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2024-03-31-accounts

ROYAL TRINITY HOSPICE Annual Report and Accounts 2023-24

Contents

Contents
Chair’s letter September 2024 3
Trustees’ Report for the year ended 31 March 2024
Section 1: Objectives and activities 4
Strategy: our progress against priorities for improvement 2023-24 5
Section 2: Achievements and performances –
the impact of our core services in 2023-24 9
Section 3: Financial review 2023-24 14
Reserves 15
Fundraising 16
Retail 18
Section 4: Structure, governance and management 19
Governance 20
Environmental reporting 21
Our people 22
Learning and development 23
Legal and administrative information 26
Public beneft statement 28
Independent auditor’s report to the members of
Royal Trinity Hospice for the year ended 31 March 2024 30
Audited Accounts 2023-24 34

2 | Trustees Report 2023-2024

Chair’s letter September 2024

I am very pleased to report that throughout my first year as Chair of the Board of Trustees, Trinity has continued to make brilliant progress towards our long-term vision. Our ambition is to reach all those in our community who would benefit from our care and support, whether this is in their home or in services that bring them into our hospice building. This year, we have supported more people than ever before – whether patients, their loved ones, or carers – through the journey of life-limiting illness and death.

We are successfully transforming our model of care. The introduction of our new clinical hub is already allowing us to serve more patients and those who support them with greater speed and efficiency. The launch of our Rapid Response service has seen impressive results. This new team is able to swiftly attend people at home to assess their needs and provide urgent care, thus avoiding unwanted and unnecessary hospital admissions. We have reinvigorated our outpatient services, with a range of specialist group and individual interventions aimed at supporting our patients and the people who matter to them with physical, social, psychological and practical needs at each stage of their illness. We have enhanced our bereavement support with new groups and events. Our ‘Compassionate Neighbours’ volunteers have been a friendly contact for people in their communities. Looking forward, next year we will be launching the Virtual Support service which is the final element of the new model of care. This will enable us to provide even better support to more complex patients and their families or carers when the patient’s preferred place of care is their own home.

Overall, this year we reached 6% more patients than in the year before and alongside those patients, the people who love and support them. Our Specialist Community Nursing team more than doubled the number of home visits they made and were holding over 600 patients on their case list at any one time. We cared for 324 patients and their loved ones on our inpatient unit, a rise of 35% from the previous year. We increased by 20% the number of people who received psychosocial and spiritual support from our teams. In our mission to be a local hospice

that meets the needs of all of our diverse communities, our teams continue to learn from the people and populations we serve. We are committed to removing any barriers to care and support and ensuring our services are as inclusive and welcoming as they can be.

We could not continue our work if not for the dynamic and creative people in our retail and fundraising teams who achieved a great financial performance in difficult economic circumstances. Their efforts mean that we can go on providing all our vital care at no charge to the people who need it. We opened two new shops, with our new shop in Brixton our most sustainable shop-fit ever. The Charity Retail Association recognised our commitment to green retail when they conferred on our shops their inaugural Environmental and Sustainability Award. Our Fundraising team has also launched a range of new fundraising initiatives and events. Our “Sponsor a Trinity Nurse” regular giving campaign aims to secure a steady income stream, while also providing opportunity to raise awareness of Trinity’s important work through conversations with our local communities.

We were delighted when Her Majesty the Queen advised us she will remain our Royal Patron, and we are grateful for her continuing support. I would like to express my gratitude to everyone who has been involved in our work this year, and in the projects, improvements and innovations that are described in this report. Royal Trinity Hospice is incredibly fortunate to benefit from dedicated, talented and caring staff and

volunteers as well as loyal and generous patrons, supporters and customers. Their commitment will continue to help us work towards our vision of being there for everyone who needs us well into the future.

Professor Suzanne Shale, Chair of the Board of Trustees August 2024

Trustees Report 2023-2024 | 3

Trustees Report for the year ended 31 March 2024 Section 1: objectives and activities

The trustees of Royal Trinity Hospice present their report, together with the consolidated financial statements of the charity and its subsidiary company for the year ended 31 March 2024.

Royal Trinity Hospice: why we are here

Trinity provides expert, compassionate specialist palliative and end of life care to around 2,400 people in central and south west London every year.

We care for adults with progressive, lifelimiting illnesses, helping them to make the very best of every moment they have left. We strive to enable people to have a good death and we support those who are left behind when someone dies.

We support patients and their loved ones with their physical, emotional, spiritual and practical needs, wherever they are. We provide nursing and medical care, emotional and practical support, welfare advice, occupational and physiotherapy, complementary therapies, dietetics, spiritual care, counselling, art therapy, psychiatry and bereavement support to those who have been affected by the death of someone under our care.

Our vision, mission and values remain unchanged:

Our vision

“To be the local hospice of choice for all those who need us, and an example of excellence in end of life care”

We care for people in our community and through inpatient and outpatient services in modern, welcoming facilities at our base in Clapham. Most of our care happens outside the hospice building, in our patients’ own homes, care homes, nursing homes, homeless hostels and prisons.

We share our specialist skills through education and support for other care providers, such as GPs, district nurses, hospitals and care homes, so that more people in our community have a better experience of care at the end of their lives. We work to ensure that key healthcare stakeholders are aware of our care and how it can benefit their patients at an early stage.

All our care and services are free to patients and their loved ones. We are commissioned by the NHS South West London Integrated Care Board (ICB), NHS South East London ICB, and NHS North West London ICB to deliver services on behalf of the NHS, which equates to about a quarter of the funding we need to deliver our care each year. We must raise over £12 million each year through the generosity of our local communities and supporters, from legacies, trust and corporate funders, and those who donate to and shop in our high street shops.

Our mission

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Our values
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Excellence in all we do

Integrity in all actions

Innovation so we move forward

Compassion in all we are

Leadership Inspire to set the standard all those we meet

4 | Trustees Report 2023-2024

Strategy: our progress against priorities for improvement 2023-24

We successfully delivered the second year of activity against our five year strategy with the goal: “To expand our reach to all of the people in our community who would benefit from our services, through an inclusive and collaborative approach to delivery while maintaining outstanding quality and financial balance”.

Objective 1

To make the best use of our existing workforce model and facilities, utilising digital and virtual working.

Highlights in 2023-24

Trustees Report 2023-2024 | 5

Objective 2 |

To extend our reach across all our diverse communities, particularly those who do not traditionally access palliative and end of life services.

Highlights in 2023-24

Objective 3

To strengthen our collaboration with external partners utilising innovative pathways.

Highlights in 2023-24

6 | Trustees Report 2023-2024

Objective 4

To invest in expanding our services, workforce, and facilities

Highlights in 2023-24

We delivered our Transform programme: our new clinical model of care

INPATIENT SERVICE VIRTUAL SUPPORT SERVICE To support complex patients and those recently discharged from hospital/hospice. Consultantled. Launching late 2024.

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RAPID RESPONSE
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For fast response to urgent patient needs, for both new and existing patients at home. Also supports with transfer to/from the inpatient unit. PATIENT AMBULANCE Service to support urgent transport of patients to/from the hospice IPU

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COMPASSIONATE NEIGHBOURS
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A social movement to tackle New services loneliness and isolation. Expanded & improved services Support by volunteers. Improved services

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AT HOME SERVICE
Currently known as
community services
LIVING WELL &
OUTPATIENT SERVICE
Support for patients and family
members living at home. Combines
clinical and wellbeing services in
group and individual settings.
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CARE COORDINATION SERVICE Expansion of the current area where care coordination is delivered to the entire Trinity catchment area. HCP EDUCATION TRAINING Enhanced service which prepares internal and external healthcare professionals to provide appropriate care

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BEREAVEMENT
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Enhanced group and individual bereavement support delivered by the Patient and Family Support team.

Trustees Report 2023-2024 | 7

Objective 5

To ensure fundraising, retail operations and NHS income matches growth in activity and associated operational costs

Highlights in 2023-24

8 | Trustees Report 2023-2024

Section 2: Achievements and performance – the impact of our core services in 2023-24

Our year in numbers

2,843

2,400

Total number of people supported (includes carers, patients and family members who received support)

Patients received our care and support, which is 6% more patients than the year before

2,384

Patients received care in their own homes, which is where over 85% of our patients receive care. This includes patients supported by the Community Nursing team, PAFS, Wandsworth End of Life Care Coordination team, and the Therapies team

2,435

Home visits by the Community Nursing team. This is more than double the number of visits from the previous year, marking a return to our pre-Covid levels

632

324

Patients cared for on the inpatient unit, which is a 35% increase on the previous year

The average number of patients we cared for in the community at any one time

235

110 Patients in Wandsworth who received support from the Royal Trinity Carers

People received formal bereavement support, in 1,503 sessions

99%

Of our patients felt that they were treated with dignity and respect

97%

Of our patients would recommend Trinity to friends or family, if they were in need of similar care and support

Trustees Report 2023-2024 | 9

this service, we have noted a 5% increase in patient reach, a steady increase in the number of hospital admissions avoided due to our intervention and twice the number of patients achieving their preferred place of death.

Inpatient care

Community care

Most of the care we provide is to people living in their own homes, including supported living, community hospitals, residential and nursing care homes, prisons and homelessness hostels.

Our team of Specialist Palliative Care Nurses support people by providing expert advice for symptom control, end of life care and supporting the coordination of services with the GPs, Community Nursing teams, hospital teams and social services. Many of our other teams also provide services to people in their own homes, including the Patient and Family Support team, Therapies and Medical teams.

Trinity’s inpatient unit has 26 beds, and the inpatient team provides skilled, compassionate care in a warm, welcoming and modern environment. People are admitted for many reasons, including for support to get difficult physical or psychological symptoms under control before returning home, rehabilitation to continue to live independently, or end of life care when an illness is advanced.

Challenges around staffing in line with many other health and social care providers nationally, continued to be felt on the inpatient unit last year. We invested significant time in the recruitment of nurses, including attending recruitment fairs, reviewing our benefits package and partnering with national and international nursing recruitment agencies. At the same time, we continue to invest in developing our existing workforce. This approach has successfully reduced the overall nursing vacancy, which has allowed us to more fully use this facility.

Trinity’s Specialist Community Nursing team provides home visits seven days a week as well as 24/7 telephone support. This year has seen a significant increase in home visits, more than double the number of visits from previous year, marking a return to our precovid levels.

Rapid Response

As part of our plan to reach more people and be more responsive, we launched a new Rapid Response team consisting of Specialist Palliative Care nurses and Care Assistants.

The service aims to ensure that every person in our community has access to urgent highquality specialist palliative support and advice when they need it. Since the introduction of

10 | Trustees Report 2023-2024

This year we improved processes and efficiency within the inpatient unit which reduced the average length of time patients stayed in the hospice and therefore increased the number of people we were able to support with inpatient care.

Dementia care

Our Community Dementia Service aims to ensure people living with dementia, and their families and friends, have the same access to specialist palliative and end of life care as those living with other progressive, life-limiting illnesses such as cancer.

The team provides advance care planning, support for carers and advice and training for professionals who care for people in the later stages of dementia. Our specialist inpatient bay has been designed as a “home from home” for people with dementia. We provide up to two weeks respite within a twelve-month period.

Support for family and friends

Our Patient and Family Support team delivers support through specific, focused

individual and group activities and comprises various forms of support, aimed at offering patients, friends and family members, a range of options based on their needs. This is delivered across all settings: community, inpatient and outpatients.

Our team offers social work, welfare benefits advice, counselling, spiritual care, bereavement support and art therapy.

This year we launched a Carer’s Clinic offering carers the opportunity to meet with a Specialist Palliative Care Nurse and Trinity Social Worker. We also enhanced our bereavement support offer with a new weekly bereavement group programme, a gardening group for people who are bereaved and new events such as the Summer Solstice remembrance event, a monthly Walk & Talk and “Time to Remember”, a regular event for people who have been very recently bereaved.

This year we reintroduced Art Therapy, which as a psychological intervention can help give patients, their family and friends the space to make sense of significant changes due to a terminal diagnosis or bereavement.

Trustees Report 2023-2024 | 11

Wandsworth End of Life Care Coordination Service (WEOLCCS)

Trinity manages a care coordination service in Wandsworth on behalf of Wandsworth GP Federation (previously Battersea Healthcare CIC), the multi-speciality community provider in Wandsworth. The service coordinates care for patients receiving end of life care and provides short-term care and support through a dedicated team of rapid response carers, the Royal Trinity Carers.

Therapies support

The Therapies team provides person-centred interventions for patients to maintain their independence and safety for as long as possible, enabling people to remain in their preferred place of care or death. They also provide non-pharmacological management of symptoms such as pain, breathlessness, fatigue, and anxiety.

The Therapies team consists of

physiotherapists, occupational therapists, complementary therapists and a dietician, who joined the team this year to provide nutrition and dietetic support for palliative care patients on the inpatient unit and in the community via the Living Well outpatient service.

As part of the relaunched Living Well service, the Therapies team has led the reintroduction of outpatient group and individual support this year, which includes a weekly calendar of activities to support patients to maintain their strength, independence and mobility for as long as possible.

The team is actively involved in clinical governance with leading roles in audit, research, patient safety, teaching and education.

Community engagement

In 2023-24 the Community Engagement team continued to build relationships with community groups across our catchment area in order to:

Medical team

The Consultant-led medical team works closely with every other clinical team and consists of specialist palliative care consultants, specialty doctors, specialist trainees, GP vocational trainees, internal medical trainees and foundation year doctors.

The team provides medical expertise around symptom control and end of life care in the inpatient unit and in the community as well as offering outpatient appointments.

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The Compassionate Neighbours befriending project marked its first year in operation in January 2024. Compassionate Neighbours matches trained members of the community with people approaching the end of life due to age or illness who are lonely and socially isolated. The project matched 50 people with a Compassionate Neighbour by the end of 2023-24 and overall trained 64 Compassionate Neighbours.

Education, learning and development

We continue to share our education platform with other hospices, local authorities and care homes who participate in our programme to support their staff development in relation to palliative and end of life care.

In 2023-24 we developed our partnership working with care homes, local universities, and unpaid carers in our catchment area. We supported 15 pre-registration and one return to practice student nursing placement from adult and learning disability specialities in various clinical and non-clinical settings.

In 2024-25, we aim to maintain and create new partnerships to support all our staff and ensure that training is expanded and promoted to enhance continuing professional development. Our focus remains on updating and enhancing our portfolio of education workshops to ultimately provide a better experience for people living in our catchment area.

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Education workshops Attendees
delivered 2023-24
Overview of palliative care 53
SAGE & THYME 48
Ethics 20
Nutrition 22
Symptom control 1 42
Symptom control 2 37
Last days of life 46
Understanding dementia 30
Bereavement 38
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Complaints and Concerns

We received 8 formal complaints in 2023-24 (compared with 4 in 2022-23).

We received 27 concerns, compared to the 14 concerns in 2022-23. All were discussed with the parties involved and have been resolved and closed.

Learning outcomes from concerns and complaints this year include:

Compliments

During 2023-24 we recorded 159 written and/ or verbal compliments (compared with 131 in 2022-23). Compliments received by patients and families are anonymised and reported to the Clinical Risk Management Committee and summaries are shared with staff.

Trustees Report 2023-2024 | 13

Section 3: Financial review 2023-24

The financial year 2023-24 was another year of planned investment. Trinity set a deficit budget, planning to invest part of the surpluses built up during 2020-22 in our people, building and retail operation to fund growth for the future to meet rising demand for our services. This year’s deficit budget was in part due to Trinity’s NHS funding seeing only a modest uplift despite the costs of delivering care rising at a much higher rate.

The Retail team finished the year on budget, with the increased income supporting our investments in the year as we opened a further two new shops in the portfolio. The Fundraising team did not quite reach the ambitious budget but still achieved growth across several income streams set against the continued national and wider global economic situation.

The hospice has adequate reserves, as set out in the reserves section below, and the Board of Trustees approved a small deficit budget for 2024/25 to continue growing services in line with the five-year strategic plan.

Income was £17,889,884 for the year ended 31 March 2024, which was a 13% increase on 2023 (£15,640,826). Income grew across most channels, reflecting all the hard work of the income-generating teams.

Retail income increased by 10% from £6,661,793 to £7,294,891, reflecting the full-year trading of two shops opened in 2022-23, two more shops opened in 2023-24, and the retail strategy delivering further growth across the shop portfolio.

Core patient services income increased from £4,526,365 to £4,949,293 driven by funding outside of the core NHS contracts to support the scaling of the growth plan. There was only a modest uplift in the core NHS contracts.

Fundraising income grew from £4,042,228 in 2023 to £5,102,010 in 2024. The gala held in November 2023 contributed about £400k of the increase, as did further growth for our Trusts team. Legacies also grew due to some significant notifications received in the year compared to 2023.

Total expenditure increased by 17% to £20,194,484 (2023: £17,255,074). The cost of inpatient, community and outpatient care increased by 18% in 2024 to £13,874,122, reflecting the growing demand for our services post-Covid and the investment in the 5-year strategy to scale services to support this demand. The costs of the trading subsidiary increased by 11% to £5,137,093 following the opening of two more shops into the portfolio. Fundraising costs increased by 13.1% to £989,176 due to the biennial gala event held in November 2023 (2023: £874,370). We ended the year with a deficit of £2,304,600 (2023 deficit: £1,614,249). The table below adjusts this figure, removing the cost of depreciation and adding the cost of capital expenditure to show the operating cash (deficit)/surplus.

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Segment contribution 2023-24 2022-23
(£,000)
Patient care (cost after (7,997) (6,322)
NHS income)
Retail post tax 2,158 2,031
Fundraising 4,133 3,168
Property & investment 318 337
Other Income 4 42
Net contribution (1,406) (746)
Capital expenditure (498) (600)
Surplus/(Deficit) (1,904) (1,346)
before depreciation
and after capital
expenditure
Contribution is stated before depreciation.
Figures included are for the relevant area less
direct costs and a share of overheads
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14 | Trustees Report 2023-2024

Reserves

The trustees regularly review the reserves requirement. The Board has adopted a liquidity and risk-based approach to reserves, recognising that Trinity’s funding and asset base remain well-diversified.

The reserves policy aims to ensure we hold sufficient investment and operating cash to cover the risks associated with short term income volatility, notably retail and legacy income. Trustees agreed to continue to reinvest investment cash into our equity investment fund, because the need to hold such large levels of cash have been reduced. Trinity’s policy is to hold between £2m – £3m in cash, and investments plus cash to cover 5-7 months of budgeted operational expenditure. At March 2024 Trinity held cash plus investments equal to 5.4 months of cash cover (£8,434,983).

At 31 March 2024 free reserves, the General Purpose unrestricted fund, decreased to £9,332,223 which equals 6.1 months’ of budgeted running costs (2023: £10,705,232, 7.6 months’ running costs) (see note 16).

objectives. It is not intended to support general running costs but provides a cushion against any short-term income volatility. The Finance and Resources Committee reviews the investment portfolio performance every 6 months.

We liquidated investments in March 2020 and began reinvesting at £300k per month in March 2021. £750,000 was invested into the portfolio during 2023/24 which completed the reinvestment of funds. No investments were sold during the year.

Changes in fixed assets

The movements in fixed assets during the year are set out in note 9. Trinity owns The Elms, an investment property valued at £4,900,000. The trustees are of the opinion that the open market value of the property is in excess of the book value shown in the financial statements.

Designated Funds decreased from £11,718,194 to £11,316,956 during the year (see note 16) and represent the net book value of our fixed assets and the market valuation of our investment properties. The reduction is due to depreciation of fixed assets less the assets purchased in the year.

Restricted Funds increased from £146,039 to £156,352.

Investment policy

Aside from retaining a prudent amount in reserves each year, most of Trinity’s funds are spent in the short term on end of life care provision.

The investment portfolio is strategic capital and is to be used to facilitate key Board

Trustees Report 2023-2024 | 15

Fundraising

Fundraising activity update

During a financial year where many charities experienced a decline, or at best stagnation in fundraising income, the Fundraising team achieved significant growth across most non-legacy fundraising income lines. Despite not reaching the ambitious targets set, the non-legacy end of year result was the third highest in Trinity’s fundraising history. Eight of the ten non-legacy income lines experienced growth on the previous year which is an extraordinary achievement in a challenging fundraising environment dominated by the continued cost of living crisis and increased geopolitical and economic turmoil.

Implementing new strategies, campaigns and events (such as the Sponsor a Trinity Nurse campaign, the Every Person Matters campaign, Opera at the Hospice and the Summer Solstice ribbon appeal) helped us achieve growth of 34% which will create further growth in the following years. We must acknowledge the impact of 2023/24 having been a gala year, with the biennial event adding £350k to the events line and £50k to the Gift Aid line. Taking this income out of the calculation to fairly compare year of year growth still sees the Fundraising team achieving growth of 16% on the previous financial year.

Throughout the year we reported that realising legacy income was being constrained by both probate delays and the stagnant property market. This continued to the end of year with a very healthy pipeline not providing the income required within the financial year. The hidden success of the year is that we saw a 68% increase in the legacy pipeline during the year, the highest in the last five years. This growth will see us enter the new financial year with a significant number of legacies which will be realised in the 2024/25 financial year and which will be accrued.

The Fundraising team will continue to build on the strategies implemented this year to steward existing donors and acquire new supporters of the hospice generating increase income for the hospice in the new financial year.

16 | Trustees Report 2023-2024

employee who reports to the Trinity Chief Executive and sits on Trinity’s Executive team. Compton attends and reports quarterly to the Board via the Finance and Resources Committee and the Fundraising Development Group.

The Fundraising team is bound by the policies and procedures set by the hospice and is monitored against those via Trinity’s corporate governance structure. The Director of Fundraising is a member of Trinity’s Information Governance Group and a member of the Fundraising team attends the hospice’s Health and Safety Group. The Fundraising team works closely with Trinity’s Data Protection Officer to ensure data processing is in line with the requirements of the GDPR and Data Protection Act 2018 and the agreed application of this.

Fundraising compliance and governance

Trinity contracts all fundraising activities to Compton Fundraising Consultants Ltd (Compton). Compton provides expert fundraising services to ensure that Trinity has sufficient funds to provide end of life care to all who need it. Compton delivers individual giving, legacies, trusts and foundations, corporate, community and challenge events, in memory giving, major donor and special events expertise.

In 2023-24 Trinity received 3 complaints in relation to fundraising, all of which were minor and were resolved to the supporter’s satisfaction (previous year: 5).

Trinity’s Donor Charter sets out how we assure current and potential donors of the integrity and high standards of fundraising at Trinity and can be read at: www. - royaltrinityhospice.london/donor charter

The Compton team at Trinity does not engage in cold-calling or wealth-screening and does not buy or sell data. All data is managed and stored securely by Royal Trinity Hospice. Compton does not contract other fundraising agencies on behalf of Trinity with the exception of Legacy Link, a legacy administration company, which Compton contracts to administer legacy donations. Senior Compton staff are members of the Institute of Fundraising, and all staff adhere to the Fundraising Regulator’s Code of Fundraising Practice.

The Compton team is fully integrated with the charity and works full time on the hospice site. The Director of Fundraising is a Compton

Trustees Report 2023-2024 | 17

Retail

Retail activity update

During 2023/24 our retail business had another very successful year achieving its best ever year with income of £7.3m and profit of £2.16m; profit up by £127k on the previous year. We opened two new shops in Wimbledon and Brixton and in addition to the two new locations, we refurbished our shop in Putney and continued to refresh others. Many of our shops had their best ever trading year, and we met our total budgeted profit. We do not plan to open any new shops this year, instead take the opportunity to strengthen the four new shops that we have opened over the last two years to ensure they are fully self-sufficient in their stock pipeline. We do however plan to continue with our upgrade programme and invest in two existing shops, Islington and Northcote Road during the course of this year.

We continued our mission to be “London’s answer to sustainable fashion” and in 2023 launched our “Seven Steps to Sustainability” initiative focussing on the key areas of the retail operation. We have made significant inroads into the plan including moving from diesel to electric delivery vans, partnering with one of our suppliers to produce a reusable stock transfer bag, thus removing 30,000 single use bags from our annual supply chain, and converting our instore utilities contracts to 100% renewable energy. Our efforts were recognised by the Charity Retail Association who awarded us their inaugural Environmental & Sustainability Award in 2023.

18 | Trustees Report 2023-2024

Section 4: Structure, governance and management

Risk management

Risk management is fundamental to good management practice and a significant aspect of corporate and clinical governance at Trinity. The overall management of risk is the responsibility of the Chief Executive. We manage risk through a Board Assurance Framework that tracks key organisational

risks for the Board via Trinity’s Committee structure and a risk register that lists risks at team level.

Our risk management framework is a formal acknowledgement of our commitment to manage risk in a proportionate, meaningful and responsible manner.

The key risks outlined in the Board Assurance Framework are:

Risk Mitigation
Reach: Failure to meet
the needs of the people
in our community		 This is mitigated by our growth strategy following the
implementation of our new clinical model of care via
the Transform programme and a specifc project looking
at inpatient unit optimisation and recruitment.
Quality and impact of
care: harm caused by
deterioration in standards
of safety and care		 Patient Safety Incident Response Framework (PSIRF)
plan and policy fnalised this year. Timeline has
been developed for implementation and current
policies will be updated to link with PSIRF.
This is mitigated through corporate governance policies
and processes, with a particular focus on compliance
with Care Quality Commission key lines of enquiry.
Estates and environment:
operating infrastructure
does not meet the needs
of the organisation		 This is mitigated by external health and safety
audit and subsequent remedial works to improve
key areas including electrical and fre safety.
Development of a maintenance strategy
for the next fve years is in progress.
Data and technology:
systems and processes
do not meet the needs
of the organisation		 The red rated risks in this category centre on the hospice’s
data maturity and information governance. On data maturity,
several new programmes (with accompanying systems)
have been introduced. This year we progressed with our
information governance plan to complete recommendations
from two data protection related audits in 2023. The key
focus is on developing a comprehensive update to the
record of processing activities (ROPA) in June 2024.

Trustees Report 2023-2024 | 19

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Workforce: insufficient or The key people risk is staff turnover and its impact on
suitably skilled staff to our vacancy rate in key areas such as nursing. This year
deliver core functions we took action to address the annualised turnover rate
which has reduced from 33% to 30% but remains above
target. People Plan Two will further contribute to this work
and will include a new approach to induction, probation,
appraisal and the introduction of “settling in” and “stay”
conversations. The new education and learning strategy will
also support improved retention and staff development.
Financial sustainability: This is mitigated by our fundraising and retail strategies
our financial health monitored through Board committees and through
deteriorates and cannot quarterly review of investment performance and
support the operating strategy by the Finance and Resources Committee.
model of the organisation
Communications and The risk of Trinity being deemed untrustworthy is mitigated by
partnerships: Trinity a robust risk management framework. We conduct ourselves
deemed untrustworthy and communicate with authenticity and transparency with
all stakeholders including staff, suppliers, supporters and
patients to ensure we are a trustworthy partner. Standard
procedures are in place to ensure new partners and
suppliers align with our own values and behaviours.
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Governance

The Board has ultimate responsibility for the governance and leadership of Royal Trinity Hospice. The Board is responsible for strategic decisions and for monitoring the organisation’s performance and ensuring that it complies with its Articles of Association and applicable laws and regulations.

The Board works closely with the Chief Executive Officer and the Executive team to set our strategy and monitor performance and risk management. The Board meets quarterly and works through three board committees (Finance and Resources Committee, People and Culture Committee and Patient Services Committee) and closely with the board of our retail subsidiary.

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Board of Trustees
Patient People and Trinity Finance and
Services Culture Shops Resou rces
Committee Committee Board Committee
Hospice Executive Group
Quality Corporate Operations People Senior
Committee Governance Performance and Committee Leadership
Committee Transformation team
Committee
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20 | Trustees Report 2023-2024

Environmental reporting

Under the Energy and Carbon Report Regulations 2018 Trinity is required to report on the environmental impacts of the organisation. The key environmental impacts for Trinity are gas and electricity use across the hospice and in our shops; use of pool cars for community nursing visits; and two leased vans used for retail delivery and collections.

We have calculated energy usage using opening and closing meter readings across our sites and for our vehicles. Scope 1 emissions for gas usage and use of owned and leased vehicles are reported.

Hospice emissions have reduced slightly year on year. In 2022 we launched our sustainability strategy and launched an Environmental Sustainability Group, chaired by the Director of Finance and Resources, to look at Co2 emissions across the hospice, particularly in our higher emission areas of waste and energy.

In the last twelve months we have purchased two e-bikes and one of the two retail stock vans is now electric. It remains our ambition to replace all petrol and diesel vehicles in the future but will take several years to fund such an overhaul. We continue to review waste

management to see where we can reduce, reuse and recycle if possible, sending waste to landfill only as a last resort.

In March 2024 our Retail team published an update to its “Sustainable Seven” plan. The plan focuses on reducing emissions in seven key areas of the retail business, including transportation, procurement, waste, recycling, printing, utilities and people. The update outlined the progress that had been made in the year since the plan was first published. An electric van, new sustainable energy contracts, a focus on sustainable materials in shop-fits and removing 30,000 single-use plastic bags from circulation annually are some of the innovations that the shops introduced in the past year.

Last year our Retail team saved 357,000 items – or 242 tonnes of donations – from landfill by rehoming these preloved items within our community. Royal Trinity Hospice shops received 69,000 bags of donations from the public. Our shops saved 56 tonnes of carbon through our “Sustainable Seven” initiatives. 100% of our unsellable fashion donations were recycled through TRUST certified recycling merchants and we reduced the volume of textiles we sent for recycling by 6%.

----- Start of picture text -----
UK Greenhouse gas emissions and 2019-20 2020-21 2021-22 2022-23 2023-24
energy use data for the period 1 April
2023 to 31 March 2024
Energy consumption used to calculate 2,091,666 1,941,376 1,962,675 1,848,644 1,713,203
emissions (kwhs)
Energy consumption breakdown khw
Gas usage 1,194,166 1,210,085 1,195,055 1,072,558 890,146
Electricity usage 897,500 731,291 767,620 776,086 823,057
Energy consumption used to calculate emissions (km)
Transport 50,012 41,919 63,513 37,735 65,689
Scope 1 Emissions in metric tonnes CO2e
Gas consumption 219,547 222,498 218,886 195,784 162,487
Electricity usage 229,401 170,493 162,989 150,079 159,173
Vehicles (electric) - - - - 971
Vehicles (non-electric) 11,025 9,999 14,067 7,669 11,515
Intensity ratios
Hospice emissions per FTE 2,054 2,099 2,067 1,811 1,479
Retail emissions per shop 2,835 2,076 2,706 2,650 2,884
----- End of picture text -----

Trustees Report 2023-2024 | 21

Our people

People Plan 1 was completed this year. The plan was developed with input from staff and focused on successful delivery of key activities to attract, recruit and retain staff to achieve our strategic goal of becoming an employer of choice.

Highlights of the final year of People Plan 1 include:

22 | Trustees Report 2023-2024

Learning and development

The concept of ‘social’ learning was the focus throughout the year, with informal learning opportunities incorporated into the Learning and Development calendar, such as ‘learning at lunch’ sessions for all staff.

We changed our mandatory learning provider to an internally managed system, which has allowed us to better monitor our mandatory learning compliance rates and improved the learning experience for users.

Ensuring inclusion for people with disabilities

offer work experience and voluntary work opportunities to increase skills in partnership with disability charities. We aim to retain staff who often have more resilience and problem-solving skills through developing ways of living with a disability.

In February 2024 we launched a project to assess and improve inclusion for patients, staff and volunteers who are deaf or hard of hearing around the hospice. Our plans for 2024-25 include deaf insight training and securing specialist equipment for the inpatient unit.

Our approach to disability equality in the workplace is to ensure that our processes are fair and consistent, and that we comply with legal requirements, our FREDIE principles and our Trinity behaviours to be an employer and charity of choice.

In February 2024 we made Oliver McGowan training mandatory for all staff which is the government’s preferred and recommended training for health and social care staff to learn about learning disability and autism.

We do not tolerate disability discrimination or any other form of discrimination. Royal Trinity Hospice is committed to creating an environment where people feel safe and comfortable to disclose and talk about disability.

We support employees with Access to Work applications and employees who acquire a disability or long-term health condition. We

Section 172 (1) statement

Trinity’s Trustees act in accordance with their duties codified in law, which include their duty to act in a way in which they consider, in good faith, would be most likely to promote the success of the organisation, having regard to the stakeholders and matters set out in section 172(1) of the Companies Act 2006.

In decision making, both at board level and throughout the organisation, the continued success and stability of the organisation for the benefit of its members, service users and stakeholders is always prioritised.

The Board of Trustees

The trustees meet five times a year and in addition hold a strategic planning day twice a year. Trustees are not paid for the duties they undertake and are recruited in accordance with Trinity’s Trustee Appointment and Re-appointment Policy.

Trustees Report 2023-2024 | 23

The Chief Executive, with the support of the Executive team, reports to the Board of Trustees, which approves Trinity’s strategic objectives, annual budget and priorities.

All trustees have access to the Company Secretary for advice and relevant services. New trustees undergo an orientation day to:

Trinity is a company limited by guarantee and has no share capital. Individual trustees are members of the company. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. Members are liable for a period up to one year after they cease membership.

The Remuneration Committee annually determines the policy for staff remuneration, including the Chief Executive and the Executive team. Salaries for clinical staff are aligned to the NHS Agenda for Change (AFC) guidelines and process. For all other staff it is benchmarked against appropriate comparable organisations.

Staff committees and groups

Trinity’s Staff Involvement Committee meets quarterly with Executive team representatives to discuss changes required or being proposed and raise any matters or concerns to be addressed. In 2023-24 this included a consultation about the annual Staff Survey, which was completed by 67% of Trinity staff.

The Social Committee meets to organise year-round events and activities to bring together staff from across Trinity.

Trinity’s FREDIE steering group (formerly Investing in Diversity Steering group) consists of staff from across the organisation at all levels including the Chief Executive.

Executive team

The Executive team consists of the key management personnel for the purposes of FRS102. The team comprises:

24 | Trustees Report 2023-2024

All of our volunteers contribute to ensuring that our patients and their loved ones receive outstanding care. Currently 400 people give up their time on a regular basis to support Trinity, with over 1,000 hours of volunteering completed each week.

Trinity’s volunteering strategy was launched in 2022 and sets the strategic framework for volunteering at Trinity. Progress last year included lowering the minimum volunteering age to allow younger volunteers to get involved, introducing new roles and new ways to volunteer such as menders and upcyclers, ward musicians, admin internships and greater opportunities for schools, colleges, universities and corporate groups to get involved.

The group provides oversight and direction to our work to promote and advance our FREDIE commitments and action plans.

Trinity’s Anti-Racism Action Group includes members of the Senior Leadership team. This year Trinity’s Anti-Racism Action Plan continued to be delivered with the oversight of this group, the Executive team and Trinity’s board. This has included mandatory “it’s about race” training focusing on antiracism. The Anti-Racism Action Plan and accompanying statement is published on Trinity’s intranet and public website, whilst new signage is displayed throughout the hospice with guidelines on how we expect people to be treated and treat each other.

Volunteers

Our vision is to be the charity of choice for volunteers in London. Volunteers are involved in all areas of Trinity, including on the inpatient unit, in offices, shops, the garden, the retail warehouse, the café, in the community as Compassionate Neighbours, and remotely in roles such as menders and counsellors. This year we were re-awarded our Investing in Volunteers accreditation for the 4[th] consecutive time, showing that we are an excellent and reputable provider of volunteering opportunities.

We reviewed our volunteer application and induction processes and re-introduced biannual hospice volunteer induction sessions, in addition to making updates to volunteer learning and development, and pathways for volunteers to move into paid roles should they wish.

We have found new ways to engage volunteers and offer benefits such as trips to museums and galleries, plus opera tickets and free events at London attractions.

Relationships with other organisations

Trinity maintains close links with all local providers who provide care to those approaching the end of life in the voluntary, primary and acute healthcare sectors. This includes hospitals, care homes, homelessness hostels and GP surgeries. We work in partnership with local educational institutions which include university partners, NHS hospital trusts and secondary care providers.

We work closely with other organisations and charities on issues of mutual concern and are members of several representative bodies (e.g. Hospice UK, Charity Retail Association).

We participate in clinical studies led by academic institutions (see our Quality Account for more information).

Trustees Report 2023-2024 | 25

Legal and administrative information

Members of the Board of Trustees during the year ended 31 March 2024

Chair (term ended 30 June 2023)

Deputy Chair. Member of Finance and Resources Committee

** James Piper Honorary Treasurer and Chair of Finance and Resources Committee > Heather Blake Member of Patient Services Committee (resigned 29 April 2024) > Rebecca Pritchard Member of Patient Services Committee (from 26 July 2023) Lead Safeguarding Trustee > Rochelle Roest** Member of Patient Services Committee (resigned 9 May 2023)

> Sir Andrew Dillon Chair of Patient Services Committee > Gerard Manley Member of Finance and Resources Committee (from 10 September 2024) > Alison Petit Member of Finance and Resources Committee and People and Culture Committee > Angela Dawe Chair of People and Culture Committee and Member of Patient Services Committee > Angela Marcelle Member of People and Culture Committee > David Carmalt Member of Finance and Resources Committee (from 10 September 2024)

Member of Patient Services Committee (from 29 April 2024) Member of Patient Services Committee (from 29 April 2024)

26 | Trustees Report 2023-2024

Royal Patron

> Her Majesty The Queen

Patrons

Chief Executive

Company Secretary

Principal Advisers

Messrs C Hoare & Co.

37 Fleet Street, London, EC4P 4DQ

Barclays Bank plc.,

Level 27, One Churchill Place, London, E14 5HP

> Auditors

Saffery LLP,

71 Queen Victoria Street, London, EC4V 4BE

Trustees Report 2023-2024 | 27

Public benefit statement

The aims of the charity fall within the criteria of the Charities Act 2011 and thereby the organisation, which has been established exclusively for charitable purposes, is for public benefit.

In planning the activities for the year, the trustees have given careful regard to the Charity Commission’s guidance on public benefit and considered its implications for the charity.

28 | Trustees Report 2023-2024

Responsibilities of the Board of Trustees

The trustees (who are also directors of Royal Trinity Hospice 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 Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

The trustees are responsible for the

maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the reparation and dissemination of financial statements may differ from legislation in other jurisdictions.

This Trustees Report and incorporated Strategic Report was approved by the Board of Trustees on 24 September 2024 and signed on their behalf by:

Prof Suzanne Shale Chairman of the Board of Trustees

James Piper Treasurer

Trustees Report 2023-2024 | 29

Independent auditor’s report to the members of Royal Trinity Hospice for the year ended 31 March 2024

Opinion

We have audited the financial statements of Royal Trinity Hospice (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 March 2024 which comprise the consolidated statement of financial activities, the consolidated and charity balance sheets, the consolidated cash flow statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities 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 and parent

charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions 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 collectively, may cast significant doubt on the group or the parent charitable company’s ability to continue as a going concern for a period of at least twelve 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 report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 course of the audit or

30 | Trustees Report 2023-2024

otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact.

We have nothing to report in this regard.

Other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report and Strategic Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees’ Responsibilities set out on page 29, the trustees (who are also the directors of the parent 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 the 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 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 concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditors under the Companies Act 2006 and report in accordance with regulations made under that Act.

Our objectives are to obtain reasonable assurance about whether the group and parent financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always

Trustees Report 2023-2024 | 31

detect a material 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, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the group and parent charitable company’s financial statements to material misstatement and how fraud might occur, including through discussions with the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the group and parent charitable company by discussions with trustees and updating our understanding of the sector in which the group and parent charitable company operate.

Laws and regulations of direct significance in the context of the group and parent charitable company include The Companies Act 2006 and guidance issued by the Charity Commission for England and Wales.

Further the group is subject to other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, through significant fine, litigation or restrictions on the group’s operations. We identified the most significant laws and

regulations to be those issued by the Care Quality Commission covering the provision of health and social care in England.

Audit response to risks identified:

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the parent charitable company’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the parent charitable company’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher

32 | Trustees Report 2023-2024

than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/ auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the parent charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the parent charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent charitable company and the parent charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Claire Wills (Senior Statutory Auditor) for and on behalf of Saffery LLP

Statutory Auditors

Statutory Auditors 71 Queen Victoria Street, London, EC4V 4BE Date 27 September 2024

Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

Trustees Report 2023-2024 | 33

ROYAL TRINITY HOSPICE AND SUBSIDIARY COMPANY

Consolidated Statement of Financial Activities (incorporating consolidated income and expenditure account) for the year ended 31 March 2024

Income from:
Note
Donations and Legacies
• Donations
• Legacies
Charitable activities:
• Patient services
• Education
• NHSE Coronavirus support
Other trading activities:
• Sale of donated goods
• Income of trading subsidiary
3
• Property income
Investment income
2
Other income
4
Total income
Expenditure on:
Raising funds:
Fundraising and publicity
Costs of trading subsidiary
Property expense
Charitable activities:
• In patient care
• Community & outpatient care
Total expenditure
5
Net income / (expenditure)
before recognised gains
Gains /(losses) on
other investments:
Gains /(losses) on
investment property:
Net income / (expenditure)
before Tax
Tax Payable
Net income / (expenditure)
after Tax
Transfer between funds
Net movement in funds
Fund balances brought
forward at 1 April 2023
Fund balances at 31 March 2024		 General
purpose funds
£
2,196,726
2,130,940
4,949,293
27,804
7,263,639
31,252
200,522
308,902
4,237
17,113,315
989,176
5,137,093
194,093
7,591,900
5,522,966
19,435,228
(2,321,913)
537,397
–
(1,784,516)
–
(1,784,516)
10,269
(1,774,247)
22,425,426
20,649,179		 Restricted
funds
£
774,343
–
–
–
–
–
–
2,226
–
776,569
–
–
–
195,396
563,860
759,256
17,313
–
–
17,313
–
17,313
(7,000)
10,313
146,039
156,352		 Endowment
funds
£
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
31,568
–
31,568
–
31,568
(3,269)
28,299
288,031
316,330		 Total
2024
£
2,971,069
2,130,940
4,949,293
27,804
7,263,639
31,252
200,522
311,128
4,237
17,889,884
989,176
5,137,093
194,093
7,787,296
6,086,826
20,194,484
(2,304,600)
568,965
–
(1,735,635)
–
(1,735,635)
–
(1,735,635)
22,857,496
21,121,861		 Total
2023
£
2,219,011
1,823,217
4,526,366
27,989
6,580,294
81,498
166,499
174,319
41,633
15,640,826
874,370
4,631,102
3,861
6,442,194
5,303,548
17,255,075
(1,614,249)
(139,449)
(100,000)
(1,853,698)
–
(1,853,698)
–
(1,853,698)
24,711,194
22,857,496

General purpose funds and designated funds are both unrestricted funds. The statement of financial activities includes all gains and losses in the year. All incoming resources and resources expended derive from continuing activities.

34 | Trustees Report 2023-2024

ROYAL TRINITY HOSPICE AND SUBSIDIARY COMPANY

Balance Sheets as at 31 March 2024

Note
Fixed assets
Tangible assets
9
Investment property
10
Investments
11
Current assets
Stock
Debtors
12
Cash at bank and in hand
Creditors: amounts falling
due within one year
13
Net current assets
Net assets
Funds
Unrestricted funds
Designated funds – cost
16
Designated funds – revaluation
16
General purpose funds – cost
16
General purpose funds – revaluation
Restricted funds
15
Endowment funds
Cost
14
Revaluation
Total funds		 Group
2024
£
6,416,956
4,900,000
6,784,440
18,101,396
19,422
2,688,496
1,559,543
4,267,461
1,246,996
3,020,465
21,121,861
8,160,582
3,156,374
9,027,085
305,138
156,352
279,942
36,388
21,121,861		 Group
2023
£
6,818,193
4,900,000
6,137,588
17,855,781
13,863
1,813,268
4,293,350
6,120,481
1,118,766
5,001,715
22,857,496
8,561,820
3,156,374
10,881,418
(176,186)
146,039
279,943
8,088
22,857,496		 Charity
2024
£
6,416,956
4,900,000
6,784,443
18,101,399
12,187
2,463,815
1,222,917
3,698,919
853,628
2,845,291
20,946,690
8,160,582
3,156,374
8,851,914
305,138
156,352
279,942
36,388
20,946,690		 Charity
2023
£
6,818,193
4,900,000
6,137,591
17,855,784
10,185
1,733,850
3,886,610
5,630,645
781,650
4,848,995
22,704,779
8,561,820
3,156,374
10,728,701
(176,186)
146,039
279,943
8,088
22,704,779

The notes on pages 37 to 49 form part of these financial statements.

As permitted by the Companies Act, the income and expenditure account of the parent company has not been separately presented in the financial statements. The net loss of Royal Trinity Hospice was £1,758,089 (2023 net loss – £1,908,939)

Approved by the Board of Trustees on 24 September 2024 and signed on its behalf by:

Suzanne Shale Chair

Company Registration No: 2673845 (England and Wales)

Trustees Report 2023-2024 | 35

ROYAL TRINITY HOSPICE AND SUBSIDIARY COMPANY

Consolidated Cashflow Statement for the year ended 31 March 2024

Note
£
Net cash provided by
operating activities
(i)
Cashfows from investing activities: Returns on investments
Investing activities
Dividends, interest and rent
from investment properties
311,128
Purchase of tangible fxed assets
(498,451)
Receipts from Sale of fxed assets
–
Purchase of investments
(750,000)
Receipts from sale of investments
–
Movement in cash and cash equivalents
(ii)
Cash and cash equivalents at beginning of the year
Cash and cash equivalents at the end of the year
Notes to the cashfow statement		 Group
2024
£
(2,409,255)
(937,323)
(3,346,578)
5,949,035
2,602,457		 £
174,319
(599,585)
–
(1,050,000)
–		 Group
2023
£
41,268
(1,475,266)
(1,433,998)
7,383,033
5,949,035
(i) Reconciliation of net income / (expenditure) to net cash infow from operating activities
Group
2024
£
Net income / (expenditure) for the year (as per
the statement of fnancial activities)
(2,304,600)
Adjustments for:
Dividends and interest
earned on investments
(311,128)
Other non cash – investment fees
59,342
Depreciation of tangible fxed assets
899,688
Increase in stock
(5,559)
(Increase)/decrease in debtors
(875,228)
Increase in creditors
128,230
(2,409,255)
(ii) Analysis of changes in net debt
Opening
2024
Cashfow
movement
non-cash
changes
£
£
£
Operating Cash
4,293,350
(2,733,807)
–
Investment Cash
1,655,685
(612,771)
–
Total
5,949,035
(3,346,578)
–		 Group
2023
£
(1,614,249)
(174,319)
49,346
869,626
(837)
677,329
234,372
41,268
Closing
2024
£
1,559,543
1,042,914
2,602,457

36 | Trustees Report 2023-2024

Notes to the Consolidated Financial Statements for the year ended 31 March 2024

1. Accounting policies

a. Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting standard applicable in the UK and Republic of Ireland (FRS 102) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Royal Trinity Hospice meets the definition of a public benefit entity under FRS 102. The financial statements are presented in sterling, rounded to the nearest pound. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

The financial statements have been prepared on the historical cost basis except for the modification to a fair value basis for certain financial instruments as specified in the accounting policies below.

ii) The agency fee charged by the subsidiary to the charity is treated as part of shops’ costs in the consolidated statement of financial activities (SOFA).

iii) The income and expenditure of the subsidiary are disclosed separately in the SOFA. iv) A separate SOFA for the charity is not provided.

i) All incoming resources are included in the SOFA when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. For legacies, entitlement is the earlier of the charity being notified of an impending distribution and the legacy being received.

ii) Where the charity has been notified of material legacies that have not been included in the SOFA (because the conditions for recognition have not been met), this fact and an estimate, where possible, of the amounts receivable are disclosed in the notes to the accounts.

iii) Grants, amounts arising under NHS contracts and trading income are accounted for on the basis of the amount receivable for the year.

iv) Investment income is accounted for on a receivable basis, including recoverable tax.

All revenue expenditure has been dealt with through the SOFA on an accruals basis. Direct costs have been allocated to their appropriate functional headings. Indirect overheads have been apportioned to these headings on the basis of a fair estimate of time spent or resources used.

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity. Governance and support costs are allocated between the expenditure categories on the statement of financial activities on a basis designed to reflect the use of the resource.

Trustees Report 2023-2024 | 37

Notes to the Consolidated Financial Statements for the year ended 31 March 2024

1. Accounting policies (continued)

h. Shops’ operating costs Costs incurred in acquiring shop leases and improvements thereon are capitalised as incurred and depreciated over five years.

Investment properties are held at fair value, deemed to be market value. Changes in the market value of investment properties are taken to the SOFA.

Depreciation is calculated so as to write off the cost of tangible fixed assets on a straight line basis over their expected useful life as follows:

– Freehold property 25 years – Freehold property improvements 20 years – Equipment, fixtures and fittings 5 years – Computer equipment 4 years

Stocks comprise unsold donated goods and goods purchased for resale. Unsold donated goods are not valued for balance sheet purposes since the amount is uncertain and the directors of the subsidiary company consider their value to be immaterial. Goods purchased for resale are valued at the lower of cost and net realisable value.

m. Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest rate method.

Rentals payable under operating leases are charged on a straight line basis over the term of the lease. Any rent premiums are written off immediately.

Royal Trinity Hospice may, at its discretion, set aside funds for specific purposes which would otherwise form part of the general reserves of the organisation. Specifically, funds are set aside which represent the investment made or to be made in buildings and equipment for use by the charity. Other funds are set aside to represent the trustees’ commitment to future projects. As such, they are not available for other purposes.

p. Restricted funds

Distributions from restricted resources must be used for purposes consistent with donor intentions and should be the first source of funding to support programmes and activities meeting the restriction.

q. Unrestricted funds

38 | Trustees Report 2023-2024

Notes to the Consolidated Financial Statements for the year ended 31 March 2024

r. Pensions

Royal Trinity Hospice contributes to two pension schemes on behalf of its employees. The first is a group personal pension scheme, which is a defined contribution scheme. The second is the National Health Service Pensions Agency scheme, which offers defined benefits to its members. This is an approved multi-employer scheme as defined in FRS 102 and accordingly is accounted as a defined contribution scheme.

Consequently the payments under both schemes are charged to the SOFA as they become payable.

In the application of the charity’s accounting policies, trustees are required to make judgements, estimates and assumptions about carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects the current and future periods.

The management team have undertaken extensive reviews assessing estimates made in the 2023/24 accounts, particularly around legacy income to provide some additional assurance that there are not likely to be any material changes which could affect the 2024/25 accounts. Therefore in the view of the trustees, no assumptions concerning the future or estimation uncertainty affecting assets and liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.

Trustees Report 2023-2024 | 39

Notes to the Consolidated Financial Statements for the year ended 31 March 2024

2. Investment income

Income from listed investments
Other interest receivable and similar income		 2024
£
204,731
106,397
311,128		 2023
£
134,108
40,211
174,319

3. Net income from Trinity Hospice Shops Limited

The charity has a wholly owned trading subsidiary, Trinity Hospice Shops Limited, which is incorporated in England and Wales (company number 01946988, registered office 30 Clapham Common Northside, London, SW4 0RN) and undertakes two main activities:

i) The company acts as agent in selling donated goods on behalf of the charity.

ii) The company conducts, as principal, the trading activity of selling greeting cards and other merchandise. The profits arising are donated to the charity by an annual payment under Gift Aid.

At 31 March 2024 the company had 22 trading shops (2023 – 20 shops).

Agency agreement

Under the terms of the agency agreement, all income from the sale of donated goods totalling £7,263,639 for the year (2023: £6,580,294) is passed directly to the charity. This income is therefore not included in the profit and loss account of the trading subsidiary, as shown below. The charity is charged an agency fee by the subsidiary which is shown as income in the subsidiary company’s profit and loss account. The agency fee equals the expenses incurred in selling of goods.

Trinity Hospice Shops Limited profit and loss for the year ended 31 March 2024

Turnover (agency fee / trading income)
Other income
Less cost of sales
Gross proft
Administration expenses (shop operating costs)
Net proft for the year
Gift aid payment prior year adjust
Gift aid payment
Tax
Retained proft for the year
The comparative proft and loss account for 2023 is as follows:		 Trinity Hospice
Shops Ltd
£
5,224,437
-
(8,798)
5,215,639
(5,193,185)
22,454
-
(22,454)
–
–		 Comprising
Agency
Trading
£
£
5,193,185
31,252
-
-
–
(8,798)
5,193,185
22,454
(5,193,185)
–
-
22,454
-
(22,454)
–
–
–
–		 Comprising
Agency
Trading
£
£
5,193,185
31,252
-
-
–
(8,798)
5,193,185
22,454
(5,193,185)
–
-
22,454
-
(22,454)
–
–
–
–
22,454
–
22,454
(22,454)
–
–

Trinity Hospice Shops Limited profit and loss for the year ended 31 March 2023

Turnover (agency fee / trading income)
Other income
Less cost of sales
Gross proft
Administration expenses (shop operating costs)
Net proft for the year
Gift aid payment prior year adjust
Gift aid payment
Tax
Retained proft for the year		 Shops Ltd
£
4,716,822
40,609
(17,008)
4,740,423
(4,675,932)
64,491
(64,491)
–
–		 Agency
£
4,675,932
–
–
4,675,932
(4,675,932)
–
–
–		 Trading
£
40,889
40,609
(17,008)
64,490
–
64,490
-64,490
–
–
–

Income from the sale of donated goods is not included in the subsidiary company’s profit and loss account.

The assets and liabilities of the subsidiary were:
Current assets
Current liabilities
Total net assets
Aggregate share capital and reserves		 Total 2024
£
883,457
(768,479)
114,978
114,978		 Total 2023
£
902,665
(749,418)
153,247
153,247

40 | Trustees Report 2023-2024

Notes to the Consolidated Financial Statements for the year ended 31 March 2024

4.
Analysis of total resources expended
2023/24
Other Income
Other income including insurance claims
5
Analysis of total resources expended
2023/24
Charitable expenditure
Inpatient care
Community & outpatient care
Hospice services
Costs of generating funds
Fundraising and publicity
Trading subsidiary
Property expense
Loss on sale
2022/23
Charitable expenditure
Inpatient care
Community & outpatient care
Hospice services
Costs of generating funds
Fundraising and publicity
Trading subsidiary
Property expense
Loss on sale
Support costs
Staf costs
Insurance
Depreciation
Legal & professional fees
Bank charges
Repairs & maintenance
Utilities & rates
Other support costs
Subtotal support costs
Governance costs
Audit fees
Trustees expenses
Subtotal governance costs
Total management support		 Staf costs
£
4,392,607
3,578,661
7,971,268
737,159
3,159,816
–
11,868,243
Staff costs
£
3,475,601
3,119,599
6,595,200
720,825
2,927,804
1,246
10,245,075		 2024
4,237
4,237
Direct costs
£
622,262
50,503
672,765
252,017
1,977,277
194,093
3,096,152
Direct costs
£
533,088
25,9_3_6
559,024
153,545
1,703,298
2,615
2,418,482
Total
2024
£
2,500,944
84,930
899,688
89,760
4,989
392,336
320,664
911,919
5,205,230
24,800
59
24,859
5,230,089		 Management
£
2,772,427
2,457,662
5,230,089
–
–
–
–
5,230,089
Management
£
2,433,505
2,158,013
4,591,518
–
–
–
–
4,591,518		 2023
41,633
41,633
Total
2024
£
7,787,296
6,086,826
13,874,122
989,176
5,137,093
194,093
–
20,194,484
Total
2023
£
6,442,194
5,303,548
11,745,742
874,370
4,631,102
3,861
–
17,255,075
Total
2023
£
2,296,169
65,948
869,626
146,378
4,654
204,963
170,667
799,557
4,557,962
26,078
7,477
33,555
4,591,517

Trustees Report 2023-2024 | 41

Notes to the Consolidated Financial Statements for the year ended 31 March 2024

6. Net income for the year

This is stated after charging:

Depreciation
Auditor remuneration
– Audit fee
– Other services (including tax and VAT advice)
Operating leases – charity shop rentals
Operating leases – van rentals
Operating leases – equipment
Staf costs
Staf remuneration:
Salaries and wages
Social security costs
Pension costs
Agency and contract staf
Other costs
Staf costs (note 5)
Staf costs included in indirect costs (note 5)		 899,688
24,800
3,500
1,277,055
11,380
8,469
Total
2024
£
10,492,865
1,047,187
766,109
12,306,161
1,877,414
185,612
14,369,187
11,868,243
2,500,944
14,369,187		 869,626
26,078
2,500
1,053,964
4,738
20,326
Total
2023
£
8,985,887
942,724
671,571
10,600,182
1,793,231
147,831
12,541,244
10,245,075
2,296,169
12,541,244

7. Staff costs

Agency and contract staff in 2024 includes £734,400 (2023: £720,000) re contracted out fundraising and PR services.

No termination payments (2023: £22,336) were paid to members of staff (2023: 3) in the year.

The NHS Superannuation Scheme

For qualifying Royal Trinity Hospice staff, participation in the NHS scheme provides benefits based upon final pensionable pay. However, the contributions paid by the charity in respect of the NHS Superannuation scheme are accounted for as if the scheme was a defined contribution scheme as the charity is unable to identify its share of the underlying assets and liabilities in the scheme.

The total pension cost for the year ended 31 March 2024 for the Royal Trinity Hospice was £416,917 (2023: £365,749). The Government Actuary, using the Projected Unit Method, determines contributions charged to the Statement of Financial Activities.

The NHS Pension Scheme is an unfunded, defined benefit scheme that covers NHS employers, general practices and other bodies allowed under the direction of the Secretary of State in England and Wales. As a consequence it is not possible for Royal Trinity Hospice to identify its share of the assets and liabilities of the underlying scheme.

Accounting valuation:

A valuation of scheme liability is carried out annually by the scheme actuary (currently the Government Actuary’s Department) as at the end of the reporting period. This utilises an actuarial assessment for the previous accounting period in conjunction with updated membership and financial data for the current reporting period, and are accepted as providing suitably robust figures for financial reporting purposes. The valuation of scheme liability as at 31 March 2024, is based on valuation data as 31 March 2023, updated to 31 March 2024 with summary global member and accounting data. In undertaking this actuarial assessment, the methodology prescribed in IAS 19, relevant FReM interpretations, and the discount rate prescribed by HM Treasury have also been used.

Full actuarial valuation:

“The purpose of this valuation is to assess the level of liability in respect of the benefits due under the schemes (taking into account their recent demographic experience), and to recommend contribution rates payable by employees and employers. The last published actuarial valuation undertaken for the NHS Pension Scheme was completed for the year ending 31 March 2020. The results of this valuation set the employer contribution rate payable from April 2024 to 23.7% of pensionable pay.

42 | Trustees Report 2023-2024

Notes to the Consolidated Financial Statements for the year ended 31 March 2024

7. Staff Costs (continued)

The number of employees whose total remuneration exceeded £60,000 and above was as follows:

£60,000 to £69,999
£70,000 to £79,999
£80,000 to £89,999
£90,000 to £99,999
£100,000 to £109,999
£110,000 to £119,999
£120,000 to £129,999
The average number of employees, analysed by function was:
Hospice services
Charity shops		 Number
2024
8
1
4
2
–
1
1
Number
2024
182
100
282		 Number
2023
8
3
2
–
–
1
1
Number
2023
161
92
253

Bank (zero contract hours) and agency staff have not been included in the staff numbers.

No remuneration was paid to any member of the Board of Trustees during the year, or the previous year; expenditure totalling £0 (2023: £7,477) was spent on trustee training.

Trustee donations to Royal Trinity Hospice were £23,200 (2023: £7,195).

The Charity purchased insurance for board members and officers of the company during the year to indemnify them against possible liabilities incurred in relation to their duties. The cost of the insurance was £3,651 (2023: £913).

The key management personnel of the group, parent charity and the wholly owned subsidiary comprise of the trustees, the Chief Executive Officer, the Medical Director, the Director of Finance and Resources, the Director of People, the Director of Nursing, the Director of Patient Services and the Director of Retail. The total employee benefits of the key management personnel was £751,065 (2023: £665,286).

8. Related party transactions

Transactions with Trinity Hospice Shops Ltd are referred to in note 3.

Trustee related party transactions are referred to in note 7. The balance owed by Trinity Hospice Shops Ltd is included in note 12.

9. Tangible fixed assets

Cost
Balance at 1 April 2023
Reclassifcation
Additions
Disposals / write-ofs
Transfers
Balance at 31 March 2024
Accumulated depreciation
Balance at 1 April 2023
Charge for the year
Disposals / write-ofs
Balance at 31 March 2024
Net Book value at 31 March 2024
Net Book value at 31 March 2023		 Freehold
property
£
13,417,519
–
–
–
–
13,417,519
7,446,800
528,569
–
7,975,369
5,442,150
5,970,719		 Hospice
equipment
£
3,620,454
–
449,642
–
–
4,070,096
2,968,470
282,034
–
3,250,504
819,592
651,984		 Computer
equipment
£
1,191,302
–
48,809
–
–
1,240,111
995,812
89,085
–
1,084,897
155,214
195,490		 Group and
Charity total
£
18,229,275
–
498,451
–
–
18,727,726
11,411,082
899,688
–
12,310,770
6,416,956
6,818,193

Trustees Report 2023-2024 | 43

Notes to the Consolidated Financial Statements for the year ended 31 March 2024

10. Investment property

The investment property is The Elms, 29 Clapham Northside. This was previously part of the hospice and has now been converted into flats. The last investment property valuation was undertaken in June 2023 by Katherine Goddard who is registered with the Royal Institution of Chartered Surveyors. The valuation shows that the market value of the property was £4,900,000.

Market value at 1 April 2023
Additions
Transfers
Less: Disposals at Opening Valuation
Revaluation to MV
Market value at 31 March 2024
Historical cost as at 31 March 2024
Historical cost at 31 March 2023		 Group and
Charity total
£
4,900,000
–
–
–
–
4,900,000
1,743,626
1,743,626
11.
Fixed asset investments
Group
2024
Total
2023
Total
Note
£
£
Investment in subsidiary undertaking
–
–
Other investments
11 a) & b)
6,784,440
6,137,588
6,784,440
6,137,588
a) Other investments
Endowment Funds
Garden
Investment
fund
£
£
Market value at 31 March 2023
288,031
5,849,557
Reclassifcation
–
–
Less: Disposals at historic cost
–
–
Add: Acquisitions at cost
–
750,000
Transfer to Op cash
–
–
Costs
(3,269)
(56,073)
Net unrealised investment gains/(loss)
31,568
537,397
Movements in cash investments held
–
(612,771)
Market value at 31 March 2024
316,330
6,468,110
Historical cost as at 31 March 2024
279,942
6,162,972
11.
b) Analysis of other investments
Endowment Funds
Garden
Investment
fund
£
£
UK investments listed on a
recognised stock exchange:
– Cash
–
1,042,914
– Unit trusts
316,330
5,425,196
Market value at 31 March 2024
316,330
6,468,110		 Charity
2024
Total
2023
Total
£
£
3
3
6,784,440
6,137,588
6,784,443
6,137,591
2024
Total
2023
Total
£
£
6,137,588
5,271,946
–
–
–
–
750,000
1,050,000
–
–
(59,342)
(49,346)
568,965
(139,449)
(612,771)
4,437
6,784,440
6,137,588
6,442,914
6,305,685
2024
Total
2023
Total
£
£
1,042,914
1,655,685
5,741,526
4,481,903
6,784,440
6,137,588

11. c) Investments considered material in the context of the market value of the portfolio

We have no investments that we consider material in the context of the market value of the portfolio. We have £1,042,914 of cash held for investment but available for use as working capital if required.

44 | Trustees Report 2023-2024

Notes to the Consolidated Financial Statements for the year ended 31 March 2024

12. Debtors
Other debtors
Amounts owed by subsidiary undertaking
Taxation recoverable
Prepayments and accrued interest
13. Creditors: amounts falling due within one year
Trade creditors
Taxation and social security
Other creditors
Accruals
14. Endowments
Expendable endowment:
The Garden Endowment fund
Balance at 31 Mar 2023
Incoming Resources
Gains/(Losses) & transfer
Balance at 31 Mar 2024		 Group
2024
2023
£
£
1,928,929
1,084,627
–
–
206,986
284,680
552,581
443,961
2,688,496
1,813,268
Group
2024
2023
£
£
155,420
234,701
254,358
223,509
401,216
229,381
436,002
431,175
1,246,996
1,118,766
2024
£
288,031
–
28,299
316,330		 Charity
2024
2023
£
£
1,870,454
978,068
314,389
412,303
67,678
164,520
211,294
178,959
2,463,815
1,733,850
Charity
2024
2023
£
£
155,420
234,701
254,358
222,324
204,777
131,101
239,071
193,524
853,626
781,650
2023
£
303,145
–
(15,114)
288,031

The Garden Endowment Fund was established by the Friends of Lanning Roper deceased to provide income for the maintenance of the Hospice gardens. The funds are represented by fixed asset investments and related cash balances.

15. Restricted income funds

Balance at 31 Mar 2023
Incoming Resources
Expenditure
Gains/(Losses) & transfer
Balance at 31 Mar 2024		 2024
£
Total
146,039
776,569
(759,256)
(7,000)
156,352		 2023
£
Total
276,044
392,509
(492,382)
(30,132)
146,039

Restricted income funds are for various aspects of patient services and £7,000 (2023: £30,132) transfer between funds is restricted income funds used for the purchase of fixed assets.

Trustees Report 2023-2024 | 45

Notes to the Consolidated Financial Statements for the year ended 31 March 2024

16. Unrestricted funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the Board of Trustees for specific purposes:

Building fund
Fixed assets
Equipment fund
Fixed assets
Designated funds – fxed assets
Designated fund investment property
Investment property – cost
Investment property – revaluation
Total designated funds
General purpose funds – revaluation
General purpose funds – cost
Total General funds
Analysis of Group Net Assets between Funds
Fund balances at 31 March 2024
are represented by:
Tangible fxed assets
Investment property
Investments
Stock
Debtors
Cash at bank and in hand
Current liabilities
Total net assets		 Balance at 31
March 2023
£
5,970,719
5,970,719
847,474
847,474
6,818,193
1,743,626
3,156,374
4,900,000
11,718,193
Balance at 31
March 2023
£
(176,186)
10,881,418
10,705,232
Unrestricted
Funds
£
6,416,956
4,900,000
6,468,111
19,422
2,688,496
1,403,191
(1,246,996)
20,649,180		 Designations
from / (to)
other funds
Utilised /
(released)
£
£
–
(528,569)
–
(528,569)
498,451
(371,119)
498,451
(371,119)
498,451
(899,688)
–
–
–
–
–
–
498,451
(899,688)
Movement in funds
Incoming
resources
Expenditure
gains/(losses)
& transfers
£
£
–
481,325
17,113,315
(18,967,649)
17,113,315
(18,486,324)
Restricted
Funds
Endowment
Funds
£
£
–
–
–
–
–
316,329
–
–
–
–
156,352
–
–
–
156,352
316,329		 Balance at 31
March 2024
£
5,442,150
5,442,150
974,806
974,806
6,416,956
1,743,626
3,156,374
4,900,000
11,316,956
Balance at 31
March 2024
£
305,139
9,027,084
9,332,223
2024
Total
£
6,416,956
4,900,000
6,784,440
19,422
2,688,496
1,559,543
(1,246,996)
21,121,861

46 | Trustees Report 2023-2024

Notes to the Consolidated Financial Statements for the year ended 31 March 2024

16. Unrestricted funds (continued)

Prior Year Comparison

Building fund
Fixed assets
Equipment fund
Fixed assets
Designated funds – fixed assets
Designated fund investment property
Investment property – cost
Investment property – revaluation
Total designated funds
General purpose funds – revaluation
General purpose funds – cost
Total General funds
Analysis of Group Net Assets between Funds
Fund balances at 31 March 2023 are represented by:
Tangible fxed assets
Investment property
Investments
Stock
Debtors
Cash at bank and in hand
Current liabilities
Total net assets		 Balance at 31
March 2022
£
6,503,223
6,503,223
585,011
585,011
7,088,234
1,743,626
3,256,374
5,000,000
12,088,234
Balance at 31
March 2022
£
(2,505)
12,046,275
12,043,770
Unrestricted
Funds
£
6,818,193
4,900,000
5,849,557
13,863
1,813,268
4,147,311
(1,118,766)
22,423,426		 Designations
from / (to)
other funds
Utilised /
(released)
£
£
–
(532,504)
–
(532,504)
599,585
(337,122)
599,585
(337,122)
599,585
(869,626)
–
–
–
(100,000)
–
(100,000)
599,585
(969,626)
Movement in funds
Incoming
resources
Expenditure
gains/(losses)
& transfers
£
£
0
(173,681)
15,248,317
(16,413,174)
15,248,317
(16,586,855)
Restricted
Funds
Endowment
Funds
£
£
–
–
–
–
–
288,031
–
–
–
–
146,039
–
–
–
146,03_9
_288,031		 Balance at 31
March 2023
£
5,970,719
5,970,719
847,474
847,474
6,818,193
1,743,626
3,156,374
4,900,000.00
11,718,193
Balance at 31
March 2023
£
(176,186)
10,881,418
10,705,232
2023
Total
£
6,818,193
4,900,000
6,137,588
13,863
1,813,268
4,293,350
(1,118,766)
22,857,496

Trustees Report 2023-2024 | 47

Notes to the Consolidated Financial Statements for the year ended 31 March 2024

17. Legal status of Royal Trinity Hospice

Royal Trinity Hospice is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. Members are liable for a period up to one year after they cease membership.

18. Operating leases

At 31 Mar 2024 there were the following total commitments under noncancellable operating leases with respect to the charity shops:

Short leasehold premises
Operating leases which expire:
Within one year
Within two to fve years
Over fve years
Vehicles
Operating leases which expire:
Within one year
Within two to fve years
Over fve years
Equipment
Operating leases which expire:
Within one year
Within two to fve years
Over fve years		 Group
2024
2023
£
£
1,277,055
1,053,964
3,691,211
3,276,614
1,846,559
986,459
6,814,825
5,317,037
11,380
4,738
42,339
-
-
-
53,719
4,738
8,469
20,326
-
8,469
-
-
8,469
28,795		 Charity
2024
2023
£
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-

48 | Trustees Report 2023-2024

Notes to the Consolidated Financial Statements for the year ended 31 March 2024

19.
Comparative Statement of Financial Activities
Income from:
Donations and Legacies
- Donations
- Legacies
Charitable activities:
- Patient services
- Education
- NHSE Coronavirus support
Other trading activities:
- Sale of donated goods
- Income of trading subsidiary
- Property income
Investment income
Other income
Total income
Expenditure on:
Raising funds:
Fundraising and publicity
Costs of trading subsidiary
Property expense
Charitable activities:
- In patient care
- Community & outpatient care
Other Expenditure (Loss on Sale)
Total expenditure
Net income / (expenditure)
before recognised gains
Gains /(losses) on other investments:
Gains /(losses) on investment property:
Net income / (expenditure) before Tax
Tax Payable
Net income / (expenditure) after Tax
Transfer between funds
Net movement in funds
Fund balances brought forward
Fund balances at 31 March 2023		 General purpose
funds
£
1,897,295
1,823,217
4,464,366
27,989
6,580,294
81,498
166,499
165,526
41,633
15,248,317
874,370
4,631,102
3,861
6,340,713
4,912,647
-
16,762,693
(1,514,376)
(124,335)
(100,000)
(1,738,711)
-
(1,738,711)
30,132
(1,708,579)
24,132,005
22,423,426		 Restricted
funds
£
321,716
-
62,000
-
-
-
-
8,793
-
392,509
-
-
-
101,481
390,901
-
492,382
(99,873)
-
-
(99,873)
(99,873)
(30,132)
(130,005)
276,044
146,039		 Endowment
funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(15,114)
-
(15,114)
(15,114)
-
(15,114)
303,145
288,031		 Total
2023
£
2,219,011
1,823,217
4,526,366
27,989
6,580,294
81,498
166,499
174,319
41,633
15,640,826
874,370
4,631,102
3,861
6,442,194
5,303,548
-
17,255,075
(1,614,249)
(139,449)
(100,000)
(1,853,698)
-
(1,853,698)
-
(1,853,698)
24,711,194
22,857,496

Trustees Report 2023-2024 | 49

Royal Trinity Hospice is a charity registered in England and Wales, number 1013945, and a company limited by guarantee, number 2673845.

The functions of the hospice are governed by the Articles as amended by Special Resolution passed on 11 September 2020.

If you would like this information in a different format, such as large print, or to be translated, please speak to the Communications team on 020 7787 1000 or email media@royaltrinityhospice.london

RoyalTrinityHospice

@trinityhospice

@royaltrinityhospice

30 Clapham Common North Side, London SW4 0RN Registered Charity No: 1013945

020 7787 1000 | enquiries@royaltrinityhospice.london