Hosbis Dewi Sant St David's Hospice (A Company Limited by Guarantee) Annual Report and Consolidated Accounts For the year ended 31 December 2024 Charity Number 1038543 Company Number 2922828 A18 *AE8WJEFU• 2610912025 COMPANIES HOUSE
Hosbis Dewi Sant St David's Hospice Index to Annual Report and Accounts Year Ended 31 December 2024 Contents Page Chairman's Review Trustees Annual Report Reference & Administrative Details Structure, Governance & Management Objectives & Activities Financial Review Plans for future periods Report of the Independent Auditors 9-11 Consolidated Statement of Financial Activities 12 Consolidated and Charity Statement of Financial Position 13 Consolidated Cash Flow Statement 14 Notes Forming Part of the Financial Statements IS-2S
Hosbis Dewl Sant St David's Hosplce Chairman's Review For the year ended 31 December 2024 The Hospice saw a number of changes in personnel durin8 2024. As was seen in last year's report our Chairman Dr. Lyndon Miles and Vice Chair, Mr5. Mandy Hughes both re5i8ned their positions as Trustees and not long after our Chief Executive. Trystan Prltchard a150 left the Hospice. All three had given many years of valuable service to the Hospice, Including through the extremely difficult Covid years. We are very grateful for their hard work and commitment and wish them all the best for ihe years ahead. l also wish to mention Mr. Arfon Thomas who had been a Trustee for many years and a valued member of the Board who sadly died this year after a courageou5 battle against serious illne55. l am however pleased to report that we have been able to fill the vacancies on the Board with a number of new Trustees135 noted in the page below) each of whom brin85 Wlth them their own unique experience and expertise. l am equally pleased to say that we have recruited a new CEO, Gareth Jones, in May of this year. Many in the business world will know Gareth from his previous career in the banking sector and through various community roles he has fulfilled. Trle 15 highly respected and comes to the Hospice with è wealth of experience and knowled8e. I would also like to record my personal thanks to all the member5 of the Hospice Management Team who led the Hosplce throu8h long period while we searched for a new CEO. I don't believe any of us realised how lon8 It would take, but each member of HMT, both individually and collectively, managed this interregnum with Breal skill and decorum. As will be seen from the Financial Report, while the Hospi¢e is still runnln8 at a deficit 01 £480,000 thls is a much-lmproved position compared with 2023 when we reported a deficit of £1.2m. Despite this improvement St. David's H05plce, as with most other Hospices and indeed a great number of other charilies face a diff icult future financially. As a Board we are well aware of these issues, and we will have to take more very onerous decisions over the next months to ensure the financial stability of the Hospice. HavinE said that, I look to the future with 8re3t optimism. As I write this report the Assisted Dyin8 Bill is being deboted in Parliament. It is not for me to opine over the ri8ht5 and wron8s of the Bill, but what it has done is to focus attention on the ab501ute necessity of havin8 a comprehensive, lully supported and funded palliative care facllity in this tountry. Hospices such as St. David's are at the fore front of this provislon with their unique Specialist skills and expertlse and will become increasingly more important in the overall health care provi5i0n in the UK. To that end we are buildin8 closer relationships with both 8etsi Cadwallader Health Board and Welsh Government aiming toward5 a new fully funded Commissioning Framework. Pale I
Hosbis Dewi Sant St David's Hospice Chairman's Review For the year ended 31 December 2024 The other reason for my optimism is the continuing excellence of our Clinical Team and the reputation of the Hospice in our communities which is held so highly. The Clinical Team cannot work in isolation and every member of staff and volunteer who support the Hospice and work so hard to maintain standards are an asset and my thanks to each and everyone. While there will be difficult times ahead, I believe we are on a path to stabilising our financial posltion and then movin8 forward to providin8 the palliative care that all our communities deserve. Mr Rlchard Thomas Chalr of Trustees 2zloi12.2r Page 2
Hosbis Dewi Sant St David's Hospice Trustees Annual Report for the year ended 31 December 2024 Reference & Administrative Details Dirertors and Trustees At the date of the report. there are currently 15 Trustees of St. David's Hospice. The Trustees who served during the year were as follows'.- Mr R Thomas OrLMiles Mr S Haynes Chair of Trustees Chair of Trustees (Resigned September 20241 Honorary Treasurer {Appointed Trustee September 20241 Honorary Treasurer (Resigned july 20251 Vice Chair of Trustees Vice Chalr of Trustees (Resigned June 20241 MrA Thomas IResigned May 20241 Mr D Williams Mrs S Edwards IRe5igned April 20241 Mr D Hardv Mr W Thomas IAppointed lune 20241 Mrs A Potter (Appointed lune 20241 Ms E Gilbert (Appointed September 20241 Mr M Hobday (Appointed September 20241 Mrs S Schofield (Appointed September 20241 Mrs K Owen IAppoinled September 20241 Ms J Leslie Mr C Hawkins frArs A Hu8hes Ms É lones Or H Edwards Of S M3cVicar Chlel ExecutS¥e MrGJones Company Se<rel4ry Ms J LeslSe Reilstered Offlce Abbey Road Llandudno Cor)wy LL30 2EN Re8lStered CompJThy Number 2922828 fteglstered Charlty Number 1038543 Reglstered Auditors Pritchett & Co Business Advisers Limited Chartered Accountants & Statutory Auditor 16 Wynnstay Road Colwyn Bay LL29 8NB 8ankefs Lloyds TS8 22 Mostyn Street Llandudno, LL30 2RU Investment Managers Rathbones Investment Management Ltd Port of Liverpool Building Pier Head Liverpool L3 INW Solicitors Lanyon Bowdler Sollcitors 1 & 2 Connaught House Riverside Business Park, Benarth Road Conwy, LL32 8U8 Page 3
Company Number.. 2922828 Hosbis Dewi Sant St David's Hospice Trustees Annual Report for the year ended 31 December 2024 The Tr•J511e5 01 Sl Oavid's Hosplct, who •r• 4150 Dlrectors lor ¢he purpwe of the Companie5 Act 2006, submi¢ their ¥eptsrt and the udited accounts of the 8roup for the year •nd•d 31 December 20Z4. The hiv• 4dople4 tht prowsions of th• Staiem•nt ol Recommended Pf•<tlce ISORPI 'Ac<oL¢ntlft6 an¢J Reportln8 by Charities" applicable io ¢h3ritie5 preparlog ihelr &£couftts ifj acc¢Ydance wilh th• financial RtportinB Starldard bpplicable in Lht UK and ReputrJlic ol Ireland IFRS 1021 (pU1$he in October 20191. Struthire, Governartce & M3na8ement Constiiution 5t 0•¥4d's Hosplee Is the parent comwoyof • tfOYP. limlled by ivir•ntee but not h•wn¢ share capltal (Company No. 29228181. •nd is fe815terid 4$ è Charity under the Cha¥ltlts Act 2011 IRe4isier•d Charlty No. 10385431. The iityJp wès sei up In 1996 ind Is io¥erneLt by è Mernorandum and Artkl•i of Ass0¢li¢ion vihl¢h w¢re list •m•nd•d In Juno 2013. The m•naiem•fit olih•¢¢oup Is voited In 4 Board ol Trut•tS. Group Status The 15 limid by iuaranrle, The liibility of the Trusteos Is Ilmbted to • sum noi ¢xc¢edln8 elo, belns the •m¢un¢ Ihat each Trusiee undertakes to contribute to the assers ol the chadty In the eveni of11 bein8 wound up wl¥le helshels i Trustee or within or year after he15he ea5e5 lo be a Trustee, Re<ruStment of Trustees Trustees irn •ppolntid by th• rneMrI ifter nomlnailon In 4eeord•nto with Ihe protodur•s d•tall•d In the 8roups Artktes of Assocl•tlon. Appointina jnd keepln8 th• rliht Tr¥5tep¥1s •n important part ol iovernlni Ihe iroup. It ntds a balance of skllls and tVPPs of wple. Trustees coniinu• io 11141• the rtvlsed IDfoimaTlonpa& whi¢h iumm•ri5es the roles ind r•5pons4Jililiei ol • Trusiet. Tht eolrd ol Tru51qe$1s cgmpllld olthe lo104 ¥4ho solved dyrin8 Ih¢yt•r.' Mr R Thomas- Chairol Trustees (Appointed September 20241 Dr L Milts Cha¢r of Trvstees IRe518ntd St¢tembe¢ 20141 Mr S Haynes lAppoInd SepiembEr 20241- Honorry Treasurer Ms J Le51ie- Honorary Treasurei IRe518Ded july 202SI Mr C Hawins- Vlce Chai¢ of Trusiees (Appornted June 20241 Mrs A Huihes- Vice Chair of Tiustees Iriesiined June 20241 Ms E lones Dr H Edwards Dr S McVicai A Thornas IAeslined M•y 20241 Mr Dwilliams Mrs S Edwards (Resiithed Apfil 20241 Mr D Hardy Mr W Thoma5 IApwrttd June 20241 Mrs A Potter IAppoinied lune 20241 Ms E Gilbert IAppointeé Septernber 20241 Mr M Hobday (Appoinied Sepiembef 20Z41 Mrs S Sthofild (Appointed September 20241 Mrs K en IA•pointO S•pt•mbtr 20241 Indurtion and tralnlng of Trustees Trustees receive a comprphen5ive induction pac ro acqualnt them with St Dèvid's H05pice pollcy and prattice, its aims and objeciiwes, mAna8ement and eovemance. a150 With what ts expected of them under chority l•w. with partrcular reference to crity CommissK)n guidance publication5. Key mana8em•nt remuneT¥tion policy The Hospi<¢ rnana6emenl tearn Is he4d¢d by tho Hospice ChSel Extcullve •hd ¢ompiiseJ the follonI staff.. Olro¢ior of C•rt, Medlcèl Olfector. Commercial Oifeuoi #rtd Difecior ol Finan<e and AtSOUfCeS. Arran8ernents for settln8 pay and r•mvner*tion •reufjdertaken byth• 8oard of Trtsstees. Related Parties St DaYh4's Hospice ha5 one tradir¢8 5ub5idiary. St David's Promotior15 tsmited. St Day.$ Pronw)tions timited ruh5 a bttery tts raise funds for the benefit of the Hospiee aod donares all wofrts io Sl David's Hospice. P•81 4
Company Number.. 2922828 Hosbis Dewi Sant St David's Hospice Trustees Annual Report for the year ended 31 December 2024 (cont.) Governance & Internal Control The Board of Trustees meets five times a year to ¢Jirect the mana8ernent and governanre ol the group. This ineludes review5 of the 8roup's polic¢e5 and protocols, developmenrs ro services, finonce5 and lundraisina. The day to day mana8ement of the 8roup is delegated to the 8ioup Chlef Executlve and the 8roup Mana8ement Tearn. Statement of Trustee Responsibilities UK ¢offlp4ny ond rharity law requiies the Trustee5 to prepare accouThts for each financial year, which give a t¥ue and fair view of the 5tote af affairs of the 8roup at the end of ihe Ilnancial year and of the surplus or deficit for that perlod, In preparing thls ¥Thnuol report, the Trustèes have.. Selected sultable occoun¢in¥ pollcies and then applied thern tonsistently. Observe the method5 and princlple$ In the Ch•ritbes SORP. Make jud8Èmenis •rtd estlmates thit are reasonable and prudent. suted wheiher appllcBbl¢ accountin8 srèndard5 have been followed, subject to any material departures dlsclosed and expl•in¢4 IN ihe •<¢¢unts. Prepar¢d flnanc131 statements on the ielni concern bèsi$ unl•ss it 1$ ihappry>priate to presume ihat the 8rovp wlll ¢ontlnu¢ In buslness. The Trustees have r•5ponsibility for •nsurlni that the group has approprlate systems of controls, flnanclal and otherw15e. They ar• also responsible for keepin8 prop•r 4¢¢oun¢in8 r¢ords whi¢h dis¢lose wlth ieasonable accuracy ai any time the linanclal positlon ol ihe group and enable thern to ensure that the annual ieport and a¢¢ount$ comply with ihe Companies An 2006 and the 'Sta¢erneni of Reromrnended Practlce., Accountlnl and ReponlTr8 by Charities.. They are •lso respon51ble for 5èfe8uirdin8 the •$$e¢s ol rhe 8r¢yp and hence for takin8 rèasonable sieps lor the prevenilon and detectlon of friud and othet irieeul•rilles, In a<¢ord•n¢e wlth <omp•ny law, as the 8roup's direciors, we certlfy thar.. So far as we are aware. there 15 no relevant audit information of which the 8roup'5 4udltor$ ale unaware.. and as the dSrector5 of the 8roup we have taken all the step5 that we ov8ht to have taken in order to make uur5elves awart of any relevant audlt Infoimation and to establish that the group's auditor5 are aware of that informatioTh. The group's board sub 8rovps have contlnued to meet thioughout th¢ year- these iroups deal wlth speclflc operatin8 policy for Income Gene¢ation, Clinical Governance, Finance and HR. These suts 8roup5 have gnly limited )uthority Irom the 8oard to a aytonornously, however they mostly make recommendation5 for the Board for it5 consideratton and approval. The iroup Is re8lStered with Health Inspecterate Wale5 IHIWI as an independent adult Hospice. provldin8 elghteen in-patient beds and vp to ten places in its day unit. It has to demonstrate thèi it complies with the Care Srandard5 Acr 2OOCI and as$o¢i3ted regulotions, whieh include a set of National Minimum Standards. In additlon, The Welsh Government sets down speclfic objertive5 In relarion to th¢ delivry of $peciali$t palliati¥¢ tr• which ar directly linked to @rant fvndin8. Tht 8roup is a member Df the nati¢nal charity Hospice UK which is an advisory botly. The periodit insp2ttitrns by H*alth Inspectorate Wales providts in independent check that the 8roup is rninimisin8 risks and opefarinK to N3tion31 iuldelinès. Risk Management Trustees and 5taN annually review major risks to which the group rnay be exposed using the proce55 recomrnended by The Charity Commis5ioTr. Sysrem5 hove been established to miti88te any risks which have been Identified and the Straregir Ai5k Fiegister 15 regularly monirored and update5 Eiven to the Finonce and HR Committee on a r¢8ulèr basis. Intemal risks are mlnlmi5ed by rhe implemenraiion of procedures for the authori5arion ol financial IransartlQn5. Page 5
Company Number: 2922828 Hosbis Dewi Sant St David's H05pice Trustees Annual Report for the year ended 31 December 2024 (cont.) Objectives of the Group The main objectives of the group are.. The running of èn adult palliative care facility providing symptom relief, respite and end of life care Promoting or encouraging research into the care and treatment of persons suffering 'from proEressive, life threatening illnesse5 Promoting, encouraging or assisting in the teachln8 or training of students in any branch of medicine, nursing or allied Providing psychological. social and spiritual help for patients and family of patients. Public beneflt statement- Aims, Activities and Achievements The aim of the group 15 to provide the highest quality specialist palliative care for the people of North West Wales. The main activity continues to be the delivery of specialist medical and nursing services to patients and their families and carers by a skilled and dedicated multi-professional palliative care team. The group is registered for up to 18 inpatient beds providing symptom relief, respite and end of life care. There is also a Day Therapy service (Hafan Dewi Santl providing appointments in Llandudno and Bangor. The services include physiotherapy, bereavementlcounselling, art and complementary therapy. We 31$0 offer a FA8 Group IFatl8ue, Anxiety and Bre3thlessnessl, Respiratory Groups, Metastati¢ and Parkinsons Groups acr055 our two day therapy sites. The Hospice received 324 referrals in 2024 of which 221 were admitted to our inpatient unit in Llandudno 11321 and Holyhead 1891. 8ereavement support, advice and counselling services were provided to 656 people during the year by our social worker and tounsellor. 636 physiotherapy sessions were carried out and 1602 people received art and complimentary therapy. The Trustees believe that the objectives and services provided by the group, reflected in the above notes, are compliant with the duty in section 17151 of the 2011 Charities Act to have due regard to the Charities Commission Guidance on Public Benefit. The Trustees believe the following strategies further demonstrate public benefit. Maintain and improve upon the highest quality and standards of care and services for patients, their families and carers. Ensure that the resources within the group are effectively managed and that in the future services continue to be available for patients. As a specialist Palliative Care Provider we will encourage all staff to continue in their professional development. We will continue to listen and respond to the opinions ot our patients, the general public. statt and other protessionals about what they want from u5. Working with other palliative care providers and partners we will continue to plan and deliver services that benefit all patients in our area. Page 6
Company Number: 2922828 H05bis Dewi Sant St David's Hospice Trustees Annual Report for the year ended 31 December 2024 (cont.) Financial Review Review of Actlvltles and Financial Position - Hospice Details of the results for the year are shown in the Statement of Financial Activities and notes forming part of the Financial Statements. For 2024 the Trustee5 report a consolidated deficit for the year of £479,911 12023,. deficit £1,208,919> and consolidated accumulated funds of £6,487,16112023.. £6,967,072). The financial position of the group is set out in the balance sheet on Page 13. The free reserves of the group amounted to £2,796,794 12023.. E3,454,9551 which equates to just under six months of expendlture. Total Incomlng Resources Total incoming resources decreased on 2023 by £32,053 or 1%. Income from our shops, ecommerce and le8acies decreased compared to their 2023 totals. Fundraising and Fundraising Standards Information In 2024 fundraised income totalled £410,511. No external professional fundraisers were employed during the financial year. Seven commercial agreements are in place wSth local businesses (total value £25,968 12023.. £3,56011. In 2024, no formal fundraising complalnts were received relating to activities by the charitv. Hospice Shops Income from our Hospice shops continues to be a major revenue source to the charity we are always looking to maximise our income and look for additional new shops. We are continuing to develop our ecommerce income to adapt to current buying trends. St David's Promotions Ltd St David's Promotions Ltd is a wholly owned subsidiary and operates the St Oavid's Hospice Lottery. Page 7
Company Number: 2922828 Hosbis Dewi Sant St David's Hospice Trustees Annual Report for the year ended 31 December 2024 Icont.) Investment Policy As p•rt of the iemlt of Finance Sub Committee. all iTh¥estments are reviewed on a twice-yearfy basis wth external advlsers. The group 15 ¥dvised by tht Investment firm Rathbones Invesimeni Mana8emeni Ltd, who have been 8lven dlscretlonary rnana8emeni of ihe portlolio by the Finance Sub Committee. This cornrnittee reports to the Board ol Trustees on • Quarterly basis of 35 necesury an4Y determines the approp¥la¢e balance between short and l0rt8-term re5eThe5. The Investmertt objertive ltsr short.teim reserves is to preserye the capStal value with a rninimum level of risk. The investrnent objèrtive for lon8-term reserve$ Is expected to at least Benerate a return in exce55 of inflation over 3 5-year rollinz term, usin8 Level 3 lon the risk scale of 1-61. The split of investments Ss curiently as follows.. Fixed Interesi Sècurltles Equities Oiversifierg Cash pendlng held as part of the irsvestmtnt portfolio 31,9 55.2 12.7 Reseryes Durini the year Ihe group's total resefyes detreased Irom £6.967.072 to £6,487.1610l which £3.021,643 Is held In ran8ible fixed asseis, The remalnlnK fesews amounr to E3,465.518 which Trustees conslder to be • reasonable amount given the curront economlc climate. Plan5 for Future Peilods In 2023 we desi8nèted £500,CW as a contributlon towards a programme of relurb15hment ol the Llandudno Hosplce premises. This was reduced durin8 2024 to £Y00,Lj. Phase l and 2 of ihe refurbishment were completed in January 202S, being the creation ol a new spirituol cefitre. and an open plan meeting space. communal kitchen, Slttin8 and dintn8 area for inpatients and their families. Phase 3 of the project which Includes refufbishment ol our Day Therapy spaces 15 due to commence in Julv 202S. We piovlde servlcei across thiee slt¢s In North Wesr Wales and are the only hosplce In W•l•$ to havo reglstered beds at two locations. Havln8 multiple lo(ation5 brln85 addltional flnanclal ind stalf challen8ts. Despite our eftorts 19 increase income frorn lundfalSln8, partfitrships. 8ianis and legaciès tyjr inctyne ienefatlon has stalled. The oveiall trend In Charltable 8ivin8 15 5hiftlng with fewer le8acies, diffitult Irading conditions on the high 5treei and the population of the area having less disposable Income. We face the challenge of 8rowSng ouf share ol a shrinking charitable market in North West W•les. Our Chi•1 Execuilvè Officer left the or8anlsatlon In Ottobér 2024, and the Trusteès havé appointed • successor Sn May 2025. Out £urreTht situatlon is challenging and requlres •Cilon io t*èlance our Income and expenditure. Health Inllatlon h•$ 518nificantly ?ut5tripped our incorne in recent year5, and this must be rebalanced to secure the long-ierm future ol the oigani5ation. Our financial strate8Vs primary otsjecrive going lorward is to achieve surplus budgets whilst continuin8 to work in partnership wit he Health Board and other stakeholders to deliver high quality palliative care in the reElOn. L1 Mr A Thornas Chair of Trustees 2aloil 2t>2r Page 8
Company Number: 2922828 Hosbis Dewi Sant St David's H05pice Independent Auditor's Report To the Members of St David's Hosplce We have audited the financial statements of 5t David's Hospice Limited (the 'parent charitable ¢ompanWI and its subsidiary St Oavid's Promotions limited (the 'group'l for the year ended 31 Oecember 2024 which comprise Con501idated Statement of Finartcial Activities, Consolidated and Charity Statement of Financial Posltion, Consolidated Cash Flow Statement and notès to the financial statemènts, including a summary of signilicant accountin8 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 Republ1¢ of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion. the financial statements.. give a true and fair view of the state of the group's and the parent charltable company'5 affairs as at 31 December 2024 and of the groups incoming resources and application of resources. including its income and expenditure, for the year then ended, land of the undertakings included in the consolidation as a whole, 50 far as concerns the members of the group,.) have been properly prepared in accordance with United Kingdom Generally Accepted Accountine Practice- and have been piepared in accordance wirh the requirements of ihe Companies Act 2006. Basls lor oplnlon We conducted our audit in accordance with International Standards on Audlting IUKI IISAS IUKII and appllctble law. Our responslbilitles under those standards are further descrSbed in the audltor's responsibilities for the audit of the financial 5tatementS Section of o¢Jr report. We are independent of the group and parent charltable company in accordance with the ethical requirements that are relevant to our audit of the financial staiements in the UK. includin8 ihe 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 3 basi5 for our opinion. Concluslons relatini to ioini eon¢em In auditin8 the linancial statements, we have concluded thai the trustees. use of the goln8 ¢oncefn basls of accountin8 in the preparatlon of the financlal statements is appropriate. Based on the work we have performed, wt have not identifièd any material uncertalnties relating to events or conditions that. individually oi collectively. may cast significant doubt on the group's or parent charitvs ability to continue as a going con¢ern fof a perlod of at least twelve months from when the financial statements are authorised lor issue. Our responsibilities and the respon5ibilitie5 of the trustee5 Wlth respect to 8oin8 concern are described in the relevant sections of this ieport Other Informatlon The other information comprises the information included in the trustees, annual report . other than the financial Statements and our auditorfs report thereon. The trvstees are responsible for the other information contained withing the annual ¥eport. 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 expre55 any form of a55urance conclusion thereon. Our responsibility 15 to read the other information and, in doin8 $0, consider whethèf the other information Is materially inconsistent with the financial statements or our knowledge obtoined in the course of the audit or otherwise appears to be materially mi55tated, If we identify such material snconsistencies or apparent matèrial misstatements. we are required to determine wheiher there is a materlal misstatement in the financial statements them5el¥es. If, based on the work we have performed, we ¢ortclude that there is a material misstatement ol this other information, we are required to report that fact. We have nothing to report in this regard. Page 9
Company Number: 2922828 Hosbis Dewi Sant St David's Hospice Independent Auditor's Report To the Members of St David's Hospice Icont.) i)pinitins on other matters prescribed by the Companies Act 2006 In our opinlon, based on the work undertaken in the course of the audit.. • rhe inlormatlon 8lven in the trustees, repon for ihe fifian¢ial year for which the finan¢lal ststemeThls Jre prepared is consisten¢ with the rinan<ial statement5.' Jnd Matters on which wt ar r•qulr•d to r¢ptsrt by excèptton In the light of our knowled8e and understandSn8 of the 8roup and parent charitable company and its envtronment obtained ihe course of the audit. we have not identifi•d material rnisstatements in the trustees report. We have noihlng to report in respect of the lollowinB matters In relation io whlch the Comp¥nles Aci 2006 and the CharSties Act 2011 requires us to report to you if, in our opinion.. • adequ•te and sufficient ac¢ountln8 records have not been kept by the pjrent charit•ble ¢ompany, or returns adequate for our iydit have not been received from branches nDt visited by us.. or • the parenr charitable company'5 Ilnanciol statements are not in 08reemeTht with the accounting iecords and returns.. or • certain disclosures tsf directors. remuneration specifled by law are nor made.. or • we have not received all the information and explanatlOn5 we require lor ouraudit. Ilspofislbllltles of trustts As explalned rnore fully in the trusiees, responsibilitie5 Statement set out on page 5 the trustees Iwho ar also the dlreclors of the chafltable compafiy for the purposes of company lawl are responsible lor the Pfepar4tlon of the financial statemeThl3 and For bein8 5atislied ihèi ihey give a true and fair view, and lor such internal control as the trnslees detèrmine is nece55ary to ¢nable the preparation of linanclal statements thai are free from material missiaiernent. whether due to fiaud ¢N error. In preparin8 the financial staternents, the rrustees are responsible for assessing rhe Broup's and parent charitable company's ability to continue as a goir$8 toncem, distlosinB, as applicable, m?Iters related to goin8 concern and using the 8oin8 concern basis of accouniin8 unless the trustees eilher intend ro Ilquldate tht troup or the p¥rent tharitable company or io ceast operations, oi havè no reallstic •lt•rnatlve but to do so. Auditor'5 responslblllties for the iudlt of tho fln•n¢l•l statements Our objective5 are to obtain reasonable as5uran£e about whether the linancial siatemeAts as a whole are free from materlal misstatement. whether due to fravd or error. and to Issue an auditorfs feport that includes our opinion. Reasonabl@ assurance is a high level of assurance, but is not a guarantee that an audit conducted in actordance with ISAS IVKI will always detect a rnaterial misstatement when it txists. Mlsstatements can arise from fraud o¥ error and are considered material If, individually er in the a88regate. thèy tould reasonabty be expected to influence ihe economic decisions ol users iaken on the basis of these Financial statements. The extent to wh5ch our procedures are c¥p•ble of detectin8 Irregularltles. Inclvdini fraud Is detalled below.. Irregularities are instances ol non-compliance with laws and regulations. The objectives of our aLtdit are to obtain sufficient appropriate udit evidence ¥egarding compliance with laws and iegularlons thai have a direcr effr on the determination of material amounis and disclosures In the financial statements, to perform audit procedures to help identify in5tsnces of non-compliance with other law5 and regulations that may have a rnaterial effect on the financial statements. and to respond èppropriately to identified or 5U5pected non- compliance with laws and regulation5 identified durin8 the audit. In relatlon to Iraud. the objectives of our audit are to identlfy and assess the risk of rnaterlal missiattment of the hnanclal statemenis due to Iraud, io obtain sufficient appropriate evidence regarding the aSsesd risks ol rnaièrial misstatement due to fraud ihrou8h designing ahd irnpltméntin8 appropri3ie iesponses and to respond 3pproprl8tely to fraud or suspected fraud dutin8 the audit. However. it is the primary responsibility of management. with the gversight of those charged with Kovemance. to ensure that the eThtit(s operation5 are condvcied in a¢cord3nce with the provisions of law5 and regulati(ffis and for the prevention and detection of Iraud. Page 10
Company Number- 2922828 Hosbis Dewi Sant St Dav4d'5 Hospice Independent Auditor's Report To the Members of St Davld's Hosplce (conl.) Audiiorfs respon51bilitie$for ihe auit olth thnan¢lal ststements lu>nt.I In ideniifylng and assessinz risks of material misstatement in respect ol irregularities. including 1¥aL, the audit engagement ieam- Obtained an understanding of ihe Thature ol the sector. including the legal and regulatory frameworks that the ¢haritable tompany operates in and how the Chaiitable comparby is Complylng with the legal and regularory frameworks.. Inqulred of mana8ernent, and ihose char8ed with governance, about their own Iderstifiration and a$5essment ol the risks of Irregularities, includin¥ any known, actual, suspected or alleged instances of frayd,. 'scussed miners ¥bout non.¢ompllince wilh laws and ieiul•ilons and how Fraud might occur Includln8 •syessrnent ol how and where the financlal 5tatement5 rnly be susteptible to fraud. As a result ot these pr(Kedure5. we consider the most significant law5 and regulations thal have • dlrect impact on the financial s¢atement5 are,. FRS102. Charities SORP IFRS 1021. Companles Act 2CQ6. Chorities Ad 2011, and the charit•ble company's 8overninK d¢xument. We perforrned audir procedures ro deieci non.compliances whlch may have a maierial impact OTh rhe linancial statement5 which irscluded reviewing the financial statemenrs, includin8 thè Trusiees. Report. and rernainlng alert io new or ufiusual traThsactions whith may not be in acctsrdènce wlth the govèrnin¢ documents. The most Stqnlflcant law5 and ¢eiul•ilons that have an Indlreci impa£t on the Iinanclal statemenis are Health Inspectorate of Wale5, UK General Daia Piotectlon Re¥ulatlon ILIK GOPRI, Health and Safety at Work Act 1974, The WorkiThi Time Rt6ulation$ 1998. Employrnerst Law afid The Code of Fundraising Pr•ctlce. We performed •udlt procedures to tnquiie of mana8ement •n¢ ihose <h?r8ed with ¥overn4n¢e wheiher the ¢h8rii•ble Company Is Sn ¢ompllance wilh ¢hese law and re4ulatlons •nd inspected ¢orr¢spondence wlth regulaiory authorltles. Tht audit engagement team identified the risk of mafiagement override ol controls as the area where the linancial staternents were most suxeprible to material misst?iement due to fraud. Audlt procedures performed included but were not lirnited to test¢n8 mènual journal entries and oiher adjustments, evaluatin8 the busine55 rationalè in relation to Sl8nificant, unusual transaetions and transactions enteretl outside the normal course of business, and challen8ini jud8ements and estimates. A fvrth•r dtscrlption of our re$ponsibilities lor the avdlt of ¢he fin¥n¢l•l statements is located on the Finanf hal Reportlng Countil's webslte at http'.l/www.Ir¢,orq.ukl•udi¢orsre5ponslblllt1¢5. Thls descrlption forms part ol our audltorf5 report. Use ol oui i•port This report is maile solely to the charitable company's members. 35 a body, In accordance with Chapter 3 of Part 16 of the Cornpanies Att 2¢)%. Our audit work has been undertaken so that we might state to the chariiable company's mernber5 those maiters we are required to st#te to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law. we do not a¢cept or assume responsibility to anyone other than Ihe charitable company and the charitable <ornpan(s mernbers as a body for our audit w rk. (or this report, or lor the opinions we have formed. Andrew Morrls, Senior Statutory AudStor For and on behalf ol Pritchett & Co Bu5ine5s Advisers Limited Chartered Accountants and Stafutory Auditor5 16Wynfisioy Road Colwyn 83y Conwy LL29 8N8 Pa8e 11
Hosbis Dewi Sant St David's Hospice Consolidated Statement of Financial Activities {Incorporating an Income and Expenditure Account) For the year ended 31 December 2024 Unrestricted Restricled Funds Funds Total 2024 Total 2023 Notes Income: Donation5, grants and legacies Charitable activites Other trading activites Investment income Other income 923,428 1,699,078 S26,425 99,145 1,718,715 485,974 1,409,402 1,699,078 526,425 99,145 1,718,715 1,554,006 1,950,015 562,100 43,624 1,37S,073 Total Income 4,966,791 485,974 5,452,765 5,484.818 Expenditure: Costs of raising funds Charitable activities 1,917,S67 3,884,240 1,917,567 4,084,615 2,291,255 4,482,567 200,375 Total expenditure 5,801,807 200.375 6,002,182 6,773,822 Net Gains / (Lossesl on investments io 69,506 69,506 80,085 Net IncomellExpendlturel 1765,5101 285,599 1479,9111 11,208,919) Transfers between funds Net movement in funds for the year 6b 1765,5101 285,599 1479,9111 11,208,919) Reconciliatlon of funds: Total funds brought forward 6,811,220 155,852 6,967,072 8,175.991 Total lunds carried forward 6,045,710 441,451 6,487,161 6,967,072 The statement of financial activities includes all gains and losses recognised in the period. All incoming resources and resources expended derive from the continuing activitie5. Page 12
Company Number: 2922828 Hosbis Dewi Sant St David's Hosplce Consolidated and Charity Statement of Financial Position As at 31 December 2024 Group 2024 Charlty 2024 Group 2023 Charity 2023 Notes Fixed Assets Tangible assets Investments 3,021,643 3,019,991 1,607.444 1,607,448 4,629,087 4.627,439 2.856.265 2.855,916 1,746.847 1.746.851 4.603.112 4,602,767 io Current Assets Stock Debtors Cèsh at Bank and in hand 16,100 16,100 945,468 1,017,790 1,854,310 1,706,914 2,815,878 2,740,804 22.431 21,956 1,492,325 1.561,617 1.881,074 1,723,383 3.395,830 3.306.956 li Creditor5.' Amounts fallin8 due within one year 12 957,804 1886,363 1.031.870 1947,927 Net Current Assets 1,858,074 1,854,441 2,363,960 2,359,029 Total Assets Less Current Llabllltles 6,487,161 6,481,880 6.967.072 6.961,796 Provisions for liabilities Net Assets 6,487,161 6,481,880 6,967,072 6,961,796 Funds: Unrestricted Funds General Restricted Funds 13 13 6.045,710 6,040,429 441,4SI 441,451 6,811,220 6,80S,942 155,852 155,8S2 Total Funds 6,487,161 6.481.880 6.967,072 6,961,796 The fina al statements on pages 12 to 25 were approved and authorised for issue by the Board on IG1 025 and are signed On it5 behalf by.. Mr R Thomas (Chalr of Trustees) Mr S Hayne5 (Trusteel Page 13
Hosbis Dewi Sant St David's Hospice Consolidated Cash Flow Statement For the year ended 31 December 2024 Notes 2024 2023 Cash from operating activities 19 17,4781 158,2051 Cash used In Investlns Jctlvlti*s Net investment gains/llos5e51 Investment withdrawals/ladditionsl Interest income Purchase of fixed asset investments Purchase of tan8ible fixed assets Disposal of tangible fixed assets Cash used In Investln8 activitles 69,506 2CA).000 99,145 80.085 1.113.435 43.624 1394.4401 6,503 119,2861 1147.2221 1,089,922 Cash used lfi Ilnan¢ln8 activltles Increase Idetreasel in cash and cash equivalents In the year 126,7641 1,031.717 Cash and cash equivalents at the be8inning of the year 1,881,074 849,357 Cash and c4sh equivalents at the end of the year 1,854,310 1,881,074 Page 14
Hosbis Dewi Sant St David's Hospice Notes on Consolidated Financial Statements For the year ended 31 December 2024 l Accounting Policies al The financial statement5 have been prepared under the going concern and historical cost convention with the exception of investment5 which are included ai market value. The financial statements have been prepared in accordance wlth the Statement of Recommended Practice ISORPI, "Accountin8 and Reporting by Charities" and the Financial Reporting Standard applitable in the UK and Republic of Ireland IFRS 1021 (published October 20191 Charities SORP IFRS 1021, the Companies Act 2006 and Charities Act 2011. bl Group Accounts These financial statements consolidate the results of the charity and Its subsidiary company, St David's Promotions Limited. Intra-group trading is ellmlnated on consolidatlon. tl Company Stalus The charity is a company limited by guarantee. The members of the company are the trustees named on page 4. In the event of the charity bein8 wound up. the liability of the Trustees in respect of the guarantee is limited to a sum not exceeding £10. dl Fund Accounlln£ The general fund5 are unrestrlcted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated fund5 comprise unrestricted funds that have been set aside by the trustees for particular purposes. Restricted funds are fund5 which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for partlcular purposes. The cost of raising and administering such funds are charged against the speclfic fund. Investment income and 8ains are allocated to the appropriate fund. e) Incoming Resources All incoming resources, including grants that provide core fundin8, are included in the SOFA when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. ell) Le8acles For legacies, entitlement is the earlier of the charlty bein8 notifled of an Impendin8 distribution which can be quantified Of the legacy being received. elill Gffts In kind Gifts in kind donated for distribution are included at valuation and recognised as income when they are distributed to the projècts. Gifts donated for resale are included as income when they are sold. No amounts are included in the financial statements for service5 donated by volunteers. eliiil Grants receivable Non capital expenditure grant5 received are Set against related expenditure in the SOFA as and when expenditure occurs. Capital expenditure grants are recognised on the SOFA as restricted income when they are received. The capital item5 to which they relate are capitali5ed and depreciated over their expected useful lives, which is set against the relevant restricted fund in the SOFA. Page 15
Hosbis Dewi Sant St David's Hospice Notes on Consolldated Flnanclal Statements Icont.) For the year ended 31 December 2024 Resourt*s Expnded All expenditure is accounted for on an accruals basis. inclusive of any VAT which cannot be recovered. and ha5 been lassified under headings that aggregate all costs related to the category. Where costs ¢annot be directly attributed to partitular headings they have been allocated on a b3si5 con51Stent with use of the resources. Fvndraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable adivilies. Patient care costs are those costs incurred directly in support of expenditure on the objects of the charity. Management and administration costs are those incuired in connection with administration ol the charity and compllance with constitutional and statutory requiiements. 8} TaD8lble Fl¥ed Assets Depreciation is provided on all tangible fixed assets at lates ¢al£ulated to write off the costs over theii expected vsefvl economic lives as follows.. Hospice 8uildin8 lafan Oewi Sani, 8an8or Furniture. fittin8s and equipment Motor vehicle Shops Fixtures Holyhead Pfoject Over SO years Over 28 years 25% reducin8 balance 25% reducing balance 25% reducing balance Ovei 30 years h) Inve5tmentS Investments are stated at market value at the balance Sheet dale. The SOFA includes the net gains and 1055e5 arisin8 on revaluations and disposals throuBhout the year. The investments in 5ubsidrary undertakings are valued at the nominal value of the share capital. 11 Slock Stock cons1Sts of pur¢hased Bood5 for fundraising and medical stocks. Stocks are valued at the lower of cost or net realisable value. Items donated for resale or distribution ale not included in the financial statements until they are sold or distributed. 11 Pen51on Costs The Company has defined contrlbutlons io three pension schemes desi8ned to provlde retlrement benellts based upon the level of corttributions made. The three schemes are the NHS Pension Scheme, St David's Hospice Group Penslon Plan Jnd National Employment Savings Trust INESTI, The costs of providin8 these benefits afe char8ed to the statement of financial activities in the year in which they are incuried. Whi15t a defined benefit scheme, the NHS Pension Scheme's liability for the charity is that of a defined contribution scheme. The fvnd5 are held Separately Iiom the Hospice'$ and the scheme is administered by the Government and therefore does not require the same level ol dlsclosure as that ol a benefit scheme by the charitv. The Company also make5 defined contributions to ihe St David's Hospice Group Pension Plan. The funds are held Separately from the Hospice's and administered by Standard Life. Two employees have pensions with St James's Place which are administered on a salary 5acrifi¢e basis. kl Finance and Opelating Leases Rentals applicable to operatin8 leases are charged to the SOFA over the period in which the tosts are incurred. Assets purchased under finance lease are capitalised as fixed assets. Obl(¥ations under such a8reements are included tn credttgrs. The difference between the capitalised cost and the total gbligation under the lease represents the finance ¢h?rges. Finance charges are written oFf to the SOFA over the period of the lease so a5 to prodvce a constant periodic rate of charge. 11 Irrecoverable VAT Irrecoverable VAT is analysed separately and included within the miscellaneous support Costs allocated to charitable activities. Page 16
Hosbis Dewi Sant
St Davld's Hospice
Notes on Cons91id3tèd Financlal Statements
For the year ended 31 December 2024
Income from dtsnatlons and leRa
Hosbis Dewi Sant St David's Hospice Notes on Consolidated Financial Statements For the year ended 31 December 2024 Investrneni and Other lfficome 2024 2023 Compensaiion Investment Income 18.000 25,624 43,624 99.145 99,145 other Incom• 2024 2023 National AssemblylLo¢al Health Board 1,718,715 1.37S.073 1.718.71S 1.375.073 Income from other income was El,718,71512023.. £1,375,073) ol which ENil12023.. £NIII was attrlbutable to restricted lund5 and £1,718,71512023.. £1,375,0731 was attributable to unresticted funds. Net Out8olni I Ilncomingl Re50urce5 2024 2023 These are stated after ¢hargin611creditin81'. Audltors, Remuneration for Audlt Services Audltors, Remuneration lor Non-Audit Sèrvices Amort15ation ol Government Grant Oepreciation.. H05pice Buildin8 Oeprèciation.. Equipment. fixtures & vehlcles Oepreciatiort.. Lottery equipmeni Oepreciatiort,. Holyhead project Operating lease rentals.. Rent Other 8.250 21,000 7,750 23,SOO 74.872 127,621 208 19,858 74,940 118,492 4,303 19,859 252,853 10,332 257,919 20.557 None of the Trustees received any remuneraiion or expenses during the year, Trustees indemnity insurance for the period in now incorporated within the Hospice insurance policy and is not disclosed separatelv Surplus income forthe Ilnantial Year A5 permitted by section 408 Companies Act 2006, the holdin8 company's income and expenditure account has not been included in these financial 5taternents. The result for the Financial year is made up as lollows.. 2024 2023 Holdin8 company'5 result for the financial year 1479,9111 11,208,919 Page 18
Hosbis Dewi Sant St David's Hospice Not•5 on CoNolidattd Financ1 Statments Forthe yt•r efided 31 Decernber 2024 7a Staff Costs 1014 2023 Wales & Salaries Socièl 5ecutity Costs Pethslon Costs lsep Not• 7£> Oth•rCosts 3,662.185 3Z3.459 240,293 4.137.016 344.477 269.058 38,594 4 789,145 4,271,166 Total reduThdantyliermlnation payments amounted to £Nil12023.. É88,IZ31 The followin¢ numberof •mployts r¢¢ived emolumintsof ovtr E60.IIJO.. 2024 2023 £60,(- £69,999 E70,IY)J- £79.999 £80.Q. £89.999 £90,0Tr). £99,999 Ei00.[. Él09,999 £IIO.CW- E119.999 Pension xheme foremployee5 e•rniTr8 over É60.Tr20.. 2024 2023 Money purchase scheme NHS Superannu•tlon scheme Pension ¢Nts lor employees trnin8 ovef e60,QOO.. zoz4 2023 Money purchase 5£heme NHS 5uperarnuation s¢heme L3.271 28,301 41,572 14,720 19,933 7b The avern8e number of FTE ernployee5. Inalysod by funciion was.. Mtdieil, Nurs¢ni, Prolesslon•l & Te£hnical Adrnln15tration Merchandisin8 & Fundfalsln8 Support stèlf Lottery staff 2024 2023 46 si Jo 45 23 Empltyy by ihe C¢mp•nv ioj 127 7( Penslon ¥h•rnes Nature •fyhEm Co Qutst•ndin8<ontylbutlon5 at Iheyear end 2024 2023 2024 2023 Money putchist scheme NHS Superannualion scheme 91,270 149,023 240,293 93.913 175,14S 269,058 9.273 20,328 29.601 LO.527 34,796 7d A88iepte effiployee bene14ts of: 1024 2023 Key mana8tment personnel 368,945 437.150 The key mèna8ement personnel ère the members of the SeThw)r M4n48ement Teèm. •$ d*scribed on p•B¢ 4. P3Be 19
Hosbls Dewi Sant
St David's Hosplce
Noi•s on Con5011dated FIMnda15t•t¢ffler
Fortheye•r•nd•d 31 Oeeembtv 2024
E¥pEndltur•
alk>tated to
2024
2023
sraNCosts
Medical, Nursin& PIT, >Jpport
Adrnin PtrsoTrnel
2.627.799
2.627.799
1.643.367
•.Z71.166
Z.885.017
1899 741
4,784,758
511.420
521.420
2n.275
177.175
2.627,799
80S,988
38.584
0110ett Cortj
IQ2.406
102.4C
81.912
88.417
172,735
119,253
99,217
115638
334.108
Merchan¢J15inB inLI evtnt costs
PrSze monies &
Hosbis Dewi Sant St David's Hospice Notes on Consolidated Financial Statement5 For the year ended 31 Decemeber 2024 Tan8lble Fixed A55et5 - Group Hosplce Furniture Fixtures & Equipment Freehold Land and 8uildin85 Motor Vehicles Shop Fixtures Holyhead Projert Lottery Equipmtnt Total Cost.. At l January 2024 Additions Oisposals At 31 December 2024 5,370.717 394,440 138,OSSI 5,727,102 2,981,635 268,692 169,872 1,337,878 124.237 257.032 595,741 28,559 I,sii 38,OS5 131,817 3.250.327 1,462,115 257,032 595,741 30.070 Depteciatlon.. At l January 2024 Charge for period Eliminated on disposal At 31 December 2024 2,514,452 222,559 31,552 2 705 459 1,169.836 74,872 91,813 16,181 131.552 76,442 929,560 102,828 218,457 8,612 76,576 19.858 28.210 208 1244.708 1,032,388 227 069 96.434 28,418 Net Book Valu•.. At 31 December 2024 3.021.643 2,005,619 55,375 429,727 29,963 499.307 1,652 At 31 December 2023 2.856.265 1,811,799 78,059 408,318 38,5?S 519.165 349 Tangible Fixed As5ets- Charity Hospi¢e Fumlture Flxtures & equipm•nt Freehold Land and Bulldln85 Motor Vehlcl•s Shop Fixtures olyhead Projert Total Cost: At I january 2024 Additions Disp05a15 At 31 December 2024 5,342,158 2,981,635 392,929 268,692 38.0551 5.697.032 169,872 1,337,878 124,237 2S7,032 595,741 38,OSS 131,817 3,250,327 1,462.IlS 257.032 595,741 Depreciation: At I january 2024 Charge for period Eliminated ¢n disposal At 31 December 2024 2,486.242 222.351 31,552 2,677,041 1.169,836 74,872 91.813 16,181 31,5521 76,442 929,560 102,828 218,457 8,612 76,576 19,858 1,244,708 1,032,388 227,069 96,434 Net Book Value.. At 31 December 2024 3,019,991 2.005.619 55.375 429,727 29,963 499,307 At 31 December 2023 2.855,916 1,811,799 78.059 408,318 38,575 519,165 Page 21
Hosbis Dewi Sant
5t David's Hwplce
Notes on Cofisolldatod Flnanclal Statements
For the year end•d JI Docembef 20Z4
io
Flxed Asset lThvw¢m•nts- Groupand ch•flty
2024
zo
M•rk¢t Value as ai i January 2024
Additions
Wlthdièw315
Net unre4li5ed investment 8aifisl Il¢ss¢sl
Market Value a5 ai 31 O¢¢ember 2024
1,746,851
2.780.201
I200,0) 11,113,435)
60.597
80.085
1,607,448
1.746.851
Cost of lTh¥esimentsas at 31 December 2024
1,462.316
1,638.840
2014
Overseas
202J
UK
2023
Ovrs*•s
UK
IAvestments are psenTed bv..
Investments listed on re<ognistd 5¢o¢kex¢h4n8es
Cash
963,2SO
3.334
966,584
640,864
1.059.139
130,760
I 189.899
SS6.952
640,864
1,607 448
556.952
1.746.851
Th• ¢h•rity fi8ur¢ in
Hosbis Dewi Sant St David's Hospice Notes on Consolidated Financial Slatements For the year ended 31 December 2024 13 St•tement ol Funds At l January 2024 Investment gainsllosses At 31 December 2024 Intame Expendlture Transfers Unrestrlrted Funds General fund Charity Subsidiary Group general fund 6,305,942 5.277 6,311.219 4,438,260 528,531 4,966,791 15,543.8751 1185.205 15.729.080) 69,506 543,323 343,3231 2(K),OC(s 5,813,156 5,280 5,818,436 69.506 Deslgnated Funds Hospice relubishment Group Dtsl8nated Fund 72.7271 172.7271 200,0001 1200,0001 227,273 227,273 500,000 Total unrestrlcted lunds 6,811219 4.966,791 5,801,807 69,506 6,045 709 At I lanuary 2024 Investment 8alnsllo$ses At 31 December 2024 Income Expenditure TiansfeF$ Restricted Funds Charity Subsidiary Group re5trlcted lund 155,852 485,974 I2.37S) 441,451 155.852 485,974 2LN).3751 Analysis of Net Assets between Funds Unrestrlcted Funds Restrl¢ted Funds Total Fund balantes Jt 31 December 2024 are represented by.. Tangible fixed assets Investments Net currenc assets 2,706,993 1,607.444 1.731,273 6,045,710 314,650 3,021,643 1,607,444 1,858,074 6,487,161 126,801 441,451 14 Capiial Commltments 2024 2023 Authorised but not contrarted for Page 23
Hosbis Dewi Sant St David's Hospice Notes on Consolidated Financial Statements For the year ended 31 December 2024 Is Post Year End Le8acies. Grants and Subsequent Events Legacies of £240,000 notified in 2024 which have not been provided for as probate was not granted until 2025. Grants of £275,880 were pled8ed In September 2024 coverin8 phase 3 of the refurbishment programme and funding a councS1101 positlon. The conditions of the refurblshment grant will not be met untll the works are completed In 2025. A 8ranl of E250,000 which was pledged in 2023 covering phase 2 of the refurbishment programme has not been provided lor as the conditions of the refuibishment grant were not met until the works were completed in Januarv 2025. This grant was disclosed as a post balances sheet non.adjusting event in last years accounts. Additlonal Welsh Government funding of £553,194 for the 2024125 flnanclal year was awarded and received in 2025. No provision for this was rnade in the 2024 accounts as there had been no confirmation that any addiltonal funding would be ovailable prior to the year end. Notification of the additional funding was ceiVed post year end and is considered to be a Post balance sheet non.3diustinR event. Subsequent to the reporting date of 310ecember 2024, the Board of Trustees approved the pausing of operatlons at Holyhead as Part of a strategic restructurln8 Inltiative. The temporary closure Is expected to be Completed by October 2025, subject to any necessary re8ulatoiy or employee consultations. The financial impact of this decision, including employee termination benefits, asset Wflte-downs lif any) and other associated costs, will be recognised in the financial statements for the yeai ending 31 Decernber 2025, in accordance with the applicable accounting standards. 16 Lease Commitmen15 The leases for the shops expire as follows; Porthmadog Rolling Lease, Llandundo October '28, Pwllheli May 28,, Conwy Rolling Lease. 8eaumarls Rolling Lease, Ciaig Y Don121 Queen5 Road) April '26, Rhos on Sea (Penrhyn Avenuel Rolllng Lease, OolgellaLt (Harri's) Rolling Lease, Menal 8rld8e Rollin8 Lease, Llangefni RollinB Lease, Holyhead TBC, Llandudno Junction Ioistribution Centrel November 2033. Criccieth TBC. The Hospice leased two cars under operating lease agreement5, which ceased during the year. The compafatives Include the total future minimvm lease payments under the non.cancellable operating leases. At 310ecember 2024. the company had annual commitments under non-cancellable operatinE leases as follows.. L•nd and 8uildings 2024 Z023 Other 2024 2023 Expiry Date: Within one Year Between one and five years More than five years 118.477 358,700 230,000 165,282 417,177 290,000 7.926 17.534 7,926 25,458 17 Related Parties St David's Promotions Limited is a wholly owned subsidiary of St Oavi¢J's Hospice. During the year, St Davld's Promotlons Limited donated £343,32312023: £302,636) to St Oavid's Hospice. Balances due from St Oavid's Promotions Lirnited to St David's Hospice at the year end in respect of these transactions amounted to £75,81512023'. £72.9231. Page 24
Hosbis Dewi Sant St David's Hospice Notes on Consolidated Financlal Statements For the year ended 31 December 2024 18 Conlrollini party St David's Hospice group is controlled by the Trustee5. 19 Cash ienerated from oyrations Total 2024 Total 2023 Net Incorne for the year 1549,4181 11,289,006) Elimlnatlon of non-opeiating cashflows: Investment income Investment management fee5 Depreciation of tangible fixed a55ets Amortisation credited to Statement of Financial Activities 199.1451 8,909 222.560 143,6241 217,595 Operating cashflows before movements in workin8 Capital 1417.0941 {1,115,0351 Ilncreasel l Decrease in Stock Ilncreasel / Decrease in Debtors Increase / (Oecreasel in Creditors Net investment Igainsl11055es 6,331 546,857 174,0661 169,5061 16,347 1,098,458 22,110 180,0851 Cash generated from operations 17,4781 IS8,20SI Page 25