PEACE HOSPICE CARE TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Registered Company Number: 2604892 Registered Charlty Number: 1002878. CONTENTS Administrative details Trustees, Report Independent Auditor's Report 22 Consolidated Ststement of Financial Activities 26 Consolidated and Charity Balance Sheets 27 Consolidated Ststement of Cash Flows 29 Notes to the Financial Statements 30 PEACE HOSPICE CARE ADMINISTRATIVE DETAILS Charity Name Peace Hospice Care Charlty Number 1002878 Company Number Registered Office 2604892 Peace Drive Watford Herts WD17 3PH Truste Dr J Shindler {Chair) Mr C Inman OBE (ViTr Chairl (Apwnted 21 February 2023) Mr J Wroe (Treasurer) (Appointed 21 February 2023) Mrs E Moralez-Perez (Company Secretary) Mrs E Coleridge-smlth (Appointed 21 February 2023) Mr G Davi5 MrA Graham MBE Mr M Ferguson (Appointed 21 February 2023) Mr S Hamill IAptK)Inted 21 February 2023) Mrs S Hill Mrs J Langfield {AppDinted 21 February 2023) Ms J Morosco IAptK>inted 21 February 2023} Mr R Russell-Hogg Dr A Wainwright {Appointed 21 February 2023) Ms A Archyangelio (Resigned 24 May 2022) Mr G Corre (Resigned 24 May 2022) Dr B Abhyankar {Re5igned 21 February 2023) Mr D Cunnington (Resigned 21 February 2023) Mr J Ke5anto (Resigned 21 February 2023) Mrs E Moralez Perez Company Secretary Chlef Executive Executive Board Mr D S Marks Mrs J Westlake-Trltton Dr S Klinger Mrs P Pickersglll Ms R Ahmad Mrs T Hancock Mrs D Gould Auditors Haysmadntyre LLP 10 Queen Street Pla London EC4R IAG Bankers Nat West Bank PIC 72-74 High Street Watford Herts WD17 2GZ 21Page PEACE HOSPICE CARE TRusfEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023 TRUSTEES, REPORT The Board of Trustee5 presents its Annual Report and Financial Statements for the year ended 31 March 2023 which comply with the requirements of the Companies Act 2006, The Charities Statement of Recommended Practi￿ (SORP) and the Charities Act 2011. The Trust￿5, Report incorporates the requirements of the Strategic Report as required by the Companies Act 2006 (Strategic Report and Direttors, Report} Regulations 2013. In this Trustees, Report, "the Group" refers to Rennie Grove Pea￿ Hospi￿ Care (Rennie Grove Peace) and its subsidiaries. PH Group" is Peace Hospi￿ Care (PH) and its subsidiary Peace Hospi￿ Shops Limited, the Charity" is Peace Hospi￿ Care. RENNIE GROVE PEACE HOSPICE CARE In June 2022 after a successful period of collaboration, the Trustees of Rennie Grove Hospi￿ Care (RG} and Peace Hospi￿ Care (PH) announced their intention to merge the IMO organisations into one new charity, called Rennie Grove Pea￿ Hosplce Care (Rennie Grove Peace). The new Charity was incorporated on 14 September 2022 and registered by the Charity Commission on 25 January 2023. On 25 January 2023, Rennie Grove Peace acquired ownership of RG and PH by way of transfer of ownership from the respective members of RG and PH to Rennie Grove Pea￿ for nil consideration. Rennie Grove Peace is a member owned charlty, and its sole members are its Trustees. During the year the operations of the Group were largely carried out by RG and PH. The Group provides palliative, end-of-life advice, support, education and a wide range of serVI￿S to thDse people who are registered with a West Herts or Buckinghamshire GP prackn'ce. The Group is a specialist palliative care provider whose services are delivered by a multi- disciplinary team of Nurses, Doctors, Allied Health Professionals, therapists, SUPPOrt staff and volunteers who will ensure the right service is delivered by the right person at the right time. Professional and self-referrals are received for those patients and those who care for them, including the Health and/or Social care workfor￿. The drlving force behind the merger of RG and PH is the goal to increase both the reach arKI scope of seryices provided by the two legacy charities. This includes high-quality care for those facing life-limiting illness, as well as bereavement counselling servi￿5 for anyone affected by grief. The Group has three clear aims: Serve - provide a wider range of seNices to support people in West Herts and Bucks to live as well as possible as they near the end of their lives Reach - develop new and enhanced services to reach all *ctions of the local community and meet their changing needs Strengthen - use our strengthened combined Vol￿ to secure the resources needed to ensure every local person receives the care they need, when they need it 31Page PEACE HOSPICE CARE TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2023 PUBLIC BENEFrr PH is a Public Benefit Entity. The Trustees confirm that they have complied with their duty under section 17 of the Charities Act 2011. They have considered the public benefit guidan￿ published by the Charity Commission and believe that they have followed it. Thls report provides details of the areas of charitable activity undertaken by PH. The focus of PH'S woth is to ensure that patients living in South West Hertfordshire a￿a$ with a palliative diagrK)Si5 have the choice about how and where they want to be cared for towards the end of life. PH provides Servi￿ in line with the aim of the Natlonal End of Llfe Care Strategy (2008) to provide services people need to enable them to be cared for at home and to die there if that is their choice. It also accords with the Department of Health Publication, 'Our commitment to you for end-of-life ffire.. the Govemment Response to the Review of chol￿ in End ofLlfe Care{2016)'. In addltion, PH is committed to Ambitions for Palliative ènd Endof Llfe Care.. A national framework for local actson 2021-2026, The National Palliative and End of Life Care Partnership created this framework to'improve end of life care through partnership and collaborative action between organisations at a local level throughout England" GOVERNANCE The sole member of PH is Rennie Grove Pea￿. Following the establishment of the Groupi the governance arrangements of the Charity were incorporated into the governan￿ of Rennle Grove pea￿ and are described below. Charity Governance Code The Charity Governance Code (the Code) is a set of principles and recommended good practi against which Charities may compare themselves and identify areas of strength and for potential improvement. The Code includes seven principles which the Board of Trustees of Rennle Grove pea￿ has considered in its aim to ensure continued strong governance of the Group. Organlsational Purpose The Board of Trustees of Rennie Grove pea￿ maintains the vision and mlsslon of the Group. It approves the strategyi operational plans and budget. The Trustees operate as a team and receive reports from management to ensure the proper functioning of the Group. Key govemance highlights in the year included establishing an effective Committ￿ structure to take the new Group forward, including defining relevant terms of reference. The Group Board was able to base the new organisation's structure on the best features of each of the legacy charities. Leadership The Board maintains responsibility for ensuring the strategy of Rennie Grove Pea￿ is established and followed. The Board has a wide range of clinical and non-clinical abilities and experien￿ from a variety of backgrounds. By meeting regularly with management and clinical staff, the Group Board ensures that leadership and managemer)t are integrated for the good of Rennie Grove Peace. 41Page PEACE HOSPICE CARE TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2023 Integrity The culture of the Board supports independent and challenging thought accompanled by a supportwe ethos. Procedures are in place to prevent conflicts of interest and to ensure the Board 15 independent in its decision making. Decision Making* Risk and Contml The Board has developed an effective structure of board committees and working groups. This allows Board members and management to effectively implement the strategic priorities of Rennie Grove Peace whilst allowing the Board time to focus on strategic developments. Operational matters are delegated to the senior management tearn who report on key strategic developments to the Board. Importance is placed on effective risk management and considerable progress has been made in the year in establishing risk management P￿￿esses. BoardEffectlveness The Group Chair will carry out governance reviews supported by the Governance Committee to ensure the proce55 for the recruitment, appointment and retirement of the Board members is effective. An induttion process for new Trustees is in place, Mandatory E- learning Is in line with staff and the Chair agrees other training directly with individual Trustees. Equallty, Diversity& Indusion The Board recognises that a variety of perspectives, backgrounds and skills is essential for good governarbce. These matters are considered as part of the process for nominating new Trustees. Openness andAccountability The Board places great Importan￿ in ensuring that the Group's services and activities and impact are reported to all stakeholders in a transparent manner. Key information is made available to staff and volunteers by the Chair and Chief Executive. We actively seek feedback on all clinical activities. PH Group structure PH has one subsidiary companyi Pea￿ Hospice Shop5 Ltmited. The Trustees of Rennie Grove pea￿ and PH are volunteers from the local community who bring a range of expert skills to set the Group's overall vision and strategic direction. They ensure compliance with relevant legislation and that regulatory standards are met, quality is monitored, and servi￿$ are effective, as well as overseeing efficient financial stewardship and the financial planning of the charity. The Group Board of Trustees has agreed delegation of its powers through the Chief Executive (CE) and the five Committees of the Rennie Grove Pea￿ Board which are described below: Governance Committee The purpose of the Governan￿ Committee is to oversee the governance arrangements of the Group and make recommendations to the Board. In particular, the Committee.. Reviews the size and composition of the Board and its committees and makes recommendations on the appointment of individuals to the Board. Supports the Chair in the annual Board Effectiveness Review. Recommends to the Board the appointment of the CE. PEACE HOSPICE CARE TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2023 Oversees the remuneration paid to the CE and the Executive Board members and the overall remuneration framework for the Group's employees. An external company was commissioned to carry out a benchmarking exercise. Clinical Governance Committee The purpose of the Committee is to advise the Board in relation to the Group's development of the Clinical Strategy and the delivery of the underpinning annual patient services work plan and agreed Key performan￿ Indicators (KPIS). In particular, the Committee: Horizon scan5 to identify opportunities to maximi5e patient services growth and future seNice developments which are responsive in reaching more people and reflect our locality needs. Re￿iVeS assurance that there are effective clinical quality assuran￿ and clinical governance control systems established and maintsined across the organisation, demonstrable outcomes and measurable impart. Provides assuran￿ to the board that the clinical services are continuously striving to improve care, while remaining compliant with all legislative and regulatory requirements and with consideration of the organisatiorj wide sustainability and digital transformation strategies. Edentifies and defines the accepted risk levels arlsing from the Group's clinical operations and any increase in activity and innovation risks to the Board. Development Operations & Performance Committee The purpose of the Committee is to provide assurance to the Board on the development, operations and performance of the Group's strategic ambitions and annua5 operational plan, highlighting new operational risks which may arise out of the development of the plan for t'he directorates that report to this committee, and monitor: Financial and operational performance and risk The overall integrity of the Group's internal financial and operational reporting The Group's operational controls Recommendations for developments involving tangible fixed assets. Risk & Audit Committee The purpose of the Committee is to provide assurance to the Board that the Group's responsibilities regarding financial legislation and regulations are met. It reviews overall risk management assessment, controls and mitigations pro￿55e5 and continuous quality improvement. This includes: Reviewing, on behalf of the Board, the integrity of external financial reporting Overseeing the relationship with the external auditor Monitoring quality and assurance improvement systems and compliance with external regulations Reviewing risk management systems Investment Committee The purpose of the Committee is to monitor the financial resour￿5 and liabilities of the Charity. This includes monitoring intemal financial controls relating to cash, marketable investments, financial liabilities, and other liquid resour￿5 of Rennie Grove Peace, considering the Board's attitude to financial risk and the financial sustainability of Rennie Grove Peace. It also includes monitoring the perf0rrnan￿ of banking counterparties and investments advisors. 61Page PEACE HOSPICE CARE TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2023 The Board of Trustees agrees the terms of reference for the five committees which have clear, delegated authorities. The Board monltors performan￿ of the committees through reports received at Board Meetings. Certain matter5 are reserved for the Board and members of the Executive Board are invited to attend Board and Board Committee meetings as appropriate. Executive Board The Rennie Grove Peace Executive Board (EB) is led by the ￿ who is appointed byi and accountable to, the Trustees. The EB has responsibility for the day-to-day management of the Charity, ensuring it functions within the law in accordance with Charity Commission regulations, Care Quality Commission standards, Scheme of Delegation Policy and other relevant regulations. The EB consists of the CE, Chief Clinical Officer, Medical Director, Director of Development, Operations & Performance, Director of People & Culture, Director of Marketingi Director of Fundraisingi and Direttor of Retail & Trading. CLINICAL ACTIVITIES Peace Hospi￿ Care provides free specialist palliative care across South West Hertfordshire, and neighbouring areas, for patients and their families facing a life-limiting illness. We help them manage their conditions and provide support at the end of life. The needs of patients, families and the local community we *rve are changing all the time and we recognise that we need to change too to meet those needs, Our patient services delivered during the year to 31 Ma￿h 2023 are described below.. Peace Inpatient SeThlces Inpatient servi￿5 are provided from the Inpatient Unit (IPU) which is a 12-bedded, short stay unit providing high quality, specialist palliative care which includes symptom control, rehabilitation and end of life care for individuals whose symptoms cannot be controlled at home. The team delivers holistic care for patients and their families including physical, emotional, spiritual and practical support for those living with a life-limiting illness. The unit supports the values of PH in its caring and relaxed environment, treating all patients and their loved ones with respert and dignity. The IPU has a highly effective, multi-disciplinary team ensuring all aspects of each patient's corKlition are addressed in a sensitive manner. Palliative Response Team (PR T) Our Palliative Reswnse Team (PRT) is a skilled Nurse and Medical team supporting patients, their families and carers at home in line with their wishes to receive, and remain, at home for their care. The Servi￿ runs from 8am-10pm, seven days per week. Our team work collaboratively with internal and external Servi￿ partners to provide the highest quality care in a community setting. The PRT service runs using a 'Wirtual Ward, model and aims to provide support to peop￿ who have urgent palliative needs and require support at home or on discharge from hospital or another hospi￿. We provide a holistic assessment of each patient's needs between 24 and 48 hours after referral. We support the facilitation of patient discharge and prevention of unwanted hospital admissions in line with patients, wishes. A plan of care is agreed with each individual, or family as needed, to ensure their comfort and care is maximised. Care is tailored for as often as needed, but always until a stsble plan is in place and we aim for this to be within 14 days. Once this plan is in place, we will hand over 71Page PEACE HOSPICE CARE TRUSTEES. REPORT FOR THEYEAR ENDED 31 MARCH 2023 the care to other SeN1￿ provlders, Re-referrals and self-referrals are able to be made as needed. Peace Outpatlent Services Peace Outpatient servi￿ provlde holistic assessment, care and 5UPPOrt for people living with life-limiting illnesses in South West Hertfordshire. The team tailors services to m￿t Ihe frequently changing needs of our individual patients at different points in time, ensuring that the patient and their family is at the heart of all decislon making. Thi5 includes providing detailed holistic assessments and reviews via a nurse-led clinic, multi-disciplinary teams and consensLJS declsion making which underpin our patient-centred approach. To achieve our aims, we offer three tiers of wellbeing and rehabilitation support (universal, targeted and specialised) which may change overtime to meet the specific needs of each patient. The Servi￿ includes a very wide range of rehabilitation interventions and support, wellbeing and creative arts interventions, a flourishing and growing Compassionate Neighbours seNice and a growing Bereavement & Counselling Servi￿. We are keen to enhan￿ the acce55 to these seryices for those patients in seldom-heard communities who have not, until now, regularly ac￿SSed our seNices. Peace Hospice Care Medical team The Peace Hospice Care Medical team works across our three main patient *rvices - Inpatient Servi￿$, Community seNices and Outpatient seNices. They provide specialist medical and pharmacy support to patients as well as advice, support and education to nursing staff and allied healthcare professionals within the pea￿ Hospice Care team. There is a doctor on call to provide medical cover out of hours, RapidPersonalised Care Service (RPCS) Our Rapid Personalised Care Service provides personal care for up to 12 weeks to patients at home receiving end of life care. Patients are referred by healthcare professionals through a single point of access and are supported by a team of specially trained carers, a care co- ordinator and service lead. Packages of care are provided within 48 hours of a referral and, in practice, frequently start on the same day as the referral is re￿ived. The service operates from 7am to 11pm, with care being provided up to four times a day by up to hvo carers to ensure the support and comfort of patients and their familie5 at end of life. Bereavement & Counselling service Our Bereavemenl & Counselling seNice is delivered by one of three different teams- our Student Bereavement Counsellors, our British Association for Counselling & Psychotherapy (BACP) Volunteer Bereavement Counsellors and our Improving Access to Psychological Therapies (IAPT) accredited Coun5ellors. All sessions give people a weekly Spa￿ to reflect on their experiences in a safe and confidential environment. Our IAtYf acc￿dIted Counsellors deliver eight sessions of l.. l or group counselling across eight weeks to clients aged 16+ with anxiety andlor depression. People are referred to the service and assessed by their Hertfordshire GP. Our Student Bereavement Counsellors and BACP Registered Volunteer Counsellors, deliver eight sessions of I: I counselling across eight V￿eekS to bereaved clients aged 18+, both pre-bereavement and post-bereavement. People can ￿lf-refer to this service and once our Bereavement & Counselling Co-ordinatorlcounselling ainical Lead carries out an assessment, they will then match clients with appropriate Counsellors. Our Bereavement team also provides variDUS self-referral bereavement groups and workshops throughout the year for specific groups of children and young people to explore thelr feelings of loss through creative activities in a play based environment, alongside their carer. 81Page PEACE HOSPICE CARE TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2023 Compasslonate Jveighbou Our Compassionate Neighbours project unlocks people's compassion and purpose, buildlng a stronger, connected community for all people touched by death, dying or1055. We achieve this by growing a network of people across WatFord, Three Rivers and Hertsmere who are bereaved and/or living with a life-limiting illness and who re￿1ve sustained support from a Compassionate Neighbour via in-person visits and phone Cdlls. We also train and coordinate a group of specially trained Compassionate Companions for those people being cared for at home in the very last days of life who are isolated andlor in need or extra emotional support. In the future we plan to estsblish communlty-led hubs, co-created by the Compassionate Neighbours. OPERATIONAL REVIEW AND ACHIEVEMENTS FOR THE YEAR During the year the focus of the Group has been on the planning and implementation of the merger. The paragraphs below describe the key activities undertaken in the year. Patient SeThices New organi5ational struttures have been implemented within Rennie Grove Peatr clinical services and this has included a significant level of development. A clinical coordination ntre has b￿n highlighted as a priority to provide a more coordinated and effective approach to care within Rennie Grove Peace servlces to ensure that patients are able to receive care from the right person, in the right pla￿ and at the right time. A project is undenNay to develop this with implementation planned for later in 2023. There has been a huge focus on recruitment as this remains a significant challenge for Rennie Grove Peace clinical services in line with most healthcare organisations nationally. New roles including paramedics and a nurse consultant have been a(kled to provide a wider mix of ski115, in addition to several examples of internal development and promotion which have been designed to Strengthen the leadership and delivery of clinical seNices. A considerable amount of work has been done to clarify the GP alignments and population sizes of Rennie Grove Peace clinical teams to reduce unnecessary dupliGltion of services and to ensure more seamless servlces for patlents. All Rennie Grove Peace clinical *rVi￿5 (except for the Improvlng Access to Psychological Therapies (IAPT) seNice) are now using the same elettronic patient record system (Systmone) which allows clearer communication internally and allows increased visibllity of Information from other healthcare organisations who are also caring for the patients. Rennie Grove Peace have been a collaborative partner in the development of a system wide, specialist Psychology service for can￿r and palliative care patients in West Hertfordshire which ensures more support to patients. The Clinical Leadership Team have b￿n developing links with other providers to explore collaborative working opportunltles with NHS, social care and voluntary sector organisations. 91Page PEACE HOSPXCE CARE TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2023 FundraI￿ng We have restructured the fundraising team, combining the t￿0 teams from the legacy charities and recruiting to the posts which were vacant. This will create a strong, diverse, and eXperIen￿d team to deliver our goals and targets. Rennie Grove Peace Saw exceptional legacy income in the year, which, along with exceeding tsrget across fundraisingi meant we closed the year ahead of our target. The relaunch of the Herts IOK was a remarkable success, attrarting previous and new runners to the event and a record number of participants took part in the Firewalk at Peace HOSPI￿. We also saw membership of our Vice Presidents scheme grow, attracting new donors to give at a higher level to supwrt the development of our work. Key achievements included the Big Give Challenge, which reached its increased target of £80,000 within four days, the Firewalk and the London Bridges Walk in March which attracted 279 supporters and raised £28,000, considerably in excess of its target. Data was continued to be at the heart of our activity, ensuring we can provide every supporter with the best possible experience and increase the lifetime value of those who so generously give to help us deliver our services. Fundraising during the year, in line with the sector, has been challenging. We have seen supporters adjusting their donating habits as the cost of living rose, a number of trust and grant bodies shifting their focus to mental health, charities supporting those slruggling wlth rlsing costs, and donors still taking time to return to events after the pandemic. Retall & Trading The Retail and Trading team have been combining the best of both from the iwo legacy charities to ensure smooth efficient operational processes are in place for shops to maximise the potential of the network of 32 shops. We had our first All Retail Staff Conference, and we have continued the very Suc￿sSfUl roll out of the "Rennie Grove Peace Revisiting" pr(yJramme to refurbish shops, ensuring each shop meets Its local community needs and reinforcing our environmental mantra, "Recare, Rewear, ReHome" The programme include5 ReLoved Boutiques, Community Hub shops and Revalued Outlet shops, each allowing the Charity to maximise sales from each donation received. The Retail & Trading team has been working very hard to move all shops onto one electronic point of Sale system. A single system is critical for the management of sales and stock, as well as the very important HMRC gift aid claims. We also launched year two of the sUC￿$sful Retsil Academyi developing financlal management skills alongside visual merchandising training and people skill sets. The programme aims to inspire and support the development of shop managers. People & Culture Our staff and volunteer colleagues provide the skills, expertise, and passion for delivering or contributing to the services we provide for our patients and their carers. There has been much work conducted towards the merger in this year. Terms and Condition5 (T&Cs) of RG and PHC were reviewed to recommend the T&Cs ft)r Rennie Grove IOIPage PEACE HOSPICE CARE TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2023 Peace employees. An external pensions specialist was commissioned to advise the Board of Trustees on the current pension provision of RG and PH. Th￿e were undertaken with a view to meet Rennie Grove pea￿,5 key priorities of recruitment and retention, to be an employer of Choi￿ and be able to deliver our services in a high quality manner. The employee and volunteer databases were reviewed to recommend the database to be used at Rennie Grove Peace. Policies, procedures, and proce55es have begun to be developed based on the best of both chariti￿. The Governan￿ Committee will approve the pay framework for Rennie Grove pea￿ on this is developed. This Committee also approves pay and renumeration for the EB based on market recommendations from the Reward Consultant. Leaming & Development The Learning and Development Team support staff across the workforce and key achievements included.. A projert to review e-learning to improve mandatory training prO￿$Se5 and prattices while providing real-time management information for Complian￿ monitoring and reporting. Responsive training courses to meet emerging clinical needs including Specialist Palliative Care Update (SPCU), Palliatlve Care Development Programme (PCPD), Intermediate and Advanced communication skills, EPU team support and development programme and clinical skills focussed sessions. Monthly Clinical Induction days and several student placements. Work to begin to update the clinical competency framework. Non-clinical training, including sessions such as, self-care and resilience and communication skills. Delivery of a Care Home Education Programme and GP training. Our annual Clinical Conference. A Management Development Programme (MDP aimed at staff with line management responsibility to develop leadership and management skills and behaviours and which will now run annually). Volunteerlng Volunteers continue to support Rennie Grove Pea￿ to deliver our services to more and more people and act as ambas￿dorS in our community, spreading the word about the vltal work that we do and the many ways in which people can 5UPPOrt us. We now have a combined volunteering for￿ of 1600 volunteers in more than 90 unique roles sUPPOrting every area of the charity. We hève worked hard to engage with all our volunteers during the merger process, communicating the benefits of combining our seNices, and the new opportunities that the. merger provides. Our volunteers are now embedded into the new Rennie Grove Peace organisation and engagement ha5 been a vitsl part of that. Working with the Marketlng and Fundraising teams we have continued to encourage volunteer support via e-mail communications about the merger, fundraising activities, newsletters and regular Z¢Jom updates from the Chief Executive and Director of Retail & Trading. We are developing our community volunteering programmes and expanding our Compassionate Neighbours Servi￿ into West Hertfordshire. We now have 37 Compassionate PEACE HOSPICE CARE TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2023 neighbours supporting community members in their own home or at our Compassionate Cafes and Support Hubs. Our 34 Supportlng Hands volunteers support our nurses with respite care and provide practical and emotional support to our patients. We are expanding this seNice into the Watford area and we will be continuing targeted recruitment campaigns for these volunteering roles and others, to ensure that volunteering at Rennie Grove Pea￿ is familiar in the public domain, and we are seen as a great place to volunteer. We have worked closely wlth the Retall & Trading team, to improve our volunteer onboarding processes in the shops and to support the ecommer￿ team in expanding their wort(force to support improved sales. The new volunteering team has been working hard to combine our two volunteering databases. Once this work is complete we will have a much belter tool for managing the smooth onboarding of volunteers, and for engaging with them more directly. The mandatory training programme used at RG, is now being made available to all Rennie Grove Peace volunteers. This is an important investment in our volunteer workforce and will run alongside our staff education programme to make sure that volunteers are fully equipped to perform their roles safely and we are making the most of their time and commitmenL We aim to roll out our new e-learning platform to all our non-shop volunteers in 2024. Having supported our volunteers and line managers through the merger to Rennie Grove Peace we will be looking to the challenges of the next year and beyond. We are aware that the national trend in volunteering is decreasingi and we ne￿ to adapt to respond to thls. Marketing The main focus for the marketing team this year has been to strategically plan the visual identity, branding and audience messaging to effectively communicate the merger of our hNo successful organisations into a new exciting chapter joining together as Rennie Grove Peace Hospice Care. This included combining our two separate teams into one department, strengthening internal skill sets and engaging with a wider support ne￿Ork of experts for speciffic merger tasks, such as public relations and digital marketing. We reviewed and relaunched our platfoms to ensure a 'best of both, delivery of the merger requirements, across all our teams and marketing channels, with minimal disruption to day-to-day campaign delivery. We developed an extensive messaging framework and campaign calendar to bring tcxJether our two audiences, focuslng on sharing storie5 across both RG and PH that highlighted our exceptional people, positive patient experIen￿S and Invaluable local support. We combined the Importan￿ of our individual legacies with our merger objectives to serve our communities with a wider range of services, reach more local people and strengthen our ability to secure more resources. Through a range of new look creative marketing campaigns and materials developed with the Fundraising, Volunteeringi Retail & Trading, Patient Servi￿5 and People and Culture 121Page PEACE HOSPICE CARE TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2023 teams, we have been delighted to w increased engagement and SL￿ceSsfUllY delivered targets. We have helped secure participant and income targets, over-achieved in some cases, such as the London Bridges Walk, seen new initiatives well-received in local press and social media, such as Compassionate Cafés and our new ReLoved boutique stores, and increased digital reach and engagement across our social media channels and website, thanks to a new approach to paid social media advertising, more focus on our Google Grant account and a huge increase in local community partnerships that help us drive awareness and advixacy of our seNI￿S. Our marketing channels will be fully merged in 2023-24, and we are confident that the combined audiences will continue to support U5 in one pla￿, as Rennie Grove Pea￿. Links with Commissioning bodies The Clinical Leadership Team (CLT) has been developing links with the commissioning bcKIyi the Herts and West Essex Integrated Care System, In addition, they maintain our relationships with the Central London Community Healthcare Trust in Hertfordshire. CLT regularly attend the Specialist Palliative Care forums in both areas to develop and maintsin Rennie Grove Peace and PH'S influence in the external strategic direction of specialist palliative care Servi￿5. The CLT continue to explore new opportunities to attrart statutory funding to Rennie Grove Peace in order to develop services. Performance against strategic plans 2022-23 was a year of much activity focused on the merger of RG and PH. Both charities had Strategic Plan5 in place and continued to operate within those strategles. Quality Accounts for both charities have been pr￿UCed and are available on our website, renniegrovepeace.org The past year has seen a tremendous amount of work from every single member of both organisations to progress our merger integration. A full merger takes a huge amount of combined resource and we have made great Strid￿ towards the successful integration of RG and PH over the past year. We planned the last 12 months meticulously, with EB and the Group Board working together to deliver a master schedule of work, and resolving any challenges fa￿d along the way. These challenges include structural changes such as completing the legal merger and personnel advan￿$ including combining staffing structures and integrating clinical workforces as well as reviewing employment terms and conditions followed by transferring all employees Into one organisation. We have also prepared CQC registrations for the new organisation. Infrastructure changes are notoriously difficult when combining organisations of our scale and we have suc￿sSfUllY integrated our patient records, HR, and incident reporting systems, as well as reviewing our relationship management, fundraising, and volunteering databases. 131Page PEACE HOSPICE CARE TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2023 Supporting the Community Rennie Grove Pea￿ continues to focus on serving more people across our community and is working closely with the community engagement servi￿$ to consider ways of improving aC￿SS to clinical servi￿$ for those who have not traditionally accessed hospice seNices. By clarifying alignments to GP practi￿$ and accurately outlining population sizes, Rennie Grove Peace is able to develop effectively clinical services for these communities in collaboration with other serVI￿S within the wider health and social care system. OUR PLANS The plans for PH have now been inCor￿rated into the strategy of Rennie Grove Pea￿. The paragraphs below provide an ovekview of the Rennie Grove pea￿ plans. Rennie Grove Pea￿ continues to f(￿uS on being able to serve more people across our community and is working closely with community engagement servi￿5 to consider ways of improving ac￿55 to clinical seNices for those who have not traditionally accessed hospice ry1￿. By clarifying alignments to GP practices and accurately outllr)Ing population sizes, Rennie Grove Peace will be able to develop effective clinical services for these communities In collaboration with other services within the wider health and social care system. 2023-24 Is the year in which Rennie Grove Peatr will f[￿U5 on being responsive to the needs of the population. Through conducting a Population Needs Assessment, utilising the data and reSoUr￿S available through our ICSS and Hospice UK'S PopNat Tool, we will be able to plan our clinical servi￿5 to meet the devek)ping needs of the population. We know there will be a growing number of people who need our servI￿S and we expect our patient numbers to grow to around 8,000 in the coming years. We will use 2023-24 to identify more clearly those needs and how we might refocus our servi￿$ appropriately. It will also be the year to continue the integration and creation of one team induding the development of its culture and the employment and reward structure for colleagues. This is an important element of our ability to retain our existing Workfor￿ and to be able to attract new colleagues to our team. As there is strong competition for clinicians, RGP need to be seen as a employer of Choi￿ and be able to offer terms and conditions which are attractive. Our internal Pro￿$$ and procedures will be supported by the amalgamation of legacy systems to create one Information Technology infrastructure using Microsoft 365 suite of tools, including email, SharePoint and OneDrive. This will provide one process and location for the sharing of information. In the second half of 2023-24 Rennie Grove pea￿ will develop its Strategic Plan for 2024- onwards. This will support the clinical ambition and plans with the aim of ensuring that we: Serve our population with appropriate clinical services, our colleague5 by developing an effective and efficient culture our supporters to enhance the lifetime value of their contribution 141Page PEACE HOSPICE CARE TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2023 Reach new patient groups by becoming more accessible to them new commercial activities to providing sustainable income. Strengthen the collaborative and supportive culture for colleagues to thrive In their work the Vol￿ and vision for patient care in the hospi￿ sector and within our ICSS the core elements of our organisation to establish a more sustainable future for palliative and end of life care. Collaboration In Hertrordshire, Rennie Grove pea￿ has agreed a Memorandum of Understanding with the other four hospice providers who deliver services to the adult Population of the county. Each organisation has the ambition for the very best palliative and end of life care and has decided to wod< together to create "one voice" a formal hospice collaboration. RISK MANAGEMENT STATEMENT AND BACKGROUND PH processes are now incorporated in the Rennie Grove Pea￿ risk management processes, The Board of Trustees has responsibility for overseeing risk management within Rennie Grove Peace. They have a fundamental role in ensuring that a culture of risk management is embedded throughout the Group by setting the tone and defining the appetite for risk. The Board ensures that all risks are assessed against the abllity to achieve its mission. The Risk and Audit Commlttee monitors risk management processes, revlews key risks and mitigating actions, and supports and advises the Board on risk matters. The EB implements risk management policies. Risks are identified and controls and mitigating actions closely monitored on a regular basis. The following table describes the key risks, identified by the Group Board of Trustees, to Rennie Grove Peace's ability to ￿￿t its strategic objectives. The Trustees consider that the principal risks facing the Group are: RiskArea Difficulty in the recrLJitment of suffiaent ainical Staff Reduttion in the ability to deliver Clinical Services Recognising the dlfflculty there Is across the health sertor in the recruitment of clinlcal staff we have reviewed our clini￿1 vacancies and are currently runnlng a rolling recruitment campaign, with new recruitment channels identified. We review the skill mix of nurses, experience based on awailability of applicants. A working group has been set up to review safe staffing and aculty. Weekly monitoring tCK)I has tEen devised that demonstrates red, amberi green (RAG) status of staffing (80% toleran￿ set) to allow more proactive responses. While wasting for a full establishment of staff to be achieved we will riorit￿se our case load to ensure most 151Page PEACE HOSPXCE CARE TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2023 urgent patients are seen and the nursing reSoUr￿S required is utilised in the most effective way. Continuation of the wider national NHSlsocial care challenges (increased can￿r waitslstaff shortageslunsettled workfor￿) Increased demand on the charity" sector to fill gaps. Ongoing monitoring with the Integrated Care Board {ICB) and other external partners to develop plans and respond to challenge5. Monitor external environment, work with ICB and other extemal partners to develop plans and respond to challenges. Regular contracts meeting with our extemal partners monitoring a whole system approach and how we can work collaboratively to manage gaps- we share with them Information on capacity and quality metrics, continue to horizon scan and keep abreast of national challenges- via varlous sour￿5 e.g. ICB newsletter and we share these across our teams. As part of safe staffing, a review of our current caseload and GP alignment5 Is being undertaken to improve shared care arrangements and clarl of what serVi￿S can be offered. FINANCIAL REVIEW The Trustees are pleased to announce that PH recorded net income of £1,101,192 for the year trj 31 March 2023 (2022,. 632,391). The financial period beneffited from exceptional legacy Income. Legacies in 2023 totalled £2,581,884 compared to £1,244,110 in the prior year. The size and timing of legacy income is unpredictable, and the Trustees, plans assume that future legacy income reverts to a more "normal level" of around £1 million per annum. The prior year had also benefitied from substantial Government support ass(Kiated with the Covid-19 pandemic. Total income for the year was £8 million (2022:7.1 million) an increase of 13 per￿nt on 2022. Excluding legaaes, income decreased by 8 per￿nt. The fundraising environment was difficult in the year. The uncertainties arising from the pandemic carried into the 2023 year to be added to by the impacts of inflation in the wider economy. These factors inevitably impacted our community fundraising activities and we saw pressures on individual and corporate giving. Nemorable events were Colour Run and London Brldges Walk. The continued success of our fundraising is a testament to the generosity of our loyal supportersi particularly in the current economic environment, as well as the skill and dedication of our fundraising team. Income from our shops at £1,090,209 was £141,398 higher than the prior year. The prior year's activity had been impacted by the pandemic. Whilst Retail is still not up to the level of activity seen before the pandemic, it was good to see substantial progress and the success of new initiatives helped to bring a recovery of income. Retail margins will continue to be under pressure from payroll and establishment costs, but we are confident that PH can grow the overall contribution from its Retsil activities. Income from the CCG at £1.484 million was 8 per￿nt above 2022, Funding from Hert5 CCG was essentially flat, although we did obtsin increased funding for our Inpatient Unit. 161Page PEACE HOSPXCE CARE TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2023 Total expenditure at £6.7 million wa5 5 percent higher than the prior year. Inflation poses challenges ft>r charities, and the specifK inflationary pressure5 in the health sector produce particular challenges for the Group given the significant proportK>n of our cost base which is accounted for by payroll costs. Durlng 2022-23, PH spent £94,000 on merger integration across all of the directorates for various implementstion and system projects. Financial markets experienced substantial downtums in the year, produclng a negative return on our medium-term investments which are mainly invested in equities, bonds and associated funds. A largely unrealised loss was recorded in line with our accounting policy. However, Trustees consider the investment portfolios continue to meet the objects and expectstion5 of these assets. The surplus for the year meant we were able to add to our General Reserve, thus giving us additional confidence that the financial position of the Charity is sound. After designating funds to cater for key strategic projects and investments, our General Reserve is £7,429,775 at 31 March 2023. The liquidity of the Charity remains strong. Cash balances at 31 March 2023 totalled £3.3 million. The financial policies of PH are now incorporated within the Rennie Grove Pea Group policies which ensures adequate funds are available to finance the Charity's operations. The strength of Rennie Grove pea￿,$ consolidated balance sheet, underpinned by a satisfactory General Reserve and Substantial liquidity, satisfies the Trustees that the financial position of the Charity remains sound. Funds PH'S funds finance the resources available to the Trustees to use in the Charity's operations. Funds are classiffied as Restricted or Unrestricted. RestrictedFunds Restricted Funds are subject to specific requirements defined by PH'S donors and will only be expended in accordance with those requirements. The principal Restricted Funds at 31 March 2023 were: Department of Health grants to finan￿ improvements at Peace Hospi￿ £633,000 Hospice UK Funding in respect of a 2417 nursing serV￿e £146,000 Shaw Trust to finance IT developments £65,000 During the year to 31 March 2023, exFenditure against restricted funds totalled £96,613. UnrestnctedFunds Unrestricted Funds are resources available to the Trustees to spend at their dlscretion in furtheran￿ of the Charlty's objectives. 171Page PEACE HOSPICE CARE TRUSTEES, REPORT FOR THEYEAR ENDED 31 MARCH 2023 In conjunttion with the Group Trustees, the Trustees have designated certain unrestricted funds to known and expected project5 which are expected to be carried out over the short and medium term and which are considered essential to ensure the SucCe￿ful delivery of the Group's strategy. During the year, the Trustees have carried out a review of the designated unrestricted funds to ensure these are aligned with Rennie Grove Peace's plans and these plans are adequatelyi but not excessively, funded. The following designated unrestricted funds are held by PH at 31 March 2023: Capital Programmes Fund. Capital projects identified ft)r the strategic planning period. £500,000. Property Fund. Funds attributable to property assets employed in PH'S operatlons. £2,011,747. Merger Implementation Fund, Representing key projects necessary to successfully implement the merger £106,000. Strategic Initiatives Fund. Initiatlves identified by the EB, and confirmed by the Trustees, to support our clinical and operational plans as we progress the Group's strategy £250,000. Fixed Asset Fund, To finan￿ non propety fixed assets £160,000 The General Re5eNe is the available funds after designating funds to known or expected projects expected to be carried out over the short or medium term. At 31 March 2023, the General ReseNe of PH totalled £7,429,775. The Consolidated General ReseNe of the Group is held to ensure the continued financial sustainability of Rennie Grove Peace and its subsidiaries, and to give the Group the ability to react to unexpected changes, especially reductions in fundraising and retail income and increases in expenditure requirements. The appropriate amount of the General ReseNe will vary over time. The Trustees seek to balance the need to protett the Group's financial sustainability with the objective of avoiding losing opportunities to use resources in furtherance of the Group and Charity's objectives. In view of the complexities and extent of Rennie Grove pea￿'S operations, and the un￿rtain operatin9 environment, the Group Trustees consider that the General Reserve should be at a substantial level relative to Rennie Grove Peace's operations. In addition, the Group's Trustees reciyJnlse that sufficient General Reserve needs to be retained by RG and PH. The Group Trustee5 have determined a target for the Consolidated General Reserve of Rennie Grove Peace. This target is a medium-term aspiration and is expressed in terms of monlhs of budgeted operating expenditure represented by the General Reserve. This method of determining the target allows a direct comparison of the General Reserve with the resources required to ensure its on-going operations. The Group Trustees recognise that there will be short term variations from the target, and the target is reviewed annually. In determining the target, the Group Trustees take into account: the perceived Un￿rtaInty in the economic and regulatory environment; the risk appetite and key risks of the Group; strategic objectives of Rennie Grove Peace. the extent to which the Group General ReseNe is represented by liquid assets. Taking account of the matters above, the Group Trustees have determined that the appropriate target is for the Consolidated General Reserve to represent 9 to 12 months or budgeted consolidated operational expenditure of Rennie Grove Peace and its subsidiaries. 181Page PEACE HOSPICE CARE TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2023 Going Concern The merger of PH and RG brought together two established and financially sound charities. In preparing for and implementing the merger of the tNo Charities, the Trustees pla￿d a high priority on building on these sound financial positions. Retaining financial sustsinability for Rennie Grove Peace and its subsidiaries continues to be a key aim of the Group Trustees. The balance sheet of the Group at 31 March 2023 is consldered by the Trustees to be strong. In particular.. The level of designated unrestricted funds, at £5.3 million and the General Reserve, at £17.7 million, are adequate to support the operational activities of the Rennie Grove Peace Group for the foreseeable future. The General Reserve is represented, to a signlficant degree, by liquid funds. The tangible fixed assets of the Group further underpin the operations of Rennie Grove Pea￿ and near-term capital expenditure plans are financed by existing unrestricted funds. The Group has no long-term borrowing obligations. The 8oard and Board committees regularly review the financial position of Rennie Grove Peace and its subsidiaries. The risk management framework indudes monitoring of financial risksi policies for funds and the General Reserye and a process of preparing and reviewing cash flow and financial assets positions has been introduced. RG and PH have track records of financial resilien￿, flexibility, and adaptability. This was demonstrated during the coronavirus pandemic and subsequentty in a period of inflation. Whilst recognising the challenges to our income generation and cost base arising from the current economic environment (which could produce an operating deficit in the immediate future), the Trustees are confident that the existing financial strength of Rennie Grove Peace means that the Group's ability to meet its operatSonal responsibilities is unchanged. The Trustees have concluded, following reviews of the financial position and future plans of the Groupi that there are no material Un￿rtaIntieS that would cast doubts on PH'S ability to continue its activities for at least the period to 31 March 2025. Accordinglyi It is appropriate to employ the going concern con￿pt in these Financial Statements. Investments and Investment Policy To provide confidence in the financial sustainability of the Group, and to provide protection against future unexpected income or expenditure events, the Group holds financial assets in excess of the immediate operational needs of the (harity. At 31 March 2023 the financial assets are in the legal ownership of RG and PH. As these financial assets are expected to be held for the medium or long term, they are held in return-seeking investsnent portfolios with the aspiration that the assets produce returns in excess of the return available on cash and provide protection against inflation. The assets are predominantly held as marketable securities and carry an element of investment risk. RG and PH utilise regulated investment advisors to advise on the method, type and amount of holdings. 191Page PEACE HOSPICE CARE TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2023 Rennie Grove Peatr has developed Finandal Assets Poli￿$ which, amongst other matters, describe the objectives and constraints of the investment portfolios, the expected risk/retum charactsristics of the investment portfolios, the requirements of investment advisors, and governance arrangements. The overall risklreturn profile is considered to be moderate with an investment horizon in excess of five years. Trustees meet with investment advisors at least twice-yearly to discuss the asset allocation and performance and to assess whether the investment portfolios contlnue to meet the Trustees, objertives. Statement on Fundraising Rennie Grove Peace, RG and PH are all registered with the Fundraising Regulator and committed to the Fundraising Promise and adheren￿ to the Code of Fundraising PractiTr. In 2022123 PH received two fundraising complaints. These were followed up and recorded in accordance with the complaints procedure and were resolved with the complainant. Rennie Grove Peace, RG and PH are signatories to the Fundraising Preference Service, enabling supporters to opt out from re￿Iving fundraising communications. STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees, who are also directors of Peace Hospice Care for the purposes of company law, are responsible for preparing the Trustees, Report and the Financial Statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally AC￿pted Accounting Practice). Company law requires the Board of Trustees to prepare financial statements for each financial year, which give a true and fair view of the stale of affairs of the company and of the incoming resoUr￿S and application of resour￿5, including the income and expenditure, of the charitable company for that period. In preparing the financial statements, the Board of Trustees is required to'.- Select suitable accounting policies and then apply them consistently Observe the methods and principles in the Charities SORP Make judgements and estimates that are reasonable and prudent State whether UK Accounting Standards have been followed, subject to any material departures disc105ed and explained in the financial ststements Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The Board of TrUS￿S is responsible for keeping proper accounting records, which disclose, with reasonable accuracy at any time, the financial position of the charitable company and enable it to ensure that the financial statements comply with the Companies Act 2006. It is also responsible for safeguarding the assets of the charitable company and hen￿ for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as each Trustee is aware., There is no relevant audit infom)ation of which the charitable companWs auditor is unaware. and The Trustees have each taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. 20IPage PEACE HOSPICE CARE TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2023 AUDITORS Haysmacintyre LLP have been appointed by the Trustees as auditors, and have signified their willingness to continue in office. A resolution proposing their reappointment will be put to the Annual General Meeting. This report was approved by the Trustees on 14 September 2023 and signed on behalf of th Board by: Je my Shindler 21 |Page PEACE HOSPICE CARE INDEPENDENT AUDITOR'S REPORT FOR THE PERIOD ENDED 31 MARCH 2023 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PEACE HOSPICE CARE opinlon We have audited the financial statements of Peace Hospi￿ Care for the year ended 31 March 2023 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Charity Balance Sheet, the Consolidated Statement of Cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reportlng framework that has been applied in their preparation is applicable law and United Kingdom Accounting Stsndards, including Financial Reporting standard 102 The Financial Reporting Stsndardsppllcable in the UKand Republic oflreland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial ststements.. give a true and fair view of the stste of the group's and of the parent charitable company's affairs as at 31 March 2023 and of the group's and parent charitable company's net movement 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 in accordance with the requirements of the Companyes Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISA5 (UK)) and appllcable law. Our responsibilitie5 under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordan￿ 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 fulfilled our other ethical responsibilities in accordance wlth these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provlde a basi5 for our opinion. Concluslons relating to going concern In auditing the financial statements, we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectivelyi may cast significant doubt on the group's ability to continue as a going con￿rn for a period of at least t￿e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this reFOrt. other infonnation The Trustees are responsible for the other Information. The other information comprises the information included in the Trustees, Report and the Financial Review. Our opinion on the financial statements does not cover the other information and, except to the extent 221Page PEACE HOSPICE CARE INDEPENDENT AUDITOR'S REPORT FOR THE YEAR ENDED 31 MARCH 2023 otherwise explicitly stated in our report, we do not express any form of assuran￿ conclusion thereon, In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there Ss a material misstatement in the financial statements or a material mlsstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report In this regard. Opinlons on othermattersprescribedby the CompaniesAct2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the Trustees, Report (which include5 the strategic report and the directors, report prepared for the purposes of company law) for the financial year for which the financial statements are prepared is consistent with the financial statements; and the strategic report and the directors, report included within the Trustees, Report have been prepared in accordan￿ with applicable legal requirements. Matters on which we are requiredto report by exception In the light of the knowledge and understanding of the group and the parent charitsble company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, Annual (which Incorporates the strategic report and the directors, report). We have nothing to report in respett of the followng matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not b￿n kept by the parent charitable companyi or the parent charitable company financlal statements are not in agreement with the accounting records and returns,. or certain disclosures of Trustees, remuneration specified by law are not made,. or we have not received all the information and explanations we require for our audit Responsibilities of Trustees for the financialstatements As explained more fully in the Trustees, responsibilities ststement [set out on page 14], the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of 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's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going con￿rn basis of accounting unless the Trustees either intend to liquidate the group or the parent charitable company or to ￿ase operations, or have no realistic alternative but to do so. 231Page PEACE HOSPICE CARE INDEPENDENT AUDITOR'S REPORT FOR THE YEAR ENDED 31 MARCH 2023 Inanaalstatenyents Auditors responsibilities for the auditof the r Our Objectives are to obtain reasonable a￿Urance aix)ut whether the financial statements as a whole are free from material misststement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assuran￿ is a high level of assurance, but is not a guarantee that an audit condutted in accordance with Isk (UK) will always detect a materi31 misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to Influence the economic decisions of users taken on the basis of these financial statements. Irregularities, inclLKling fraud, are instan￿5 of non-compliance with laws and regulations. We design procedures in line with our responsibllitles, ouulned above, to detect material misstatements in respect of irregularities, including fraud. The exient to which our procedures are capable of detecting irregularities, ir￿lUding fraud is detailed below: Based on our understanding of the group and the environment in which it operates, we identifled that the prlncipal risks of non-compliance with laws and regulations related to the Charities Act 2011, Companies Att 2006, the Fundraising Regulator and Care Quality Commission (CQC), and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, Charities Act 2011, FRS102, Charities Statement of Recommended Practi￿ (SORP) and payroll tax. We evaluated management's incentives and opwrtunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting of inappropriate journal entries and management bias in certain accounting estimates Audit procedures performed by the engagement team included: Inspecting correspondence with regulators and tax authorities. Discussions with management including consideration of known or suspected instsnces of non-complian￿ with laws and regulation and fraud. Evaluating management's controls designed to prevent and detect irregularities; Identifying and testing journals, In particular journal entries posted with unusual account combinations, postings by unusual users or with unusual descriptions. and Challenging assumptions and judgements made by management in their critical accounting estimates Because of the inherent limitations of an audit, there is a risk that we will rK>t detect all irregularities, including those leading to a material misstatement in the financial statements or non-complian￿ with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflecied in the financial statements, as we will be less likely to become aware of instsnces of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgeryi collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc.or description forms part of our auditorfs report. audLtor5res onsibiilties. This 241Page PEACE HOSPICE CARE INDEPENDENT AUDITOR'S REPORT FOR THE YEAR ENDED 31 MARCH 2023 Use of ourreport This report is made soleiy to the charitable company's members, a5 a body, in accordan with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditovs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members, a5 a body, for our audit work, for this report, or for the opinions we have formed. Kathryn Burton (Senior Statutory Auditor) For and on behalf of haysmacintyre LLP, Statutory Auditor Date: 16th October 2023 10 Queen Street Pla London EC4R IAG 251Page PEACE HOSPICE CARE CONSOLIDATED STATEMENT OF FINANCIAL ACTIVThIES (Incorporating Income and Expenditure account) FOR THE YEAR ENDED 31 MARCH 2023 2023 Total Funds 2022 Total Funds Restricted Unrestricted Funds Funds Notes INCOME: Donations and legacies Charitable activities: Clinical Commissioning Group Funding Rapid Personalised Care SeNt Other trading activities Interest Re￿1vable 87,949 3,594,047 3,681,996 2,576,904 1,484,172 1,088,215 1,729,843 7,294 1,484,172 1,088,215 1,738,177 7,294 1,368,965 1,310,789 1,856,790 5,173 8,334 Total income 96,283 7,903,571 7,999,854 7,118,621 EXPENDITURE: Raising funds: Fundraising costs Trading and lottery Charitable activities". Patlent Care Rapid Personalised Care SeNice loo 922,479 909,350 922,579 909,350 941,211 880,833 96,514 3,749,659 1,035,844 3,846,173 1,035,844 3,474,690 1,137,211 Total expendlture 96,614 6,617,332 6,713,946 6,433,945 Net Income before galns and10sse5 on investments L055es on investments (330) 1,286,239 1,285,908 684,676 {184,719) (184,7L9) 152,285) Net Incomel(Expenditure) (330) 1.101,520 1,101,189 632,391 Net Movement in funds: Fund5 at beginning of year 853,125 9,356,913 10,210,038 9,577,647 Funds at end of year 14 852,794 10,458,433 11,311,227 10,210,038 There were no other recognised gains or losses for 2023 or 2022 other than those disclosed above. All amounts derlve from continuing activiues. The notes on pages 30 to 47 ft>rm part of these financial statements. ComparatNe figure5 for the year ended 31 March 2022 are shown in note 20. PEACE HOSPICE CARE CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2023 2023 2022 Notes FIXED ASSETS Tangible fixed assets Investments io li 2,805,507 2,648, 133 3,006,656 2,082,852 5,453,640 CURRENT ASSErs Stock Debtors Cash at bank and in hand 5,089,508 829 3,134,474 3,277,275 12 2,169,525 3,482,844 6,412,578 CREDITORS: amounts falling due within one year 5,652,369 13 {554,991} {531,839) NET CURRENT ASSETS 5,857,587 5,120,530 NET ASSETS Ll,311,227 10,210,038 FUNDS UNRESTRICTED FUNDS General Reserve Other General funds Designated funds 14 14 14 7,429,775 1,619,872 3,778,162 3,958,879 3,028,658 TOTAL UNRESTRicfED FUNDS 10,458,433 9,356,913 RESTRICTED FUNDS 14 852,794 853,125 TOTAL FUNDS 15 11,311,227 10,210,038 The notes on pages 30 to 47 form part of the￿ financial statements. The financlal statements were approved ènd authori*d for issue by the Board on 14 September 2023 and were signed on its behalf by.. Drje Chair Shindler hn Wroe rustee 271Page PEACE HOSPICE CARE CHARITY BALANCE SHEET AS AT 31 MARCH 2023 2023 2022 Notes FIXED ASSETS Tangible fixed as*ts Investments io Ll 2,805,507 2,648,133 3.006,656 2,082,852 5,453,640 5,089,508 CURRENT ASSETS Stock Debt(*s Cash at bank and in hand 829 3,133,474 3,277,275 12 2,168,525 3,482,844 6,411,578 5,651,369 CREDITORS: Amounts falling due within one year 13 (554,991) (53L,839) NET CURRENT ASSETS 5,856,587 5,119,530 NET ASSETS 11,310,227 10,209,038 FUNDS UNRESTRICTED FUNDS General Funds other General Funds Deslgnated Funds 14 14 14 7,428,775 1,6L8,872 3,778,162 3,958,879 3,028,658 TOTAL UNRESTRICTED FUNDS 10,457,433 9,355,913 RESTRICTED FUNDS 14 852,794 853,125 TOTAL FUNDS 15 11,310,227 10,209,038 The notes on pages 30 to 47 ft)rm part of these financial statements. The financial statements were approved and authorised for i55ue by the Board of Trustees on 14 September 2023 and were signed on its behalf by: Drj Cha Jo n Wroe ustee 281Page PEACE HOSPICE CARE CONSOLIDATED STATEMEIYT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023 2023 2022 Note Cash generated by operating activities., 19 607,488 78,282 Cash flows from investlng artivities: Bank Interest Purchase of tsngible fixed assets Purchase of investments 7,294 5,173 170,352) (111,564} {750,000} (2,130,000) Net cash expended on Investment activities (813,058) 12,236,391) Change in cash and cash equivalents in the year (205,570) 12,158,109) Cash and cash equivalents at the beginning of the year CASH AND CASH EQUIVALENTS ATTHE END OF THE YEAR 3,482,844 5,640,953 3,277,274 3,482,844 The notes on pages 30 to 47 form part of these financial statements. Cash balances incI￿le El million on a 12-month fixed term deposit whlch matures in January 2024 Net Debt at 31 March 2023 was £nil (2022: £nil} 291Page PEACE HOSPXCE CARE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 ACCOUNTING POLICIES In these Financial Statements,"PH" and the"Charity" refers to Pea￿ Hospi￿ Care, the"Group" refers to the Charity and its wholly owned subsidiary. The following accounting policies have b￿n applied consistently in deallng with Items which are considered material In relation to the Charity'5 financial Statements. {a) Basis of Accounting The financial staternenls of the Charity have been prepared in accordance with Accounting and Ret￿ng by Charities.. Statement of Recommended Practi￿ applicable to charities preparing thelr accounts In accordanTr with the Financial Reporting Standard applicable in the UK and Republic of Ireland (Charities SORP - FRS 102 - effective l January 2016) and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 and the Companies Act 2006. PH meets the definition of a public beneflt entity under FRS 102. Financial strdtements have been prepara4 under the historical cost convention, Assets and liabilitie5 are presented at h15torlcal cost unless otherwlse ststed In the relevant accoUn￿ng policy ntstels). PH became a 100% subsldiary of Rennie Grove Peace Hospi￿ Care (Rennle Grove Peace) durirKJ the finanLial year and PH'S financial results are incorporated into the consolidated financial Statement of the Rennie Grove Peace Group. To provhje consistency in the presentation of income and expenditure withln the Rennie Grove pea￿ Groupi certain income and expenditure (previously reported as restricted by PH) has been analysed as unrestricted in the comparative statement of Financial Actlvitie5. This change In presentatlon has no Impact on reported total net income or total funds. (b) Legal Status of the Charity The Charity Is a private company limited by guarantee incorp)rated in England and Wales and has no Share capitsl. In the event of the Charlty being wound up, the liability in respect of the guarantee is limited to £1 per member of the Charity. Registered Offi￿ address, pea￿ Hospi Care, pea￿ Drive, Watford, Herts, WD17 3PH (c) Basls of Consolidation The group statement of finanaal activitie5 and group balanTr sheet incI￿le the finanaal statements of the charity and its dormant subsidiary undertaking (Peace H05pice Shops Llmited Reg no. 02908934- dormant company). The results of the subsidiary are consolidated on a line by Ilne basis. A separate statement of fironcial activities ha5 not been produced for the charity betause it has taken advantage of settion 408 of the Companies Act 2006. These accounts are consolidated into Rennie Grove Pea￿ Hospice Care. (d) Going Concem The Trustees consider that there are no materlal Un￿rtaIntieS atK)Ut the Charity's ability to continue as a going concem. The review of the Chariws financial position, funds levels and future plans gives Trustees, confidence that the Charity remalns a going concem for the foreseeable future. (e) Debtors Trade and other debtors are recognised at the settlement amount due after any trade dlscount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. (Q Creditors and Provisions Creditors and provisions are rec(yJnised where the charlty has a present obligatlon resulting from a past event that wlll probably result in the transfer of funds to a third party and the amount due to settle the obligats'on can be measured or estimated reliably. Creditor5 and provlsions are normally recogni*d at their settlement amount after allowing for any trade discounts due. 30IPage PEACE HOSPICE CARE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 ACCOUNTING POLICIES (continued) (g) Estimates and Judgements Estimates and judgements are continually evaluated and are based on historical experience and other factors, Including expeclalitsns of future events that are believed to be reasonable under the circumstances. Although these estimates are based on management's best knowledge of the amount, events or actions, actijal results ultimately differ from th0￿ estimates. The Trustees consider the evaluatlon of useful economic lives of flxed assets to LE the most significant area of judgement and potential effect on the financial statements. (h) Tangible Fixed assets Tangible Fixed assets are stated at cost or deemed c05t (donated valuatlon at ￿tiMated fair value) less accumulated depreciation and impairment losse5. Assets costing more than £10,000 are capltslised. DeP￿latIOn is calculated to wrlte off costs of the fixed asset by equal Instalments as follows, all straight line,. Freehold land Freehold buildings Leasehold propety Leasehold improvements Motor vehicles Fixtures and fittings Tools and equipment Car park over 50 years from the date of first use over the term of the lease over the term of the lease 25% - 33% stralght line 20010 Straight line 25% - 33Vo Straight Ilne over 10 years from the date of first use (i) Investments Investments are a form of basic financial Instrument and are Initially shown in the finanaal statements at market value. Movements in the market vèlues of Investments are shown a5 unrealbsed gains and losses In the Statement of Financial Activities. Profits and losses on the realisatlon of investments are shown as realised galns and losses in the Statement of Financial Activities. Realised gains and losses on investments are calculated as the difference between sales prO￿ed5 and their opening carrying values or their purchase value If acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at year end and their carrylng value. Realised and unrealised investment gèins and losses are combined in the Statement of Financial Activltie5. Income Income recognition All income is recognised once the Charity has entitlement to Income, it is probable that income will be recaved and the amount of income receivable can be measured rdiably. Donations and legacles Donafjons and gifts are included in full in the Statement of Flnancial Activities when there ￿$ entiuementi probablllty of receipt and the amount of income recelvable can be measured reliably. Donation5 are ￿COunted for on a recelved basis. LegacEs are rec(MJnised on a receiwable basls, when the condI￿On$ of entitlement, probability and measurement are met. Where the probability and/or measurement criteria for legaaes and donations are not satisfieci as at the balance sheet date but subsequent events resobje the ￿n￿rtaINty such that the criteria are met, an adjustment is made to recognise the income. Gifts in kind Gifts in kind represent assets donated for disirfbution or use by the charity. Assets given for distribution are recognised as income only when distributed. Assets given for use by the 311Page PEACE HOSPICE CARE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 I. ACCOUNTING POLICIES (continued) charity are recognised when receivable. Gifts In kind are valued at the amount actually realised from the disposal of the assets or at the price the charity would otherwi* have paid for the Grants Grants including Government Grants are recognlsed in full in the statement of financial activitles In the year in which the charity has entitlement to the income, the amount of income re￿1vable can be measured reliably and there is probability of receipt. Income from charitable activities Income from charitsble activities Is recognised as earned as the related services are provlded. Income from other trading activities is recognised as earned as the related go)ds are provided. Goods donated for sale are Included in the financial ststements as income when they are sold. Investment Income InveslJnent Income Is recognised on a re￿1vable basls On￿ the amounts can be measured reliably. (k) Expenditure and Irrecoverable VAT Expenditure is recognlsed once there is a legal or con5tructfve obligafjon to make a payment to a third party, it is probable that settlement will be requlred and the amount of the obligation can be tlleasured rellably. All expenditure is accounted for on an accruals basis under the following headings: Costs of raising funds comprises fundralslng costs Incurred in seeking donatlons, grants and legaaes,. investment management fees; costs of fundraising activities induding the costs of goods sold, shop costs, commeraal trading and their asscKlated support costs. Fundraising costs do not Include the costs of disseminating information of support of the charitable activities. Expenditure on charitable activities includes the costs of providing specialist palliative care and support community Servi￿5, research and other educational activltles undertaken to further the purpose5 of the charity and their associated support Costs, Support costs comprise those costs which a￿ necessary to the delivery of H05pice services while not being part of the direct Servi￿ to patlents and their families and include governan￿ cost, rinance, and office costs. Governan￿ costs are those costs incurred in connection with the ompllanTr with constitutional and statutory requirements of the charity. Irrecoverable VAT Is charged as a cost against the activity for which the expendlture was incurred. Support costs are allocated to each of the activities on one of the following basis: Premises overheads have been allocated on a floor area basis, staff related overheads have been allocated on the basis of staff time and other overhead5 on the basis of direct staff cost5. Funds The General Reserve comprises the accumulated surplu5e5 of unrestrirted incoming reSoUr￿S over resour￿5 expended, which are available for u* in furtherance of the general obiertive of the Charity at the discretion of the Trustees. To the extent that the General Reserve is expended on capital items, a transfer is made to the fixed asset fund. Designated fund5 a￿ Un￿StrICted funds earmarked by the Trustees for swnding on new hospice projects. Restrirted funds are funds subject to specific conditK)ns imposed by donors. The purtx)ses and uses of the restrlcted funds are Set out in the notes to the accounts. Amounts unspent at the year-end are carrled forward in the balan￿ sheet. 321Page PEACE HOSPICE CARE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 I. ACCOUNTING POLICIES (continued) To the extent that re5tritted funds are expended on capltal items a transfer is made between unrestricted and restricted funds. {m) Operating Leases Operating leases are recogni*d over the per1￿1 of whlch the lease payment falls due. (n) Taxation The Company is considered to pass the tests set out in paragraph I Schedule 6 of the Finance Act 2010 and therefore it meets the definitlon of a charitable company for UK corporation tax purtK)ses. Accordingly, the Con)pany is potentially exempt from taxation in restttt of income or capital gains re￿iVed within categorie5 covered by Chapter 3 part 11 of the Corporatlon Tax Act 2010 or Section 256 of the Taxation of the Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable pur[￿5. (o) Pension Schemes HospiTr staff, who were members of the National Health Service Penslon Scheme, are allowed to continue thelr membershlp while employed by the Hospice. Contributions are made by both employee and employer. It is not possible 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 contributions payable to it in the accounting period. The scheme accounts can be vlewed on the NHS Pension Agenry website at www.n bsa. obtained from The Stationery Offi￿. or The Hospi￿'S current employer contribution rate Is 14.38%, of a total amount of 20.68% for which the remaining part 6.3% 15 met by the Department of Health. The rate Is set on the advi of the Government Actuary. For non-qualifying staff, i.e. those who are not members of the NHS Penslon Scheme, the Charity operates a group tErsonal (money purchase) pension scheme. Contrlbutions are made in ccordance with the rules of the scheme and are charged to the Statement of Flnancial Activities a5 they are paid. The assets of both scheme5 are held separately from those of the Charity in independently administered funds. The Charity has no liabllity LEyond making its contributions and paying across deductions for the employee contributlons. (p) Financlal Instruments The Charity only has financial assets and financial liabilities of a kind that'qualify as ￿SIC financial nstruments. Basic financial instruments are initially recogni5ed at tran￿CtiOn value and subsequently measureil at thelr settlement value. 331Page PEACE HOSPICE CARE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 DONATIONS AND LEGACIES 2023 Restricted Unrestricted Funds Funds Total 2023 Donations Legacies Grants 120 893,239 2,581,884 118,924 893,359 2,581,884 206,753 87,829 87,949 3,594,047 3,681,996 DONATIONS AND LEGACIES 2022 Restricted Funds Unrestrfcted Funds Total 2022 Donatlons Legacies Grants 13,203 898,601 1,244,110 64,655 911,804 1,244,110 420,9￿) 356,335 369,538 2,207,366 2,576,904 OTHER TRADING ACTIVITIES Restrlcted Funds Unrestricted Funds Total 2023 Other Trading Activities Fundraislng events Retail income- sale of ￿ught-In and donated go(KJs Lottery income Income frorn other ser￿￿S 145,178 145,178 1,090,209 187,241 307,215 1,090,209 187,241 315,549 8,334 8,334 1,729,843 1,738,177 OTHER TRADING ACTIVITIES 2022 Restricted Funds Unrestricted Funds Total 2022 other Trading Activities Fundraising events Retail income- sale of bought-in and donated goods Lottery income Income from other services 137,030 137,030 948,811 180,459 564,990 948,811 180,459 590,490 25,500 25,500 1,831,290 1,856,790 INTEREST RECEIVABLE All unrestricted 2023 2022 Bank Interest 7,294 5,173 341Page PEACE HOSPICE CARE NOTES ro THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 TOTAL EXPENDITURE 2023 Direct Costs Support & Governance Costs Total 2023 Raising funds: Fundraising & event Costs Trading and lottery 508,636 771,369 413,943 137,981 922,579 909,350 1,280,005 Charitable actlvities Patient Care (note 6) 551,924 1,831,929 3,184,043 1,697,974 4,882,017 Total 4,464,048 2,249,898 6,713,946 Support costs - 2023 Restrlcted Unrestrlcted Funds Funds Total 2023 Staff costs Premises Bank charges Depreciation Facilitle5 & Communlcations Legal and Professional fees Audit fees Accountancy fees Salaries Other 50,889 1,063,787 211,222 10,045 238,281 572,169 61 13,500 2,275 27,867 25,861 1,114,676 211,222 10,045 271,501 572,889 61 13,500 2,275 27,867 25,861 33,220 720 84,829 2,165,06B 2,249,897 351Page PEACE HOSPICE CARE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 5. TOTAL EXPENDITURE 2022 Dlrect Costs Support & Governance Costs Total 2022 Raising funds: Fundralslng & event costs Trading & lottery 540,493 747,260 4(X),718 133,573 941,211 880,833 1,287,753 534,291 1,822,044 Charitable actlvlties Patient Care (note 61 3,079,845 1,532,056 4,611,90L Total 4,367,598 2,066,347 6,433,945 Support costs 2022 Restricted Unrestricted Funds Funds Total 2022 staff costs Prernises Bank charge5 Depreciation Facilities & Communicatlons Legal and professional fees Audit fee5 Accountanw fees 316,093 1,150 919,067 184,570 11,261 257,992 319,328 3,051 15,000 1,750 1,235,160 185,720 11,261 293,822 320,583 3,051 15,000 1,750 35,830 1,255 354,328 1,712,019 2,066,347 6. CHARITABLE AcTIV￿Es -2023 Restricted Unrestricted Funds Funds Total 2023 Actlvities undertaken direct (see below) SuptK)rt care costs Governan￿ costs 11,685 3,172,359 3,L84,044 84,829 1,550,189 62,955 1,635,018 62,955 96,514 4,785,503 4,882,017 Aclivities undertaken dlrectly consist of Nursing Staff costs RPCS Care costs 11,685 2,136,515 1,035,843 2,148,200 1,035,844 11,685 3,172,358 3,184,044 361Page PEACE HOSPICE CARE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 6. CHARITABLE ACTIVITIES 2022 Restricted Unre$trlcted Funds Funds Total 2022 Activitie5 undertaken directly (S￿ below) Support care costs Governan￿ costs 3,079,845 3,079,PA5 354,328 1,116,351 61,377 1,470,679 61,377 354,328 4,257,573 4,611,￿1 Attivities undertaken directly consist of.. Nursing Staff costs RPCS Care costs 1,942,634 1.137,211 1,942,634 1,137,211 3,079,845 3,079,845 NET INCOME I (EXPENDITURE) FOR THE YEAR 2023 2022 Net Income for the year is stated after charging.. Operating leases land and buildings Auditors, remuneration audSt other SeN￿S 255,190 265,922 14,650 15,000 1,125 1,750 271,501 293,821 Depreaation STAFF COSTS 2023 2022 staff costs consist of.. Wages and salarie5 Employer's National Insuran Pension costs 3,105,409 279,584 183,284 2,855,151 241,562 160,392 3,568,277 3,257,105 371Page PEACE HOSPICE CARE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 STAFF COSTS {continued) 2023 2022 No. The average number of employee5 during the year was.. Nursing and care servi￿5 Fundraising includlng shops Admlnistrative support 46 41 42 44 40 43 129 127 The number of etnployees whose emoluments amounted to over £60,000 in the year was as ft)Ilows: £60,000-70,000 £70,001-80,000 £80,001- 90,000 £90,001- £100,000 £110,001- 120,000 In respect of the hlgher paid employees above, contributions for the provision of pension benefits totalled £22,946 (2022.. £9,873). The total amount paid to key management personnel was E399,525 {2022 £267,542>. During the year no Trustee re￿iVed any remuneration (2022: £nil) or reimbursement of expense5 {2022'. £nll). Peace Hosplce Shops Llmited- Company Number 02908934 Peace Hospi￿ Care has one subsldiary cofflpany, Peace Ho4ilce Shops knmlted The Charity owns a IOOWO shareholding In Peace Hosplce Shops Limited as bdow. Capital and Reserves at Class of 0/0 of shares Held Nature of Shares held Business 31 March 2023 pea￿ Hospi￿ Shops Ltd Ordlnary loo Retailin9 1,002 381Page PEACE HOSPICE CARE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 10. TANGIBLE FIXED ASSETS Fixtures Fittings Land and and O￿lee Buildings Equipment Equipment Motor Vehicles Group & Charlty Group & Charity Cost At l April 2022 Additions Disposals 4,592,639 1,039,064 50,856 {59,932) 249,390 19,496 (48,0541 33,028 5,914,121 70,352 {107,986) At 31 March 2023 4,592,639 1,029,988 220,832 33,028 5,876,487 Depreciation At l April 2022 Charge for the year Depreciation elimlnated on disposal 1,856,262 91,782 794,311 158,262 (59,932} 223,864 21,457 {48,054) 33,028 2,907,465 271,501 (107,986) At 31 March 2023 1,948,044 892,641 197,267 33,028 3,070,980 Net Bookvalue At 31 March 2023 2,644,595 137,347 23,565 2,805,507 At 31 March 2022. 2,736,377 244,753 25,526 3,006,656 2023 2022 The net book value of land and bulldings comprises: Long lea*hold 2,644,595 2,736,377 2,644,595 2,736,377 11. INVESTMENTS 2023 2022 Group & Charity At 31 March 2022 Additions Change in Market Value 2,082,852 750,000 (184,719} 5,137 2,130,000 {52,285) At 31 Marth 2023 2,648,133 2,082,852 Historical cost of listed investments 2,880,000 2,130,000 391Page PEACE HOSPICE CARE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 12. DEBTORS Group Chartty 2023 2022 2023 2022 Trade debtors other debtors Prepayments VAT 180,443 2,754,210 126,715 73,106 777,130 1,181,522 132,895 77,978 180,443 777,130 2,753,210 1,180,522 126,715 132,895 73,106 77,978 3,134,474 2,169,525 3,133,474 2,168,525 13. CREDITORS. Group: amounts falling due withln one year 2023 2022 Trade creditors Tax and swal security Accruals Deferr￿ income (see below) Other treditors 218,917 110,282 192,392 23,000 10,400 292,652 110,553 102,683 25,000 95L 554,991 531,839 Movements on deferred Income were as follows: Deferred income at the start of the year 25,000 50,000 Reduction In income recelved in advan (2,000) (25,000) Deferred income at erKI of year 23,000 25,000 2023 2022 CREDITORS Charity: amounts falling due wSthin one year Trade creditr>rs Tax and soclal *curity Accruals Deferred income (see LElow) Other creditors Due to Subsidiary 217,917 110,282 192,392 23,000 10,400 1,000 291,652 110,553 102,683 25,000 951 1,000 554,991 531,839 40IPage PEACE HOSPICE CARE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 14. FUNDS Balance at l Aprll 2022 Income Expenditure Balance at 31 March 2023 REsfRICTED FUNDS - 2023 Group and Charity Department of Health grant- old {1) Department of Hea￿h grant- new (l) Department of Health- 2016 (1) Hospi￿ UK Funding H05pice UK Funding (2) Beatrlce Laing Graham Rowlandson Foundation Wooifson Foundation Herts Community Nurses Rotary Hobson Charity Ltd Morrisons Foundatlon NHS Charitie5 Hertfordshire C C Patient donab'ons syringe driver Garden House Hospl st James Place DVLA Jasper Foundation The Shaw Charitable Trust other 68,319 313,800 268,042 2,790 7,185 7,339 15,879 65,529 306,615 260,703 15,879 145,612 1,640 5,001 436 5,054 2,284 1,484 4,375 1,020 28,950 7,108 145,612 482 1,158 5,001 436 2,446 1,223 742 2,187 990 26,976 7,108 8,334 2,500 700 3,500 2,608 1,061 742 2,188 30 2,224 250 8,334 2,500 700 3,500 65,000 120 65,000 120 TOTAL REsfRICTED FUNDS 853,125 96,283 96,614 852,794 (l) In respett of improvements to pea￿ HOSFA (2) In respect of developing a 2417 nursing seryice RESTRICTED FUNDS-2022 Balan￿ as at i April 2021 Income Expenditure Balance as at 31 March 2022 Group and Charity Department of Health grant-old Dept of Health grant- new Departrnent of Health- 2016 71,109 320,985 275,380 2,790 7,185 7,338 68,319 313,800 268,042 Governance Funding-Prime Mlnisters Offlce H05pKe UK Fundi HOSPI￿ UK Funding Hertfordshire CC Patient donatiorTrs Other restricted funds 51,680 51,680 210,723 210,723 145,612 25,500 13,203 145,612 28,950 7,108 21,293 55,175 51,725 6,095 16,791 38,084 TOTAL RESTRicfED FUNDS 812,413 395,038 354,327 853,125 411Page PEACE HOSPICE CARE NOTES TO THE FINANCJAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 14. FUNDS(Continued) Balance at l April 2022 Income Expenditure Transfvrs Between Funds, Gains & Losse5 Balance at 31 March 2023 UNRESTRICTEO FUNDS 2023 Group General ReseNe 1,619,872 7,903,571 6,617,332 4,523,663 7,429,774 De51gnated Funds Legacy Investment Fund Revaluation Reserve OrErational Reserve Property Fund Capital Prograrnme Fund Merger Implementation Fund strateglc Initiatlves Fund Fixed Asset Fwd 3,772,257 5,905 1,380,000 2,443,505 135,374 (3,772,257) (5,905) 11,380,000) 1431,7581 364,626 106,000 250,000 16D,912 2,011,747 500,000 106,000 250,000 160,912 TOTAL UNRESTRIcfED FUNDS 9,356,913 7,903,571 6,617,332 (184,7191 10,458,433 Balance at l April 2022 Income Expenditure Transfer Between Funds, Galns & Losses Balance at 31 March 2023 UNRESTRICTED FUNDS 2023 Charity General Reserve Designated Funds Leg￿Y Investment FUTh Fievaluatlon Reserve Operational Reserve Property Fund Capltsl Programme FurKI Merger Implementatlon Fund Strategic ln1tia￿Ve5 Fund Fixed Asset Fund 1,618,872 7,903,571 6,617.332 4,523,663 7,428,774 3,772,257 5,905 1,380,(x)O 2,443,505 135,374 {3,772,2571 15,9051 (1,380,000) (431,7581 364,626 106,000 250,OOD 160,912 2,011,747 500,000 106,000 250,000 160,912 Total Unrestrlcted Funds 9,355,913 7,903,571 6,617,332 1184,719) 10,457,433 Balartce at I ApTiI 2021 Income lint gainslloss Expendlture Ttansfer Betwee fvrtds Balance at 31 M?Tch 2022 UNRESTRICTED FUNDS 2022 Group General Funds General ReseNe Revaluatlon Reserve Legacy Investment Fund Deslgnated Funds Operationa1 Reserve Property Fund Capital Prograrnme Fund 1,260,n7 5,905 3,539,711 6,671,298 5.968,053 {344,110) 1,619,872 5,905 3,772,257 231546 1,380,000 2,443,505 135,374 1,380,000 2,443,505 135,374 111,564 111,564 Total Unrestrirted Funds 8.765,232 6,671,298 6,079,617 9,356,913 421Page PEACE HOSPICE CARE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 14. FUNDS {ContSnued) Balanee at l April 2021 Income (inc gains Ilosses) Expenditure Transfer Between Funds Balance at 31 March 2022 UNRESTRICTED FUNDS 2022 Charity General Funds General Reserve Revaluation Resewe Legacy Investment Fund Designated Funds Operational Reserve Property Fund Capital Programme Fund 1,259,737 5,905 3,539,7LI 6,671,298 5,968,053 (344,110) 1,618,872 5,905 232,546 3,772,257 1,380,000 2,443,505 135,374 1,380,000 2,443,505 135,374 111,564 111,564 Total Unrestricted Funds 8,764,232 6,671,298 6,079,617 9,355,913 RESTRICTED FUNDS Restricted Funds are subject to specific requirements defined by PH'S donors. The principal Restricted Funds at 31 March 2023 were.. Department of Health grants to finance improvements at Peace Hosp1￿ £633,000 Hospice UK Funding in respect of 2417 nursing Servi￿ £146,000 The Shaw Charitable Trust to finance IT development £65,000 DESIGJVA TED FUNDS In conjunction with the Trustees of Rennie Grove Pea￿, the Trustees have designated ￿rtaIn unrestricted funds to known and experted projects which are expected to be carried out over the short and medium term and which are considered e￿ntIal to ensure the successful delivery of the Group's strategy. During the year, the Group Trustees have carried out a review of the designated unrestritted funds to ensure these are aligned with Rennie Grove Peace's plans and these plans are adequately, but not excessively, funded. The following designated unrestricted funds are held by PH at 31 March 2023.. Capital Programmes Fund. Capital projetts identified for the strategic planning period. £500,000. Property Fund. Funds attributable to tangible fixed assets employed In PH'S operations, £2,011,747. Merger Implementation Fund. Representing key projetts ne￿$sary to Suc￿sSfullY implement the merger £106,000. Strategic Initiatives Fund. Initiatives Identified by the EB, and confirmed by the Trustees, to support our clinical and operational plans as we progress the Rennie Grove Peace Group's strategy £250,000. Fixed Asset Fund. Finances non propety tsngible fixed assets £160,912. 431Page PEACE HOSPICE CARE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 15. ANALYSIS OF NET ASSETS BY FUNDS- 2023 Restrlcted Funds Vnrestrlcted Funds 2023 GROUP Fund balances at 31 March 2023 are represented by.. Tangible fixed assets Investtnents Current assets Creditor5 - amounts falling due within one year 632,848 2,172,659 2,805,507 2,648,133 2,648,133 6,192,632 6,412,579 (554,991) (554,991) 219,946 852,794 10,458,433 11,311,227 ANALYSIS OF NET ASSETS BY FUNDS- 2023 Restrirted Funds Unrestricted Funds 2023 CHARITY Fund balances at 31 March 2023 are represented by.. Tangible fixed assets Investments Current assets Creditors- amounts falling due withln one year 632,848 2,172,659 2,805,507 2,648,133 2,648,133 6,191,632 6,411,579 (554,991) {554,991) 219,947 852,795 10,457,433 11,310,228 ANALYSIS OF NET ASSETS BY FUNDS 2022 Restricted Unrestricted Funds Funds 2022 GROUP Fund balan￿S at 31 March 2022 are represented by.. Tangible fixed a55ets Investments Current assets Creditors - amounts falling due wlthin one year 674,905 2,331,751 3,006,656 2,082,852 2,082,852 5,474,149 5,652,369 {531,839) (531,8391 178,220 853,125 9,356,913 10,210,038 441Page PEACE HOSPICE CARE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 ANALYSIS OF NET ASSETS BY FUNDS 2022 Restricted Funds Unrestricted Funds 2022 CHARITY Fund balan￿S at 31 March 2022 are represented by.. Tangible fixed assets Investments Current assets Creditors amounts falllng due wlthln one year 674,905 2,331,751 2,082,852 5,473,149 1531,839) 3,006,656 2,082,852 5,651,369 1531,839) 178,220 853,125 9,355,913 10,209,038 16. PENSIONS The Charity contribLTrtsd to iwo pension schemes during the year on behalf of its employees. The NHS Pension kheme The NOW Pension ijmited Contributions to each scheme are charged to the Statement of Finanoal Activities as the employer's cc¥)trlbutlons fall due. The NHS Pension Scheme is an unfunded, defined benefit scheme that covers NHS employers, gener61 prattl￿$ and other bodies allowed under the dirertion of the Secretary of State In England and Wales. As a consequence, it is not possible for the Charity to identify its share of the a55ets aThJ liabilitie5 of the underlwng scheme. NHS Resour￿ Accounts are published on the NHS Pensions website annually and include the report from the scheme actuary. £11,312 In contributions were outstsndirYJ at 31 Marth 2023 (2022.. £8,229). The NOW Pension L(mited Scheme covers both the defined contribution arrangement and auto enrolment. The NOW Auto-Enrolment Scheme had E19,494 in pension contributions outstanding at 31 March 2023 (2022.. £19,243). 451Page PEACE HOSPICE CARE NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 17. COMMITMENTS UNDER OPERATING LEASES The following lease comm1tments existed at 31 March 2023 in respect of non-carKellable operating leases'.- Land and buildlngs 2023 2022 Leases expiring,. Less than one year Between one and year5 Between two and five years Over fwe year5 7,500 16,500 340,708 907,800 17,500 666,108 1,272,508 683,608 18. RELATED PARTY TRANSAcfioNS Exemption from dlsclosing transactions with group companies has been clalmed, as the subsldlary 15 wholly owned and included in the consolidated financial statements of Rennie Grove Pea￿ Hospi￿ Care, whlch are publidy available. There were no other rdated paty transactions in the year (2022.. £nil). 19. RECONCILIATION OF NET INCOME TO NET CASH GENERATED BY OPERATING ACTIVITIES 2023 2022 Net Sncome fvr the year (after gains and losses on investments) 1,101,189 632,391 Adjustments for.. Depreciation charges Bank Interest Galns and losses on investments (Increase)Idecrease in stock (Increase)Idecrease in debtors Increaselldecrease) In creditor5 271,501 17,294) 184,719 1829) (964,951) 23,152 293,821 (5,173) 52,285 1,557 {894,170) 12,429) Cash generated by operating activities 607,487 78,282 461P8ge PEACE HOSPICE CARE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 20. STATEMENT OF FINANCIAL ACTIVITIES 2022 Restricted Funds Unrestrlcted Funds Total Funds Income from: Donations and legacies Charitable activities.. Clinbcal Commissionlng Group Funding Income from RPCS Other trading activitles Interest Receivable other income 369,538 2,207,366 2,576,904 1,368,965 1,368,965 1,310,789 1,831,290 5,173 1,310,789 1,831,290 5,173 25.500 25,500 Total income 395,038 6,723,583 7,118,621 Expenditure on: Raising funds-. Fundraising costs Trading and lottery Charitable activities.. Patient Care RPCS Care costs 941,211 880,833 941,211 880,833 354,328 3,120,362 1,137,211 3,474,690 1,137,211 Total expendlture 354,328 6,079,617 6,433,945 Net Income before gains and losses on investments L055es and gains on investments 40,710 643,966 684,676 {52,285) {52,285) Net IncomelExpenditure 40,710 591,681 632,391 Net movement in funds: Fund balances at l April 2021 812,415 8,765,232 9,577,647 Fund balances at 31 March 2022 853,125 9,356,913 10,210,038 471Page