which provides financial planning over 5 years. Th strategy has been further developed and in 2021122 took account of the impact of the pandemic and strategies going forward to ensure financial sustainability. Thts is jointly owned by business management and finance. It also informed the other strategie5 that have been implemented, namely the f ive-year Strategic Plan 2020 to 2025 which detaÈls the strategic aims and ambitions of Peace Hospice Care. This is based on the plans that have been developed.. the Income Generation Strategy. the People Strote9y and Volunteerg Strategy. The Clinical Strategy was Launched during 2018119. Prop05ed Mer9Èr with Rennie GTove Hospice On 22 June 2022. PHC announced its inter*tion. subject to agreement of the Charity Commission. to merge with Klennie Grove Hospice la charity based in Hertlord5hire and Buckingham5hirel. The mèrger would be affected by a new charity. Rennie Grove Peace Hospice Care, assuming full ownership ol Peace Hospice Care and Rennie Grove Hospice. The target date for the merger is I October 2022. Collabo¢ative working with Rennte Grove Hospice in rècent ar$ has been strong and the background to the proposed merger is our strong inilial projects involving lèarning & development outpatient services and medical supporL put in place duriryJ 2030 arKI 2021. The proposed merger will enable the new organtIOn to.. Serve - provide a wider range of services to suppoit people in West Herts and Buck5 to ILve as well as possible wn diagnosed with a lile-limiting illness Reach - develop new aThJ enhanced seNices to reach ali sections of the local community and meet their changing needs Strengthen - use the strengthened combined voice to secure the resources needed to ensure every local person receives the ¢are they need. when they need li The proposal to merge supports the national drive for healthcare providers in all sectOf5 to combine resources and work together to provide the best possible care for people in the local communities, as weil as the passion shared by both charities to deliver the highest qualiiy care. PHC are reviewing the Patient Response service in our community and i5 developing a model to provide this 24 hours. 7 days a week. This will be part fvnd from use of reserves and the CCG are being approached for match funding. The implications of COVID 19 reLiied control mèasures In March 2020, the country went into lockdown due to the coronavirus pandemic and across the UK the effects of the attempt to control the spread of the coronavirus has been felt and seen. Charities are seeing an impact to their finances as a result ol the cris(s. As the pandemic has continued but lockdown mèasures eased during this period. Income Generat(on income has started to. recover and the MTFS has taken this into account Wlth fuithe¥ growth from 2023n4 onwards. The Board approved a deficit budget for 2022123 but with projected growth in Income Generation income the MTFS goes back in to 5uiplus from 2024125 onwacds. The Revised Budget foi 2022123 showed a shortfall of £488k against the approved budget and took account of the risks of not achieving the income generation targets. The Hospice has an Operational ReseNe ot £1.38rn for this kind of 5Ltuation but due to go¢)d finar)cial management. and additional funding from the Government the year end position ended with a surplus. Page 11
PEACE HOSPICE CARE TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2022 The Hospice operational activities have not been impacted much due to the Covid-19. The Inpatient unit IIPUI has been operating throughout th apart from a closure at the end of February until the end of June due to staff vacanc(es. CDmmunity SeNices has continued and the PutpatiÈnt Ser¥ice5 has been operating throughout 2021122. The Executive Team reviewed the new Strategic Pian 2020 - 2025 for any impact of Covid-19 and there were no major changes. In addition to the challenges of Covid-19. the cost of living cri5iS 1$ starting to have an impact on the Charity, mainly with the energy costs. There have been substantial increases in the contrac15 which are currently being evaluated. However. the Government's announcement will mitigate some of ihese large increases in the short term and are waiting for further details fiom the Government. The impact of the cost ol liv(ng on our fundraising activit5 and donors and is being monitowed but cuirently there has been no adverse impact. RESERVES All charities are required to consider how much they need to hold in ieserves. The extenl varies depending on the scale and nature of the Charity's attivity. Peace Hospice Care is dependent on several liuctuating income streams. particularly furKlraising. shop proflts. Legacy, trust and corporate donalions. To enable the Chartty to make commitments to the commijnity PHC works with. it needs to maintain Level of reserves so that it can contin45e its operation in the event that an. unforeseen shortfall in voluntary ineome, or increase in costs. creates an imbalance of funding. The Trustees calculate the amount that L5 requiTÈd to be held based on the assessment of risks affecting the tncome and expenditure of the Charity. In assessing the amount of resee5 required to be held, the risk of a shortfall in income or an increase in costs is esiimatèd and a sum held to cover the 5hortlall for each element. The reseNes held by Peace Hospice Care would allow it to continue operat¢ons even when thwe is an unforeseen downtum in any of these source5 01 income. or an unforeseen increase in costs. In April 2021. the Board reviewed the new Reserves and Investment Policies that included.. An Operating Reserve.. An amount estinuted at between £1.3m and £1.4m {£1.38m at 31 March 20221 to cover the loss of Clinical Commissioning Groups {CCG) funding and/or a catastrophic 105s of reputation. This rationale will allow the Charity to meet its liabilities in the short term. under a variety. of scenarios, whilst making alternative plans, for rneeting ovr longer-term obltgations and ensuring the needs of our benefictarles are met The Legacy Investment Fund-. established from surplus funds over and above the budgeied income from legacies. fhis will be used os requtred to top up the legacy ne in the budget in lean ye3rs and mitigate against fluctuaiing legary income. For 202V22 the fvnd stands at £3,772,257. It is also used to fund planned capital and one-off investmenis At the balance shpet date, the Charity holds both. restiicted ltsnds (which can only be applied for specific purposès) of £853.125 12021-. £812,416) and . unrestricted funds of £1,507,308 12021.. £1,260,737 (which can be expended at the discretion of the Twstees in furtherance of the CharItS objects}. The unrestricted Funds are the General Fund for day to day operations of the Hospice, £1,508.308 12021.. £1.259.7471, the Revaluation Reserve for land and buildings £5.9)5 12021.. £5,905) and the Legacy Investment Fund £3.n2.25712021.- £3.539.711). Page 12
PEACE HOSPICE CARE TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2022 The Trustees have deslgnated £2.443.505 to a Property Éund {2021= £2.443.5051 to reflect the replacement cost of the assets held as land and buildings at 31 March 2022 excluding amounis i included in restrtrted funds.. £135.374 to the Capital PTogiamme Fund 12021.. £135.374) which will finance the Capital Programme and Strategic Bus¢ness Developmenls. The Revaluation Reserve has £S.90512021'. £5,905) allocated to ceflect the unrealised gains on the increase in the mafket value of the Listed investments. The ReseNes"policy is reviewed annually by the Investment Working Group and approved by the Board. Another review will be carried out in 2021r22 in Line with ihe other strategtes including the ' Medium-Term Financial Strategy and we WLU be feviewing the Reserves and Investment Policy. The designated reserves cover over 12 months of operating expenditure. Investments With the exceplion of two small IKAdin9s in equities. the Trustees have agreed to invest some surplus funds in Managed Funds with the balance held in cash for day to day expenditure. Funds held by external fund managers are held in line with an investment policy and strategy defined by the by the Board ol Trustees and advised by Epoch Consulting. Page13.
PEACE HOSPICE CARE TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2022 STATEMENT OF TRUSTEES. RESPONSIBILITIES IN RESPECT OF THE TRUSTEES. ANNVAL REPORT AND FINANCIAL STATEMENTS The Trustees {who are also directors of Peace Hospice Care for the purposes of company lawl are responsible for preparing the Trustees. Annual Report and the financial siatements in accordance wlth applicable Law and Un£ted Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trusiees. to prepare fmancial statements for each ftnarKial year. Under company law the Trustee5 must not appiove the finarKial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of iesourtes, including the income and expenditure. of the char(table company for that period. In preparing these financial 5tatementy the Trustee5 are required to.. selecr suitable actounting wlicies and then apply them consistently. observe the methods and piinciples in the Charities SORP,. make judgments and accounting estimates that ale reasonable and prudent,. state whether applicable UK Accounting Standards have beÉn.foEiowed, subject to any material departures disc105ed and explained in the financial statements.. prepare the financial statements on the going concern basis unless it is inappropriare to presume that the charitable company will continue in operation. The Trustees are responsible for keeping adequate accounting records that are sufficient to $W and explain the charitable company's transartions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the fncial statement5 comply with the Companies Act 2(KJ6. They are a150 responsible for.s3feguarding the assets of the charitable company and hence for tsking reasonabte steps fo'r the pfevention and detection of fraud and other irregularities. The Trustees are responsible lor the maintenance and integrity ol the corporate and financial infoimation included on the charitable company5 website_ Legislation in Ihe United Kingdom governing the preparation and dissemination of knancial statements may differ from legislation in other jurisdictions. In approving this Trustees, ReFY)rL the Trustees are also approving the Strategic Report inctuded here in their capacity as Company Directors. This repott of the Board of TTUStees is approved on behalf of the Board of TTUStees. Dr Jeremy Shcndier Chalr 20 September 2022 Page14
PEACE HOSPICE CARE FINANCIAL REVIEW FOR THE YEAR ENDED 31 MARCH 2022 Independent auditor's report to the members of Peace H05pice Care Opinion We have audited the financial statements of Peace Hospice Care for the year ended 31 March 2022 wh¢ch comprise thè Consolidatèd Statement of Financial Activities, the Consolidated Balance Sheet, the Charity Balance Sheel. the Consolidated Statement of Cash flows and notes to the financial starements. 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, includ(n9 Financial Reporting Standard 102 T1 F(nèncial Reporting Standard applicable in the UKandRepubl¢c of Ireland{Un¢ted Kingdom Generally Accepted Accounting Piacticel. In our opinioTh the linanc¢al 5tatements= give a true and fair view of the state of the group's and of the parent charitable companls affairs as at 31 March 2022 and of the group's Jnd parent charitable company's net movemeni in funds, including the income and expenditure, for the year then ended,. have been properly prepared in accordance with.United Kingdom Generally Accepted Accounting Practice,. and have been prepared (n accoidance wilh the requirements of the Companies Act 2006. Basts for opinion We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS IUK)) and applicable law. Our responsibilities under those standards ale further described in the Auditor's responsibilities for the audit ol the financial statements section of our reporL We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK. including the FRC'S Ethical Standard, and we have fulliiled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appiopriaie to provide a basis for our opinion. Coniiusions reiaiing to golng concèrn 'In auditing the financial statement5, we have concluded that the trustees, of the going concern basis of accounting in the preparation of the financial statements 15 appropA•te. Based on the work we have performed. we have not identified any material uncertainties relating to events 01 condition5 that individLbally or collectively. may cast signilicant doubt on the group's ability to continue as a going concern for a period of at least e1ve months from when the financial Statements arè authord tor issue. Ovr responsibilities and the responsibtlities of the trustees with respert to going concem are described in the relevant seclions of Ihis Kèpoit. Other informatlon The trustees are responsible for the other information. The other informaiion comprises the information included in the frustees. Report and the Financial Review. Our opinion on ihe financial statements does not cover the other informatton and. except to the extent otheryvise expliciily 5taied in our report, we do not expiess any form of assurance conclusion thereon. In connection with our èudit of the financial statements our responsibility is to read the other information and, in doing so. conslder whether the other information is matefiaiiy inconsistent wilh the linancial statemenis 01 our knowledge obtained in the audtt or otherwise appears to be materially misstated. If we identify such material Énconsistencies or apparent material misstatements. we are required to determine whether there is a material misststement in ihe financial statements or a material misstatement of the other information. If, based on the yrk we have performed, we conclude that there is a material misstatement of this other information. we are required to report that fact. We have nothing to report in this regard. Page 15
PEACE HOSPICE CARE TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2022 Opinions on other matte¥s prescribèd by the Companies Act 2006 In our opinion, based on the work undertaken in Ihe course of the audit.. the infoTmation given in the Trustees. Report (which includes the strategic report and the directors. report prepared for the purposes of company lawl for the fLnancial year for which th'e fLnancial statefflents are prepared is con5islent with the financial statements,. and the strategic report and ihe directors, report induded within the Trustees. Report have been prepared in accordance w(th appllcable legal fequirements. Matters on which we are required to report by exception In the light of the knowledge and understandin9 of the group and the parent charitable company and its environment obtained in the iour5e ol the audiL we have not identified material MstatementS tn the Trustees. Annual (which incoiporates the strategic report and the directors, repoit). We have nothing to report in respect of the following matters in reiat(on to which ihe Companie5 Act 2006 requires us to report to you if. in our opinion-. adequate acc(iunting iecords have not been kept by the parent charitable company." or the parent charitable company financial ststements are noi in agreement with the accounting records and returns,. or certain disclosures of truee5, remuneration specified by law ale not made,. or we have not received all the information and explanations we require for our audit Responsibilltits of trnstees for the financial ststements As explained more fully in the trusiees, responsibi(ities statement Iset out on page 141. 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 50tlsfted that they give a true and fair view, and for such internal control as the trustees delermine is necessary to enable the preparation ol financial statements that are free from mater(al mi55tatemenL whether due to fraud or error. In preparing the financial staternents the trusiees a responsible for assessin9 the group's and the parent charitable companys ability to continue as a going concern. disclosing. as applicable. matters related to going concern and using the going concern basis of accovnting unless ihe trustees either intend to liquidate the group or thp parent charitable company or to cease operations, or have no realistic alternative trt&t to do so. Auditor's responsibililies for the audit of the financial statements Our objectives are lo obtain reasonable assurance about whether the finarKÉal Statements a5 a whole are free from material misstatement, whether due to fraud or error. and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance. bui is not a gtjarantee that an audit conducted in accordance with ISAS IUKI wiii.always detect a material misstatement when it exists. Misstatements can arise from fraud or eiror arKI are considered material if, individually or in the èggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of th'ese financial statements. Irregularities, including fraud. ale instance5 of non-compliance with laws and regulations. We design procedures in line with our responsibilitles. .outtined above, to detert matèrial mi55tatèments in respect of irregular¢ties ¢ncluding fraud. The extent to which oui procedures are capable of detecting irregularities including fraud is detailed below-. Based on our understanding of the group and the environment in which it operates, we identified that the principal risks of non-corripliance wtth laws and regulations ieiated to Charity and company law applicable in England and Wale, and we considered the extent to which non-compliance might have a material effect on the fi.nancial statements. We also considered those laws antl regulations that have a direct impact on the preparation of the financial statements Such as the Charities Art 2011. We evaluated management's incentives and opportunities for fraudulènt maniputstion of the financ1 statements lincluding'the risk of override of controls). ènd determined that the principal rkS were Page 16
PEACE HOSPICE CARE TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2022 related to revenue recognition. in particular in relation to income from donations. legacies and income from charitable actiVLties and management override of controls. Audit procedures perfDrmed by the engagement team included= Inspecting corrèspontlence with regvlatOfS.' Discussions with management including consideration of krKJwn or suspected instsnces of non-compliance with laws and regulation and Iraud,. Reviewing the controts and procedures of the Charity relevant to the preparation of the financial statements to ensure these were in plate throughout the year. including during the Covid-19 iemote working period." Reviewing debtors recoverab¢lity post year end. Reviewing managements decisions QA bad debt. Reviewing post balance sheet evenls. Evaluating managemenys controb designed to prevent and detect irregularities., Ident(fying and testing journals, in particular journal entries posted with unusual account combinat(ons. postings by unusual users or with unusual de51riptions, and Challer¥Jing assumptions and judgements made by management in thetr critical accoLtnting estimates. Because of the inherent limitations of an audit. there is a risk that we will not detect all irregularities. incLuding those leading to a material misstatement in the financial statements or non<ompliante with règvlation. This risk increases the more that compliance with a law or fegulation is iemoved from the events and transactions refte¢t in the fLnancial statements. as we will be less likely to become aware of instance5 of non-compliance. The risk is also greater regardfftg irregularitie5 occurring due to fraud rather ihan error, as fraud involve5 intentional concealfflent. forgery. coltusion. omission or misrepresentation. A further description of our iesponsibilities for the audit of the financial statement5 is located on the Financial Reporting Council's website at.. www.frc tlo res 5Lbtii This description forms part of our auditorfs reporL Use of our report This report is made solely to the charitable company's members, as a body. in accordance with Chapter 3 01 Pait 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to thè charitable CoMpanS members those matters we are required to state to them in an Auditor's report aftd for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone othef than the charitable company and the charitable company's member5. as a body, for our audit wocl for this reporL or for the opinions we have fomied. Siobhan Holmes (Senior Statutory Auditor). For ar on behalf of haysmacintyre LLP. Statutory Auditoi 10 Queen Street Place London EC4R IAG Date.. 30 September 2022. Page17
PEACE HOSPICE CARE NOTES TOTHE FINANCWL sTATEMEr$ FOR THE YEAR ENDED 31 MARCH 2022 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (Incwporating In<ome and Expenditure accoyntl FOR THE YEAR ENDED 31 MARCH 2022 2022 Total Funds 2021 Total Funds Restricted Unrestricted Funds Funds Notes Income from.. Donation5 and legacles Charitable activitie5'. Clinical Comrnissioning Group Fund(r¢g Other trading activities Investments 369.538 2.207,366 2,576.904 3,189,002 1.313,020 L336,289 55.945 1,83L390 5,173 1.368,965 3,167,579 5,173 1,302,750 1,699,082 30,767 Total income 3,018.847 4.099.774 ?,118,621 6,221,601 Expenditure on: Raising funds.. Fun"draosing cost5 Fundraising trading and tottery Fundraising event5 Charitable actlvities Hospice seNices 913,759 880,833 27,452 913.759 880,833 27,452 747.642 859,994 988 2.978,137 1.633,764 4.611,901 4,002,051 Total expenditure 2.978,137 3.455,808 6.433,945 5.610.675 Net Income before gains and losses on investtJ)enis rransfers between funds Losses and gains on investments 40.710 643.966 684,676 610.926 152.285) {52,285} 119,2881 Net income being Net movement in total fiJnd5 40,710 591,681 632,391 591.638 RÈcanciliation of fvnd5: . Fund balances b/fwd at l April 2021 812.41S 8.765.232 9.577.647 8,986,009 Fund balances c/lwd 31 Mafrh 2022 14 853.125 9.356.913 10.210.038 9.577.647 There were no other recognised gains or losses for 2022 01 2021 other than those disclosed above a1 all activities are continuing. The notes on pages 22 to 39 fomi part of these fuiancial statements. Page 18
PEACE HOSPICÈ CARE NOTES TO THE FINANCW STATEMENTS FOR THE YEAR ENDED 31 PMRCH 2022 2022 2021 CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2022 FIXED ASSETS Tangible fixed assets Investments io li 3.IYJ6,6S6 2.082.852 3,188.912 5,137 5,089.508 3,194,049 CURRENT ASSETS Stock Debtors Cash at bank and in hand 1,557 1.275.355 5.640.954 12 2.169.525 3.482.844 5.652,369 6,917.866 CREDITORS." amounts falling due w(thin one year 13 {531.8391 1534.2681 NET CURRENT ASSETS 5.120.530 6,383.S98 TOTAL ASSETS LESS CURRENT LtABILITIES BEING NET ASSETS 10,210.038 9.577,647 FUNDS Restricted Funds . Unrestr(cted Funds General Funds Revaluation Reserve Legacy Investment Fund Designated funds 14 853.125 812.415 14 14 14 14 1.508.308 5.905 3.772.257 3.958.879 L260,737 s,5 3.539,711 3.958,879 TOTAL FUNDS 15 10.210,038 9,577.647 The notes on pages 22 to 39 form part of these financial ststements. These accounts have been prepared in accordance with the provisions applicable to companies subject lo the small companies regime. The financial statements weie approved and authorised for ssue by the Board on 20 September 2022 and signed on their behalf by. y Shindler Mr Richard Russell-Hogg Treasurer Company number. 2604892 Page19
PEACE HOSPICE CARE NOTES TO THE FINANCL4L STATEMEMTS FOR THE YEAR ENtED 31 PMRCH 2022 2022 2021 BALANCE SHeET- CHARITY AS AT 31 MARCH 2022 Notes FIXED ASSETS Tangible lixed assets Investments io li 3.C4)6.656 2.082.852 3.188.912 5.137 5.089,508 3.194,049 CURRENT ASSETS Stock Debtors Cash at bank and in hand 1,557 1,274,355 5,640,954 12 2.168,525 3,482,844 5,651369 6.916.866 CREDITORS: Amounts faiitng duè wiihin one year 13 1531.839) 1534.268} NET CURRENT ASSETS 5.119,530 6,382.598 TOTAL ASSETS LESS CURRENT LIABILITIES 10.209,038 9.576,647 FUNDS Restricted Funds Unrestricted Funds General Fund5 Revaluation ReSee Legacy Investment Fund Designated Funds 14 853,125 812,41S 14 14 14 14 IB51.418 5,905 3,539.711 3.958.879 1,259.737 5,905 3,539.711 3,958,879 .TOTAL FUNDS 15 10.209,038. 9,576,647 The notes on pages 33 to 39 form part of these linantial statements. Approved and authorised for issue by the Board of Trustees on 20 September 2022 arid signed on its behalf Drl Chair h(ndier Mr Richafd Russell-Hogg Treasurer Company number.. 2604892
PEACE HOSPICE CARE NOTES TO THE FINANcL STATEMENTS FOR THE YEAR ENDE{) 31 WIRCH 2022 CONSOLIDATED STATEMENT OF CASH FLOWS AS AT 31 MARCH 2022 2022 2021 Note Cash flows from opeiating activities.. Net cash provided by operating activitie5 18 78,282 2,337,144 Cash flows from investing actLVitie5'. Dividends and interest received Purchase of tangible rued assets Purchase of investments 5.173 1111.564) 12,130,000) 30,767 1231,7501 Nel cash (used in} provided by financing BctiVLtLeS 12.236.391) 1200.983) Change in cash and cash equivalents in the year 12.158.109} 2.136,160 Cash and cash equivalents at the start of the year 5,640,953 3.504.793 Cash and cash equivjlents al the end ol the yea 19 3,482.844 5,640,953 The notes on pages 22 to 39 form part of these statements. Page 21
PEACE HOSPICE CARE NOTESTOTHE FINANCWL STATEMENTS FOR THE YEAR ENLED 31 WCH 2022 ACCOUNTING POLICIES The followtng accounting policies have been applied consisiently in dealing with items which are consi¢ered material in relation to the Charity5 financial statemen {al ou The linancièl stotements of the Charity have been prepared in accordance with Accourbting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Repoitin9 Standard applicable in the UK and Republic ol Ireland (Charities SORP - FRS 102 elle£tive l January 20161 and the Financial Reporting Standard appIable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2(KJ6. The financial staternents are presented in sterling and rounded to the nearest £1. Peace Hospice Care meets the definttion of a public benefil entity under FRS 102. Ftnancial statements have been piepared under the historical cost convention, as modified by the ievaluation of certain frKed assets. The comparative figures in these financial statements relate to the year ènded 31 March 2020. Ibl atu th The Charity is a private compary limited by guarantee incoryjorated in England and Wales and has no share capital. In the event of the Charity being wound up. the Liability irtr respect of the guarantee is Lim(ted to £1 pei member of the Charity. Registered Dffice addre55, Peace Hospice Care. Peace Drive, Watford. Herts, WD17 3PH of The group statement ol financial activities and grovp balance sheet include the financial statements of the £harity alld ils subsidiary undertaking (Peace Hospice Shops Limited Reg no. 029089341. The results of the subsidiary are consoltdated on a line by line basis. A separate statement of linanc*al actLVlties has not been produced for the charity because it has taken advantage ot sectton 408 of the Companie5 Act 2006. See nole 9 foi results of ihe l¥ading subsidiary. Idl The Trustees consider that there are no material uncertainties about the Charity's abilily to contTnue as a going concern. The most si¢Jnilicant area of uncertainty is the level of donation income which needs to be raised every year and is covered Én more detail in the performance and rk5k sections of the Trustees, Report. This also includes the impact of Covid 19. The review of the Charity's fLnancial position. reserves levels and fvture plans give5 Trustees confidence that the Chartty remains a going corKern for the foreseeable fvture. le) bto Trade and other debtors are recognised at the settlement amount dtje after any trade discount offered. Prepayrnents ace valued at the amount prepaid net of any trède discounts due. ID cash.at Bank nd ln H t)d Cash at bank and in hand includes bank accounts, cash and short-term highly Iiqu4d investments with a short maturity of thiÈe months or Less from the date ol acquisition or opening ol the deposit or similar account. Creditors and provisions are recognised where the Chaiity has a piesènt obligation resulting Irom a past event that will probably result tn the iiansfer of funds to a.third party and thè amount due to settle the obLLgation can be measured or estimated reliably. Creditor5 and provisions are normally recogni5ed at their settlement amount after allowing for any tiade discounts due.
PEACE FIOSPICE CARE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENtEO 31 KIRCH 2022 ACCOUNTING POLICIES (contlnued) Acco in im In the view of the Trustees in applying ihe accounting policies adopted, no judgements were required that have a significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a signifLcant risk of material adjustment in the next financial year except for legacy accounting. If there are some signifLcant notifications of legacy income due and then they are re(ognised In the aecount's income based on notifationS received and best estimate of the legacy amounts receivable. There were no signifLcations of Le9acy income for 2021122 and 2020121. iona ion Reva ion Tan lean le Assets Depreciation/amortisation is calculated on a straighi line basis so as to write off the valuation of the reLevant assets over their estimated uselul lives a5 follows- Class ofAsset Furnishings & Equipment ss oIAsset Leasehold premises Over the duralion of the lease Over So years Over expected useful economic Ikfe General Computei and office equipment Motor vehicles Over 5 years Over 3 years Freehold property Artwotk copyright Cfver 3 or 4 years Generally, capital assets or Projects are valued at cost and those amounting to less than £500 are not capitalised. The need for any impairment of a red asset write-down is considered if the is a concern ovei the carrying value ol an asset and is assessed by comparing that carrying valLre against the value in use oi realisable value of the asset when appropriale. nv Inve51ments are a form of basic financial instrLtment and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market pri, except for the shares in the Irading subsidiary which are carried at cost. The Statement of Financial Activities includes the net gaS and losses arising on ievaluation and disF)osals ihroy9hout the year. The Charity does not acquire put option5. dertvatives Of other complex financial instruments. All gains and losses are taken to the Statement of Financial Activities os they arise. Realised gains aThJ losses on investments are calculated as the.diffeience between sale5 proceeds and their opening carrying value or thetr purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are caicutated as the difference between the fair valuè at the year end and the(r carrymg value. Realised and uniealised investment gains and L055es are combined in the Staiernent of Financial Aclivities.
PEACE HOSPICE CAFIE NOTES TO THE FINANcLSTATEMENTs FOR THE YEAR EP4DED 31 W4RCH 2022 ACCOUNTING POLICIES (continued} (kl Incom The Charity iecognisès incoTre when all of the following critero are met.. The Chailty has entitlement to the fund5 and any performance conditions attached to the itemslsl of income have been met Lt is probable thal the income will be received and the amount can be measured reliably. Where income has related expendiiure las with fundraising or contfact income). the income and related expenditure are reported gross in the Statement of Financial artlVLties. For Legacies entitlement i5 taken on a case by case basis as the eariief of the date on which.. The Charity rs aware that probate has been granted and the estate has been finalised and notification has been made by the executor{sl lo the Char4ty that a distribution will be made. or when a distribution is received from the estate and any conditions attached io the legacy are within the control of the Charity. Receipt of a legacy. in whole or in part. is only constdered probable when the amount can be measured reliably and the Charity has been notified of the executors. intention to make a distribution. If the legacy is in the form of an asset oiher than lash or an asset listed on a recognised stock exchange, recognition is subject to the value of the èS5et being able to be reliably measured and t4tle to the asset has passed to the Charity. Where leg8cies have been notilied io the Charity or the Charity is aware of the granting of probate. and the crileria for income recognition have not been mel then the legacy is tated as a contingent asset and disclosed if materiaL Interest on deposit lunds held is included when receivable and the amoijnt ian be measured reliably. Dividends are recognised once the d4vidend has been declared and notification has been received or dividend is due. This is no¥maLLy upon notifKation by the investment advisor of the dividend yield of the investment portfolio. Lottery income is accounted for in respect of those draws thai have taken place in the yea¥. Retail incorne is recognised on the point of sale for both donated and purchased goods. Income Irom govemment arml other grant& whether 'capital' or 'revenue' grants, is recognised when the Charity has entitlement to the funds. any performance conditions attached to the grant have been met it is probable that the tncorne w¢ll be received and the amount can be measured reliably and is not deferred. Donated services or facilities are recognised when the Charity has control over the item. any conditions assoc(ated with the don3ied item have been met, the receipt of econom(c benef(t from the use of the item is probable and that economic benefit can be measured feliably. Donated professlonal serv¢ces and facil¢ties ale included in income at the esiimated value of the gift to the Charity when received. based on the amount the Charity would have been prepared to pay for these Services or facilities had it been required to purchase them, with a corresponding entry in the appropriate expenditure heading for the same amount. Donated fixed assels are similarly taken to income at the value to the Chaftty with the other entry being capitalised in fL¥ed assets. Page 24
PEACE HOSPICE CARE NOTES TO THE FINANCNL STATEMENTS FOR THE YEAR ENDED 31 PIARCH 2022 ACCOUNTING POLICIES {continued) Im) Expenditure is recognised once there is a tegal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. ALL expenditure is accounted for on an accrual's basis under the following headings.. Costs of raisin9 fvnds compfises fundraisiry costs inojrred in seeking donations. grants and legacies.- investment managèment fees.. costs of fundraising activities including the costs of goods sold. Shop costs. commercial trading and their associated support costs. Fundraising costs do not include the costs of dissemiftating information of support of the charilable activilies. Expenditure on charitable activities inclL¢des the costs of providing specialist palliative care and SIJPPOft community seThices, research and othei educational actLVLties undertaken to further the purposes of the ChaTlty and their associated support costs. Support .costs comprise those cosls which are necessary to the delivery ol Hospice services while not being part of the dirt servite to patients and their lamilies and include governance cost, finance. and office costs. Governance costs ale those costs incuired in connection with the compliance with constitutional and statutory requirements of the Charity. Irrecoverable VAT is charged as a cost a9ainst the a(tLVLty for which the expenditure was incuried. ' Redundancy and ex-gratia payments require the authorisation of the Board. Support costs are allocated to each of the activities on one of the followtng basis.. Prem¢ses overheads have been allocated on a floor area basis, staff related ove¥heads have been allocated on the basi5 of staff time and other overheads on the basis of direct staff costs. In) Fund Acc ntin Unresiricted FuThJs: Funds are available to sperKI on activiiies that further any of the purposes of the Charity. RestTiCtÈd FundL Funds subject to specific ConditnS inposed by the donors are initially dealt iih as fe5tricted fur)ds. When those funds are expended a similar amount is transferred from rèstricted funds lo ur)restri(ted funds. Designated Funds: Funds are unrestricied funds of the Charity.whith the Trustees have decided at their discretion to set aside for a speciftc PUTP05e. Stock ol retail goods 15 included at the lower of cost or net realisable value. Donated items of stock for resale or distrtbution are not included in the financial statements until they are sold or distributed because the Tru51ees consider it impiactical to be able to assess the amount of donated stock as there are Systems in place which record these item5 until they are sold and undertaking a stock take would incur unduè cost for the Charity which far outweighs the benefits. Operating leases are recognised over the period of which the lease falls due. Benefits received and rece(vable as an inliVe to stgll an operating tease (such 0$ a rent-free perlod) are recognised on a straight-line basis over the period of the lease. Page 25
PEACE HOSPICE CARE NOTES TO THE FINANCNL STATEMEIITS FOR Tr¢E YEAR EP4DED 31 MARCH 2022 ACCOUNTING POLICIES (conltnued) The Company is considered to PaSS thé tests set out in paragraph I Schedule 6 of the Finance Act 2SIO and therefore it meets the deflriition of a charitable company fo¥ UK corporation lax Fxjrposes. Accordingly, the Company is potentially exempt from taxation in respect of income or capital gains received with(n categories covere(I by Chapter 3 parl 11 of.the Corporation Tax Aci 2010 or Section 256 of the Taxation of the Chargeable Gains A¢t 1992. to the extent that. such income or gairts are applied exclusively to charitable purposes. {r) The value of the selvices provided by volunteers is not incorporated into these financial statements. Further deiails ol theÉr contribution ace provided in the Trustees, Report. Pensio Scheme Hospice staff, who were members of the National Health Serv(ce Pens¢on Scheme, are allowed to continue their membership white employed by the Hospice. Contribution5 are made by both employee and employèr. It is not p055ible to identify any one institution's share of the underlying liabilities. The scheme is therefore accounted for as a defined contribution Scheme, with the cost of the scheme being equal to the actual contfibution5 payable to it in the a(counting pertod. The scheme accounts can be vtewed on the NHS Pension Agency website at or obtained from The Stationery Office. rhe frlospice's current employer contribution rate is 14.3%, part of which is met by the Department of Heèlth. The rate is set on the advi(e of the Govemment Actuary. For n0n-qua1i-n9 Staff. i.e. those who ère not members of the NHS Pension Scheme. the Charity operates a group personal (money purchase) pension scheme. ContribLrtions are made in accordance with the rule5 01 the scheme and are charged to the Statement of Financial ActlVLties as they are paid. The assets of both schemes are heid separately from those of the Charity in independenily administered fund5. The Charity has no (lability beyond making its contributions and paying across the deductions for the employee contribulions. inancial In rum nts The Charity only has financial assets and financial liabtlities of a kind that qualify as basic rLnancial instruments. Basic fan(la1 instruments are initially recognised at transaction value and subsequently measured at their settlement value. Fvxed. assets are recorded at depTeciated historical cost and investments at fair value. being the closing market value late and unrealised gains reco9nised in the accounts are disclosed in Note 11 being the difference between market value and cost. All other assets and liabil(ties are recorded at cost which is their fair value. lu) Hos t li nt Grants 01 £30.667 12021.. £102.3871 were received through the Government's Retail Leisure and Hospitality Grant scheme. as part of their Covid-19 emergency response. Iv) ther Gov rnm nt nts The Government lob Retention Scheme fundtng of £4,707 IX)21.- £233.397) and the NHSE for making available bed capacity and community support of £210,72312021.' £1.291,8971. Page 26
PEACE HOSPICE CARE NOTES TO THE FINANCHL STATEMENTS FOR THE YEAR.ENOED 31.hWtCH 2022 DONATIONS AND LEGACIES Rèstricted . Unrestricted Funds Funds 2022 Donaiions Legacies Grants 13.203 898.601 L244,110 64.655 911,804 1.244,110 420,990 356.335 .369,538 2.207.366 2.S76,904 DONATIONS AND LEGACIES Rèstricted Unrestyicted Furtds Funds 2021 DonatLOnS Legacies Grants 831,657 581.217 430,118 831,657 58.1,21T L776.128 1.346.010 L346.010 L842.992 3.189,002 OTHER TRADING ACTIVITIES Restrictsd Unrestrlct Funds Funds 2022 Fundraistng events Lottery income Shop income- sale of bought-in and donated goods 137.030 180,459 137.030 180,459 948,811 948,811 Income from rooth rentals and other services 1.336.289 .990 1.901.279 1,336,289 1.831.290 3,167.579 OTHER TPADING ACTIVITIES RestYic¢ed Unrestr&cted Funds Funds 2021 Fundraising events Lottery income Shop income- sale of bought-in and donated goods 52,234 19).293 52,234 193,293 324.671 324.671 Income ffom room rentals and other services 69L235 437,649 1.128.884 69L235 1.007.847 1,699.082 From l October 2019 the Shops tradtng Was transferred to the Charity and thÈs note shows the full trading activity.for 2020121. There was no restricted irTrcome in prior year. Page 27
PEACE SpIcE CARE )TES TOTHE FINANCL4L STATEMENTS FOR THE YEAR EM)ED 31 MARCH 2022 INVESTMENT INCOME All unrestricted 2022 12021 Barhk'lnterest 5.173 30.767 TOTAL EXPENDITURE Direct Costs SPPort & Governance Costs rotaE 2022 Raisin9 funds: Fundraising costs Subsidiary's operating costs Fundraising events costs 513.041 747,260 27.452 400,718 133.573 913.759 880.833 27.452 1.287.753 534.291 1.822,044 Charilable artivities Hospice seryices Inote 6) 3.079.845 L532.056 4.611,901 Total 4,367,598 2.066.347 6.433,945 Support costs have been allocated with percentage5 shown in note l. See note 6 for allocation of support costs. From l October 2019 the Shops tradirvj was transferred to the Chaiity and this note sh(trws the full tiadirMJ costs for 2020121. Support ¢05ts Restricled Unrestrirted Funds Funds Total 2022 Staff costs Premises Bank charges Depreciation Overhead costs Legal and Professional fees Aljdit and Accountanry fees 333.224 1.150 789.965 184.570 11.261 257.992 274.037 3.051 16,750 1,123.189 18S.720 11.261 293,822 275,292 3,051 16.750 35,830 1.255 371.459 1.694.888 2.066.347 Page 28
PEACE HOSPICE CARE NOTES TO THE FINANCNL STATEklENTS FOR TrIE YEAR ENOED 31 RCH 2022 5. TOTAL EXPENDITURE - PRIOR YEAR Dirert C05ts Support & Total Governance Costs . 2021 Raising funds= Fundraising costs Subsidia5 operat¢TrJ costs Fundraising events costs 377,448 859.994 988 277.646 92,548 655,093 952.542 988 1,338.430 370.194 1,608.623 Charilable activitles Hospice services (note 6) . 2.368,835 1,633.216 4,002.051 Total 3,607,265 2,Tr)3.410 5,610.67S Svpport COSts pr40r year Restrirted Unrestriited Funds Funds Total 2021 Staff costs Premises Bank charges Depreciation Overhead costs Legal and professional fees Audit and accountancy lees 36.436 678,161 191.593 10,492 232.334 324.832 2.310 21.255 714,597 191,593 10,492 268,662 358,116 2,310 21,255 36.328 33.284 106,048 1.460.977 1,567.025 HOSPICE SERVICES CURRENT YEAR Restrirted Unrestrlcted Fynds Funds 2022 Activities untjertaken directly (see below) Support costs Inote 51 Governance c05ts 2,606.678 473.167 3.079.845 371,459 1.099,220 L470.679 61,377 61,377 2.978.137 1,633.764 4.611,901 Activitie5 undertaken directly consist of Staff costs Care costs 1.795.692 810.986 146.942 326,225 1,942,634 1,137,211 2.606,678 473.167 3,079,845 ijage 29
PEACE HOSPICE CARE NOTES TOTHE FINANCVIL STATEMENTS FOR THE YEAR ENDED 37 W4RCH 2022 HOSPICE SERVICES PRIOR YEAR Restricted Unrestricted Funds Funds 2021 Activities Undertaken directly {see below)- Support costs Inote 51 Governance cosis 2.262.787 542.434 2.805,221 106.048 L037.449 53,333 1.143,497 53,333 1368.835 1.633,216 4.002.051 Activities undertaken drrectly consist of- Siaff costs Care costs 1,517.847 54.052 1,027,134 206,188 2.544,981 260.240 1.571.899 1.233.322 2,805.221 NET INCOME / {EXPENDITURE) FOR THE YEAR 2022 ' 2021 Net Income for the year is ststed after charging: Operatin9 lèases- land and buildiS Auditors, remuneraiion- audit Aud(tors.Corporation Tax Return Fee Depreciation of red assets 265.922 15,0(XJ 1,750 293,821 286,862 13,(100 1,500 268,662 STAFF COSTS 2022 2021 Staff costs including redundancie5 consist of: Wages and Salaries Employerfg National Insurance Pension costs 2,855.151 .241,562 160.392 2,834,439 242,024 183.115 3.257.105 3,259.578 Page 30
PEACE FIOSPICE CARE NOTES TO THE FINANCIAL STATÉMENTS F¢)R THE YEAR ENOED 31 NIARCH 2022 STAFF COSTS (contlnued} 2022 No. 2021 No. The average number of employees during the year was-. Nursing and care services Fundraising including shops Administrative support 44 40 43 58 29 127 120 The number of employees whose emoluments amounted to over £60,000 in the year was as follows". £60,000-70.000 70.001-80,QOO £80,001- oveT £IOO.O In respect of the higher paid employeès above, contributions for the provision of pens(on benefits totailed £9,87312021= £8.861). The total amount paid to key management personnel wa5 £267,54212021 £297.167). .The Chartty made no redundancy payments to staff in the year12021.: £nill. During the year no Trustee received reimbursement of expenses {2021'. £nif). Pta¢e Hospl¢e Shops Limlted- Company number02908934 Thts company is t)ow dormant and wholly incorporated within the Char¢ty operating a number of retail outlets selling donated good& cards and other merchandse. io. YANGIBLE FIXED ASSETS Land ¥tyd Flttiny$ 8nd Office Equlpmetyt Motor Vehlfles TotiL Charity Group & Charlty C05t AI I AwLi 2021 Adthti¢*s DisP05ats 4.591639 958,051 8LOI3 21&839 3Q551 33,026 5.802.557 111.564 Al 31 March 2022 4.591639 L039.064 249,39) 33,028 5914.121 Dep¥eOatlon At l Awil 2021 Charye fwthe yEar 1764,481 91.781 644.176 150.135 17L960 si. 33,028 1613.645 293.820 At 31 March 2022 L854262 794.311 223.864 33.028 2.9D7,465 Net Bookvalue At 31 Marth 2022 1734377 244.753 25.S26 3.006.656 At 31 Mar£h 2021 1828.158 313.875 4&879 3.188.912 2022 2021 The net bookTffilue olland and I1[19$¢¢mPrfs Long leasehold Z736,377 2,828,158 2,736377 2,828.158 Page 31
PEACE HOSPICE CARE NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENQEO 31 MARCH 2022 11. INVESTMENTS Market Value Group & Charity As at 31 March 2021 Chan9e in Market Value Inve5tmeni Fund 5,137 12861 1078,001 A5 at 31 March 2022 Investment in subsidiary 2.082.852 Total 2.082.852 The Charity owns a 100% shaiehoLding in Peèce Hospice Shops Limited ès below. Other investments comprise of UK equitieswhich were gifted to the Charity- Capltal and Reserves al 31 March 2022 Class of X of shares Shares heid Held Nature of Business Peace Hospice Shops Ltd Ordinary Retaiiu 12. DEBTORS Gioup Charity 2022 2021 2022 2021 Trade debtors Other debtors Ilncl Inter Co) Prepayments VAT 777.130 1.181.522 132,895 77,978 46,578 L014.S92 128,137 86.048 777.130 46,578 1.180.522 1,013.592 132,895 128.137 77.978 86,048 2.169.525 1.275,355 2,168,525 1,274.355 The large change in other debtors is due to formal notifLCations of legacy income and in line with the accounting policie5 is accounted for as such. 13. CREOITORS Group.. amounts falling due within one year 2022 2021 Trade credito Tax and social Security Accnjals Deferred income (see below) Other Creditors 291,652 110.553 102.683 25,OCQ 951 285,903 83.137 104.412 50,000 9,816 530.839 533.268 Movements on deferred income were as fotiows.. Deferred income at the start of the year 50,000 Income received in advance (25.0001 50,OOQI Oeferred income at end ol year 25.000 50,QOQ Deferred income relate5 to TestlLCted incomè received in advance. Page 32
PEACE PIOSPICE CARE NOTES TO THE FINANCIAL STATEMENTS FOR TPIE YEAR EN[0 31 WRCH 2022 2022 2021 CREDITORS Charlly- amounts falling due vAthin one year Trale creditors TaK and social security, Accruals Deferred incomelsee below) Other creditors Due to Subsidiary 291.652 110.553 102,683 25.000 951 285,903 83,137 104,412 50,000 9,816 531.839 534.268 Movements on deferred income were as follows= Deferred income at the 51art of the year 50.000 Income received in advance (25.0001 50,LY]O Deferred income at end of year 25.000 so.000 14. FUNDS BaLince ID¢ome Expenditure Transfers Balance at 31 March 2022 l April 2021 Restrictèd fvnds Group and Charity Department ol Health grant - old Department of Health grant - new Department of Health 2016 CLCH /CCG Funding Government Funding Prime Ministerfs Office Hospice UK Funding Hospice UK Fundir¥J IPRT24r/i Var¢ous Trusts Graham Rowiandson Foundat¢on Woolfson Foundation Hertfordshire Community Nurses Charity Rotary District Hobson Charity Ltd Morrisons Foundation NHS Charities logether Hertford5hire CC Hertfordshire CC 71.109 2,7 68.319 320,985 275.380 7,185 7,338 2.623,809 2,623,809 313,800 268,042 51,680 SL680 210,723 145.612 210,723 145,612 3.228 10.000 3,053 7,5 1,588 L640 2.614 2,446 439 5,054 3.507 2.22S 6.563 2.010 25,LKJO 25,IXNI 5.175 1.223 742 2,187 990 14.583 20.833 1,725 14,583 2.284 1,483 4,376 1,020 10.417 4,167 3,450 10,417 500 7.105 25.0(N) 5(Kl 13,203 6,098 812.415 3.01847 2.978.137 853,125 Page 33
PEACE HOSPICE CARE
NOTES TO THE FINANCIAL STATEMENTS
FQR THE YEAR ENDED 31 K44RCH 2022
Restrl
PEACE HOSPICE CARE NOTES foTHE FINANCNL STATEMENTS FOR THE YEAR ENtED 31 PMRCH 2022 We remain grateful to all of our tfust funders who. by funding the ongoing costs of our seiCe$, enable the day-to-day work ol the Hospice lo continue. For that we cannot thank them enough and would specifically like to mentton.The Ch(Idwick Trust alld the Inman Char¢ty. èga(n to name a few, without whose support we would nol be able to continue. Restricted funds explanations: A number ol-other donations. including-those from The February Foundation and the.Lawton Trust contributed to our Hospice ai Home, Inpallent Unit and Wellbeing Services as well as the maintenance of the IPU garden. Unrestricted funds lthco Expendltyre Transfer Funds 20 2022 9Jins1105e51 Unresiricted ld$ GTOIIP. General Funds Legacy Investment Fund Generdl Funds Re¥alUati ReseNe- Lind and eslgnated Furtds Operaliwal Rese Property Fun Capital Programme fvJnd 1539.7LI LM737 S.9)5 Z3Z546 (344.110) 177Z2S7 L619.872 &9)5 4.047.489 1344.244 LJ8Q(XYJ 2.441505 135.374 L38q(Kil 1441505 135.374 IIL564 IIL564 Total Unrestrirted Funds &761232 4,047.489 3.451808 9,35&913 Transfer Seiween Funds Batsnce •t 31 March 2022 l April 2021 IoTne (Inc gain51 Expenditurè Unrestritted lunds Charyty GenewA Funds General Fund5 Revaluaiirn ResEive-Lind and tlId$ Legacy Investment Furrfr ¢$19n4ted Funds Operaiional Re5ewve pro[rtY Fund Capital PrOjrary Fund L259.737 s.$ 1539.711 4.(h17,489 1344244 1344.1101. L6l&8n 5.905 3.772,257 231546 1.380. 1443.%J5 135.374 1,360.0th7 2.443.505 135.374 111.564 IIL564- Total Unresillct FUTh &764.232 4,Cty17.489 3,455.8 9.355.913 The transfers from General Fund a the É344.110 to the Legacy Inveyment Fund. Then the Legacy lThvestmenl Fund transfeNed £lll,564 to Ihe Capital programme Fund reco9nising the expenditu on Fixed Asse Unrestrf<tsd Funds Prlaryear B•iwKeat Inwme I Ar1 2020 Transfer 8@een FuDds Balance at 31 March 20ll Vnre5trtciedfundswlor year gainSILosj Expèndtturè Group Genevol Funds Gerv31 Fyn(ts 142ll 1891267 3.OlQ"59) ILOSQcj l26q737 Revaluaiim Rese[Ve.nd and bjilrfu Legacy InStent Fund Desl9rtated Funds OperaiwJnal Reser¥e Property Fund Cala1 Pr¢grarM Fvnd 5.90S 3.539.711 . 177a%i 7647SO 1.380.U 2.441505 135.374 1,380.(V)) 1443.505 135,374 23L250 23L250 Totol Unreslritted Funds &161805 3.891267 1241.840 Iso,orNJ) &765.232 Page 35
PEACE HOSPICE CARE OTES TO THE FINANCW4L STATEMENTS FOR THE YEAR ENCED 31 K4ARCH 2022 BJianceat Income (tnc galnsllwesl Exwdityie Transfer alaTrceat 31 Marth 2021 2020 Funds iltyre5tricied funds prlDryear Charlty General FuThd5 Geaeril Funds Revalvalion Re5erve-Lind aro buibng5 Legary Investment Fund Destgnated Funds OpeialioTral Aeserv2 Prcyerty Fur Capit31 P<c¥Jr3nvrteFurxl L427.(fl 3.841267 ioiq 1.259.737 5.905 3.539,71L 1770.961 761750 L380.*) 1441505 135.374 1.38Qt)J) 2.44A505 13x374 23L250 23L250 Total Vnrestricied Fur 162.HOS 3.841267 124l.840. &764.232 Utilising these Te5eTve5 is set oul in the Reserves and Le9aiy Policy. The Board are currently going through their ant)ual process 01 reviewing this policy. This review will also lake into consideration the new Medium- Term Financial Strategy that has been developed. Ope"rational Reserve Thi5 is to cover the loss ol CCG fundirKJ andlor a catastrophic loss of reputat(on. This rationale will allow the Charity to meet Lts liabilit5 in the short-term. under a variety ol scenari05. whiis"t making alternative plans. for "meeting the longer-term obligations and ensuiing the needs of the beneficiaries are met. De5lgnated funds- Léga<y Investment Ftsnd This drèws from Legacy income over a1 above the budget. not required to supplement other reserves li.e. if other reserve5 are at an appropriate level). This will be used to top up the legary line in the budget in lean years and mitigate against fluctuatin9 legary income. Any additional amounts in this reserve will be used for capital and one-off investment Ltems that should be presented by the'Executive Team to the Board w(th a full business case. PropertyFtsnd Represents the amount Df rÈservex of the Charity that have been utilised for the acqutsitton and restoration of the tangible asset 'Peace Hospice Care. and the development of the In-Patient Unit. The closing balance on the fund equates to the net book value.of as5eiS held in Land and Buildings at the balance sheet date exclvding that part held within restricted funds. Revaluatlon rese¢ Represents cumulative unreali5ed gains on the increase in market value of listed investments. Capital Programme Fund Trustees had designated an amount of £135,374 for major operation31 expenditure on the Charity's assets. This Fund receives transfers Irom the Legacy Investment Fund to finance the Capital Programme an'd Strategic 8u5ine5s Developments. 15. ANALYSIS OF NET ASSETS BETWEEN FUNDS Restricted Unreslricted Funds Funds 2022 GROUP Fund balances ai 31 March 2022 are represented by.. Tèngible red assets 674.905 Investments Current assets Creditors- falling due within one year 2,331.751 2,082,852 5,474,149 1531,839) 3,006,656 2,082,852 5.652.369 1531,8391 178.220 853.125 9.356.913 10,210.038 Page 36
PEACE HOSPICE CARE NOTES TO THE FINANCIAL STATEMENfs FOR THE YEAR ENOED 31 l•WICH 2022 15. ANALY51S OF NET ASSETS BETWEEN FUNDS Restricted Funds Unrestrlcted Funds 2022 CHARITY Fund balances at 31 Mard) 2022 are represehted by. Tangible fixed assets 674.935 Investments Current assets Creditors- falling due within one year 2.331,751 2.082,852 5.473,149 {531.8391 3.006,656 2.082,852 5.651.369 1531.8391 178.220 853.125 9.355.913 10.209.038 There no net debt. ANALYSIS OF NET ASSETS (Prior Year) Restricted Unrestricted BETWEEN FUNDS (continued) Funds Funds 2021 GROUP Fund balances at 31 March 2021 are represenied by.. Tangible fixed assets 812.412 Investments Current assets Creditors- falling due within one year 2.376.5C¥) 5.137 6.917,866 {534.2681 3.188.912 5.137 6,917,866 1534,2681 811412 8.765,235 9,577,647 ANALYSIS OF NET ASSETS BETWEEN FUNDS Restricted Fuftds Unrestrided Funds 2021 '.CHARITY Fund balances at 31 March 2021 are represented by. Tangible fixed assets Investments Curreni assets Creditors- falling due within one year 812,412 2.376.500 5.137 6,916,866 IS34,2681 3.188,912 5,137 6,916.866 1534,268) 812.412 8.764,235 9,576.647 Page 37
PEACE HOSPICE CARE NOTES TO THE FINANCNL sfATEMeNTS FOR THE YEAR ENDED 31 KIARCH 2022 PENSIONS The company and its subsidiary pay into employees. indtvidual pènsion scheme5. Contributions are charged in the financial statements as they are incurred and there were outstanding conifibutions of £46,881 as at the balance sheet date12021'. £26.326}. Pension costs charged in the yeai were £160.39212021.' £169.643}. Of this . £S8.369 {2021". £72,897) was in respect of the NHS Pension Scheme (see accounting policies notels}l and the balance ot £102,02312021.. £96.7461 to the Chaiiils stakéholder pension scheme. The charitable company also makes contributionl to the National Health Service Pension Scheme for cèrtain employees. The NHS Pension Schemè is an unfunded. defined benelit 5cheffte that covers NHS employers. General prtice5 and other bodies, allowed undèT thè duection of the Secretary of State, in England and Wales. As a consequence it is not possible for Peace Hospice Care to identify its share of the underlying scheme. Therefore, the scheme is accounted for as a defined contiibution Scheme and the cost of the scheme is equal to the contributions payobte to the scheme for the acco¢Jnting period. Employers. pension sIS contributions are char9ed to operating expènse5 as and when they become due. Employer contribution rates ère reviewed every four years following a scheme valuation cariied out by the Governlnent Actuary. On advice from the actuary the contribution may be varied from time to time to iellect changes in the scheme's liabilities. Employer contribution Tates for 2021122 for stsff in ihe NHS pension Scheme weie set at 20.68% of pensionable pay120.68% for 20201211. The latest actuarial valuation was done in 2019 and thi5 irbcreased the ernployerfs contribution rates from l April 2019 to 20.68%. funded by the Oepartment of Health. The Scheme is a "flnal scheme. Annual pensions are normally based on 11801h of the best of the last three years, pensionable pay for each year of service. A lump sum normally equivaleni to three years. pension is payable on retirement. Annual increases are applied to pension payments at rates deflned by ihe Pension5 Ilncreasel Act 1971, and are based on changes in retsil prices in the twelve months endin9 30 September in the previous calendar year. On deat a pension of 51rh of the memberfs penston is normally payable to the suniiving spouse. Early payment of a pension. with enhancement is available to member5 of the Scheme who are permanently tncapable ol fulfilling their duties ellectively through illness or infirmity. A death gratuity of tw(ce the linal yearfs pensionable pay for death in servic¢ and five times their annual pension (subject to certain COrlOnSI for death after retiiement. 15 payable. 16. COMMITMENTS UNDER OPERATING IEASES The following lease c¢)mmilrrth15 existed at 31 March 2022 in respect of -(anCellab1e operatirng leases'.- Land and buildings 2022 2021 Leases expiring.. Le$5 than one yeaf Between one and years . Between two and five years Over five yeors 60,908 283.000 345,042 18.333 17,5C(I 666.108 683.608 707,283 17. RELATED PARTY TRANSACTIONS Exemption from disclosing tiansactions wilh group companies has been claimed, as the subsidiary is wholly owned and included in these consolidated fi.nancial statements, which are publicly available. TheTe were no oiher related party tfansa¢tions in the year {2021-. £nill. Page 38
PEACE WJSPICE CARE NOTES TO THE FINANCIAL STATeMENrs FOR THE YEAR ENOED 31 PIARCH 2022 18. RECONCILIATION OF NET INCOME / (EXPENDITURE) TO NET CASH INFLOW/{OUTFLOW) FROM RESOURCES 2022 2021 Net lexpend¢turel/income for the year las per the Statement of Fina[ AttLVLtiesl Adjustments foT= Depreciation chafges Dividènds and investments Gains and losses on investments Ilncrease)/decrease in stock Ilncreasel/decrease in debtors Increase/ldecreasel in credilors 632.391 610,926 293.821 268.662 interest fTom 15,1731 (51285) 1.5S7 1894,1701 {2.4291 130,7671 15,842) 8,023 L431,3SO 54,792 Net cash provided by operating activities 126,2881 7,337,144 19. CASH AND CASH EQUIVALENTS Cash at bank and in hand Short tenn deposits Total Balance at l April 2021 Net Cash movement 2.389.313 12.389.313) 3.251.640 231,204 5.640,953 12,158,109) 6aiance at 31 March 2022 3.482.844 3,482,844 Page 39
PE4CE HOSPICE CARE NOTES TO THE FINANCWL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 20. FINANCIAL INFORMATICthI_ 2021 STATEMENT OF FINANCIAL AcfiviTIES Rèstricted Fund5 Unrestrirted Funds Total Funds In¢ome frorn: Donalions and legacies Charitable activities-. CCG Fvnding Other trading activities Investments 1,346,OLO 1.842.992 3.189002 271,801 691.235 1.030,949 1.007.847 30.767 1.302,750 1,699,082 30,767 Total incorne 2.309,046 3.912.555 6.221,601 Expenditure on: Rasing funds.. Fundraising costs Fundraising trading and lottery FUndraing events 747.642 859.994 988 747.642 859,994 988 Charitable activities Hospice services 2,368,835 1,633,216 4.002,051 Total expenditure 2,368.835 3.241,840 5.610,675 Net incorne/le¥per¥diturel and net movement in lunds before gains and Losses on investments Tiansfer between Funds Gairbs and losse5 on investments 159,7891 670,715 610.926 50. 150.CN)O} 119.2881 119.2881 Net movement in totsl (unds 19.789) 601.437 591.638 Reconciliotion of funds: Fund balances brought fonward at l April 2020 812.415 8.163.805 8.986,¢Y)9 Fund balances carried forward at 31 March 2021 707.513 9.356,914 10,064,427 Page 40