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 Sepriate 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 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,L￿j. 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. L￿1 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 rinannt.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 of whi¢h £485,974 12023.. £222,772) was attributable to restrlrted funds and £923,42812023.. É1.331,2341 was attrlbutable to unrestiettd funds. Income Irom charitable •rtlvltes 2014 2023 Fundralsin8 Income Mer£h•ndi5in8 Income 410,511 409.015 1,2B8,567 1.540,999 1,699,078 1950 015 rhe Merchandi51ni Income 1$ 8entr•ied by the sal¢ of donated loods and purchastd 8oods thiouih ¥3rlou5 H05plce Shops The ioial Income In 2024 and 2023 wa$ ètiribuilble 19 unresrrl¢ted funds Infomo Irom other tridin8 4¢tlvilles The charlty owns the whole of the lssved share capital of St Oavld's Promorions bmittd, • company re815tered in Wales, by way of 4 Otdinary El shares wlih full votin8 ri8ht5. The sub51dlary runs lottery to raise lund5 for the benefit of the Hosplce. Prollt & Loss Attount lor Subsldlary Company 1024 2023 T¥rno¥er Cosr ol Sal•s Gross Proflt Admin EMpen5es 526,425 562,100 88,417 IIS.638 438,038 446.462 196.7881 1144,7691 Operalini Prvflt 341,220 301.693 other operatin8 income Other Interest receivoble and sirnilar income Profit on ordinary èctlvitles before tamation 2,106 343,326 940 302.633 ArnouTht donated to H05pice 1343,3231 1302,6361 R•tain*d plofit brought forward 5,277 5,280 Retalned proflt carrl•¢J forw•rd 5.280 5.Z77 Represented by Assets 152.540 147,256 5.284 162,147 156,866 Funds.. Share Capital Reserves 5.280 5,284 5,277 5,281 Page 17 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 Financ￿1 Stat*ments 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 •mploy*ts 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 t*rnin8 ovef e60,QOO.. zoz4 2023 Money purchase 5£heme NHS 5uperar*nuation 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•ndin8tated 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 01￿10￿ett 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 & Pr*misuCort1 Renrs Jnd Riles 267,149 48.982 34.356 167.149 113.843 103.655 261,529 159.030 150,IS4 160 612 64.861 67.11? VMV Malrsitn*nE• & Ren*** Oih•r 2,181 168 2,350 19S.114 384,306 511,770 Deprecl•iion Amortisaiion olGoverryn*niGr•n¢ 715,658 8,611 209 114.479 217,591 115.650 8.612 loy 2l4,479 217,S92 orhertTr¥thtad Advenlln8& Picrnoiion Travel & vehklt Educ4tk)n Mlic 32S 20.168 5.403 391.486 417.412 1.891 25,433 36.085 4.348 1.416 42 S09 11.258 40.110 49.945 6.819 55S.154 652,032 21,899 53,102 12.509 618 429 706,039 via 6S.073 92.397 56.016 S7,895 2.730 ROS 1 354 410 1 307 orK) 125 362 185 205 6WIIBZ 6 773 821 The staNc05ts of r41sln¢l¥r45 Fundr4lsln8. lildl￿ •nd ￿tCh3ndI$sn1 In¢¢me Is 41% df the iot•fincom• In 2024 It É2,225,50311023'. £Z.512,ILS.. 46%) Th•ii•ll¢ostsdiMcd¥•ttdbJt*bk li El,111,947 Sn 2024 •nd 6￿01￿10151r1IIan ¢osts12013.. É1.560.279,. 72%> Pale 20 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 ￿p￿senTed bv.. Investments listed on re Amounts Fallin8 due ￿thIn onevtaf.. Sr David's Promotions Limited The NatioMIAssemblv/ Local Heath Board Le¢acy Deblors Other Debtors Prep•yrnents 75,815 18,lOQ 547,757 291,281 84,837 1.017.790 72.923 4?,778 1,075.769 246,835 IZ3.312 1,561.617 18,100 547,757 291.281 88,330 945,468 42.778 1,075,769 246.835 126,943 1.492,325 St David's Profflotions Limited is ihe wholly owned subsldiary tradln4 as a lottery¢ompèny for the benefit of St David'5 Hospice. 12 Creditors.. hlltnq d¥ewitrM one year Grotsp 2014 Ch•rlty 2024 Group Ch•th 2023 Tradé Creditors Other Creditors T•xation and soclal se¢udty COSIS Oeferred Incorne A¢eru•ls S86,842 12,238 94,073 67,160 197,471 585,640 10,371 93,37S S96,307 110,440 110.683 73,022 lQl,418 1,031870 589.992 108,983 110.IIA 196,977 886,363 947.917 Oèferred Income relates ro lottery stakes recelved in advance by St David's Promotions Limited. These are rele3$2d to the PTofit8nd loss account as and whtn players are entered into the weekly cash priie draw. Page 22 Hosbis Dewi Sant St David's Hospice Notes on Consolidated Financial Slatements For the year ended 31 December 2024 13 St•tement ol Funds At l January 2024 Investment gainsllosses At 31 December 2024 Intame Expendlture Transfers Unrestrlrted Funds General fund Charity Subsidiary Group general fund 6,305,942 5.277 6,311.219 4,438,260 528,531 4,966,791 15,543.8751 1185.205 15.729.080) 69,506 543,323 343,3231 2(K),OC(s 5,813,156 5,280 5,818,436 69.506 Deslgnated Funds Hospice relubishment Group Dtsl8nated Fund 72.7271 172.7271 200,0001 1200,0001 227,273 227,273 500,000 Total unrestrlcted lunds 6,811219 4.966,791 5,801,807 69,506 6,045 709 At I lanuary 2024 Investment 8alnsllo$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