# **Company Registration Number 03052242 Charity Number 1046624**
## **HORDER HEALTHCARE**
# **(A COMPANY LIMITED BY GUARANTEE)**
## **ANNUAL REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED**
**30 JUNE 2025**
## **HORDER HEALTHCARE**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
## **Board of directors**
The directors who served during the period and up until the approval date of the financial statements were:
Mrs S C Sjuve (Chair) Mrs E Richardson (Chief Executive) (appointed 1 July 2025) Dr R J Tyler (Chief Executive) (resigned 30 June 2025) Mr J C Anscombe Dr C E Bell (resigned 28 November 2024) Mr M S Colyer Dr D A Hicks (resigned 7 August 2024) Mrs J Grover (resigned 29 September 2025) Mrs D C Jones Mr H M Kelly (appointed 4 September 2024) Mr R J McCarthy Mrs A L Parker Dr D W Yates
**Company secretary** Mrs H Blakelock
**Chief executive** Mrs E Richardson
**Honorary President** Mr S C Gallannaugh
**Registered office** The Horder Centre St John’s Road Crowborough East Sussex TN6 1XP
**Professional advisor**
The charity’s principal professional advisors are set out below:
**Bankers** Barclays Bank Plc 1 Churchill Place London E14 5HP **Independent auditor** BDO LLP 55 Baker Street London W1U 7EU
**Solicitor** Cripps Number 22 Mount Ephraim Tunbridge Wells Kent TN4 8AS
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## **HORDER HEALTHCARE**
## **BOARD OF DIRECTORS’ REPORT AND STRATEGIC REPORT**
The Directors (who are also trustees of the charity for the purposes of the Charities Act) present their annual report together with the audited financial statements of Horder Healthcare (the Charity) for the year ended 30 June 2025. The Board of Directors confirm that the Annual Report, which includes the Strategic Report, and financial statements of the Charity comply with the current statutory requirements, the requirements of the charity’s governing document and the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” including FRS102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, (as amended for accounting periods commencing from 1 January 2019). The report and statements also comply with the Companies Act 2006 as Horder Healthcare is a charity limited by guarantee.
## **Status**
Horder Healthcare is a charity, founded in 1954, and operates two acute hospitals – The Horder Centre (THC) in East Sussex, a renowned provider of orthopaedic and musculoskeletal (MSK) services, and The McIndoe Centre (TMC) in West Sussex, a prominent provider of plastic and reconstructive services. Services at The Horder Centre are supported by clinics located in Seaford and Eastbourne.
Horder Healthcare is a charitable company limited by guarantee established under a Memorandum of Association and governed by its Articles of Association.
## **Objective**
Horder Healthcare’s charitable purpose is to advance health, and the relief of patients suffering from ill health. Its mission is to be a leading provider of high-quality healthcare services, demonstrably improving patients' health and striving to make a positive difference to people's lives. The Charity’s vision is to demonstrate its purpose through the provision of outstanding healthcare and support to the wider community through investment in training, research and community wellbeing.
## **Public Benefit**
The Directors have referred to the Charity Commission’s general guidance on public benefit when reviewing the Charities’ vision and objectives and in planning future activities. In particular, the Directors consider how planned activities, and the management of resources, will provide maximum benefit.
As evidenced by the standard of care provided by our hospitals and outreach sites, and our quality outcomes, our activities make a difference to people’s lives, not only for those who have the ability to pay but through the provision of services – free at the point of delivery – for NHS patients. Thus, delivering public benefit.
## **Board of Directors**
Under the Articles of Association, the Board of Directors (the Board) is elected by a vote of the current members.
The members of the Board who served during the year are set out on the Legal and Administrative Information page at the front of these financial statements.
In accordance with the Articles of Association, at the General Meeting on 13 January 2025 Mr J C Anscombe, Mr M S Colyer, Mrs J C Grover and Mrs D C Jones retired from the Board and being eligible were re-elected. Mrs J C Grover resigned from the Board in September 2025.
At the subsequent General Meeting on 29 January 2026 Mrs A L Parker, Mrs S C Sjuve and Dr D W Yates retired from the Board and being eligible were re-elected.
Dr D A Hicks and Dr C E Bell retired from the Board in August 2024 and November 2024 respectively. Mr H M Kelly was appointed as a Director in September 2024.
Dr R J Tyler subsequently retired as Chief Executive on 30 June 2025, and Mrs Elin Richardson was appointed as Chief Executive on 1 July 2025.
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## **HORDER HEALTHCARE**
## **BOARD OF DIRECTORS’ REPORT AND STRATEGIC REPORT**
## **Directors and governance**
## Appointment, training and induction
The Board may appoint replacement or additional directors at any time. There is a detailed Recruitment Policy in place, which describes the process for publishing the vacancy, the interview and selection process, and the steps taken prior to the new Director taking up their role. These include the completion of a Disclosure and Barring Service (DBS) check; completion of a ‘Fit and Proper Person’ SelfDeclaration; and checks of the Bankruptcy Register, the Disqualified Directors’ Register and the Register of Removed Trustees. Satisfactory references are also sought.
New Directors undergo a comprehensive induction, which includes time spent at each Horder Healthcare site, meetings with members of the Executive Team and the provision of an Induction Pack of background and guidance documents, including those relevant to a registered charity.
Training to enhance skills and knowledge is encouraged for all Directors. Details of trustee training courses (new and refresher) are circulated together with other topics of interest. A mandatory training policy for Board Directors was endorsed by the Board in March 2024.
The Board meets formally up to six times a year in addition to the General Meeting, two strategic planning sessions and focused workshops/ meetings.
The Board is responsible for setting strategy and ensuring resources to achieve those strategic aims; monitoring the performance of the Executive Team; and overseeing and ensuring that robust governance and risk management systems are in place.
## Board Committees
In addition to the Board, there are Remuneration and People, Finance and Resource, Audit and Risk, and Clinical Governance committees in place which meet up to four times a year, each working within a constitution agreed by the main body.
## Executive Management
The Board has appointed a senior Executive Team to manage the activities of the Charity and to ensure that the Charity’s operational plans are implemented. The Board has established a framework of delegated authority levels for these officers.
## Directors’ Insurance
Horder Healthcare maintains insurance policies on behalf of all the directors against liability arising from negligence, breach of duty and breach of trust in relation to the charitable Company based on the indemnity limit of £10,000,000. The total premium paid during the year in relation to this policy was £18,480 (2024: £18,480).
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## **HORDER HEALTHCARE**
## **BOARD OF DIRECTORS’ REPORT AND STRATEGIC REPORT**
## **Strategic Report**
## Our Performance
2024-25 was another financially challenging year. The organisation achieved its forecasted income but faced an EBITDA deficit and a net loss after depreciation and an impairment against fixed assets, leading to a reduction in cash reserves over the year. To support operations, funds were transferred from deposit to current accounts. Despite these financial pressures, a continued emphasis on recruitment and retention maintained clinical vacancy and turnover rates within acceptable limits. The swift pace of recruitment contributed to a continued decrease in agency expenditure.
Patient satisfaction remained exceptionally high, with over 99% of patients rating their care as good or very good. The Falls Prevention Project, launched in September 2023, led to a marked decrease in inpatient falls over the course of the year. This achievement was due to strategies focused on minimising environmental risks, enhancing staff education and engagement, and involving patients and families. Ongoing monitoring of project plans ensures continued progress in this area.
In line with the commitment to net zero carbon emissions by 2030, solar panels were installed at The Horder Centre (THC). This initiative is expected to lower both emissions and energy costs by reducing reliance on carbon-based energy sources.
## Quality and Outcome Measures/Key Performance Indicators
Key achievements during 2024-25 against the organisation’s six strategic objectives are shown on the following pages. Individual objectives, with related key performance indicators, are signed off by the Board of Trustees at the beginning of the year. These objectives are then cascaded through individual executives to their respective teams. Performance against each of the KPIs and, where relevant, the annual target are also included in the table.
## **KSO1 – Delivering Outstanding Care**
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Corporate Priority 2024 -25 Commentary
Maintain / improve Patient • Latest publication (2023/24) identifies THC as positive outlier (above 95%)
Reported Outcome for reported health gains following hip surgery.
Measures (PROMs) scores • Although not a positive outlier for knee surgery, adjusted health gains are
above national average and marginally below the positive outlier
threshold.
• Positive improvement in cosmetic PROMs collection.
• HH has moved to a digital collection platform – My Clinical Outcomes –
which is already demonstrating operational efficiencies and improved data
accuracy.
Maintain patient experience • Average all year of 99% patients rating care as good or very good and
scores likely or very likely to recommend to friends and family.
• Two patient forums held in year which reflected high levels of patient
satisfaction.
Maintain evidence for quality • CQC preparedness is continuous work in progress including internal
statements within Clinical assessments and mock inspections; action plans are regularly reviewed
Quality Commission (CQC) and oversight provided by our Integrated Performance Reviews and
single assessment executive as well as the board Clinical Governance Committee.
framework • Engagement with CQC updates via website, portal and roadshows.
Achieve annual quality • Achieved majority including roll out of Patient Safety Incident Response
account objectives Framework (PSIRF).
• PSIRF Policy signed off by NHS Sussex.
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## **HORDER HEALTHCARE**
## **BOARD OF DIRECTORS’ REPORT AND STRATEGIC REPORT**
## **KSO 2 – Preferred Choice for Private Patients**
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Corporate Priority 2024 -25 Commentary
TMC – Reflect 24/25 budget • Overall private patient income budget achieved – 103% of plan inc.
for private patients outpatients; 99% of plan excluding outpatients
• Overall activity levels below plan (1487 vs 1619) due primarily to drop in
ophthalmology day case activity
THC – ensure delivery on • Private patient procedure activity achieved 87% of plan.
self pay / PMI targets
THC – deliver budgeted • Overall private patient income budget – 90% of plan achieved including
levels of private activity outpatients; 87% of plan achieved excluding outpatients
• Compared to 2023/24, this year saw a 12% drop in private procedure
activity and a 6% drop in private procedure income
KSO 3 – Key Partner to the NHS
Corporate Priority 2024 -25 Commentary
Ensure Queen Victoria • Contract in place for year at lower levels than in prior years.
Hospital (QVH) contract in • Supported other NHS Trusts with waiting list work, such as University
place for 2024/25 at TMC Hospitals Sussex (UHSx).
• As a result, achieved NHS income plan for the year including outpatients
but NHS procedure income was 24% ahead on plan when looking just at
procedures
THC – support NHS elective • Delivered elective recovery support for UHSx in July - September 2024
recovery initiatives and waiting list initiative support for ESHT throughout the year.
• Overall THC NHS income was £1.5m above plan in year – offsetting the
underperformance in private patient income.
Mobilise East Sussex MSK • Successfully launched in December 2024 with stability of services
contract maintained throughout.
KSO 4 – Employer of Choice
Corporate Priority 2024 -25 Commentary
Reduce clinical turnover to • Fluctuation between 16% - 18.4%.
<15% clinical workforce • Gap has narrowed and efforts to strengthen retention are ongoing.
• Succession planning has commenced in all clinical departments.
Reduce clinical vacancies to • Clinical vacancies currently stand at 1.8%.
<5% of clinical workforce
Reduce temporary staffing to • Agency spend reduced in 2024/25 enabled by a strong vacancy position.
<18% clinical establishment • Achieved 18.8% temporary staffing to clinical establishment.
Introduce internal measure • Health and wellbeing survey resulted in achieving the Bronze Award
for colleague engagement “Wellbeing at Work” in recognition of our commitment to fostering and
healthier and happier workplace.
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## **HORDER HEALTHCARE**
## **BOARD OF DIRECTORS’ REPORT AND STRATEGIC REPORT**
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Enhance Organisational • Funded training - Award in Education and Training L3 (AET); ILM L3
Development training for all November 2024; Team Leading L2 Jan 2025; Customer Service in Health
staff Care L2.
• Training coverage reached 75% of all staff.
• Dedicated Equality, Diversity & Inclusion team in place with board-
approved budget.
KSO 5 – Strengthening the Community
Corporate Priority 2024 -25 Commentary
Annual reduction in carbon • Reduction achieved through British Gas contract which is 100%
emissions in line with 2035 renewable or nuclear sources and installation of solar panels at THC.
net zero commitment
Surgical trainee posts • Trainee (aesthetic fellow) working at TMC funded through NHS and the
deanery
Link to charitable strategy • Charitable Funds Committee continues to approve expenditure of
charitable funds and is in the process of reviewing strategy
KSO 6 – Sound Financial Management
Corporate Priority 2024 -25 Commentary
Strong financial controls and • System for development and reporting of KPI’s as part of the financial
processes budget model and monthly reporting has been introduced.
• A Finance Improvement Plan has been implemented with defined actions
to be undertaken.
Deliver 24/25 budget • Tight budget management and strong cost control during the year ensured
delivery of the 2024/25 budget and provided additional savings to the Cost
Improvement Plan (CIP) gains. This excluded the impairment charge.
• Overall, HH finished the year £1,027k ahead of budget, excluding the
impairment charge.
Deliver in year Cost • CIP implemented and well managed. Approximately £750k savings
Improvement Plan (CIP) overseen through the effective management of the program, reflected in
programme the end of year results
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## **HORDER HEALTHCARE**
## **BOARD OF DIRECTORS’ REPORT AND STRATEGIC REPORT**
## Principal Risks and Uncertainties
Horder Healthcare recognises that risk management is an integral part of good management practice and is part of the organisation’s culture. The Board has overall responsibility for ensuring systems and controls are in place, sufficient to mitigate any significant risks which may threaten the achievement of Horder Healthcare’s organisational objectives.
In addition, the Board has appointed Crowe (UK) LLP to fulfil the internal audit function with reports and findings reviewed by the Audit and Risk Committee. In 2024-25, internal audits covered creditors, billing follow-up and cashflow processes and forecasting.
Assurance is the bedrock of evidence that gives confidence that risk is being controlled effectively, or conversely, highlights that certain controls are ineffective or there are gaps that need to be addressed. It is important therefore that the scope of the assurances is set in the context of the organisation’s strategic objectives, which comprise of patients, people and purpose.
All staff have a responsibility for identifying actual or potential hazards and risks, as well as reporting/escalating issues in accordance with the Risk Management Policy and Horder Healthcare’s Incident Reporting Policy. Within Horder Healthcare, strategic risks are identified by the Board and Executive through horizon scanning and a risk review against agreed strategic objectives.
Operational risks are identified from incidents or near misses reported on the risk management system or from internal audits (e.g. health and safety, infection control), external audits or risk assessments.
All risks have ‘controls’ and ‘assurances’ recorded against them or have plans to put them in place. These are reviewed regularly by the Executive team, by the Senior Management Team on a monthly basis and also by the Board.
At the beginning of 2025, the Risk Review Group (chaired by the Head of Risk Management and Clinical Governance) was established within Horder Healthcare to oversee the risk register, ensuring entries are accurate, consistently scored, and allocated to appropriate monitoring committees for timely updates.
The table below highlights the principal risks identified during 2024-25 and the current and target scoring.
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Key Strategic Principal Risks Current Target
Objectives Score Score
Delivering outstanding 1. Risk of severe patient injury or never event
10 10
care
Employer of choice 2. Risk of inability to recruit & retain clinical
staff 8 8
Strengthening the 3. Failure to demonstrate charitable purpose
8 8
community
Sound financial 4. Risk to financial sustainability due to
management deterioration in margins and/or increased 12 10
cost base
5. Ineffective Key Financial Controls
20 5
Preferred choice for 6. Failure to attract private patients
9 6
private patients
Develop digital 7. Failure to implement an integrated Patient
20 4
infrastructure Administration System
8. Risk of exposure to cyber threats
15 10
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## **HORDER HEALTHCARE**
## **BOARD OF DIRECTORS’ REPORT AND STRATEGIC REPORT**
Over the past year there are a variety of factors which are driving up the increase in risk both externally and internally. The major external factors included:
- Uncertainties of global politics
- Potential environmental changes due to climate change leading to increased rainfall and flooding alongside temperature increases
- Domestic economic instability
- Cyber security
- Difficulties in supply chain and procurement for certain products due to all of the above
- Uncertainty in change of CQC regulations and pace of change
## Internal factors included
- Identification of inadequate financial controls and senior leadership changes within the finance department
- Recruitment and retention of clinical staff at THC due to location (although reduced due to use of overseas recruitment)
- Increase costs across all areas of operational activity
## Future Developments
2025-26 will see a continuing focus primarily on supporting the NHS through the provision of high quality orthopedic services via choice and supporting conservative treatment through the East Sussex MSK partnership. Both hospital sites remain committed to additionally supporting waiting list initiative work to support the reduction of both volume and length of waits in the NHS. Horder Healthcare will also continue to focus on the private patient market as inflationary pressures remain challenging. In addition we continue to focus on financial improvements and longer-term sustainability.
Our success in recruiting nurses from overseas, coupled with improved retention rates should lead to a continued reduction in temporary staffing costs. Similarly, reduced energy usage arising from improvements to the estate, especially the installation of solar panels, will help to mitigate rising energy prices and other inflationary pressures.
## **Pay Policy**
The Remuneration and People Committee determines remuneration policy and practices with the aim of attracting, recruiting, motivating and retaining high calibre people. The Committee makes reference to the external market ensuring that it is working within a framework which is legal, transparent, competitive, fair, affordable and providing value for money for the charity. The Committee ensures that there is a clear link with performance. Annual remuneration is set in accordance with the pay policy, with any changes taking effect from 1 July each year. The Chairman of the Remuneration and People Committee together with the Chairman of the Board of Directors will determine the remuneration for the Chief Executive, based on individual, corporate and financial objectives, the Chief Executive is excluded from any discussions regarding their remuneration.
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## **HORDER HEALTHCARE**
## **BOARD OF DIRECTORS’ REPORT AND STRATEGIC REPORT**
## **Reserves Policy**
The Directors have an established Reserves Policy to ensure the financial stability of the charity and to protect its operations in the event of unforeseen circumstances. The policy outlines the approach taken by the charity in determining the appropriate levels of reserves sufficient to cover 2 months of operational costs, ensuring the charity can continue to meet its objectives and obligations.
The current level of reserves is reviewed routinely in line with the charity's financial performance, future plans and risks. Financial modelling techniques are employed to simulate the effects of potential reductions in income on gross contribution. This allows the organisation to better understand the potential impact of adverse events and plan accordingly. In addition to addressing short-term risks, Horder Healthcare recognises the importance of investing in its infrastructure and the development of its business to ensure long-term sustainability. Adequate free reserves are earmarked for these purposes.
As of 30 June 2025, the unrestricted reserves stand at £48.8m (2024: £58.3m) of which £42.7m (2024: £51.6m) is represented by buildings, fixed assets and restricted funds, leaving unrestricted funds of £6.1m (2024: 6.7m). The reduction in the current year primarily reflects a £8m (2024: £nil) impairment recognised on certain fixed assets following a review undertaken by the Directors.
The Directors are committed to managing the reserves responsibly and transparently, ensuring they are used effectively to support the charity's mission while maintaining financial resilience.
## **Investment Policy**
Horder Healthcare’s Finance and Resource Committee (FRC) has responsibility for the development of investment policy and the management of Horder Healthcare’s investments, within the investment policy framework set by the Board. In discharging these responsibilities, the FRC considers:
- The charity’s attitude toward risk, investment returns and volatility
- Types of investments, including ethical considerations
- The management of investments e.g. setting benchmarks and targets by which investment performance will be judged
- The authorisation of investment decisions.
In line with the Board’s risk appetite, investment funds are held in a bank deposit account and are subject to a Board-level agreed protocol for the use of the funds.
The Finance and Resource Committee continues to monitor the organisation’s investment requirements, in accordance with the investment policy, and makes recommendations to the Board.
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## **HORDER HEALTHCARE**
## **BOARD OF DIRECTORS’ REPORT AND STRATEGIC REPORT**
## **Financial Instruments**
Horder Healthcare employs various financial instruments to manage its financial activities and exposures effectively. The charity operates on normal commercial terms with its suppliers and patients, all of whom are located in the UK. The following outlines the key financial instruments used by Horder Healthcare and the associated risk management approach.
## _Trade Receivables and Payables_
Horder Healthcare maintains trade receivables resulting from normal business operations, representing amounts due from patients, the NHS, Private Medical Insurers and other payors. The charity endeavours to manage credit risk prudently, conducting regular credit assessments and setting appropriate credit limits. Trade receivables are monitored closely, and appropriate provisions are made for potential bad debts to mitigate credit risk.
Similarly, trade payables arise from the purchase of goods and services from suppliers. Horder Healthcare ensures timely payment to suppliers in adherence to agreed-upon terms and conditions.
## _Cash and Cash Equivalents_
The Charity holds cash and cash equivalents in bank deposit accounts, maintaining a prudent level of liquidity to meet operational needs and financial obligations. The Finance and Resource Committee (FRC) monitors the cash position regularly to ensure sufficient funds are available to meet short-term requirements.
## _Bank Borrowings_
Horder Healthcare operates on a credit basis with its primary bank and does not have any borrowings that expose the charity to interest rate risk from this source.
## _Investment in Bank Deposit Account_
As mentioned in the Investment Policy section, Horder Healthcare's investment funds are held in a bank deposit account. The Finance and Resource Committee (FRC) ensures that this investment aligns with the charity's risk tolerance and financial objectives.
## _Financial Risk Management_
Horder Healthcare is committed to prudently managing its financial risks. The Finance and Resource Committee (FRC) conducts regular risk assessments to identify and assess potential exposures related to its financial instruments. The committee takes appropriate measures to mitigate these risks and ensure financial stability.
## _Currency Risk_
Since all transactions are conducted in the UK and with UK suppliers and patients, Horder Healthcare is not exposed to significant currency risk.
Horder Healthcare's financial instruments are managed with diligence and in adherence to prudent risk management practices. By maintaining a careful approach to credit risk, managing cash and investments cautiously, and operating on commercial terms, the charity aims to ensure financial stability and support its mission of providing exceptional healthcare services to its patients in the UK.
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## **HORDER HEALTHCARE**
## **BOARD OF DIRECTORS’ REPORT AND STRATEGIC REPORT**
## **Stakeholder Engagement (Section 172(1) statement)**
The Directors are aware of their duty under s.172 of the Companies Act 2006 to act in the way that they consider, in good faith, would be most likely to promote the success of the Charity to achieve its charitable purpose, which includes having regard to all stakeholders.
We identified the most important stakeholders based on past stakeholder communications. The table below sets out our approach to stakeholder engagement during 2024-25.
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Stakeholders Why are they important to Horder What is Horder Healthcare’s
Healthcare approach to engage with them
Employees Employees are our most valuable Engagement survey conducted to
asset. Our people’s commitment is measure employee engagement
essential for us to deliver on our and addressing any concerns in
vision and mission as an specific areas;
organisation. Regular ‘all staff’ Executive
video briefings;
Quarterly face to face executive
briefings;
Structured annual appraisal
programme with a clear
competency framework;
Structured statutory and
mandatory ‘all staff’ training
programme;
Health and wellbeing forums;
Dedicated menopause clinics
Equality, inclusion and diversity
programme with dedicated focus
groups;
Launch of the great place to
work group.
Patients Delivering the highest standards of Regular patient surveys;
care to our patients is central to our Monthly review of patient
vision and mission as an experience trends;
organisation. Quarterly patient experience
meetings;
Utilisation of Patient Reported
Outcome Measures (PROMS)
data to drive service improvement;
Utilisation of clinical audit data to
drive service improvement;
Patient forums.
NHS Commissioners The NHS accounts for a significant Regular formal contract meetings;
income workstream. Maintaining Informal meetings with key
good relationships is key to commissioners;
securing this income stream. Membership of IHPN/NHS
England 6-weekly updates;
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## **HORDER HEALTHCARE**
## **BOARD OF DIRECTORS’ REPORT AND STRATEGIC REPORT**
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Stakeholders Why are they important What is Horder Healthcare’s approach to
to Horder Healthcare engage with them
Private health PMI constitutes a growing Contract meetings with high volume PMI
insurers (PMI) income stream which is providers;
increasingly important to Quality and Governance meetings with
the business. PMI providers.
NHS Providers Working closely with NHS Ongoing informal contacts at CEO and
providers reaffirms Horder Executive level;
Healthcare’s position within Formal governance and oversight
the local health economies meetings where sub-contract in place.
in which it operates.
Independent Sector Working closely with IS CEO is an elected member of the
(IS) Providers providers at an industry Independent Healthcare Providers
level helps to shape the Network (IHPN) strategic council;
industry response to Horder Healthcare executives sit on
national health initiatives various IHPN working groups.
and ensure Horder
Healthcare issues are fully
represented.
Regulators Horder Healthcare is Quarterly review of regulatory gap analysis
regulated by the Charity at Board Governance Committee;
Commission and the Care Annual review undertaken of requirements
Quality Commission of all regulatory bodies, reported to Board
(CQC). of Trustees (Regulatory Compliance
Report);
Regular formal and informal contact with
CQC inspectorate;
Regular communication received from the
Charity Commission via email updates and
via My Charity Commission Account;
Annual General Medical Council
submission in line with NHS revalidation
requirements.
Consultants Having good working Quarterly Medical Advisory Committee
relationships with our meetings;
consultant body allows us Biennial review meetings with each
to deliver the best patient consultant;
care. Specialty based meetings with plastics
and ophthalmology;
Engagement of consultants in hospital
clinical governance meetings and
morbidity and mortality meetings;
Consultant representation in specific
organisational projects.
Key Building and developing Regular Joint Service Review meetings.
Suppliers/Contractors good relationships with our
key suppliers supports the
delivery of our services.
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## **HORDER HEALTHCARE**
## **BOARD OF DIRECTORS’ REPORT AND STRATEGIC REPORT**
## Significant Decisions
During the year, the board considered stakeholder interests in key decisions, including:
- Shaping the future strategy for Horder Healthcare to ensure continued delivery of high quality services for all of our patients and deliver on the needs of our commissioners;
- Increasing resources into the financial function of the organisation to strengthen our financial governance and support sustainable growth. This enables us to enhance internal controls and improve strategic financial planning placing us in a better position to manage risk, support informed decision making and ensure the long term resilience of the business;
- Increased investment in Equality, Diversity and Inclusion (ED&I) programmes. We believe that a diverse and inclusive workforce fosters better patient care, encourages innovation, improves decision making and better reflects the patients we serve and the colleagues we work with. By embedding ED&I into our culture, we aim to attract and retain top talent, enhance employee engagement and create a workplace where everyone can thrive;
- Installed solar panels as part of our commitment to carbon reduction.
These decisions were made with a view to ensuring long-term sustainability and maintaining our reputation for high standards of patient care and experience as well as colleague experience.
## **Employee involvement**
Horder Healthcare continues to monitor employee engagement.
The HR strategy focuses on organisational development through engaging, valuing and leading our people. This strategy continues to develop and focusses the team on not only attracting the best candidates and engaging and motivating training colleagues but also on retention and key HR metrics, including turnover, engagement and leadership, as well as reducing sickness across the organisation. Internal communications have been embedded across the organisation to enhance engagement from all colleagues. The comprehensive and inclusive communication strategy from the executive team remains a focus to ensure all colleagues receive open and transparent information, as well as providing colleagues with the opportunity to ask questions.
## **Development and Training**
The Training and Development functions have maintained the strong momentum that has been established, continuing to explore and make effective use of available funding streams to support staff development across the organisation. In addition to ongoing leadership and Mental Health Advocacy programmes, the department has successfully embedded the Customer Service in Healthcare – Level 2 qualification, and secured funding to continue the delivery of ILM Level 3 Management Training. These initiatives offer valuable opportunities for colleagues to broaden their knowledge and enhance efficiency and effectiveness throughout the organisation.
The annual training calendar continues to be reviewed regularly to ensure it remains aligned with national standards and requirements. The most recent addition is the Oliver McGowan Learning Disability and Autism Training Programme, which commenced in September 2024.
## **City and Guilds**
Horder Healthcare’s City and Guilds (London) Training Centre offers tailored qualifications, including the Level 3 Diploma in Healthcare Support, enhancing clinical skills and career progression for nonregistered practitioners. Programmes feature in-house training and 1-1 support, fostering a skilled and motivated workforce. Additional qualifications, such as Assessment Level 3 and Quality Assurance Level 4, support staff development and organisational quality. Training plans are personalised based on individual experience and departmental needs.
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## **HORDER HEALTHCARE**
## **BOARD OF DIRECTORS’ REPORT AND STRATEGIC REPORT**
## **Colleagues’ Well-Being and Occupational Health**
Horder Healthcare prioritises colleague health and well-being through comprehensive policies, on-site healthy meals, free gym membership, pre-employment health screenings, and ongoing occupational health support. Staff benefit from immunisation clinics, a health care plan with an employee assistance programme, and mental health initiatives, including trained advocates. The organisation has achieved the Bronze Award “Wellbeing at Work” in recognition for its commitment to workplace well-being.
## **Equality, Diversity & Inclusion (ED&I)**
Horder Healthcare is an inclusive and diverse employer and is registered as a Dyslexia Friendly Workplace. Horder Healthcare has developed its approach to support our neurodiverse workforce, patients and visitors and continues to raise awareness and skills within the Horder Healthcare workforce to ensure that the best care is delivered to our patients.
## **Disabled persons**
Horder Healthcare employs disabled persons when they are suitable for a particular vacancy and every effort is made to ensure that they are given full and fair consideration when such vacancies arise. Managers work closely with the organisation’s Occupational Health provider so that if an employee becomes ill or disabled while working at Horder Healthcare they can, where possible and with reasonable adjustment, continue in employment.
During employment, Horder Healthcare seeks to work with all employees, taking into account their personal circumstances, to ensure appropriate training, development and advancement opportunities are available to enable them to reach their full potential.
The number of known disabled persons employed by the Charity during the year was 13 (2024: 13).
## **Fundraising**
Horder Healthcare undertakes limited fundraising activities, including merchandise sales and receiving donations, legacies, and bequests, with fundraising income accounting for less than 1% of total income in 2024/25. Horder’s Charitable Funds Committee ensures all fundraising is ethical, lawful, and follows best practice. No complaints were received in 2024-25.
Income received from fundraising activities, including that received by way of donations, bequests and legacies, is earmarked to support the following projects:
- Clinical/medical research
- Clinical/medical training and education
- Community wellbeing
Projects undertaken during 2025 include The McIndoe Centre supporting the training of aesthetic fellows, where NHS trainee doctors are provided with a funded training opportunity in plastic surgery, mostly focusing on aesthetic surgery. This is aimed at providing the trainees with much wider training experience within the plastics specialty, which may be more difficult to obtain within the NHS.
## **Energy and Carbon Reporting Summary**
## Reporting Requirement
As a large, unquoted organisation, Horder Healthcare is required to report its energy use and carbon emissions in accordance with the Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 as it meets the thresholds for reporting.
- 14 -
## **HORDER HEALTHCARE**
## **BOARD OF DIRECTORS’ REPORT AND STRATEGIC REPORT**
## Methodology
This report presents Horder Healthcare’s energy use and associated carbon emissions for the financial year 2024/25. As part of our commitment to transparency and environmental responsibility, we follow established best practices and regulatory frameworks to ensure the accuracy and reliability of our data.
This year, our calculations were completed using the Clean Growth UK carbon calculator, which aligns with the GHG Protocol Corporate Accounting and Reporting Standard. This internationally recognised framework calculates emissions by multiplying activity data—such as energy consumption in kilowatthours (kWh) by appropriate conversion factors.
All data used in this report are sourced from monthly utility invoices and recorded in the Horder Healthcare Green Carbon Reporting Database.
**----- Start of picture text -----**
Greenhouse Gas (GHG) Emissions comparison 2023-24 v 2024-25
2023-24 2024-25
Emissions from Purchased Electricity tCO2e (Scope 2) 430.03 14.68
Emissions from Purchased fuel tCO2e (Scope 3) 2.95 68.97
Emissions from Combustion of Gas tCO2e (Scope 1) 307.39 353.70
Total Energy Usage to calculate consumptions tC02e 740.37 437.35
**----- End of picture text -----**
## **Scope 1, 2 and 3 Emissions**
## Greenhouse Gas (GHG)
The Greenhouse Gas Protocol classifies emissions into one of three scopes, largely based on proximity and control over emissions.
The Standard Reporting Framework for emissions is called the Greenhouse Gas Protocol, which is split into three categories called Scope 1, 2 and 3 emissions.
## Scope 1
Covers our DIRECT emissions from things we own or control, e.g. gas boilers or company cars.
## Scope 2
Covers INDIRECT emissions from all the energy we buy, e.g. electricity, steam, heating and cooling. HH has achieved a large reduction in emissions this year through operating on 100% renewable energy with a new provider, complemented by the positive impact of solar panel installation in 2025.
## Scope 3
Covers all the other INDIRECT emissions in our company’s value chain. These can include goods or services we buy, business travel, our employees’ commutes and investments we hold.
tCO2e stands for tonnes (t) of carbon dioxide (CO2) equivalent (e). This unit is used to measure the impact of different greenhouse gases (GHGs) in terms of the amount of CO2 that would have the same global warming effect.
## Create a vision for a cleaner, greener, more prosperous future
In 2024/2025, we made meaningful progress in reducing our environmental impact, particularly in Scope 2 emissions.
## Two major actions contributed to this reduction:
Transitioning to a 100% renewable electricity tariff with British Gas and completing the installation of 753 solar panels at the Horder Centre in March 2025. These panels now generate approximately onethird of the site’s electricity, significantly reducing our reliance on National grid power.
- 15 -
## **HORDER HEALTHCARE**
## **BOARD OF DIRECTORS’ REPORT AND STRATEGIC REPORT**
## **Scope 3**
We started reporting Scope 3 emissions, including waste and water usage for the first time. While this will lead to an increase in reported emissions in future years, it reflects a more complete and transparent view of our carbon footprint.
## **Scope 1**
Emissions for scope 1 saw a modest increase of around 13%, largely due to another colder than average winter, which increased heating demand.
As part of updated methodology, vehicle emissions, previously reported under Scope 3, are now correctly classified under Scope 1, reflecting direct emissions from owned or controlled transport.
- **Solar panel programme:** Work on installing 753 solar panels at Horder Centre was completed in April 2025. The solar panels now generating approximately one-third of the site’s electricity and significantly reducing reliance on grid power.
- **LED Lighting:** We have continued the phased replacement of fluorescent lighting with LED fittings. Our focus in the past year has been at the Horder Centre with a phased programme of replacement. The current phase includes the ceiling strip lights on the main patient ward.
- **Building Management System:** Work continues with the BMS controllers to ensure that the energy usage matches our business activity.
- **Future Capital:** All future capital equipment requests now include carbon impact assessments, with energy-efficient alternatives considered as standard.
- **Staff Engagement:** Key to our journey towards Net Zero and the management of energy usage is the engagement with staff. The Sustainability Officer will be delivering biannual sustainability presentations and will launch a staff suggestion box to crowd-source ideas and recognise impactful contributions.
- **Green Transition Crowborough:** We continue to collaborate with Green Transition Crowborough to strengthen our sustainability practices and have joined their business group for quarterly meetings to support local climate action.
- **Improved Reporting:** We now use the Clean Growth UK carbon calculator to track our emissions, including waste disposal and water usage, and will continue expanding Scope 3 data to identify areas for improvement
- **Waste Management:** We are now compliant with the new workplace recycling regulations introduced in March 2025 and are enhancing our waste management by reclassifying some clinical waste as Tiger Waste, reducing material use.
We have significantly reduced the use of single-use items such as PPE, couch roll, tourniquets, and disposable drinking cups—saving over 25,000 cups in just three months (May–July) year-on-year.
- 16 -
## **HORDER HEALTHCARE**
## **BOARD OF DIRECTORS’ REPORT AND STRATEGIC REPORT**
The data below shows the energy usage comparison between 2023-24 v 2024-25:
|**Usage comparison 2023-24 v 2024-25**|**Usage comparison 2023-24 v 2024-25**|**Usage comparison 2023-24 v 2024-25**|**Usage comparison 2023-24 v 2024-25**|**Usage comparison 2023-24 v 2024-25**|
|---|---|---|---|---|
|**Volume (kWh/Litres)**|**2023-24**|**2024-25**|**Variance %**
**Variance**
**KWH**||
|ElectricityConsumption|1,898,080|1,798,382|
-5.3%
-99,698||
|Gas Consumption|1,696,085|1,761,651|
3.9%
65,566||
|Fuel Usage *|10,643*|||489|
|Supply
chain
emissions
-
Scope 3*||69|||
- Fuel usage is now report as part of scope 1.
- *A new line has been added on for new Scope 3 calculations.
## **Going concern**
The Directors have reviewed the Charity’s financial forecasts and projections covering a period that exceeds twelve months from the date of signing these financial statements.
The Directors are considering a number strategies to secure the future of the organisation. As part of the stress testing of the forecasts, the directors assessed what degree of downturn in trading Horder Healthcare could sustain before it could no longer forecast a positive cash balance. This stress testing was based on a percentage reduction in revenue with a consistent percentage decline in variable costs, whilst maintaining the forecasted fixed costs. The testing did not allow for the benefit of any mitigating actions that could be taken to preserve cash. The stress testing suggested that annual income would have to decrease by 10% before the Charity would no longer forecast a positive cash balance. Taking into account our principal risks and mitigating actions, we do not believe that such a reduction in income is plausible.
Based on the analysis the Charity would have sufficient resources to meet their liabilities as they fall due within 12 months from the date of the signing of the financial statements. Accordingly, the going concern basis has been used in preparing these financial statements.
## **Provision of information to auditors**
Each of the persons who are Directors at the time when this Board of Directors’ Report is approved has confirmed that:
- so far as each Director is aware, there is no relevant audit information of which the Group’s auditors are unaware, and
- each Director has taken all the steps that ought to have been taken as a Director in order to be aware of any information needed by the Group’s auditors in connection with preparing their report and to establish that the Group’s auditors are aware of that information.
- 17 -
## **HORDER HEALTHCARE**
## **BOARD OF DIRECTORS’ REPORT AND STRATEGIC REPORT**
## **Statement of Directors’ responsibilities**
The Directors (who are also trustees of the charity for the purposes of charity law) are responsible for preparing the Board of Directors’ and Strategic reports and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Directors 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 of the incoming resources and application of resources, including the income and expenditure for that period. In preparing these financial statements, the Directors are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable Company will continue in operation.
The Directors 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, Charities Act 2011, and the Charities (Accounts and Reports) Regulations 2008. They are also responsible for safeguarding the assets of the charitable Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **Auditor**
The auditor, BDO LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
This report and incorporated strategic report was approved by the Board of Directors on ……………………….. and signed on their behalf, by: 23/06/2026
## **Mrs S C Sjuve Director**
- 18 -
**INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF HORDER HEALTHCARE**
## **Report on the audit of the financial statements**
## **Opinion**
In our opinion, the financial statements:
- give a true and fair view of the state of the Charitable Company’s affairs as at 30 June 2025 and of its incoming resources and application of resources and the Charitable Company’s cash flows for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements of Horder Healthcare (“the Charitable Company”) for the year ended 30 June 2025 which comprise the following: the Statement of financial activities (including income and expenditure account), the Charity balance sheet, Statement of cash flows and Notes 1 to 26 to the Charitable Company financial statements.
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).
## **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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## _Independence_
We remain independent of the 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.
## **Conclusions related 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 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. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the Charitable Company’s ability to continue as a going concern.
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 Trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our auditor’s report thereon. 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 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.
- 19 -
**INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF HORDER HEALTHCARE**
## **Other Companies Act 2006 reporting**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Trustees’ Report, which includes the Directors’ Report and the Strategic report prepared for the purposes of Company Law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic report and the Directors’ Report, which are included in the Trustees’ Report, have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Charitable Company and its environment obtained in the course of the audit, we have not identified material misstatement in the Strategic report or the Trustees’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the Charitable Company, or returns adequate for our audit have not been received from branches not visited by us; or
- the Charitable Company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of Directors’ remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report.
## **Responsibilities of Trustees**
As explained more fully in the Statement of Directors’ responsibilities, the Directors (who are also the trustees of the charitable company for the purposes of charity law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the 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 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**
Our objectives are to obtain reasonable assurance about whether the 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 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.
However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the Charitable Company and management.
- 20 -
**INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF HORDER HEALTHCARE**
## _Extent to which the audit was capable of detecting irregularities, including fraud_
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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
_Non-compliance with laws and regulations_
Based on:
- Our understanding of the Charitable Company and the sector in which it operates;
- Discussion with management and those charged with governance; and
- Obtaining and understanding of the Charitable Company’s policies and procedures regarding compliance with laws and regulations.
We considered the significant laws and regulations to be UK GAAP, Charities Acts, Companies Act and UK tax legislation.
The Charitable Company is also subject to laws and regulations where the consequence of noncompliance could have a material effect on the amount or disclosures in the financial statements, for example through the imposition of fines or litigations. We identified such laws and regulations to be health and safety legislation, Care Quality Commission, employment law and data protection.
Our procedures in respect of the above included:
- Enquiries of management whether there were any litigations and claims;
- Review of minutes of meetings of those charged with governance for any instances of noncompliance with laws and regulations;
- Review of correspondence with regulatory and tax authorities for any instances of noncompliance with laws and regulations;
- Review of financial statement disclosures and agreeing to supporting documentation;
- Involvement of tax specialists in the audit; and
- Review of legal expenditure accounts to understand the nature of expenditure incurred.
## _Fraud_
We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk assessment procedures included:
- Enquiry with management and those charged with governance (including the Audit Committee and internal audit) regarding any known or suspected instances of fraud;
- Obtaining an understanding of the Charitable Company’s policies and procedures relating to: `o` Detecting and responding to the risks of fraud; and
- Internal controls established to mitigate risks related to fraud.
- Review of minutes of meetings of those charged with governance for any known or suspected instances of fraud;
- Discussion amongst the engagement team as to how and where fraud might occur in the financial statements; and
- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
Based on our risk assessment, we considered the areas most susceptible to fraud to be management override of control.
Our procedures in respect of the above included:
- Testing a sample of journal entries throughout the year, which met a defined risk criteria, by agreeing to supporting documentation; and
- Assessing significant estimates made by management for bias, including the provision for doubtful debt and determination of the deferred income balance and impairment.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members who were all deemed to have appropriate competence and capabilities and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
- 21 -
## **INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF HORDER HEALTHCARE**
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed 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 are to become aware of it.
A further description of our responsibilities for the audit of the financial statements is located at the Financial Reporting Council’s (“FRC’s”) website at: https://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 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 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 Charitable Company and the Charitable Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Fiona Condron (Senior Statutory Auditor)
For and on behalf of BDO LLP, statutory auditor
UK
## 24 June 2026
BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).
- 22 -
## **HORDER HEALTHCARE**
## **STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)**
## **FOR THE YEAR ENDED 30 JUNE 2025**
|||**Unrestricted**|**Restricted**|**Total Funds**|**Total Funds**|
|---|---|---|---|---|---|
|||**Funds**|**Funds**|||
|||**2025**|**2025**|**2025**|**2024**|
||**Notes**|**£000**|**£000**|**£000**|**£000**|
|**Income from:**||||||
|Donations and legacies|3|69|-|69|312|
|Charitable activities|4|37,914|-|37,914|38,568|
|Other trading activities|5|837|-|837|753|
|Investments|6|211|-|211|313|
|Other|7|971|-|971|1,079|
|||---------------------------|---------------------------|---------------------------|---------------------------|
|**Total**||40,002|-|40,002|41,025|
|||---------------------------|---------------------------|---------------------------|---------------------------|
|**Expenditure on:**||||||
|Charitable and other trading|8|49,714|9|49,723|43,557|
|activities||||||
|||---------------------------|---------------------------|---------------------------|---------------------------|
|**Total**||49,714|9|49,723|43,557|
|||---------------------------|---------------------------|---------------------------|---------------------------|
|**Net (expenditure)**||(9,712)|(9)|(9,721)|(2,532)|
|Other gains|10|220|-|220|-|
|||---------------------------|---------------------------|---------------------------|---------------------------|
|**Net movement in funds**||(9,492)|(9)|(9,501)|(2,532)|
|**Total funds at 1 July**||58,319|16|58,335|60,867|
|||---------------------------|--------------------------|--------------------------|--------------------------|
|**Total funds at 30 June**||48,827|7|48,834|58,335|
|||============|===========|===========|===========|
The net movement in funds for the year arise from the charity’s continuing operations. The notes on pages 26 to 38 form an integral part of these financial statements.
- 23 -
## **HORDER HEALTHCARE**
## **CHARITY BALANCE SHEET**
|**AS AT 30 JUNE 2025**|**Company**|**No 03052242**||
|---|---|---|---|
|||**2025**|**2024**|
||**Notes**|**£000**|**£000**|
|**Fixed assets**||||
|Tangible assets|15|42,719|51,657|
|||-------------------------|-------------------------|
|||42,719|51,657|
|**Current assets**||||
|Stock|17|906|797|
|Debtors|18|5,507|4,743|
|Cash at bank and in hand||5,348|5,830|
|||-------------------------|-------------------------|
|||11,761|11,370|
|**Creditors:**amounts falling due within one year|19|(5,646)|(4,692)|
|||-------------------------|-------------------------|
|**Net current assets**||6,115|6,678|
|||-------------------------|-------------------------|
|**Total assets less current liabilities**||48,834|58,335|
|||==========|==========|
|**Funds of the charity**||||
|General||34,303|43,353|
|Unrestricted revaluation reserve||14,524|14,966|
|Restricted||7|16|
|||-----------------------|-----------------------|
|**Total funds**|24|48,834|58,335|
|||==========|==========|
These financial statements were approved and authorised for issue by the Board of Directors on
23/06/2026
………………………….
Mrs E Richardson Director
- 24 -
## **HORDER HEALTHCARE**
## **STATEMENT OF CASH FLOWS**
## **FOR THE YEAR ENDED 30 JUNE 2025**
|||**2025**|**2024**|
|---|---|---|---|
||**Notes**|**£000**|**£000**|
|**Cash inflow used in operating activities:**||||
|Net cash used in operating activities|26|(649)|(2,100)|
|||--------------------------|--------------------------|
|||(649)|(2,100)|
|**Cash flows from investing activities:**||||
|Interest received||211|313|
|Gain on disposal of joint venture||220|-|
|Purchase of tangible fixed assets||(264)|(662)|
|||---------------------------|---------------------------|
|**Net cash generated by/(used in) investing activities**||167|(349)|
|**Net decrease in cash and cash equivalents**|27|(482)|(2,449)|
|Cash and cash equivalents brought forward||5,830|8,279|
|||-------------------------|-------------------------|
|Cash and cash equivalents carried forward||5,348|5,830|
|||==========|==========|
|**Relating to:**||||
|Cash at bank and in hand||5,348|5,830|
|||-------------------------|-------------------------|
|||5,348|5,830|
|||==========|==========|
The charity does not hold any debt and as such a net debt reconciliation is not provided as detailed in note 26.
- 25 -
## **HORDER HEALTHCARE**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025**
## **1 Accounting policies**
## **Legal status**
The charity is a private Company limited by guarantee and incorporated in England and Wales. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per voting member of the Charity.
The charity’s objectives and aims are disclosed in the Board of Directors and Strategic Report.
## **Accounting Convention**
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, the requirements of the Companies Act 2006 and under the historical cost convention. The financial statements have also been prepared in accordance with the accounting policies set out in more detail below, to comply with the charity’s governing document and 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 (as amended for accounting periods commencing from 1 January 2019) (the FRS 102 Charities SORP 2019).
The financial statements are prepared in sterling, which is the functional currency of the charitable Company. Monetary amounts in these financial statements are rounded to the nearest £1,000.
The charity constitutes a public benefit entity as defined by FRS102.
The financial statements contain information about Horder Healthcare Limited as an individual company and do not contain consolidated financial information for the group. The directors consider that the company's subsidiary should be excluded from consolidation as it is dormant and its inclusion is not material for the purpose of giving a true and fair view. The Company is therefore exempt under section 405 of the Companies Act from the requirement to prepare consolidated financial statements.
## **Going concern**
The Directors have reviewed the Charity’s financial forecasts and projections covering a period that exceeds twelve months from the date of signing these financial statements.
The Directors are considering a number of options to secure the future of the organisation. As part of the stress testing of the forecasts, the directors assessed what degree of downturn in trading Horder Healthcare could sustain before it could no longer forecast a positive cash balance. This stress testing was based on a percentage reduction in revenue with a consistent percentage decline in variable costs, whilst maintaining the forecasted fixed costs. The testing did not allow for the benefit of any mitigating actions that could be taken to preserve cash. The stress testing suggested that annual income would have to decrease by 10% before the Group and Charity would no longer forecast a positive cash balance. Taking into account our principal risks and mitigating actions, we do not believe that such a reduction in income is plausible.
Based on the analysis, Group and Charity would have sufficient resources to meet their liabilities as they fall due within 12 months from the date of the signing of the financial statements. Accordingly, the going concern basis has been used in preparing these financial statements.
- 26 -
## **HORDER HEALTHCARE**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 30 JUNE 2025**
## **1 Accounting policies (continued)**
## **Income**
Fees are included on an accrual basis once each stage of treatment has been completed.
Bequests are recognised in the accounts when the charity is entitled to receipt and the amount can be measured with reasonable certainty.
Donations, investment income and other income are included on a cash basis.
## **Expenditure**
Expenses include any attributable VAT which cannot be recovered and are recognised in the period in which they are incurred.
_Charitable activities_ include expenditure on patients.
_Support costs_ , which include governance costs, are allocated to patients’ expenditure. _Governance costs_ include those costs incurred in the governance of the charitable Company and are primarily associated with constitutional and statutory requirements.
## **Fund accounting**
General funds are unrestricted funds which are available for use at the discretion of the Board of Directors in furtherance of the general objectives of the charitable Company and which have not been designated for other purposes. The revaluation reserve relates to the revaluation of certain tangible fixed assets. The revaluation reserve is transferred to general reserves in line with revalued assets’ depreciation rate. Restricted funds represent income contributions which are restricted to a particular purpose, in accordance with the donor’s wishes.
## **Tangible fixed assets**
Tangible fixed assets are measured at cost, net of depreciation and any impairment.
## **Depreciation**
Depreciation is provided at rates calculated to write off the cost of tangible fixed assets, less their estimated residual value, over their expected useful lives as follows:
|Freehold land|-|Nil|
|---|---|---|
|Freehold buildings|-|Over 50 years|
|Equipment|-|4 - 10 years|
|Motor vehicles|-|25% reducing balance|
Assets under £1,000 are not capitalised and are charged directly to the statement of financial activities. A full year of depreciation is charged in the year of acquisition and when brought into use.
## **Impairment of fixed assets**
At each reporting period end date, the charitable Company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the charitable Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
- 27 -
## **HORDER HEALTHCARE**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 30 JUNE 2025**
## **1 Accounting policies (continued)**
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in the SOFA, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
## **Stock**
Stock is stated at the lower of cost and net realisable value. Cost is computed on a first in, first out basis. Net realisable value is based on estimated selling price after allowing for all further costs of completion and disposal.
## **Pensions**
The charitable Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charity to the fund in respect of the year.
## **Employee benefits**
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received where deemed material by the Directors.
Termination benefits are recognised immediately as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
## **Operating leases**
Rentals under operating leases are charged on a straight-line basis over the lease term.
## **Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks and other shortterm liquid investments with original maturities of three months or less.
## **Financial instruments**
The charitable Company applies the provisions of Section 11 “Basic Financial Instruments” of FRS102 to all of its financial instruments. Financial instruments are recognised when the Company becomes party to the contractual provisions of the instrument.
Financial assets and financial liabilities are recognised when the charitable Company becomes a party to the contractual provisions of the instrument and are offset only when the charitable Company currently has a legally enforceable right to set off the recognised amounts and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
## _**Financial assets**_
Fee debtors, amounts owed by joint ventures and other debtors (including accrued income) which are receivable within one year and which do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses.
Where the arrangement with a debtor constitutes a financing transaction, the debtor is initially measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument and subsequently measured at amortised cost.
- 28 -
## **HORDER HEALTHCARE**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025**
## **1 Accounting policies (continued)**
A provision for impairment of trade debtors is established when there is objective evidence that the amounts due will not be collected according to the original terms of the contract. Impairment losses are recognised in profit or loss for the excess of the carrying value of the trade debtor over the present value of the future cash flows discounted using the original effective interest rate. Subsequent reversals of an impairment loss that objectively relate to an event occurring after the impairment loss was recognised, are recognised immediately in profit or loss.
## _**Financial liabilities**_
Basic financial liabilities, including trade and other payables and amounts owed to joint ventures, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
## **2 Accounting estimates and areas of judgment**
In the application of the charity’s accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
## **Recoverability of debtors**
The charity establishes a provision for debtors that are estimated not to be recoverable. When assessing recoverability, the directors consider factors such as the ageing of the debtors and past experience of recoverability.
## **Impairment of fixed assets**
At each reporting period end date, the company reviews the carrying amounts of its property, plant and equipment to determine whether there is any indication that these assets are impaired.
Based on this review and the anticipated future economic benefits of the assets concerned, an impairment charge of £8m (2024: £nil) has been recognised to reflect their fair value.
## **3 Donations and legacies**
|**onations and legacies**|||
|---|---|---|
||**Unrestricted**||
||**Total**|**Total**|
||**2025**|**2024**|
||**£000**|**£000**|
|Donations and covenants receivable|10|10|
|Bequests|59|302|
||-------------------------|-------------------------|
||69|312|
||===========|===========|
- 29 -
## **HORDER HEALTHCARE**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 30 JUNE 2025**
|**4**|**Income from Charitable activities**|**Unrestricted**|**Unrestricted**|
|---|---|---|---|
|||**Total**|**Total**|
|||**2025**|**2024**|
|||**£000**|**£000**|
||Provision of healthcare services|37,914|38,568|
|||===========|===========|
|**5**|**Other trading activities**|**Unrestricted**||
|||**Total**|**Total**|
|||**2025**|**2024**|
|||**£000**|**£000**|
||Other income|793|703|
||Hire of facilities|44|50|
|||-------------------------|-------------------------|
|||837|753|
|||===========|===========|
Included within other income is £652,353 (2024: £575,437) received in relation to the eTriage system.
|**6**|**Investments**|**Unrestricted**|**Unrestricted**|
|---|---|---|---|
|||**Total**|**Total**|
|||**2025**|**2024**|
|||**£000**|**£000**|
||Interest receivable|211|313|
|||==========|==========|
|**7**|**Other income**|**Unrestricted**||
|||**Total**|**Total**|
|||**2025**|**2024**|
|||**£000**|**£000**|
||Expense recharges to SMSKP2 Limited|971|1,079|
|||===========|===========|
- 30 -
## **HORDER HEALTHCARE**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 30 JUNE 2025**
## **8 Expenditure on Charitable activities**
||**Unrestricted**|**Restricted**|**Total**|**Total**|
|---|---|---|---|---|
|**Patient services**|**2025**|**2025**|**2025**|**2024**|
||**£000**|**£000**|**£000**|**£000**|
|Theatre and medical costs|14,086|-|14,086|15,859|
|Wages, salaries and national insurance|11,635|-|11,635|10,962|
|Pension cost|609|-|609|498|
|Depreciation and impairment|9,193|9|9,202|1,702|
|Support costs (note 9)|14,191|-|14,191|14,536|
||----------------------------|--------------------------|-------------------------|-------------------------|
||49,714|9|49,723|43,557|
||============|===========|===========|===========|
Of the total charitable expenditure for the year to 30 June 2025, £9,437 (2024: £10,032) is attributable to restricted funds and £49,713,636 (2024: £40,452,257) to unrestricted funds.
- **9 Support costs**
|||||
|---|---|---|---|
|**9**|**Support costs**|**Unrestricted**||
|||**Total**|**Total**|
|||**2025**|**2024**|
|||**£000**|**£000**|
||Catering, laundry and office costs|1,781|1,866|
||Legal and professional fees|619|500|
||Building and equipment maintenance|1,530|1,506|
||Staff costs|6,377|6,462|
||Finance costs|332|257|
||Clinical governance|8|43|
||Other direct costs|3,437|3,798|
||Governance|108|104|
|||-----------------------|-----------------------|
|||14,191|14,536|
|||==========|==========|
|**10**|**Other gains**|**Unrestricted**||
|||**2025**|**2024**|
|||**£000**|**£000**|
||Gain on disposal of investment in joint venture|220|-|
|||------------------------|------------------------|
|||220|-|
|||===========|===========|
|**11**|**Auditor’s remuneration**|**Unrestricted**||
|||**2025**|**2024**|
|||**£000**|**£000**|
||Audit fees|108|92|
||Under accrual of prior year fees|-|12|
|||-------------------------|-------------------------|
|||108|104|
|||===========|===========|
- 31 -
## **HORDER HEALTHCARE**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025**
## **12 Taxation**
Horder Healthcare is a registered charity and as such its income and gains falling within Sections 471 to 489 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 are exempt from corporation tax to the extent that they are applied to its charitable objectives.
## **13 Staff costs and remuneration of key management personnel**
||**2025**|**2024**|
|---|---|---|
||**£000**|**£000**|
|Wages and salaries|16,401|15,886|
|Social security costs|1,659|1,492|
|Pension costs|980|868|
|Redundancy costs|54|-|
||-------------------------|-------------------------|
||19,094|18,246|
||===========|===========|
## **Employees**
The number of higher paid employees, including clinicians, remuneration including taxable benefits in kind and redundancy/termination payments but not employer pension contributions nor employer National Insurance contribution costs was:
|National Insurance contribution costs was:|||
|---|---|---|
||**2025**|**2024**|
||**No.**|**No.**|
|In the band £60,001 - £70,000|9|11|
|In the band £70,001 - £80,000|7|9|
|In the band £80,001 - £90,000|5|8|
|In the band £90,001 - £100,000|3|1|
|In the band £100,001 - £110,000|1|1|
|In the band £110,001 - £120,000|1|-|
|In the band £120,001 - £130,000|-|1|
|In the band £150,001 - £160,000|-|2|
|In the band £170,001 - £180,000|1|-|
|In the band £180,001 - £190,000|-|1|
|In the band £190,001 - £200,000|1|-|
||---------------------|---------------------|
||28|34|
||===========|===========|
In accordance with the Governing document, the Chief Executive is also a Director of the charity but receives remuneration in respect of their role as Chief Executive and not as a Trustee.
Mrs E Richardson the new Chief Executive, from 1 July 2025, is a member of the Senior Executive team and Board of Directors from this date. All remuneration received in the year to 30 June 2025 was prior to her becoming the Chief Executive.
Dr R Tyler the Chief Executive until 30 June 2025, a member of the Senior Executive team was also a member of the Board of Directors and received remuneration and benefits for his services in that office, through an employment contract with the charity, was £198,934 (2024: £192,601), in addition, pension contributions for the year were £22,331 (2024: £59,387).
The number of directors to whom retirement benefits are accruing is 1 (2024: 2).
- 32 -
## **HORDER HEALTHCARE**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025**
## **13 Staff costs and remuneration of key management personnel (continued)**
The Charity considers its Board of Directors and certain members of the Senior Executive team as their key management personnel. The total employment benefits including employer contribution of the key management personnel was £239,958 (2024: £469,073). Board member details can be found on page 1.
No other members of the Board of Directors received any emoluments during either year. During the year 1 trustee (2024: 2) received reimbursement of travel expenses totalling £298 (2024: £455).
The average number of employees during the year was made up as follows:
||The average number of employees during the year|was made up as follows:||
|---|---|---|---|
|||**2025**|**2024**|
|||**No.**|**No.**|
||Clinical|220|205|
||Clinical support|92|81|
||Non-clinical|146|160|
|||----------------|----------------|
|||458|446|
|||========|========|
|**14**|**Net expenditure**|||
|||**2025**|**2024**|
||This is stated after charging:|**£000**|**£000**|
||Depreciation|1,663|1,702|
||Impairment|7,538|-|
||Operating lease rentals|91|54|
|||========|========|
The Directors have reviewed the carrying value of certain assets. Based on their assessment of the expected future economic benefits, an impairment charge has been recognised in the current year.
- 33 -
## **HORDER HEALTHCARE**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 30 JUNE 2025**
## **15 Tangible fixed assets**
|**ngible fixed assets**|||||
|---|---|---|---|---|
||**Freehold**||||
||**Land and**||**Motor**||
||**Buildings**|**Equipment**|**Vehicles**|**Total**|
||**£000**|**£000**|**£000**|**£000**|
|**Cost**|||||
|At 1 July 2024|58,088|13,770|155|72,013|
|Additions|114|150|-|264|
||-------------------|-----------------|-------------------|-----------------|
|At 30 June 2025|58,202|13,920|155|72,277|
||==========|=========|==========|=========|
|**Depreciation and impairment**|||||
|At 1 July 2024|8,810|11,429|117|20,356|
|Charge for the year|962|691|10|1,663|
|Impairment charge|6,697|842|-|7,539|
||--------------------|-----------------|-------------------|-------------------|
|At 30 June 2025|16,469|12,962|127|29,558|
||===========|=========|==========|===========|
|**Net book value**|||||
|At 30 June 2025|41,733|958|28|42,719|
||===========|==========|==========|===========|
|At 30 June 2024|49,278|2,341|38|51,657|
||===========|==========|==========|===========|
Included within freehold land and buildings is £10,003,809 (2024: £10,003,809) of freehold land.
The Directors have reviewed the carrying value of certain assets. Based on their assessment of the expected future economic benefits, an impairment charge has been recognised in the current year.
## **16 Fixed asset investments**
The charity has the following unlisted investments:
Details of the company's subsidiaries at 30 June 2025:
|**Subsidiary undertakings:**|**Company**|**Class**|**% held**|
|---|---|---|---|
||**registration**||**directly**|
||**number**|||
|Horder MSK Limited|09182301|Ordinary|100|
Horder MSK Limited is a holding company for the joint venture enterprise with SMSKP2 Limited. It was incorporated on 19 August 2014. Horder MSK Limited made a £nil profit in the year end 30 June 2025 (2024: £nil).
The total cost of the shares held in Horder MSK Limited is £2 (2024: £2). The aggregate capital and reserves of Horder MSK Limited at 30 June 2025 was £2 (2024: £2), the total assets were £4 and total liabilities were £2.
During the year the joint venture agreement held within Horder MSK Limited was discontinued.
The registered office for all subsidiary undertakings is The Horder Centre, St Johns Road, Crowborough, East Sussex, TN6 1XP.
- 34 -
## **HORDER HEALTHCARE**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 30 JUNE 2025**
## **17 Stock**
|**17**|**Stock**|||
|---|---|---|---|
|||**2025**|**2024**|
|||**£000**|**£000**|
||Theatre, medical and surgical consumables and drugs|647|515|
||Prosthesis|259|282|
|||--------------------|--------------------|
|||906|797|
|||========|========|
|**18**|**Debtors**|||
|||**2025**|**2024**|
|||**£000**|**£000**|
||Fee debtors|4,070|3,152|
||Other debtors|219|211|
||Prepayments and accrued income|1,218|1,380|
|||----------------|----------------|
|||5,507|4,743|
|||=======|=======|
Included in fee debtors is £nil (2024: £481,622) owed by SMSKP2 Limited.
## **19 Creditors: Amounts falling due within one year**
|**reditors: Amounts falling due within one year**|||
|---|---|---|
||**2025**|**2024**|
||**£000**|**£000**|
|Trade creditors|818|1,142|
|Social security and other taxes|416|389|
|Other creditors|117|269|
|Accruals|1,488|1,991|
|Deferred income (note 20)|2,807|901|
||-------------|-------------|
||5,646|4,692|
||=======|=======|
|**eferred income**|||
||**2025**|**2024**|
||**£000**|**£000**|
|Deferred income as at 1 July|901|1,765|
|Income deferred in the year|2,732|593|
|Release of income during the year|(826)|(1,457)|
||---------------|---------------|
|Deferred income as at 30 June|2,807|901|
||========|========|
## **20 Deferred income**
Deferred income represents income received from the NHS, private medical insurance companies, and self-paying patients in advance for healthcare services.
- 35 -
## **HORDER HEALTHCARE**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025**
## **21 Pension**
The charity operates a defined contribution scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £980,000 (2024: £2,102,000). The amount outstanding at the balance sheet date was £139,858 (2024: £261,737) and is shown within other creditors.
## **22 Related party transactions**
During the year the charity recharged SMSKP2 Limited, a company which Horder MSK Limited had joint control over until the joint venture agreement was discontinued on 22 May 2025, £971,440 (2024: £1,081,171) for costs incurred on their behalf. Income of £6,889,424 (2024: £15,399,999) was received through contract activity. At the balance sheet date £nil (2024: £481,622) was outstanding by SMSKP2 Limited and is included in fee debtors.
## **23 Funds**
|**unds**|||
|---|---|---|
|||**General fund**|
||**2025**|**2024**|
||**£000**|**£000**|
|Balance at 1 July|43,353|45,433|
|Movement in funds for the year|(9,492)|(2,522)|
|Transfer from revaluation reserve|442|442|
||---------------------|
---------------------|
|Balance at 30 June|34,303|43,353|
||=========|
=========|
General Fund – this relates to unrestricted and undesignated funds which are available for expending in line with the charity’s objects.
The transfer made is in relation to excess depreciation being charged on the revalued element of the freehold property, excluding land.
|||**Revaluation reserve**|**Revaluation reserve**|
|---|---|---|---|
|||**2025**|**2024**|
|||**£000**|**£000**|
|Balance at|1 July|14,966|15,408|
|Transfer||(442)|(442)|
|||---------------------|---------------------|
|Balance at|30 June|14,524|14,966|
|||=========|=========|
The revaluation reserve relates to the revaluation of freehold property. The transfer made is in relation to excess depreciation being charged on the revalued element of the freehold property, excluding land.
Prior to the charity’s conversion to FRS102 in June 2014, the accounting policy for freehold property was to include it in the financial statements at its revalued amount. Since that point, the accounting policy has been revised to include the property at deemed cost, adopting the revalued amounts as the cost.
- 36 -
## **HORDER HEALTHCARE**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 30 JUNE 2025**
## **23 Funds (continued)**
|**Funds (continued)**|||
|---|---|---|
||**Restricted funds**||
||**2025**|**2024**|
||**£000**|**£000**|
|Balance at 1 July|16|26|
|Movement in funds for the year|(9)|(10)|
||----------------------|----------------------|
|Balance at 30 June|7|16|
||=========|=========|
Restricted funds – relates to the purchase of medical equipment and motor vehicles.
## **24 Analysis of net assets between funds**
## **2025**
|**025**||||
|---|---|---|---|
||**Tangible &**|**Net current**|**Total**|
||**Intangible fixed**|**assets**|**2025**|
||**assets**|||
||**£000**|**£000**|**£000**|
|General fund|28,188|6,115|34,303|
|Revaluation reserve|14,524|-|14,524|
|Restricted fund|7|-|7|
||-------------------|-----------------|-----------------|
||42,719|6,115|48,834|
||==========|=========|=========|
## **2024**
|**2024**||||
|---|---|---|---|
||**Tangible &**|**Net current**|**Total**|
||**Intangible fixed**|**assets**|**2024**|
||**assets**|||
||**£000**|**£000**|**£000**|
|General fund|36,675|6,678|43,353|
|Revaluation reserve|14,966|-|14,966|
|Restricted fund|16|-|16|
||-------------------|-----------------|-----------------|
||51,667|6,678|58,335|
||==========|=========|=========|
- 37 -
## **HORDER HEALTHCARE**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025**
## **25 Commitments under operating leases**
The charity leases assets under normal commercial terms.
At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
||**2025**|**2024**|
|---|---|---|
||**£000**|**£000**|
|Less than one year|91|50|
|Between 2 and 5 years|130|30|
||---------------------|---------------------|
||221|80|
||=========|=========|
|**et cash flow from operations**|||
||**2025**|**2024**|
||**£000**|**£000**|
|Net expenditure|(9,501)|(2,532)|
|Depreciation and impairment of tangible fixed assets|9,202|1,702|
|Investment income|(211)|(313)|
|Gain on disposal of joint venture|(220)|-|
|(Increase)/decrease in stocks|(109)|20|
|(Increase) in debtors|(764)|(147)|
|Increase/(decrease) in creditors|954|(830)|
||--------------------|--------------------|
|Net cash outflow from operating activities|(649)|(2,100)|
||==========|==========|
## **26 Net cash flow from operations**
## **Reconciliation of changes in net cash**
||**1 July**|**Cash**|**30 June**|
|---|---|---|---|
||**2024**|**flows**|**2025**|
||**£000**|**£000**|**£000**|
|Cash and cash equivalents|5,830|(482)|5,348|
||----------------------|----------------------|----------------------|
|Total net cash|5,830|(482)|5,348|
||══════|=========|══════|
- 38 -