# **Registered Charity Number: 1059029 Registered Company Number: 3232837**
REPORTS AND ACCOUNTS FOR YEAR ENDED 31 MARCH 2023
Richard House Trust is a registered charity (1059029) and a company limited by guarantee (3232837 - England & Wales). Its registered office is Richard House Children's Hospice, Richard House Drive, London E16 3RG.
**Richard House Trust Annual Report and Financial Statements for the year ended 31 March 2023**
## **Contents**
|**Part One - Trustee Directors’ Annual Report**|**2 to 22**|
|---|---|
|Introduction from our Chair|3|
|Trustee Directors’ Annual Report|4|
|Structure, Governance and Management|5-6|
|Who We Are|7|
|Vision, Mission and Values|8|
|Our Services|9|
|Our People|10-11|
|How Did We Do?|12|
|Priorities and Performance|13-15|
|Plans for the Future|16-19|
|Financial Review|20-21|
|Statement of Trustees’ Responsibilities|22|
|**Part Two – Financial Statements**|**23 to 41**|
|Independent Auditor’s Report|24-25|
|Consolidated Statement of Financial Activities|29|
|Consolidated and Company Balance Sheet|30|
|Consolidated Cashflow Statement|31|
|Notes to the Financial Statements|32-40|
|Our Thanks|41|
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Richard House Trust Annual Report and Financial Statements for the year ended 31 March 2023
Part I
Report from the Trustees
**Richard House Trust Annual Report and Financial Statements for the year ended 31 March 2023**
## **Introduction from our Chair**
The Board of Trustees is pleased to present the Richard House Children’s Hospice annual report and financial statements for the year ending 31 March 2023.
Richard House exists to provide the best possible care for babies, children and young people with life limiting and life-threatening conditions and to give much needed support to their families.
The year was one in which we encountered both opportunities and challenges.
The impact of the COVID-19 pandemic on the hospice’s activities declined as the year progressed. All who care about Richard House were delighted to see the full range of our services, from respite care to family events, restarting.
Alongside reopening for respite, we continued to care for a number of life limited children on a longer term basis. The way they respond to the ongoing care and attention provided by our team is wonderful to see and highlights the value of the service Richard House provides.
Our biggest challenge has been the lasting effect of the COVID-19 pandemic on our fundraising. We were sad to see many valuable fundraising relationships ending as a result of changes at donor organisations and considerable changes in our own fundraising team. We are grateful to those who continued to support Richard House as we address these challenges.
We were extremely fortunate to have benefitted from a significant legacy from a long term supporter of Richard House. This is reflected in the numbers in our accounts and more vibrantly in the care we are able to continue to provide for our families. The legacy contributed to our ability to record a 23% increase in income, a figure that was also bolstered by a significant increase in the level of activity in care.
Our expenditure once again exceeded our revenues with our charitable spending increasing by nearly £585,000 to over £3.5 million, again reflecting the increased care activities.
While our deficit in the year decreased significantly to £274,000, a reduction of 40% from the previous year, running a deficit is not sustainable in the longer term. The focus of the Board and a priority for our senior leadership team is to grow our income base and build our resources to secure a sustainable future for Richard House.
Despite these worrying challenges, I continue to take pleasure in the wonderful care and support Richard House continues to provide for the children, young people and families who rely on the hospice.
On behalf of the Board I would like to thank the team at Richard House led by our CEO, Chris Baker, our volunteers, and all who have supported Richard House in any way over the last year.
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**Nicola Ukiah, Chair**
**Richard House Trust Annual Report and Financial Statements for the year ended 31 March 2023**
## **Richard House Trust Trustee Directors’ Annual Report**
The Trustee Directors present their Trustee Directors’ Annual Report and the audited financial statements of the company for the year ended 31 March 2023.
## **Reference and administration details**
|Charity name:|Richard House Trust|
|---|---|
|Registered company number:|3232837|
|Registered charity number:|1059029|
|Registered office:|Richard House Children’s Hospice|
||Richard House Drive|
||London|
||E16 3RG|
|Trustee Directors:|David Bickerton|
||Sara Hazzard|
||James Joly|
||Derek Lovelock|
||Wendy Pritchard|
||Gowhar Shaikh|
||Dr Meng Tan|
||Nicola Ukiah (Chair)|
||John Winter|
|Chief Executive and||
|Company Secretary:|Christopher Baker|
|Auditors:|Moore Kingston Smith LLP 6th Floor|
||9 Appold Street|
||London|
||EC2A 2A|
|Bankers :|HSBC|
||59-61 The Mall|
||Stratford|
||London|
||E15 1XF|
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**Richard House Trust Annual Report and Financial Statements for the year ended 31 March 2023**
## **Structure, Governance and Management**
## Governing document
The company is limited by guarantee governed by its Memorandum and Articles of Association dated 1 August 1996 as amended on 4 October 1996, 27 January 1999, 18 August 2010 and 15 November 2011. Every member undertakes to contribute such amount as may be required, not exceeding £1, to the company's assets if the company should be wound up whilst he or she is a member or within one year after he or she ceases to be a member. The company is also a registered charity.
## Appointment of Trustee Directors
The Board of Trustee Directors selects new members of the Board of Trustee Directors. Applications for trusteeship are sought by various methods including advertisement and with regard to the mix of experience and skills required for the good governance of the Trust.
## Trustee induction and training
New Trustee Directors are provided with an information pack and full in-house induction at the time of their appointment. A programme of training updates is also in place for all Trustees Directors. All trustees have been DBS checked.
## Related parties
Richard House Trading Company Limited, a wholly owned subsidiary of the charity, was established to operate the trading activities. In accordance with its Memorandum and Articles of Association, Richard House Trading Company Limited gifts, as Gift Aid, its profits to the charity. Richard House Developments Limited, a wholly owned subsidiary of the charity, has been dormant since 31 March 2004.
## Compliance with ICO regulation
We are registered with the Fundraising Regulator and comply with the Codes of Fundraising Practice and we are committed to complying with the regulator’s Fundraising Promise together with the Information Commissioner’s Office (ICO) Direct Marketing guidelines. Over the past year we have sent out various mailings and received no complaints.
## Organisation
The Board of Trustee Directors is responsible for the governance, strategy and direction of the charity. The Senior Leadership Team (with responsibility for care and family services, income generation, human resources and engagement, finance and operations) led by the Chief Executive, is accountable for the delivery of the strategy. Day-to-day activities and operations are carried out by appropriately qualified staff and volunteers, under the leadership and direction of the Chief
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**Richard House Trust Annual Report and Financial Statements for the year ended 31 March 2023**
Executive and other members of the Senior Leadership Team. The remuneration of key management has been set by the Trustees taking account of market rates, expertise, experience and skills required to fulfil the roles successfully. The Board of Trustee Directors has continued to meet by zoom throughout the year supported by committees attending to more specific matters involved with clinical governance, finance and fundraising. A separate Richard House Trading Company Limited Board of Directors meets to oversee the affairs of that company.
## Risk management
The Board of Trustee Directors is aware of the need for major risks to be identified and managed, and systems and staff structures are in place to support this. Richard House Trust is registered with the Care Quality Commission under the Care Standards Act 2000 and the Health and Social Care Act 2008 and as such is inspected, in accordance with the appropriate schedules, by their regulatory agencies. Richard House Trust holds a risk register and the process of risk management includes regular consideration of new risks, which is undertaken by the Senior Leadership Team. The Board of Trustee Directors is updated on these risks and consider that the major risks to which the charity is exposed have been reviewed and that systems or procedures have been established to manage these.
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**Richard House Trust Annual Report and Financial Statements for the year ended 31 March 2023**
## **Who we are**
Founded in 2000 by Life-President Anthea Hare, Richard House is London’s first children’s hospice. We provide palliative care and end-of-life services to babies, children and young people diagnosed with life-limiting and life-threatening conditions, and also give support to their families based on a foundation of partnership and real choice.
Based in East London, Richard House supports families from Newham, Barking, Dagenham, Tower Hamlets, Waltham Forest, Hackney, Redbridge, Haringey, Islington, Ilford, Camden and into South Essex. We help families choose when, where and how they receive care by offering residential admissions, day care and Hospice at Home services.
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**Richard House Trust Annual Report and Financial Statements for the year ended 31 March 2023**
## **Vision, Mission and Values**
## Our Vision
Our vision is for communities to have a space where they can journey together to create memories of living and dying.
## Our Mission
Our mission is to support individuals, families and communities of all faiths and none with living, dying and death by helping families choose when, where and how they receive quality and holistic care.
## Our Values
Our values are based on taking **PRIDE** in everything that we do at Richard House and so:
- Create a **P** OSITIVE environment for all
- Be **R** ESPECTFUL and welcoming to all in our diverse communities
- Promote **I** NTEGRITY and openness in all we do
- Use the **D** EDICATION of our teams to put children and families first
- Achieve **E** XCELLENCE in care
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**Richard House Trust Annual Report and Financial Statements for the year ended 31 March 2023**
## **Our Services**
When a child is living with a life-limiting or life-threatening health condition, every member of their family is impacted physically, spiritually and emotionally.
Richard House provides a range of holistic and therapeutic services for the whole family, including:
- Clinical care – for children and young people with complex health care needs.
- Step down care – smoothing the transition from hospital to home.
- Short stays – providing respite and giving children and young people opportunities to enjoy social interaction.
- Hospice at Home – to provide health respite, step-down or end of life care to a child at home.
- Oncology services – providing support for children and young people with cancer and their families.
- Symptom management – ensuring pain and symptoms are minimised.
- End of life care – providing end of life care at the place of choice by families.
- Trips and family days – enabling children, young people and their families to enjoy activities they couldn’t do otherwise.
- Group sessions – providing a supportive environment to meet with others in similar situations.
- Music therapy – an established psychological clinical intervention through music to support our children and young people with their psychological, emotional, cognitive, physical, communicative and social needs.
- Counselling – available to children and young people, their parents and siblings.
- Transition service – providing young people and their family with information, advice and support when transitioning to adult services.
- Bereavement support – from our qualified practitioners, for the family during a child’s illness and following the child’s death.
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**Richard House Trust Annual Report and Financial Statements for the year ended 31 March 2023**
## **Our People**
## Our Staff
Our staff – both permanent and temporary – are key to all that we do at Richard House, and the Board thanks them for their continued efforts to care for our young people and support their families.
While the impact of COVID-19 was not as pronounced as in the last two years, ensuring the safety and wellbeing of our staff during the ongoing pandemic, as well as protecting the hospice and maintaining services, remained a priority. As such, we regularly reviewed and adapted our COVID secure working practices to provide protective care.
Our staff survey – run by external company Birdsong Consulting – ran in May and June 2022. We had a lower response rate than in 2021, believed to be reflective of our number of new starters and our pandemic-era homeworking, but we aim to increase this in future surveys.
We found average agreement with a list of 44 positive statements to be 62%, comparable to the previous year’s figures, with our staff most satisfied with the themes of “being myself”, “purpose”, “enjoying work” and “knowing what is expected of me”. Our themes for improvement were “leadership”, “stress”, “communications” and “environment”.
We aim to align our pay with the NHS Agenda for Change pay rates for our clinical staff and our recruitment drive successfully expanded our residential workforce, with the addition of a number of senior nurses and two band 7 nurses to offer clinical and managerial leadership.
This year marked the first year of our five-year education timeline, with a number of key achievements for permanent residential care staff. We adopted the Core Skills Training Framework 2021 ensuring we meet best practice standards, while 16 policies and procedures were reviewed and updated in collaboration with external specialists.
All of our registered nurses are PILS (Paediatric Immediate Life Support) course compliant, and 100% of our registered nurses are also competent in tracheostomy care. 76% of our modules are now taught in-house – a 58% increase on last year.
We provided 50 training days for care staff, and had 48 attendances to additional development courses. 91% of residential care staff are now compliant with all mandatory requirements.
We continue to promote our employee assistance programme to provide a range of support services, along with additional wellbeing resources, to ensure that staff have access to such support when needed.
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**Richard House Trust Annual Report and Financial Statements for the year ended 31 March 2023**
## Our Volunteers
In addition to our permanent and temporary staff, volunteers are a crucial part of the Richard House family. We have around 150 volunteers who donate their time and skills, with their roles ranging from retail assistants and van drivers to receptionists and gardeners.
They are our **HEROES** :
**H** appy to help **E** nthusiastic
**R** eliable
**O** utstanding
**E** ffective
**S** pecial
## Our Families
Alongside providing care to children and young people diagnosed with a life-limiting, life-threatening or complex health condition, providing support to families is an essential part of our core mission.
Richard House provides a family-centred, needs-led and outcome based service to meet the psychological, physical, emotional, social and spiritual needs of our children, young people and families.
The majority of our families come from boroughs with the highest child poverty rates and income deprivation in the UK, namely Tower Hamlets, Newham and Hackney. As medical advances enable children with increasingly complex conditions to live longer, we feel passionately that these children need to be supported.
## Our Partners
We continue to work in partnership with the NHS, caring for a number of life-limited children with complex care needs who stay with us on a long term basis, and we will continue to care for such children.
Our “home from home” approach operates in accordance with the aspirations of our partners Together for Short Lives, a leading UK charity for children with life-threatening and life-limiting conditions and their families.
In 2022/23, we embarked on joint working with Children’s Hospices around London (CHaL) to explore collaborative learning, and collaborated with the National Institute for Health Research (NIHR) for research in hospices.
We also worked with an external pharmacist to devise an in-house transcribing course for registered nurses, and undertook education support and sharing of information with a neighbouring hospice to assist with parenteral nutrition admissions.
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**Richard House Trust Annual Report and Financial Statements for the year ended 31 March 2023**
## **How Did We Do?**
Everything we do at Richard House has the goal of supporting children and young people with lifelimiting, life-threatening and complex healthcare conditions and their families. We aim to accompany these families through life and death, creating positive experiences and memories.
In 2022/23, we provided 688 social admission nights, 90 EOL (end-of-life) care nights, 97 step-down nights from hospital to home, 470 respite nights and 277 hours of day care. We also provided 4,076 hours of respite care in the family home, an increase of 17%, with 21 families using Hospice at Home.
We provided 12,528 hours of high complex residential care and 1,684 hours of high complex care in the daily home. We provided 24/7 EOL service in collaboration with local nursing teams, and had a 78% reduction in staffing-related cancellations for residential care.
For our families, we ran 11 mums groups, 124 specialist play sessions, 135 music therapy sessions, 96 hours of creative therapies, 406 practical support sessions, 66 counselling sessions and 18 bereavement counselling sessions.
We had 89 care plan meetings, delivered 50 training days for clinical staff, and had 16 clinical policies reviewed and published.
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**Richard House Trust Annual Report and Financial Statements for the year ended 31 March 2023**
## **Priorities and Performance**
Each year we review our performance against quality measures from the previous year and set objectives for continuous quality improvement for the year ahead. The priorities for improvement at Richard House are identified and categorised using the Care Quality Commission (CQC)’s five domains – Safe, Effective, Caring, Responsive and Well-Led – to put the safety and experience of our families at the centre of how we improved in the year ahead.
As such, our priorities for 2022/23 in service of our core objective came in four areas: 1) Residential staffing, 2) Partnership Working 3) Training, and 4) Hospice at Home.
## Residential Staffing
## Our Goals
To restructure our residential care staffing model to ensure: i) in-house service is able to optimise the respite, step down and crisis support offered to our families, ii) safe care is delivered on a 1-to-1 basis to our service users, and iii) quality care is delivered
## Our Performance
We delivered the recruitment of two band 7 nurses to our team to offer additional clinical and managerial leadership. More generally, our recruitment drive resulted in a larger residential workforce, and we recruited a larger number of senior nurses to lead on the care of children with medically complex needs. We matched the NHS Agenda for Change pay for our clinical staff to aid recruitment and retention.
We were able to provide 1,154 nights of care from our residential unit – a 49% increase from 2021/22. We also reduced our staffing related cancellations by 78%, meaning that we provided more consistent and reliable care to our children and families.
## Partnership Working
## Our Goals
To ensure collaborative working with external services.
## Our Performance
We undertook joint working with Children’s Hospices around London (CHaL) to explore collaborative learning. We had 16 policies and procedures reviewed by external specialists and published at Richard House.
We worked with an external pharmacist to devise an in-house transcribing course for registered nurses, and started working with the National Institute for Health Research (NIHR) for research in
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**Richard House Trust Annual Report and Financial Statements for the year ended 31 March 2023**
hospice. We also offered education support and sharing of information to a neighbouring hospice to assist with parenteral nutrition admissions.
## Training
## Our Goals
To i) update our staff training to enable Richard House services to safely care for more children with highly complex health needs, reflecting the changing demand on children’s hospice services ii) ensure a high level of compliance to mandatory training iii) improve training record retainment iv) improve staff competent in tracheostomy management, and v) digitise our records.
## Our Performance
We introduced the Core Skills Training Framework (2021) to ensure that we align with healthcare standards for mandatory training – 91% of residential care staff are now compliant with all mandatory requirements.
We increased the number of hours worked by our practice development nurse post, while the practice development nurse developed the 16 Core Skills for Richard House complete with specific training plans and modules related to caring for the children on our caseload.
Core clinical modules have been uploaded to an online training platform, which provides 24/7 access to training resources for staff, while We worked collaboratively with local specialists to update our clinical policies, procedures and competency documents to reflect gold standard practice.
We started to run the majority of our training in-house, resulting in increased access to and frequency of training sessions, and we have introduced a detailed training matrix to improve training oversight and training records.
We purchased a training ventilator to allow us to run in-house training with the aim of increasing the number of staff competent to care for ventilated children and young people. 100% of our registered nurses are now competent in tracheostomy management.
We used staff feedback to reshape our induction program for new clinical employees to ensure that they are optimally prepared to meet the demands of the service and provide safe, quality and holistic care to our service users.
## Hospice at Home
## Our Goals
To ensure that our vital Hospice at Home service expands to meet the growing needs of the caseload, while offering families the choice of where they receive respite or end of life care.
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**Richard House Trust Annual Report and Financial Statements for the year ended 31 March 2023**
## Our Performance
Through collaborative working with continuing care teams, community nurses and palliative care teams, we have received more referrals which has resulted in a growing caseload of children and young people.
From 2022/23, the service saw a 17% increase in provision of respite hours, offering 4,076 hours of respite care at home to children with complex and life-limiting health conditions. This was achieved by maintaining high training and development standards and ensuring competency-based allocation of staff to families. This was supported by regular competency updates, training courses, and supervision.
We ensured that we met the needs of all children and young people requiring high dependency care by increasing our workforce to provide 2-1 care where required, and we were able to provide a 24 hour on-call end of life service in collaboration with local community nursing teams. This was achieved by creating a joint on-call rota to cover a wide range of support needs, inclusive of telephone advice, home visits and medication administration support.
We succeeded in increasing the respite hours delivered in the home in order to support the needs of the child and young person approaching the end of life.
We also introduced play therapy training sessions to our healthcare assistants to enhance existing skills, and introduced play assessment to children and young people within their family homes, creating a personalised plan for play and interaction.
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**Richard House Trust Annual Report and Financial Statements for the year ended 31 March 2023**
## **Plans For The Future**
As we continue to seek improvement in service of our core objective in 2023/24, we’re focusing on seven areas: 1) Safeguarding 2) Residential Capacity 3) Family Feedback 4) Hospice at Home 5) Medicine Management 6) Pharmacy Support, 7) Transition Services and 8) Financial
## Safeguarding
## Our Goal
To ensure the highest standards of safeguarding is embedded into our practice.
## How we will achieve this
We will complete a safeguarding gap analysis to identify areas that require strengthening and work collaboratively with our local Safeguarding Children Partnership board to update our current policies and procedures.
We will also ensure that we are meeting the intercollegiate document training requirements across the organisation.
We will strive to add two more level 4 trained safeguarding leads to form a safeguarding lead team and provide specialised training for a new team of MCA & DOLS (Mental Capacity Act and Deprivation of Liberty Safeguards) and Prevent leads.
We will reshape our internal safeguarding structure to facilitate more effective escalation and support with safeguarding cases, and become more actively involved in safeguarding partnership work within NEL (North East London).
## Residential Capacity
## Our Goal
To increase residential bed capacity to ensure that Richard House is able to support the growing demands of the service.
## How we will achieve this
We will liaise with architects to design new, functional rooms, and increase the number of residential beds from five to eight by converting existing spaces into bedrooms.
We will ensure that the residential staffing establishment reflects the needs of the service, incorporating a larger bed capacity, and work collaboratively with external partners to ensure that our services are able to reach and support more families in need.
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**Richard House Trust Annual Report and Financial Statements for the year ended 31 March 2023**
## Family Feedback
## Our Goal
To review our family feedback system to optimise the data that we collect from families and ensure that all families have equal access to providing feedback.
## How we will achieve this
We will employ an electronic feedback system to enable efficient and anonymised data collection, and roll out the electronic system to target all families on our caseload by using a variety of platforms.
We will produce multilingual surveys to offer quick access to feedback for families who do not speak or read English as their first language; adopting a more inclusive culture, and create a variety of surveys aimed to provide specific feedback related to different areas of the service. We will also actively encourage families' input in decision making processes.
## Hospice at Home
## Our Goal
Further expansion and restructuring of our Hospice at Home services in view of supporting more families in their homes for both respite and end of life care.
## How we will achieve this
We will review the Hospice at Home model and ensure the growing needs of the service are reflected in the staffing establishment.
We will collect and evaluate family feedback to ensure that the service is shaped to provide the personalised care that families need, and introduce a palliative CNS (Clinical Nurse Specialist) to the team in view of supporting end of life cases in both residential and Hospice at Home teams.
We will introduce further senior staff members to the team to assist in managing our growing caseload, and integrate work with relevant external partners and healthcare professionals to increase our profile and referral numbers.
We will develop an in-reach program with prospective CNS posts to target London hospitals and build professional relationships, and ensure that the team receives high quality mandatory and specialist training programs in order to consistently meet the evolving needs of the families on our caseload.
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**Richard House Trust Annual Report and Financial Statements for the year ended 31 March 2023**
## Medicine Management
## Our Goal
To implement an electronic medication system to improve safety around medication management and administration
## How we will achieve this
We will liaise with our current pharmacy provider to tap into their existing electronic system, and set up training to produce a number of ‘super users’ at senior level, while delivering high quality training to all relevant staff. We will roll out the new system over a transitional period.
An electronic medication system would allow us to improve several factors around medication management, including safer transcribing, a reduction in medicines errors, safer administration, increased pharmacy input and support, better auditing processes, improved stock management, and automatic compliance with data protection regulations.
## Pharmacy Support
## Our Goal
To enhance pharmaceutical support at Richard House – a pivotal role in ensuring safe medicine management.
## How we will achieve this
We will be engaging a specialist palliative care pharmaceutical company to provide a comprehensive pharmacy support service at Richard House.
The goal of this partnership will be to provide consistency through the longer-term placement of pharmacists to Richard House to enable a good rapport with service users and their families to be established and so contribute to a smooth and robust pre-admission medicine.
The partnership will improve our reconciliation process, contribute to a high-quality medicine management process, provide pharmaceutical support and advice daily, provide annual training in medicine management and controlled drugs to the whole nursing team, conduct a range of medicine management audits, and contribute to good governance of medicines management.
In the coming year we aim to support a number of senior nurses in starting a nonmedical prescribing course. This will contribute to timely prescribing of medicines and extensively improve our ability to accept emergency admissions and support children in-house.
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**Richard House Trust Annual Report and Financial Statements for the year ended 31 March 2023**
## Transition Services
## Our Goal
To develop our transition services to enable us to help families successfully navigate the oftenchallenging transition period from paediatric services to adult services.
## How we will achieve this
We will work collaboratively with Haven House children’s hospice to create and fill a shared transition Clinical Nurse Specialist (CNS) post. The CNS will work across both services to support families during this difficult period by signposting to appropriate adult and external support services.
We will work collaboratively with adult services to develop and establish adolescent pathways from Paediatric to adult care.
We will also actively share learning and set up joint study days to help shape transition services within the adult sector, and ensure that the specific needs of families during the transition period are at the forefront of growing the transition service.
## Financial
## Our Goal
To increase and diversify our sources of income to build our cash and accounting reserves to provide increased financial security and the resources necessary to fund our future growth to meet the growing demand for our services.
## How we will achieve this
We will review our non-care activities to ensure that they undertaken as cost effectively as possible.
We will strengthen our fundraising and retail teams in order to increase our fundraising and retail capabilities and income.
We will continue to strengthen and grow our care operations so that they are of an optimal scale and our team has the range and depth of skills to continue to care for children with complex health conditions, some of whom stay with us on a longer term basis.
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**Richard House Trust Annual Report and Financial Statements for the year ended 31 March 2023**
## **Financial Review**
## Principal risks and uncertainties
The key risks we face include: raising sufficient donations and legacies income to fund our expenditure commitments; limited cash reserves; recruiting and retaining children's nurses required to deliver the support to children, young people, and their families; maintaining high standards of care including the regulatory risks in complying with the requirements of CQC and uncertainty over future levels of statutory income.
Risks and mitigation thereof are reviewed monthly at senior leadership meetings and at Trustee Directors' meetings. We undertake regular performance appraisals to keep the quality of our work high.
## Income
The financial statements show that income increased to £4,724,497 (2022: £3,853,576). Fundraising income (donations and legacies income and income from fundraising and events) increased to £1,907,130 (2022: £1,443,347). The increase is mainly attributable to the accrued legacy of £700k. Statutory income increased to £2,272,987 (2022: £1,842,959). It is worth noting that the 2022 figure included government grants from NHS England (NHSE) of £107,798 which were not received in the current year. NHSE awarded funding to allow the hospice to make available bed capacity and community support to provide support to children with complex needs in the context of COVID -19 situation.
## Expenditure
The in-year expenditure increased by £688,919 to £4,998,155 (2022: £4,309,236). The increase is split between the charitable expenditure which, increased in the year by £584,891 to £3,553,003 (2022: £2,968,111) due to increased activity levels in care services during the year. Expenditure on raising funds made up of fundraising and publicity and trading costs also increased by £104,028 to £1,445,153 due to a number of factors; high staff turnover leading to high recruitment costs, increased activities especially in the Trading Company and inflation (2022: £1,341,125).
## Net operating result
The overall result for the year was a net deficit of £273,658 (2022: net deficit of £455,660). At 31 March 2022, Richard House Trading Company Limited made a profit for the financial year of £28,139 (2022: £68,574 profit).
## Investment policy
Any surplus funds are kept on deposit to earn interest, so that they are readily available to meet our costs when required. This policy is reviewed periodically by the Board of Trustee Directors.
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**Richard House Trust Annual Report and Financial Statements for the year ended 31 March 2023**
## Cash flow
The cash outflow from operating activities was £626,580 (2022: outflow £398,606) resulting in net cash outflow after investing activities of £705,592 (2022: outflow of £403,437).
## Reserves policy
Unrestricted funds of the charity at the year-end amounted to £5,103,332 (2022: £5,283,833) of which £748,581 (2022: £841,191) were free funds.
The Board of Trustee Directors aspires to retain free funds equivalent to a minimum of six months' operating costs of £2.5 million, based upon the costs for the year ended 31 March 2023. The Board is working to restore free funds above the target level as soon as practicable over the next five years. This will ensure that there is very little risk of unplanned closure that might otherwise have a very serious impact on our vulnerable beneficiaries. The Finance and Fundraising Committee continues to review our reserves policy to reflect any changes that may be necessary.
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**Richard House Trust Annual Report and Financial Statements for the year ended 31 March 2023**
## **Statement of Trustees' Responsibilities**
The trustees (who are also directors of Richard House Trust for the purposes of company law) are responsible for preparing the Trustee Directors' Annual Report (including the Strategic Report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure of the charitable group for that period. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities Statement of Recommended Practice;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards including FRS102 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 business.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:
- there is no relevant audit information of which the charitable company's auditor is unaware; and
- the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.
## Auditors
The auditors, Moore Kingston Smith LLP, will be proposed for re-appointment in accordance with the Companies Act 2006.
## Declaration
The Trustee Directors declare that they have approved the Trustee Directors' Annual Report above.
Signed on behalf of the charity's Trustee Directors on 30 January 2024.
22
Derek Lovelock, Trustee Director
Richard House Trust Annual Report and Financial Statements for the year ended 31 March 2023
Part 2
Financial Statements
23
## **Richard House Trust Annual Report and Financial Statements for the year ended 31 March 2023**
## **INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF RICHARD HOUSE TRUST**
## **Opinion**
We have audited the financial statements of Richard House Trust (the ’parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 March 2023 the Group Summary Income and Expenditure Account, the Group and Parent Charitable Company Balance Sheets, the Group Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of the group’s and the parent charitable company’s affairs as at 31 March 2023 and of the group’s incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group’s and parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. 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.
24
## **Richard House Trust Annual Report and Financial Statements for the year ended 31 March 2023**
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 there is 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.
## **Opinions on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the trustees’ annual report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the trustees’ annual report have been prepared in accordance with applicable legal requirements.
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the group and parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report.
We have nothing to report in respect of the following matters where the Companies Act 2006 and the Charities Act 2011 require us to report to you if, in our opinion:
- the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent charitable company’s financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees’ remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
## **Responsibilities of trustees**
As explained more fully in the trustees’ responsibilities statement set out on page 11, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the group and parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or parent charitable company or to cease operations, or have no realistic alternative but to do so.
## **Auditor’s Responsibilities for the audit of the financial statements**
We have been appointed as auditor under the Companies Act 2006 and section 151 of the Charities Act 2011 and report in accordance with those Acts.
25
## **Richard House Trust Annual Report and Financial Statements for the year ended 31 March 2023**
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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the group and parent charitable company’s internal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.
- Conclude on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group and parent charitable company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or parent charitable company to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
- Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit report.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
**Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud**
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design
26
## **Richard House Trust Annual Report and Financial Statements for the year ended 31 March 2023**
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.
The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.
Our approach was as follows:
- We obtained an understanding of the legal and regulatory requirements applicable to the charitable company and considered that the most significant are the Companies Act 2006, the Charities Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council
- We obtained an understanding of how the charitable company complies with these requirements by discussions with management and those charged with governance.
- We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
- We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.
- Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, 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 or intentional misrepresentations, or through collusion.
## **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 and, in respect of the consolidated financial statements, to the charity’s trustees, as a body, in accordance with Chapter 3 of Part 8 of the Charities Act 2011. Our audit
27
## **Richard House Trust Annual Report and Financial Statements for the year ended 31 March 2023**
work has been undertaken so that we might state to the charitable company’s members and trustees those matters which 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 any party other than the charitable company, the charitable company’s members, as a body, and the charity’s trustees, as a body, for our audit work, for this report, or for the opinion we have formed.
30 January 2024 Neil Finlayson (Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP, Statutory Auditor 6[th] Floor 9 Appold Street London EC2A 2AP
Moore Kingston Smith LLP is eligible to act as auditor in terms of Section 1212 of the Companies Act 2006.
28
## **Richard House Trust Annual Report and Financial Statements for the year ended 31 March 2023**
## **Consolidated Statement of Financial Activities (Incorporating an Income and Expenditure Account) for year ended 31 March 2023**
|**Notes**
**Income**
**Incoming resources' from fundraising**|**Unrestricted**
**Restricted**
**Funds**
**Funds**
**£**
**£**|**Unrestricted**
**Restricted**
**Funds**
**Funds**
**£**
**£**|**Unrestricted**
**Restricted**
**Funds**
**Funds**
**£**
**£**|**Total**
**2023**
**£**
1,907,130
-
544,298
82
2,272,987
**4,724,497**|**Total**
**2022**
**£**|
|---|---|---|---|---|---|
|Donations and legacies
2
Other trading activities:||1,773,396|133,734||1,361,330
82,017
565,465
1,805
1,842,959|
|Fundraising and events
2||-|-|||
|Income from trading company
3
Income from investment and interest
**Income from Charitable activities**
Statutory and grant funding for hospice care
4
**Total income**||544,298
82
2,272,987|-
-
-|||
|||**4,590,763**|**133,734**||**3,853,576**|
|**Expenditure**
**Expenditure on Raising funds**||||||
|Fundraising and publicity
5
Expenses of trading company
3
**Expenditure on Charitable activities**
5
**Total expenditure**
5
**Net income/(expenditure)**||928,994
516,159|-
-|928,994
516,159
1,445,153
3,553,002
4,998,155
**( 273,658)**|844,234
496,891|
|||1,445,153
3,297,972|-
255,030||1,341,125
2,968,111|
|||4,743,125|255,030||4,309,236|
|||||||
|||**( 152,362)**|**( 121,296)**||**( 455,660)**|
|||||5,381,002
5,107,344||
|Fund balances brought forward
at 1 April 2022||5,223,948|157,054||5,836,662|
|Fund balances brought forward||5,071,586|35,758||5,381,002|
|at 1 April 2023||Note 18|Note 19|||
29
## **Richard House Trust Annual Report and Financial Statements for the year ended 31 March 2023**
## **Richard House Trust Group and Charity Balance Sheet at 31 March 2023**
|**Notes**
**Fixed Assets**
Tangible assets
9
Investments
10
**Current Assets**
Debtors falling due within one year
11
Cash at bank and in hand
**Creditors: Amounts falling due**
**within one year**
12
Net current assets
**Creditors: Amounts falling due**
**within more than one year**
13
**Net assets**
**Represented by:**
Unrestricted funds
Charity funds
18, 19
Trading subsidiary funds
18, 19
Restricted funds
18, 19|**2023**
**2022**
**£**
**£**
4,151,271
4,233,915
-
-
4,151,271
4,233,915
1,060,494
502,972
648,155
1,353,747
1,708,649
1,856,719
(747,446)
(709,632)
961,203
1,147,087
( 5,130)
-
**5,107,344**
**5,381,002**
5,103,332
5,283,833
(31,746)
(59,885)
5,071,586
5,223,948
35,758
157,054
**5,107,344**
**5,381,002**
**Group**|**2023**
**2022**
**£**
**£**
4,139,613
4,227,505
4
4
**Company**|
|---|---|---|
||4,151,271|4,139,617
4,227,509|
||1,060,494
648,155|1,015,697
459,270
545,601
1,294,491|
||1,708,649
(747,446)|1,561,298
1,753,761
(561,825)
(540,383)|
||961,203|999,473
1,213,378|
||( 5,130)
**5,107,344**|-
-
**5,139,090**
**5,440,887**|
||5,103,332
(31,746)|5,103,332
5,283,833
-
-|
||5,071,586
35,758|5,103,332
5,283,833
35,758
157,054|
||**5,107,344**|**5,139,090**
**5,440,887**|
||||
Approved and authorised for issue by the Board of Trustee Directors on 30 January 2024 and signed on its behalf by:
Derek Lovelock, Trustee Director
Company number: 3232837
30
**Richard House Trust Annual Report and Financial Statements for the year ended 31 March 2023**
## **Richard House Trust Consolidated Cashflow Statement for year ended 31 March 2023**
|**Notes**
**Net cash (outflow) /inflow from operating activities**
(a)
Investing activities
Purchase of tangible fixed assets
Investment income and interest
**Net cash used in investing activities**
**Net (decrease) /increase in cash and cash equivalents**
Cash and cash equivalents at beginning of year
**Cash and cash equivalents at end of year**
**Notes to the cash flow statement**
**(a) Net cash (inflow) /outflow from operating activities**
Net (outgoing) incoming / resources for the year
Depreciation
Amortisation
Investment income and interest
Decrease in debtors
Increase in creditors/provisions
Net cash (outflow)/inflow from operating activities|**2023**
**£**
( 626,580)
( 79,094)
82
( 79,012)
( 705,592)
1,353,747
648,155
( 273,658)
161,738
-
( 82)
( 557,522)
42,944
( 626,580)|**2022**
**£**
( 398,606)
( 6,636)
1,805|
|---|---|---|
|||( 4,831)
( 403,437)
1,757,184|
|||1,353,747|
|||( 455,660)
159,296
267
( 1,805)
( 169,618)
68,914|
|||( 398,606)|
||||
31
**Richard House Trust Annual Report and Financial Statements for the year ended 31 March 2023**
## **Richard House Trust Notes to the Financial Statements for year ended 31 March 2023**
## **1. Accounting Policies**
Richard House Trust is a charity incorporated in England and Wales.
## **Basis of accounting**
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (FRS 102) and the requirements of the Companies Act 2006.
The Charitable Company and its subsidiaries constitute a public benefit group as defined by FRS 102 and therefore the Charity also prepared its financial statements in accordance with the 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 (The FRS 102 Charities SORP), the Companies Act 2006 and the Charities Act 2011.
These accounts have been prepared on the going concern basis, under the historical cost convention. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
## **Consolidation**
The group financial statements consolidate the financial statements of the company and its two wholly owned subsidiary undertakings, Richard House Developments Limited and Richard House Trading Company Limited, for the year ended 31 March 2023.
In accordance with Section 408 of the Companies Act 2006, no separate statement of financial activities is presented for the charity. The net outgoing resources attributable to Richard House Trust were £301,797 (2022: 524,234).
## **Income**
This represents income from grants, donations, fundraising events, merchandising sales, statutory funding, and interest.
There are two types of income: unrestricted and restricted. Unrestricted funds are funds that can be spent at the discretion of the Trustee Directors on the charity's objects. Designated funds are unrestricted funds which have been set aside by Trustees Directors for specific purposes. Restricted funds are funds provided by external sources for specific projects and may only be applied towards those specific projects.
All incoming resources are included in the Statement of Financial Activities when the Charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably, and it is probable that the income will be received.
For donations to be recognised, the Charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained, then the income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the Charity and it is probable that they will be fulfilled.
No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102). Further detail on their contribution is given in the Trustees' Report
32
**Richard House Trust Annual Report and Financial Statements for the year ended 31 March 2023**
**Richard House Trust Notes to the Financial Statements for year ended 31 March 2023 (continued)**
## **1. Accounting Policies (continued)**
For legacies, entitlement arises when the Charity is aware that probate has been granted. Receipt is normally when the executors have established that there are sufficient assets in the estate. Where legacies have been notified to the Charity, or the Charity is aware of the granting of probate, and the criteria for income recognition has not been met, then the legacy is treated as a contingent asset and disclosed if material.
Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for supply of goods and services to raise funds and is recognised when entitlement has occurred.
## **Expenditure**
This represents the expenditure on raising funds and charitable expenditure. Expenditure on raising funds includes fund raising and publicity costs and the expenses of the trading company. Charitable expenditure is the cost of activities in furtherance of the charity's objects.
Expenditure is classified by the category of activity for which it is used rather than by type of expense. Allocation is on an actual basis, or where this is not possible, on an estimated usage basis.
- Expenditure on raising funds are those costs incurred in attracting donations and legacies income, and those incurred in trading activities that raise funds.
- Charitable activities include expenditure associated with the provision of hospice and related care and include both the direct costs and support costs relating to these activities.
- Support costs include central costs and have been allocated to cost categories on the basis of staff time spent in each area.
- Governance costs (included as part of support costs) include those incurred in the governance and strategic management of the organisation including costs associated with meeting constitutional and statutory requirements.
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure.
## **Tangible Fixed Assets**
Expenditure on tangible fixed assets over £1,000 is capitalised and depreciation is provided at the following annual rates to write off the cost of each asset over its estimated useful life:
Fixtures and fittings 20% straight line Office equipment 15% straight line Motor vehicles 25% straight line Computer equipment 33% straight line Freehold buildings 2% straight line
## **Intangible Fixed Assets**
Expenditure on intangible fixed assets over £1,000 is capitalised and depreciation is provided at the following annual rates to write off the cost of each asset over its estimated useful life: Web site 33% straight line Computer software 33% straight line
33
**Richard House Trust Annual Report and Financial Statements for the year ended 31 March 2023**
**Richard House Trust Notes to the Financial Statements for year ended 31 March 2023 (continued)**
## **1. Accounting Policies (continued)**
## **Stock**
Stock is valued at the lower of cost or net realisable value after making due allowance for any obsolete or slow-moving stock.
## **Donated goods for resale or distribution**
The company receives donated goods for resale in the charity shops of the subsidiary company. As per the advice of The Accounting Council, donated goods are not recognised as income on receipt as the value cannot be measured reliably and the benefit of recognising the item does not outweigh the costs.
## **Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.
## **Provision for accrued holiday pay**
The company has made a provision for unused holiday pay accrued at year end. As the total amount accrued was immaterial, the adjustment was made within the reporting period.
## **Provision for bad debt**
The company has made a provision for bad debts based on those debtors which are unpaid at the time the accounts were approved and due to the time may not be recovered in full.
## **Taxation**
The company is a registered charity and did not receive taxable income in the year.
## **Remuneration**
The company has a Remuneration policy which includes remuneration for key management personnel. The company undertakes benchmarking regularly when setting remuneration and determining salary changes.
## **Operating leases**
Rentals charged under operating leases, including any lease incentives received, are charged on a straightline basis over the term of the leases.
## **Pension costs**
Pension contributions are charged to the statement of financial activities on an accrual basis.
## **Financial instruments**
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.
34
**Richard House Trust Annual Report and Financial Statements for the year ended 31 March 2023**
**Richard House Trust Notes to the Financial Statements for year ended 31 March 2023 (continued)**
## **1. Accounting Policies (continued)**
using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## **Going concern**
The trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements and have considered the potential impact of the Covid-19 pandemic. In particular the trustees have taken account of pressures on statutory income, donation income, fundraising events, and trading income, as well as expenditure. The trustees have considered various scenarios and the mitigating action available to them should income fall significantly. Based on this and the significant unrestricted reserves available the trustees have concluded that there is a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.
35
**Richard House Trust Annual Report and Financial Statements for the year ended 31 March 2023**
**Richard House Trust Notes to the Financial Statements for year ended 31 March 2023 (continued)**
## **2. Donations and Legacies**
|**2. Donations and Legacies**|**2. Donations and Legacies**|**2. Donations and Legacies**|
|---|---|---|
||**2023**|**2022**|
||**£**|**£**|
|Community|180,421|184,483|
|Trusts and Foundations|193,931|283,122|
|Individuals|249,740|200,673|
|High Value|136,037|181,944|
|Corporate|377,076|331,233|
|Legacies|732,543|129,905|
|Gift aid|37,382|49,970|
||||
||**1,907,130**|**1,361,330**|
||||
||||
||||
|**Fundraising and events**|||
||**2023**|**2022**|
||**£**|**£**|
|Fundraising and events|-|82,017|
||||
**Richard House Trust Notes to the Financial Statements for year ended**
36
**Richard House Trust Annual Report and Financial Statements for the year ended 31 March 2023**
## **31 March 2023 (continued)**
|**31 March 2023 (continued)**|||
|---|---|---|
|**3 . Investments in Subsidiaries**|**2023**
**£**|**2022**
**£**|
|_Richards House Trading Company Limited_
Income|544,298
40,665|565,465
37,528|
|Intercompany income eliminated on consolidation
Consolidated income|584,963|602,993
( 20,353)
( 476,538)
-|
|Cost of sales
Administration expenses|( 28,559)
( 487,600)||
|Intercompany expenses eliminated on consolidation
Net consolidated income before donation and taxation
Net intercompany income
Operating (loss)/profit before donation to parent company
Donation to parent company
(Loss)/Profit on ordinary activities before taxation
Taxation
Profit/(Loss) on ordinary activities before taxation
Dividends
Retained profit/(loss) for the financial year
Retained profit brought forward|-
**( 516,159)**
68,804
(40,665)
28,139
-
28,139
-
28,139
-
28,139
( 59,883)||
|||**( 496,891)**
106,102
(37,528)|
|||68,574
-|
|||68,574
-|
|||68,574
-|
|||68,574
( 128,457)|
|Charitable distribution from parent undertaking|||
|Retained profit carried forward|( 31,744)|( 59,883)|
||||
At the end of the year, the company had aggregate assets of £169,109 (2022: £123,063), liabilities of £202,300 (2022: £182,946) and net shareholder’s deficit of £33,191 (2022: £59,883).
## **Richard House Developments Limited**
The company has not traded during the year or the preceding financial year. During these years the company received no income and incurred no expenditure and therefore made neither profit nor loss. At the end of the year, the company had aggregate assets of £2 (2022: £2) and net shareholder’s funds of £2 (2022: £2).
**Richard House Trust Notes to the Financial Statements for year ended**
37
**Richard House Trust Annual Report and Financial Statements for the year ended 31 March 2023**
## **31 March 2023 (continued)**
## **4. Statutory and Grant Funding for Hospice care**
|**4. Statutory and Grant Funding for Hospice care**|||
|---|---|---|
||**2023**|**2022**|
||**£**|**£**|
|Income from core NHS contracts|755,822|504,772|
|Other NHS and local authority income|1,129,830|838,803|
|Department of Health grants|387,335|391,586|
|COVID Grants|-|107,798|
||2,272,987|1,842,959|
|**4. Statutory and Grant Funding for Hospice care**|**4. Statutory and Grant Funding for Hospice care**|**4. Statutory and Grant Funding for Hospice care**|||
|---|---|---|---|---|
|Income from core NHS contracts
Other NHS and local authority income
Department of Health grants
COVID Grants|||**2023**
**2022**
**£**
**£**
755,822
504,772
1,129,830
838,803
387,335
391,586
-
107,798
2,272,987
1,842,959||
||||||
|**5. Expenditure**
**Analysis of total expenditure**
Fundraising and publicity
Trading company expenses
Hospice care
Governance
Total expenditure
**Analysis of support costs**
Fundraising and publicity
Hospice care
Governance
Total support costs|**Staff**
**costs**
**£**
587,475
238,339
2,270,305
30,841|**Other direct**
**Support**
**costs**
**costs**
**£**
**£**
178,095
163,424
277,819
-
797,250
438,078
14,905
1,624
1,268,069
603,126
**Staff**
**Other direct**
**costs**
**costs**
**£**
**£**
118,093
45,331
274,866
163,212
-
1,624
392,959
210,167||**Total**
**2023**
**£**
928,994
516,158
3,505,633
47,370|
||3,126,960|||4,998,155|
|||||**Total**
**2023**
**£**
163,424
438,078
1,624|
|||||603,126|
||||||
Expenditure on Charitable activities includes the expenditure on Hospice care and Governance.
38
**Richard House Trust Annual Report and Financial Statements for the year ended 31 March 2023**
## **Richard House Trust Notes to the Financial Statements for year ended 31 March 2023 (continued)**
## **5. Expenditure (continued)**
|**5. Expenditure (continued)**||||
|---|---|---|---|
|**Analysis of total expenditure**|**Staff**
**costs**
**£**|**Other direct**
**Support**
**costs**
**costs**
**£**
**£**|**Total**
**2022**
**£**|
|Fundraising and publicity
Trading company expenses
Hospice care
Governance|575,856
265,086
1,784,357
20,126|116,771
151,607
231,806
-
763,333
386,316
13,325
653|844,234
496,892
2,934,006
34,104|
|Total expenditure|2,645,425|1,125,235
538,576|4,309,236|
|**Analysis of support costs**||**Staff**
**Other direct**
**costs**
**costs**
**£**
**£**|**Total**
**2022**
**£**|
|Fundraising and publicity
Hospice care
Governance
Total support costs||129,727
21,880
302,250
84,066
-
653
431,977
106,599|151,607
386,316
653|
||||538,576|
Expenditure on Charitable activities includes the expenditure on Hospice care and Governance.
|**Analysis of governance costs**
Staff costs
Audit fees
Support costs|**2023**
**£**
30,841
14,905
1,624|**2022**
**£**
20,126
13,325
653|
|---|---|---|
||47,370|34,104|
||||
Support costs are included in the above analysis of total resources expended and have been allocated across activities on the basis of staff time spent in each area. These costs include providing IT, payroll, personnel, finance, property and other central services to the charity’s staff and volunteers.
Governance costs have been funded entirely by unrestricted funds.
39
**Richard House Trust Annual Report and Financial Statements for the year ended 31 March 2023**
## **Richard House Trust Notes to the Financial Statements for year ended 31 March 2023 (continued)**
|**6. Staff Costs**|**2023**
**£**|**2022**
**£**|
|---|---|---|
|Wages and salaries
Social security costs
Other pension costs
Redundancies
Average number of employees full time equivalent:
Charitable work
Fundraising
Trading
Administration|3,000,698
306,007
192,663
20,681
3,520,049
**2023**
**Number**
49
11
12
7|2,673,282
252,265
151,856
-|
|||3,077,403|
|||**2022**
**Number**
41
12
13
12|
||79|78|
The number of employees receiving remuneration in excess of £60,000 increased within the following bands:
||**2023**
**2022**
**Number**
**Number**|**2023**
**2022**
**Number**
**Number**|
|---|---|---|
|£60,000 - £70,000
£70,001 - £80,000
£80,001 - £90,000|1
1
1
1
1||
||||
|Total pension contributions for the highest paid employee excluding the Chief
Executive who is not on the pension scheme during the year were £10,937 (2022:
£5,320).
The remuneration of key management personnel, who included the Chief
Executive, Director of Finance and Operations, Director of Family and Care
Services,Head of Fundraising and Head of HR and Volunteeer Engagement, Deputy
CEO was as follows:|||
||**2023**
**£**|**2022**
**£**|
|Aggregate emoluments
Company pension contributions|393,447
19,447|356,731
15,464|
||412,894|372,195|
|CEO was as follows:|||
|---|---|---|
||**2023**|**2022**|
||**£**|**£**|
|Aggregate emoluments|393,447|356,731|
|Company pension contributions|19,447|15,464|
||412,894|372,195|
The number of key management personnel for whom retirement benefits are accruing under defined contribution schemes amounted to NIL (2022: NIL).
Redundancy payments in the year totalled £20,681 (2022: £nil).
40
**Richard House Trust Annual Report and Financial Statements for the year ended 31 March 2023**
## **Richard House Trust Notes to the Financial Statements for year ended 31 March 2023 (continued)**
## **7. Net (expenditure)/income**
|||**2023**|**2022**|
|---|---|---|---|
|This is stated after charging:||**£**|**£**|
|Auditor's remuneration:||||
|Company|- current year audit fee excluding VAT|15,600|13,500|
|Subsidiary companies|- current year audit fee|9,000|8,000|
||- current year non-audit|2,880|550|
|Depreciation||161,738|159,296|
|Amortisation||-|267|
## **8. Intangible Fixed Assets**
|**Group and Company**
**Cost**|**Software**
**Website**
**£**
**£**|**Total**
**£**|
|---|---|---|
|At 1 April 2022|7,768
15,942|23,710|
|Additions|-
-|-|
|At 31 March 2023|7,768
15,942|23,710|
|**Accumulated Amortisation**|||
|At 1 April 2022|7,768
15,942|23,710|
|Charge for the year|-
-|-|
|At 31 March 2023|7,768
15,942|23,710|
|**Net Book Value**|||
|At 31 March 2023|-
-|-|
||||
|At 31 March 2022|-
-|-|
41
**Richard House Trust Annual Report and Financial Statements for the year ended 31 March 2023**
## **Richard House Trust Notes to the Financial Statements for year ended 31 March 2023 (continued)**
## **9 . Tangible Fixed Assets**
|**Group**
**Cost**
At 1 April 2022|**Freehold**
**Buildings**
**Fixtures &**
**Computer**
**Motor**
**Land**
**Fittings**
**Equipment Vehicle**
**Total**
**£**
**£**
**£**
**£**
**£**
**£**
270,704
5,704,460
519,157
121,502
27,901
6,643,724
-
26,106
36,765
1,859
14,364
79,094
( 27,901)
( 27,901)|
|---|---|
|Additions||
|Release on disposal
At 31 March 2023
Accumulated Depreciation
At 1 April 2022||
||270,704
5,730,566
555,922
123,361
14,364
6,694,917|
||-
1,807,175
468,514
106,219
27,901
2,409,809
-
114,307
29,572
14,268
3,591
161,738
( 27,901)
( 27,901)|
|Charge for the year||
|Release on disposal
At 31 March 2023
**Net Book Value**
At 31 March 2023
At 31 March 2022
**Company**
**Cost**
At 1 April 2022||
||-
1,921,482
498,086
120,487
3,591
2,543,646|
||270,704
3,809,084
57,836
2,874
10,773
4,151,271|
||270,704
3,897,285
50,643
15,283
-
4,233,915|
||**Freehold**
**Buildings**
**Fixtures &**
**Computer**
**Motor**
**Land**
**Fittings**
**Equipment Vehicle**
**Total**
**£**
**£**
**£**
**£**
**£**
**£**
270,704
5,704,460
351,922
100,523
-
6,427,609
-
26,106
34,921
1,859
-
62,886|
|Additions||
|At 31 March 2023
Accumulated Depreciation
At 1 April 2022||
||270,704
5,730,566
386,843
102,382
-
6,490,495|
||-
1,807,175
303,027
89,902
-
2,200,104
-
114,307
26,864
9,607
-
150,778|
|Charge for the year||
|At 31 March 2023
**Net Book Value**
At 31 March 2023
At 31 March 2022||
||-
1,921,482
329,891
99,509
-
2,350,882|
||270,704
3,809,084
56,952
2,873
-
4,139,613|
||270,704
3,897,285
48,895
10,621
-
4,227,505|
A substantial contribution towards the cost of the buildings was received from the National Lottery Charities Board and as such the buildings may not be sold without their consent until 2084.
42
## **Richard House Trust Annual Report and Financial Statements for the year ended 31 March 2023**
## **Richard House Trust Notes to the Financial Statements for year ended 31 March 2023 (continued)**
## **10. Fixed Asset Investments - Group Undertakings**
The company’s investments at the balance sheet date in the share capital of companies include the following:
||**Nature of**|**Class of**|**Percentage**|**2023**|**2022**|
|---|---|---|---|---|---|
|**Shares in group undertakings**|**business**|**share**|**holding**|**£**|**£**|
||Property|||||
|Richard House Developments Limited|development|Ordinary|100%|2|2|
|Richard House Trading Company Limited|Retail|Ordinary|100%|2|2|
## **11. Debtors**
|**11. Debtors**|||||||
|---|---|---|---|---|---|---|
|||**Group**||**Company**|||
||**2023**||**2022**|**2023**|**2022**||
||**£**||**£**|**£**|**£**||
|Trade debtors|172,380||239,681|172,380|239,681||
|Bad debt provision|8,786||8,786|8,786|8,786||
|Amount owed from|||||||
|subsidiary undertaking|-||-|-|13,697||
|Other debtors|33,607||10,681|28,512|10,676||
|Prepayments|82,601||118,291|46,873|71,271||
|Accrued income|763,120||125,533|759,146|115,159||
||1,060,494||502,972|1,015,697|459,270||
|**12. Creditors: Amounts falling due within one year**|||||||
|||**Group**||**Company**|**Company**||
|---|---|---|---|---|---|---|
||**2023**||**2022**|**2023**|**2022**||
||**£**||**£**|**£**|**£**||
|Trade creditors|85,211||87,009|71,280|70,081||
|Taxation and social security|78,956||63,038|78,956|63,038||
|Amount owed to|||||||
|subsidiary undertaking|||-|10,101|||
|Other creditors|274,396||276,257|274,398|276,257||
|Finance lease liability|4,104||-|-|-||
|Accruals|295,075||283,328|127,090|131,007||
|Deferred income|9,704|||-|||
||747,446||709,632|561,825|540,383||
|**13. Creditors: Amounts falling due within more than**||**one year**|||||
|||**Group**||||**Company**|**Company**||
|---|---|---|---|---|---|---|---|---|
||**2023**||**2022**||**2023**||**2022**||
||**£**||**£**||**£**||**£**||
|Finance lease liability|5,130|||-|-||-||
|**14. Defered income**|||||||||
|||**Group**||||**Company**|||
||**2023**||**2022**||**2023**||**2022**||
||**£**||**£**||**£**||**£**||
|Additions during the year|9,704||||-||-||
||9,704|||-|-||-||
Deferred income comprises income relating to March; all amounts relate to the next accounting period.
43
**Richard House Trust Annual Report and Financial Statements for the year ended 31 March 2023**
## **Richard House Trust Notes to the Financial Statements for year ended 31 March 2023 (continued)**
## **15. Share Capital**
The company does not have share capital. However, every member of the company undertakes to contribute to the assets of the company such amount as may be required, not exceeding £1. There were 9 (2022 - 9) members at the balance sheet date.
## **16. Pension Commitments**
The company is an approved organisation, for the purpose of the National Health Service (Superannuation) Regulations 1980, making contributions to the National Health Service Pension Scheme. The Scheme is regarded as a statutory scheme by the Inland Revenue and is covered by section 22 of chapter 3 of the 1970 Finance Act. The contributions of the employer are 20.68% (the employer pays 14.38% under the transitional arrangement and the NHS paid 6.30% until March 2023) and the contributions of the employee range from 7.1% to 13.5%. As a statutory scheme, benefits are fully guaranteed by the Government. Contributions from both members and employers are paid to the Exchequer which meets the cost of the scheme benefits. The Exchequer also pays for the cost of increasing benefits each year by the rate of inflation. This extra cost is not met by contributions from scheme members and employees. Contributions of £55,812 (2022: £34,883) were charged in the financial statements.
Contributions are also made to another independent money purchase pension scheme of which a certain number of the company's staff are members. It is funded by assets held outside Richard House Trust. Contributions of £136,851 (2022: £116,973) were charged in the financial statements. The company has an auto-enrolment process in place for the money purchase pension scheme in compliance with the changes to pension regulations.
At 31 March 2023 contributions amounting to £8,975 (2022: £6,145) were payable to National Health Service Pension Scheme and £14,913 (2022: £14,822) were payable to the independent money purchase pension scheme and both are included in creditors.
**Richard House Trust Notes to the Financial Statements for year ended**
44
**Richard House Trust Annual Report and Financial Statements for the year ended 31 March 2023**
## **31 March 2023 (continued)**
## **17. Contingent Liabilities**
Richard House Trust acts as a guarantor on a lease held by Richard House Trading Company Limited and as such covenants to pay rents in the event of Richard House Trading Company Limited failing to comply with the terms of the lease. The annual rent is £36,500 for the remainder of the lease for the term of 15 years commencing 22 June 2023.
## **18. Analysis of Unrestricted Funds**
||||
|---|---|---|
|Designated funds
Fixed asset fund
Replacement and maintenance fund
Free funds
Unrestricted funds of the charity
Trading subsidiary funds
Designated funds
Fixed asset fund
Replacement and maintenance fund
Free funds
Unrestricted funds of the charity
Trading subsidiary funds|**Balance at**
**Transfer**
**1 April**
**Incoming**
**Resources**
**between**
**2022**
**Resources**
**Expended**
**Funds**
**£**
**£**
**£**
**£**
4,227,505
-
-
( 87,892)
215,138
-
-
-
4,442,643
-
-
( 87,892)
841,190
4,046,465
(4,226,966)
87,892|**Balance at**
**31 March**
**2023**
**£**
4,139,613
215,138|
|||4,354,751|
|||748,581|
||5,283,833
4,046,465
( 4,226,966)
-
(59,885)
544,298
(516,159)
-
5,223,948
4,590,763
( 4,743,125)
-
**Balance at**
**Transfer**
**1 April**
**Incoming**
**Resources**
**between**
**2021**
**Resources**
**Expended**
**Funds**
**£**
**£**
**£**
**£**
4,371,181
-
-
( 143,676)
215,138
-
-
-
4,586,319
-
-
( 143,676)|5,103,332|
|||(31,746)|
|||5,071,586|
|||**Balance at**
**31 March**
**2022**
**£**
4,227,505
215,138|
|||4,442,643|
||1,348,742
2,490,363
(3,141,591)
143,676|841,190|
||5,935,062
2,490,363
( 3,141,591)
-
(128,459)
565,465
(496,891)
5,806,603
3,055,828
( 3,638,482)
-|5,283,833
(59,885)|
|||5,223,948|
||||
The fixed asset fund represents funds that the trustees have agreed to set aside as designated funds and corresponds to the net book value of tangible fixed assets not represented by restricted funds. The replacement and maintenance fund represents funds set aside as designated funds to ensure that fixtures, fittings and computer equipment are fully operational at all times. Amounts are transferred to and from the general fund to maintain the designated funds at the appropriate levels. These funds typically represent between 4-5% of the fixed asset value.
The trading subsidiary funds represents the retained profit held by Richard House Trading Company Limited
It is anticipated that these funds will not be used in the next three years as the care area of the hospice has recently been refurbished. The replacement and maintenance fund is expected to be spent within five years
**Richard House Trust Notes to the Financial Statements for year ended**
45
**Richard House Trust Annual Report and Financial Statements for the year ended 31 March 2023**
## **31 March 2023 (continued)**
**19. Analysis of Restricted Funds**
|**19. Analysis of Restricted Funds**|||
|---|---|---|
||**Balance at**
**Transfer**|**Balance at**|
|Respite Care Fund
Transition Fund
Care Equipment
Sixth Bedroom
Playground Regeneration
Other funds|**1 April**
**Incoming**
**Resources**
**between**
**2022**
**Resources**
**Expended**
**Funds**
**£**
**£**
**£**
**£**
3,500
112,876
( 116,376)
-
9,379
100
( 9,479)
-
71,900
1,358
( 55,000)
-
12,500
5,000
-
-
38,747
-
( 38,747)
-
21,028
14,400
( 35,428)
-
157,054
133,734
( 255,030)
-|**31 March**
**2023**
**£**|
|||-|
|||-|
|||18,258|
|||17,500|
|||-|
|||-|
|||35,758|
||**Balance at**
**Transfer**
**1 April**
**Incoming**
**Resources**
**between**|**Balance at**
**31 March**|
||**2021**
**Resources**
**Expended**
**Funds**|**2022**|
||**£**
**£**
**£**
**£**|**£**|
|Department of Health Section 64 Grant
COVID -19 Grants
Respite Care Fund
Transition Fund
Care Equipment
Sixth Bedroom
Playground Regeneration
Other funds|-
391,586
( 391,586)
-
107,798
( 107,798)
-
118,220
( 114,720)
20,029
( 10,650)
17,559
67,683
( 13,342)
-
12,500
-
-
-
38,747
-
-
53,686
( 32,658)
-
30,059
797,749
( 670,754)
-|-
-
3,500
9,379
71,900
12,500|
|||38,747|
|||21,028|
|||157,054|
The Department of Health Section 64 Grant consists of funds awarded to maintain existing levels of in house care and to open additional beds during periods of expressed demand.
The Department of Health Grants consists of funds awarded from the £30 million funding for children’s palliative care in 2010/11 for a pilot rapid response home care/end of life service for children, young people and their families. The expenditure was deferred while the hospice refurbishment was undertaken and resumed when residential care services returned to the Beckton Site.
* The Respite Care Fund consists of funds raised to provide respite and other care for children, particularly focussed on staffing of nurses
* The Transition Fund consists of funds raised to support our transitional care service for young adults.
* Sensory Garden Fund consists of funds raised for transforming our award winning garden. The work was mostly donated professional services from Greenfingers charity.
* Care equipment funds relate to donations towards purchase of equipment needed to care for the children.
* Other Funds consists of funds raised for transport and Music Therapy, events for children, management and administration
**Richard House Trust Notes to the Financial Statements for year ended**
46
**Richard House Trust Annual Report and Financial Statements for the year ended 31 March 2023**
## **31 March 2023 (continued)**
## **20. Analysis of Net Assets by Fund**
|Designated funds|**Tangible**
**Fixed**
**Assets**
**£**
4,139,613|**Net Current**
**Assets/**
**Liabilities**
**£**
215,138|**Long term**
**Liabilities**
**Total**
**and provisions**
**2023**
**£**
**£**
-
4,354,751|
|---|---|---|---|
|Free Funds|-|748,581|-
748,581|
|Trading subsidiary funds
Restricted funds
Designated funds|4,139,613
11,658
-
4,151,271
**Tangible**
**Fixed**
**Assets**
**£**
4,227,505|963,719
( 39,720)
35,758
959,757
**Net Current**
**Assets/**
**Liabilities**
**£**
215,138|-
5,103,332
( 5,130)
( 33,192)
-
35,758
( 5,130)
5,105,898
**Long term**
**Restated**
**Liabilities**
**Total**
**and provisions**
**2022**
**£**
**£**
-
4,442,643|
|Free Funds|-|841,190|-
841,190|
|Trading subsidiary funds
Restricted funds|4,227,505
6,409
-
4,233,914|1,056,328
( 66,294)
157,054
1,147,088|-
5,283,833
-
( 59,885)
-
157,054
-
5,381,002|
## **21. Financial Commitments**
At 31 March 2023, the group has commitments under non-cancellable operating leases as follows:
|Within one year
Within two to five years
Over five years|**2023**
**2022**
**£**
**£**
78,625
60,766
146,000
-
227,223
-
451,848
60,766
**Land and Buildings**|**2023**
**2022**
**£**
**£**
9,645
9,645
4,882
18,986
-
-
14,527
28,631
**Other**|
|---|---|---|
At 31 March 2023, the company has commitments under non-cancellable leases as follows:
|Within one year
Within two to five years
Over five years|**2023**
**2022**
**£**
**£**
-
-
-
-
-
-
-
-
**Land and Buildings**|**2023**
**2022**
**£**
**£**
9,645
9,645
4,882
18,986
-
-
14,527
28,631
**Other**|
|---|---|---|
**Richard House Trust Notes to the Financial Statements for year ended**
47
**Richard House Trust Annual Report and Financial Statements for the year ended 31 March 2023**
## **31 March 2023 (continued)**
## **22. Related Party Transactions**
The company has taken advantage of the exemptions available under FRS 102 paragraph 33-1A available to group companies and accordingly, details of transactions between the Trust and its subsidiaries are not separately disclosed.
|Donations received from Directors / Trustees for
general core activities|**2023**
**2022**
**£**
**£**
29,850
57,482
29,850
57,482|
|---|---|
No trustee was reimbursed for incurred expenses during the year £nil (2022: £nil).
**Our Thanks**
48
**Richard House Trust Annual Report and Financial Statements for the year ended 31 March 2023**
Each year we must raise over £2 million in charitable income to keep Richard House open. Without the support of our many donors this would not be possible, and we are extremely grateful to every one of them.
A special thanks to all those in the local community who supported us through collection tins and challenge events
AFME Aimwell Charitable Trust Al Madina Mosque Alex Collins Alexandra Chapter no.5182 All Saints Church Allianz Global Corporate & Speciality Amazon Smile Ames UK Armourers and Brasiers' Gauntlet Trust Arnold Clark Community Fund ARQ Homes ASDA Clapham Junction ASDA Community Fund Attic Self Storage Australia Chapter no.6505 AXIS Capital Baha'i Community of Newham Ballymore Barclays HQ Barclays Wealth Technology Barking Abbey Comprehensive School Barking Road Runners Barts & The London RAG Society BBC Children in Need Beckton Fish Bar Beckton Pharmacy Bellway Homes Berkeley Foundation Booker Ltd Border Stone Lodge no.6755 Borough of Newham Lodge no.8627 Bouygues Buhler CadMan UK Canning Town Jobcentre Cassii Lodge No 9088 Castrum Lodge no.7630 CBC Partnership
Chadwell Heath Canasta Club Chingford Tarernacle no.91 Chobham Academy Church of God
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**Richard House Trust Annual Report and Financial Statements for the year ended 31 March 2023**
City & Shoreditch Rotary Club Cleaning & Support Services Association Clerkenwell Lodge of Installed Masters Clifford Chance CLS Group Commerzbank Compre Group Covenant Lodge no.4344 Credit Agricole Crest of Mount Edgcumbe Lodge no.7431 Custom House Baptist Church Damhurst Ltd David Lloyd Leisure Centres Dennis Hocking Lodge no.6279 Dentons DSV Solutions Earl of Zetland Chapter no.1364 Earls Lodge no.2347 East London Mosque Easy R&D Eko Pathways School Europa Point Lodge no.8581 Excel London Fables Auctions Formula E Gainsbury and Whiting Gallagher Genesis Futsal Club Give a Car UK Glitt3r & Shine Graham and Mary Stacy Trust Granite Chapter no.1328 Guidehouse Guild of Freemen of the City of London Guildhall School of Music Chapter no.2454 Hand of Good Fellowship Lodge no.5729 Havering East Rotary Club Highbury Quadrant Congregational Church Holt Energy Advisors Homelands Charitable Trust HSBC Central Corporate HSBC Premier Branches HSBC Security Services IRF Jack Petchey Foundation Johann Gutenberg Mark Lodge no.976 John and Amelia Winter Johns & Co JP Morgan
King & Spalding Kings Church Barking Kingsford Community School
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**Richard House Trust Annual Report and Financial Statements for the year ended 31 March 2023**
Knight Dragon Lapis Magnes Lodge no.5024 Lemon Melon Publishing Limited Leytonstone and Woodford Rotary Life Church UK Lodestone Mortgages Lodge of Hope no.7152 Lodge of Love & Friendship no.6123 London City Airport London City Island Leaseholders and Residents Assocation London Edenside Lodge London International Horseshow Loxford Social Club Loyal Duchess of Kent Lodge MACE Group Make a Difference Ltd Manor Park Cemetery & Crematorium Mark Masons Masonic Charitable Foundation Maylands Golf Club Mercer & Hole Metlife Metropolitan Grand Stewards' Lodge no.9812 Military Order of the Collar Foundation Miller Insurance Monday Morning Walking Club Monmouth Rambling & Hillwalking Club Morrisons Mount Moriah Chapter no.143 Mount Moriah Lodge no.34 Nagrecha Brothers LTD National Emergencies Trust National Grid Newham North Islamic Association Newham Sixth Form College Orion House Oxygen Menswear Payne Hicks Beach Phoenix Lodge no.7476 Porsche East London Power House International Ministries Prince Regent Hotel Principal Global Principle Cleaning Prudence and Verity Mark Master Masons No 932 Queen Mary SU R A O B Eastern Province General R A O B Edmund Cathery Lodge no.4383 Radius Lodge Ralph and Elizabeth Aldwinckle
Reiss Limited (Beckton) Riverside Bridge School
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**Richard House Trust Annual Report and Financial Statements for the year ended 31 March 2023**
Roding Rotary Club Rotary Club of London Royal Connections Church Rupert Patterson Lodge no.3646 Seriously Funny SGN Retail Shepherds Bush Lodge no.1828 Sir Jules Thorn Charitable Trust Sky St James’ Place Foundation St John's Lodge no.167 St Mark's Church - Forest Gate St Mark's College Lodge no.2157 Tate & Lyle Taz Akhtar Telford Homes Tesco Bags of Help The Burdett Trust for Nursing The Charles Lewis Foundation The Claquettes The Economist Group The February Foundation The Forrester Family Trust The Hospital Saturday Fund The National Lottery Community Fund The Vandervell Foundation The Worshipful Company of Glovers of London The Worshipful Company of Pewterers (The Seahorse Trust) Thirsk Winton Thomas Miller Thomas Miller Insurance TK Maxx & Homesense Foundation Together for Short Lives Trevor Price Trinity Chapel Trinity Steering Group Tuesday Knitting Group Tuixen Foundation U3A - Havering United Mariners Lodge no.30 Valero Waitrose - Victoria Walsingham Motor Insurance Ltd Wanstead Chapter no.3524 Wells Fargo Wendy Pritchard West Essex Round Table Lodge West Ham United Foundation Wood MacKenzie WWT
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Richard House Children’s Hospice
Richard House Drive
London E16 3RG
@richardhousech richardhouse.org.uk
Richard House Trust is a registered charity (1059029) and a company limited by guarantee (3232837 - England & Wales). Its registered office is Richard House Children's Hospice, Richard House Drive, London E16 3RG