THE SHAKESPEARE HOSPICE ANNUAL REPORT AND ACCOUNTS 2023124 KES */ospic¢ Company Registration No. 3291683 Charity Registration No. 1064091
Contents Page Report of the Trustees.. From the Chair Purpose and Objects 2023124 Achievements Clinical Services Income Generation Financial Review 9-10 structure, Governance and Management Risk Management Trustees, Responsibi lities in Relation to the Financial Statement5 Reference and Administrative Details 11-13 14 14 15-16 Report of the IndependentAuditors Financial Statements: 17-20 statement of Fi nancia l Activities 21 Balance Sheet 22 Cash Flow Statement 23 Notes to the Accounts 24-43
Report of the Trustees forthe Year Ending 31 March 2024 The Trustees are pleased to present their annual report and audited financial statements for the year ending 31 March 2024. This meet5 the requirements for a directors, report and accounts for Companies Act purposes. The financial statements comply with relevant statutory and regulatory requirements: The Charities Act 2011. The Charities (Protection and Social Investment) Act 2016. The CompaniesAct 2006. Our Articles of Association; Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191. From the Chair Chair's Statement- 2023124 It's true to say that 2023-24 was a mixed year for The Shakespeare Hospice. Starting with the positive. our activity returned to pre-COVID levels with the Day Hospice now running sessions over 5 days a week along with evening Carers and Bereaved sessions. We offer a full range of services including complementary therapies and it is wonderful to seethe children's pre and post bereavementgroups back on site, there is nothing more upliftingthan hearingthe laughterofchildren duringthese sessions, knowing ourtherapy is going somewayto heal children at a very difficulttime. It's greatto see the Day Hospice bustlingwith activity once again. The negative 15 ourfinancial performance; we again recorded a deficit, and our fundraising continues to be faced by a number of headwinds not least of which 15 the cost-of-living cris1S. In addition to Day Hospice based services, the Hospice at Home team continues to provide end of life care for people in their own homes. We are proud of our Motor Neuron Disease IMND) Clinic and bereavement counselling Services which are highly regarded. All our clinical staff continue to deliver excellent care as evidenced by wonderful feedback received from the families and friends of those cared for. I'm delighted that our clinical team were shortlisted as finalists for two categories in the National Palliative Care Awards. The year saw a number of events organi5ed by our enthusiastic fundraising team including the volunteer-run Friends of Shakespeare Hospice. In addition to raisingfunds, events such as the Dragon Boat Races and the Annual Open Day & Fete increase the hospice's profile and visibility across the communities we serve. The retail team 31so enjoyed a successful year and the Henley-in-Arden shop was nominated for Charity Shop of the Year. The financial statements for 2023-24 show a deficit of £299,74012022-23 deficit £253,355). The ongoing deficit reflects increased costs incurred due to inflation and other economic factors as well as an investment into staffing and services. Fundraising remained challenging and NHS grants have not kept pace with inflation or staff pay awards. With an increase of just 0.60/0 on NHS grant funding in 2024-25 the Hospice will have to raise £2.7million locally to achieve break-even. The hospice continues to press locally for a fairer NHS grant - as a percentage of costs it's one of the lowest in England - and together with other organisations, principally Hospice UK, for better funding for the vital services we provide. While primarily focused on our own services, we continue to have regular dialogue with other providers and service commissioners, to ensure opportunities for collaboration for delivery of end-of-life care across South Warwickshire are identified and explored. While we have set a deficit budget for 2024-25 which will further reduce our reserves, it is our aim to achieve financial sustainability in the medium term. Recent investments in our fundraising team will hopefully yield benefits as we identify more sources of income although competition for grants is fierce. In retail, Isubject to
findingsuitable sites) we are planningto add 2 newshops and to seekotheropportunitiesto increase income. Our aim is to generate significant increases income and achieve break-even. We recognise this will be difficult in the current economic climate and will regularly review progress taking any necessary actions should deficit reduction not be realised. We are grateful forthe ongoingfinancial support ofthe communities weserve. As always, l am grateful to our dedicated staff across all departments who always 'go the extra mile, a5 doe5 our CEO Tracey Sheriden and her Senior ManagementTeam. Thanks 3150 go to our volunteers who make a huge difference. We are now implementing a volunteer strategy to make best use of theirwide range of valuable skills and experience. l am thankful to all trustee5 for their support, hard work and dedication throughout the year. There have been a few changes to the Trustee Board. In December, Richard Barratt stood down having chaired the Finance & Audit Committee for several years and overseen significant improvements to the timeliness, accuracy and quality of financial information. In July, Elizabeth Spencer stood down after6years as a trustee including2 years as chairof the People & Corporate Governance Committee and 3 years as trustee lead for staff Wellbeing. I thank them both and wish them well. Ih Finally, in February the hospice reached its 25 birthday. Atime to recognise everythingthat has been achieved since 1999 and to thankthose who raised the funds to build the hospice. A numberof events will be held throughout 2024 to celebrate this milestone including'sip Sip Hooray, afternoon tea parties being held by supporters and an anniversary ball in December. Dr Paul Simmonds Chair
Purpose and Objects Purpose Our purpose, a5 set out in ourArticles ofAssociation, is: To help anyone with a life limiti ng illness to live i n as fu Ifilled and creative way as possible. To offercare that 15familycentred. To enable peopleto die at home in dignity and comfort if that istheirwish. In setting our strategies and plans, we have referred to the Charity Commission's guidance on public benefit, including PB2'Public benefit: runninga charity,. The Charitie5 Act 2011 sets out 13 aims which are recognised as charitable purposes, of which The Shakespeare Hospice meets three,. the advancement of health, the relief of those in need by ill health or disability, and the advancement of education. All services provided to patients, families and carers are free of charge and available to all who meet the referral criteria. Objects The objects of The Shakespeare Hospice are for the public benefit: to promote the relief of sickness and the advancement of health in such ways asthe charity shall from timeto time thinkfit, in particular by: Establishing, maintaining and conducting a day centre or residential home in the Countyof Warwickshire, for the reception and care of persons of any age and either sex, without regard to race or creed, who are sufferingfrom anychronicor life limiting illness orfrom anydisabilityordisease, and by providingmedical orothertreatment and attention forsuch persons. and by providingtherapies and other services to relieve suffering of the members of the families of such persons and any who provide unpaid care to them; Conducting or promoting or encouraging research into the care and treatment of persons suffering from any such illness, disability, disease or infirmity and particularly into the care and treatment of persons sufferi ng from life limiti ng illness, and to dissem inate the results thereof to the public. Promotingor encouragingorassisting in the teaching ortraining of doctors, nurses, physiotherapists and other persons engaged in any branch of medicine, surgery, nursing or allied services and in the teaching or trainingof students in any branch of medicine, surgery, nursing orallied services; Providing or assisting or encouraging the provision of spiritual help and guidance for any patients, their families, carers and members of staff. Strategies Our strategies to achieve our purpose and objects are: To provide a safe space for nursing care, therapy, counselling, support, and friendship. To offer practical. experienced nursing care in the home at the end of life in collaboration with the Community and Primary Health Care Teams. To support the patient's whole family, and those who matter to them, throughout their journey and into bereavement; To seek to understand people's needs, fears and hopes in a non-judgmental way. To give appropriate information and support at any stage in theirjourney for those living with, or affected by, a serious illness. To work collaboratively with our partners in health and social care and refer people to other agencies and sources of help where appropriate, To provide bespoke facilities for our work with children and young people. Detail on the activities carried out to implement our strategies in the year is given in the 2023124 Achievements, Section below.
Measures To evaluate the extent to which we are achieving our purpose, we use several quantitative and qualitative measure5, including- The introduction of the Electronic Patient record IEPRI in January 2022, allows us to draw on d3t3 to make clinical decisions aboutourfuture clinical services,this includes numberof new referrals fordirect patient care, patients and carers helped, demographic characteristics. Patient satisfaction surveys have been reintroduced during 2023. Ourclinical Governance Committee have overslte of all complaints and complements relatingto patient care. A program of Internal and external compliance audits are completed though out the year, to include CQC compliance. 2023124 Achievement5 Quartertwo of 2023 saw the launch of The Shakespeare Hospice 5-year strategy. An ambitious strategy that has a focus on 7 strategic pillars, 6 of which are the foundations that SUPPOrt our strategic purpose to deliver excellent clinical nursingand therapeutic care. Year one mobilisation plans against each strategic pillar was successful, some of our key achievements against plan include.. Reopening and expanding our day services, including Complementary Therapy Services Sharingofgood practice at Hospice UK. Working collaboratively with other local charities and Health and Social care agencie5 to deliver clinical care. Investment into our children's services and seeing them and their families back on site. Continued investment into our retail services. The appointment of a Head of People and Governance to drive forward our workforce plans including the introduction of more volunteers. The roll outof our health and wellbeing plan to support all staff. Tightening of our governance processes and build a robust structure of assurance to manage compliance. Continuing to take Steps to streamline our processes ensuring that we are sustainable. The launch ofour new website. The development of a new marketing strategy. Sharing of our org3nisation31 objectives, based on our strategic pillars, mission and values making them meaningful for all staff. Understanding ourdata, to intelligently inform the organi5ation with decision5. Maintenance of the Single Point of Access service for South Warwickshire in partnership with South Warwickshire Foundation Trust and other South Warwickshire Hospices. Contribution to the palliative and end of life Coventry and Warwickshire Strategy meetings where we work on behalf of our local population to influence for improved services. Making great streps to improve our network IT infrastructure, and a focus on Cyber Security. Investi ng i n site renovations.
Clinical Services The clinical department has continued to strengthen and restore clinical services over the last 12 months, Wlth a specific focus on activity atthe main Hospice sitewhilst maintainingthe existinghigh standards of care and reach within the Hospice at Home Service. The opportunity to evaluate, recalibrate, and redesign aspects of our traditional site-based services, enhancing the reach into the community, quality of service provision and patient experience, has been optimised at every opportunity. We continue to reflect on and consider the multiple learning opportunitie5 taken from the pandemic, whilst monitoringand adaptingto nationaland localsystem requirementsand mostimportantly,the voiceof ourservice users and local community. Our Clinical Operations and Quality Lead continues to facilitate and coordinating a portfolio of quality improvement projects/initiatives within the Hospice to ensure standards are maintained across all clinical palliative and end of life care services. This is achieved through establishing and embedding robust monitoring mechanisms and via the continuous review of proce55es and procedures to facilitate consistent clinical development. They also lead the organisation in the delivery of a comprehensive clinical quality, patient safety and governance programme. We have embedded our Electronic Patient Records System, IEMIS), which is now utilised across all our clinical services.. many advantages have been identified (for our patients and staffalikel by upgradingfrom manual paper- based notes to an electronic system, enhancing patient experience and quality of care. Embedding EMIS has created the ability to link with our NHS colleagues and ensure timely and responsive joint working approaches, reducing duplication and waste. The last sharing agreement ha5 been Scoped and approved to link EMIS with General Practice which is expected to go live by July 2024. We have also developed the ability to extract multiple data sets that not only enables the department to evaluate and improve care, but also supply our Income Generation Team with the data they need when creating compelling business cases and applications for Trusts and Grantsapplications. From a system perspective, we continue to be a keyvoice contributingto the'coventryand Warwickshire Hospices Working Together, group. In the last year we have continued to build and develop the professional relationship between all partner care providers to enhance understanding and evolve efficiency. to positively impact the care our patients receive from our services. The Service Specification for Hospice at Home Services- (which harnesses the Successful model already developed and offered by The Shakespeare Hospice) continues to improve and develop under the leadership of the Clinical Teams. Our Chief Executive Officer has been successful this year, in securing status as Care Quality Commission (CQCI Registered Manager forthe organisation, and we are reviewing our policies and procedures currentlyto ensure we are compliant with the'we Statements, in line with the 5 CQC domains (Safe, Effective, Caring, Responsive and Well Led) in anticipation of a potential service inspection visit. Ourskilled and supportive volunteerworkforce has also been steadily returningto Day Services, providingsupport for much needed hospitality care, creative therapy input and administrative support, with numbers being enhanced by a widely advertised social media campaign and succe55fulVolunteerRecruitment IduringApril 2024). As we continue to develop and invest in our services further, we will maintain the ambition to grow ourstaff and our volunteer workforce in line with service requirements and feedback from our current and potential patient caseloads, Looking Forward- Clinical strategy Asthe complex needs of our communitiescontinueto evolve and change, we recognise how irnportant it is for the Hospiceto be proactive and responsive to any new opportunities and challenges thatare scoped and identified. Equally we believethatto serve ourcommunities best, strengtheningcollaboration within our
regional healthcare system and with local partners will be key to supporting the delivery of innovative models of care. Our Five-year Strategy12023 to 20281 supports this approach, and a recent review of progress made toward5 our year I goals, and the launch of ouryear2 plans has evidenced the level ofsuccess gained duringyear I, assuring U5 that ourshort/medium aspiration5 remain ambitious, realistic, and achievable. Ourfocus for2024-25 isto continue to identify and support patients with a life limiting condition, and, with the intervention of high-quality care, reduce the risk ofthem becoming unstable and returning to busy acute hospitals, whilst also ensuring that allthose wishingto be cared for in theirfinal months, weeks and days can do so with the confidence, care and compassion required. Our key principles to support this goingfonvard are: Continuing to evolve and evaluate our Day Service delivery to ensure that the offer is diverse and inclusive of our populations needs. Championing the importance of buildingtherapeutic relationships early via proactive palliative support referrals from our stakeholders. Followingthe launch of ourcomplementary Therapy service we will grow ourvolunteersupportto offer more therapeutic sessions, with an aim to deliverthe service outside of the hospice walls, to include patients own home and The Rigby Unitat StratFord H05Pital, to ensure we are reaching people who may not be able to access services within our Hospice building. Continuingto adapt and growourcare offer by keepingthe patient and those importanttothem atthe centre of all that we do. Improving access for adults and children to a range of palliative and end of life care support delivered at the Hospice, and services that we provide in the place5 our patients call home. The continuing commitment to ongoing governance and quality assurance across the clinical department, with a focu5 on patient experience, evaluation and feedback. Extending our reach, meeting the evolving needs of our communities by providing much needed services locally, through collaborative models and co production. Our Companions project: an incentive aimed at matching Hospice Volunteers with isolated people within our community to offer companionship, guidance and friendship and to signpost peopleto ourservices when ready, again an ambition within our yea r 2 clinical strategy. We understand and acknowledge that the demand for services across the whole of our health care economy is increasing, against a backdrop of workforce, and financi31 challenges, emphasised by a continual growth in local and national population. With this in mind, we will continueto focus on building strength and resilience within our workforce and developing our core service offerto ensure clinical quality remains of a high standard. The development of empowerment-biased session5 Wlthin our Day Service plan continues, with a focus on admission prevention: inviting patients into our health and wellbeingdayservice5, to supportthem with learning new skills and strategies that allow them to remain at home, living well and as independently as practical, managing their conditionls) as optimally as possible. We also aim to support our patients and those important to them to identifywhen their management plan is becoming unstable, and to ensurethatthey have insight, support,training and understandingto help them stabilisethe situation with the support of our hospice team and the wider community. We are proud to acknowledge thatso much has been achieved so far, and we will maintain this momentum and energy during 2024-25, consolidating our existing practices and identifying new ways of working by strengthening and stabilising the foundations we have established. The Income Generation 2023124 report covers the requirements charities must follow as set out in the Charities Act 2016.
Income Generation Achievin the re uirements of th F Reflecting on the past year, the end-of-year accounts includes a narrative of 3chievements and goals to help plan for the future. The Income Generation team have ensured best practice in their fundraising and that every interaction with our supporters and donors delivers a positive experience. Some significant project milestoneswereachieved in 2023124which have laid the foundations for5UStainable growth. For example, the migration to a cloud-based Customer Relationship Management (CRMI in May 2023 has significantly improved efficiency in theteam, donor management, communication tools, payment platforms, and enhanced analycical capabilities which provide valuable insights to help us develop forecasts and data driven decision making. The CRM has been integrated with our new website, which was launched in July 2023. The new website is more engaging and offers an improved navigation structure for users, enhancing the experience for patients, carers and supporters. The website has enabled more processes to be automated and improved our overall data capture and management. The budget for 2024125 includes Strategic investment that is anticipated to yield a higher income in the following year. The decision to invest was made by allocating additional resources into key areas that are expected to generate significant returns in the near future, mainly Trust and Grants, Corporate, and Major Gifts. While the immediate impact on income may not be fully realised in the next 12 months, projections indicate a promising outlook for increased income and profitability in the subsequentyears. Thi5 approach support5 our strategy and long-term goal forfinancial stability. Ourfundraising activities are carried out by an in-house fundraisingteam employed by the Hospice and volunteers who manage support received through gifts in kind, regular or one-off donations, event participation, community and corporate, in-aid-of fundraising, legacies, and a lottery. We do not use any third-party Professional Fundraising Organisation5 to undertake fundraising on our behalf. Volunteers working on behalf of the Hospice operate underthe same guidance provided to staff. The Shakespeare H05pice is registered with the Fundraising Regulator and disp13yS the logo on all communications and printed collateral to show our commitment to deliver excellent fundraising practices. During the period 2023124, there were no compliance issues reported to or investigated by the Regulator. Retail activity The retail operation is performing well and income has shown a positive variance of 71Yo VS the previous year actuals. Retail performance has been strong throughout 2023124 and has delivered the highest income on record. The retail operation continues to be a success story forthe Hospice with a consistent increase in shop income (except for the impact of Covid-19 in 2020 and 20211 as a result of implementing the retail strategy objectives and a dedicated workforce. The GiftAid conversion is performing well and has achieved an excellent 48 % conversion sign up rate. Thi5 increase has been achieved through staff training and with the introduction of the front facingtill screens which display key messages.
Future plans include openingtwo new shop5 byApril 2025. The Retail Strategyforthe comingyear isto enhance ourvisual merchandising and brand awareness in shops, create an emotional connection with customers, and to improve the overall Shopping experience. We will identify opportunities to expand the ecommerce offer and strengthen our position, presence and reach across all shopping and social media channels. Trainin and monitorin the Fundraisin Codes: The Fundraising Regulatorcodes have been implemented across a series of policies and procedures which are issued as part of the induction program for new staff and volunteers, relevant to the area of activity. Volunteers fundraising on behalf of the Hospice are an extension of the fundraisingteam who operate underthe same policies and guidance. Volunteer Groups and Committees provide full details of their fundraising activities to the Hospice to ensure compliance. The policy guidance has been applied to departmental Standard Operating Procedures to ensure compliance with related fundraising activities. The Hospice Policy Index table details review dates to support the audit procedure and ensure policies are kept updated with any changes. The Code of Fundraising Practice guidance is made publicly available on our website on how to stay safe and compliantwhen you fundraise, and when related to a particularactivity, in fundraisingrnaterialsforanyone fundraising on behalf of or in old of the Hospice and in the Event term5 and conditions. The Shakespeare Hospice will identify at an early stage the element of risk involved in any activity and working with third paty providers. The Shakespeare Hospice Due Diligence Policy (acceptance and refusal of Donations) and checklist of activities and associations that could constitute a risk are followed before starting a new partnership. In the last year, the Acceptance and Refusal of Donations Policy was implemented usingthe due diligence risk assessment procedure to approve I high value individual donations and 3 partnerships with external event providers. om laints: During 2023124 we received 3 retail and 3 fundraising complaints. Our Complaints Policy and Procedure is available on the Hospice Website. All complaints are acknowledged within 2 working day5 and the outcome of any investigations are completed within 14 days, All complaints are escalated and reviewed by our Senior Management Team ISMTI and reported to their relevant trustee subcommittee bi-monthly. SMT and trustees also review complaints at bi-monthly board meetings, and we report to the Fundraising Regulator on the totality of ourcomplaints annually. Protectin ble Su orters The Vulnerable Supporters in Fundraising policywas last updated in January 2023 and is available on the Hospice website. The Shakespeare Hospice understands that people in vulnerable circumstances may need furthersupport before deciding whetherto donate. The Hospice recognises that it has an obligation to protect those in vulnerable circumstances. Whenever we Suspect that someone we engage with doesn't have the ability to make an informed decision orarevulnerable inthat moment in time, we willtake stepsto immediatelyend the engagement. This will always be done politely, and without makinga requestfor a donation or anydirect
enquiries aboutthe individual's capacity to make a decision or the existence of vulnerable circumstances. To help further mitigate the risks.. The policy is issued and discussed with new starters as part of the induction checklist Guidance on followingthe code for protectingvulnerable people is included in ourfundraising materials The workforce is provided with 'difficult conversation training, and how to recognise and protect vulnerable people An annual mandatory E-learningfor Health Safeguarding and OliverMcGowan training module 15 undertaken by the workforce and tailored training offered to the Retail team through an approved Safeguarding Scheme delivered by the Charity Retail Association The Hospice has a Freedom to speak up: Raising Concern5 IWhi5tleblowingl Policy which includes guidance on how to raise concerns about fundraising practices Legitimate InterestAssessments are completed priorto sending on or offline communications. This includes a checklist to ensure communications are not intrusive, do not cause distress and that the content is open and transparent. Financial Review Outcome forthe Year 2023-24 was another year of considerable investment a5 the Hospice expanded its services and implernented the new strategy. We ended the yearto 31 March 2024 with a deficit of £300k. This was £159k lowerthan the budgeted deficit but nonetheless reflective of financial challenges in the Hospice Sector as a whole. The 2024 deficit reflects., An over311 increase in costs acr055 all areas of the Hospice. Staffing costs increased by 120h which reflects the investment into services and cost of living award5. Total expenditure increased by £308k during the year. An overall increase in Income of 9¥0. Interest on our cash reserves increased by £51k and our Legacy income increased by£123k. Incomefrom fundraisingwa5 in line with lastyear. NHS income increased by £31k. COREfundingfrom the NHS amounted to 120/ooftotal income duringthe year. Our shops continued to perform well with a 7 % increase in income. Staff costs represented approximately 70Yo of our total c05ts171¥0 in 20221231 and accounted for £197k of the overall increase in expenditure. Reserves Trustees are required to consider on an annual basis the level of reserves the hospice needs to hold, as an important part of planning and sound financial management. The Trustees have reviewed and refreshed the reserves policy as set out below. Our policy is to hold sufficient unrestricted cash reserves to safeguard our medium-term financial viability. It considers the nature of our income streams and forecast expenditure and the need to provide against the uncertainty of income, especially the significant variability of legacy income.
io We avoid holding excessive cash reserves., if they rise too high, we use them to facilitate the expansion of our existing charitable activities, projects (i ncludi ng the pilot of add itional activities) and capital expenditure. Given the current political and economic climate, rising costs and other risks, our policy is to hold cash reserves of between six and twelve months forecast annual operating costs. We recognise a need to maintain financial resilience following a period of uncertainty. The surplus of reserves held compared to the reserves policycan be applied to furtheringthe Hospice's long-term strategy and may be invested to generate income and long-term capital growth in support of the Charity's purpose. Amounts held in long term investments are excluded from our cash reserves policy above. In common with many charities, we have established a Designated Fund to represent the value of unrestricted funds tied up in tangible fixed assets and therefore not readily available for funding day to day Hospice expenditure or future deficits. It is our policy to rnaintain this Designated Fund and to make transfer5 between unrestricted funds and the Designated Fund each year to represent the change in the value of tangible fixed assets overthe year. Next Year Prior to the year end, the Trustees approved an investment focussed deficit budget for 2024125 reflecting additional investment in our income generation activity, recruitingto vacant posts and new positions and growth in our Hospice services. In line with recommended practice, the Hospice finances are managed using an agreed budget and a rolling forecast, which is regularly updated as new information becomes available. The latest forecast indicates that with the current level of predicted income over the coming year, including notified legacies, the Hospice is forecast to make a deficit of £868k to 31 March 2025. Thi5 reflects a challenging financial landscape, however, based on the level of reserves currently held, the Trustees believe that The Shakespeare Hospice will continue to be a going concern for the foreseeable future and have approved the accounts on this basis. Investment Policy We aim to balance risk and return with our investment decisions. Our cash fund5 are held with Barclays Bank and on deposit with a range of financial institutions through the Charities Aid Foundation. We have invested £0.5m with CCLA Investment Management Limited in a long-term ethical equity-based investment, to provide longterm capital growth in support of the Hospice's long-term objectives.
11 Structure, Governance and Management Constitution The Shakespeare Hospice's governing document is its Articles of Association, which was updated this year to better reflect our focus on Equality, Diversity and Inclusion and to provide a mechanism for the Board to extend the Membershipto ensure more community engagement atAnnual General Meetings. The Trustees also follow relevant legislation and guidance, including the Charity Governance Code. The H05pice is registered as a company limited by guarantee. number 3291683. It is also registered with the Charity Commission for England and Wales, number 1064091. Appointment of Trustees Where vacancies arise, Trustees are recruited following an advertisement in the local press. applicants who have an existing relationship with the Hospice may also be considered. Aftersubmitting a CV, suitable applicants are interviewed by the Chairman and Committee Chairs, whilst the Chief Executive does not form part of the formal interview panel they meet separately with candidates, and feedback as part of the overall process. Recommendation is made to the full Board. Upon appointrnent, the new Trustee undertakes an induction programme. This includes meetings with the Chair and other Trustees, and with the Chief Executive and other members of the Senior Management Team, as well as a comprehensive reading list designed to help the new Trustee learn about the Hospice and the requirements of the role as quickly as possible. Our position as set out in the paragraphs below on Diversity in the Workplace apply to the selection and recruitment of Trustees, who are all volunteers. We currently have 12 Trustees on the Board (2023124,13), as follows: Men151 12023124,6) Women171 12023124,71 Despite the Trustee efforts to recruit to a more diverse board. The board of Trustees currently represented by white British Trustees. The management of the Hospice, within approved plan5 and budgets. is delegated by the Board to the Chief Executive. The Senior Management Team consists of the Head of Clinical and Operational Services, the Head of Income Generation, The Head of People Governance, and the Head of Finance, all of whom report directly to the Chief Executive. Staff Remuneration Staff remuneration including that of the Chief Executive and senior managers is agreed by the Board as part of the annual budget exercise, taking account of NHS (Agenda for Change) pay scales for clinical staff and the local market for non-clinicalstaff. The Hospice monitors its paypracticetoensurethatitcomplieswith equalpayforwork of equalvalue legislation and the best principles of equity. All remuneration activity 15 monitored to ensure that no gender or other bias arises in practice and thata fair approach on remuneration is achieved acrossthe organisation. Diversity and inclusion The implementation of EMIS has enabled usto monitor ourservice data, the implementation of I want great care allows us to gather feedback more easily on patients, carers and families experience. Through this work we will ensure that everyone we support regardless of their individual characteristlcs, receives an equitable service and in an environmentthat is free from discrirnination of any kind.
12 The Board Effectiveness Review120221231 highlighted the need to revise our Equality, Diversity and Inclusion Policies and Procedures. The Shakespeare Hospice is committed to being a diverse and inclusive charity and continues to be work on an action plan to improve this. A Trustee champion has been appointed to lead on this. Diversity in the workplace We welcome a diverse workforce and value difference in our staff and volunteers: We recognise that a diverse workforce allows us to provide the best care for people living with a terminal illness. We will show respect for all our employees and volunteers, valuing everyone's contribution, regardless of thei r- age disability gender re3S5ignment marriage, and civil partnership pregnancy and maternity race religion and belief sexua l orientation irrelevant offending background responsibility fordependents economic status, or political values We are committed to providing equal opportunities for all employees and volunteers while continuingto base selection and promotion solely on ability to meetthe requirements of the post. We value and consider the talents and skills available in the community when employment and volunteering opportunities arise and ensure those employment opportunities are available to all. As a result, our workforce will reflect the population we seNe. We work continuously to ensure that all reasonable steps are taken to Tnake our information accessible, that individuals are treated equally and fairly and that decisions on recruitment, selection, training, and career development are based on clear, objective criteria. We have implemented the Blue Stream HR system, which now gives us the facilityto record and report on diversity information for our staff. The Sh3kespeare Hospice is committed to taking active steps to address and eliminate unfair or unlawful discrimination or prejudice where these are identified in the organisation's procedures or practices. Our current policy is as follows., Equal Opportunity Policy- October 2022 All staff undertake annual Equality & Diversitytrainingvia the Blue Stream system.
13 Trustee Meetings The Board meet bi-monthly during the year. There has been one extraordinary Board meetings within this reporting period and one Board away day, the focus was on financial forecasting and income Generation. The Chief Executive and SMT attend all Board meetings. Most of the detailed work of the Board is carried out by four committees; the number of meetings in the year is given in brackets.. Finance & Audit Committee (121 Clinical Governance Committee161 Income Strategy Committee171 People and Corporate Governance Committee {61 Supplementary to Committees there are Senor Management, Technology and operational group meetings. Role of the Trustees Responsibilityforthe charity's overall Strategy, the management of risk and legal compliance rest with the Board of Trustees. Day-to-day responsibility for the running of the charity is delegated by the Board to the Chief Executive. In particular, the Trustees consider their role to encompass: l. Setting the strategic direction of the Hospice This is achieved through an annual cycle of strategic discussion, which has enabled the developmentof a three-year plan. This leads to annual departmental objectives and implementation plans. 2. Approval of plans and budgets An overall annual plan and budget for the forthcoming financial year is presented to the Board and approved priorto the start of each year. 3. Monitoring of performance Quantitative and qualitative information regarding clinical activity is collected and 5ummarised monthly and submitted tothe Clinical Governance Committee and the Board ateach oftheir meetings. Management accounts, showing our income and expenditure and cash position against budget, are produced by the Head of Finance and Operations every month. These are reviewed at Finance & Audit Committee meetings, circulated to all Directors before every board meeting, and discussed at the board meetings. The Income Strategy Committee reviews the income generation activities of the Hospice and the People and Corporate Governance Committee provides oversight of management, staff and volunteers issues. Any complaints are reviewed by the relevant Sub-cornmittee. 4. Monitoring of statutory compliance The Board receives reports of inspections, from the Clinical Governance Committee and the Care Quality Commission.
14 Risk Management Our corporate Risk Register is updated regularly and approved quarterly by the Board. Risk Management is a standard agenda item for all the subcommittee meetings and the Senior Management Team meetings. There are currently 19 high level Risks of above 12 on the Risk Register. Ourtop 2 risk are: Financial- Risk to the su5tainability of the organisation. Income Generation -A significant reduction in income which, in part, may be due to the current economic situation All risks above 8 are monitored at the relevant Committee. Trustees, Responsibilities in Relation to the Financial Statements The Trustees (who are also Directors of The Shakespeare Hospice for the purposes of company lawl are responsible for preparing the Trustees, Report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom GenerallyAccepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fairview of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to.. Select 5Ultable accounting policie5 and applythem consistently. Observe the methods and principles in the Charities Statement of Recommended Practice {SORP}' Makejudgments and estimates that are reasonable and prudent. state whether applicable UKAccounting Standards have been followed, subjectto any material departures disclosed and explained in thefinancial statements. Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable companywill continue in operation. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial p051tion 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 hence fortakingreasonablesteps forthe prevention and detection of fraud and other irregularities. The Trustees are responsible forthe maintenance and integrity ofthe corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemi nation of accounts may differ f ro m legislation i n otherju ri5dictions. Statement as to Disclosure to ourAuditors In so far as the Trustees are aware at the time of approving our Trustees, annual report: There is no relevant information, being information needed by the auditor in connection with preparing theirreport, of which the auditor is unaware. The Trustees, having made enquiries of fellow Trustees and the auditor that they oughtto have individually taken, have each taken all steps that he/she is obliged to take as a Trustee to make themselves aware of any relevant audit information and to establish thatthe auditor is aware of that information.
15 Reference and Administrative Details Name The Shakespeare H05pice Company Registration Number 3291683 Charity Registration Number 1064091 Registered Off ice & Principal Office Church Lane Shottery stratford-upon-Avon Warwickshire CV37 9UL Bankers Barclays Bank plc Market Cross Stratford-upon-Avon Warwickshire CV37 6AP Charitie5 Aid Foundation 25 King's Hill West Malling Kent ME19 4TA Solicitors Shakespeare Martineau LLP Bridgeway House Bridgeway stratford-upon-Avon Warwick5hire CV37 6YY Caroline Lee & Associates 11 Marchmount Road Wylde Green Sutton Coldfield B72 IEE Auditors Burgis & Bullock 23-25 Waterloo Place Warwick Street Leamington Spa Warwickshire CV32 SLA Chief Executive Officer Tracey Sheridan
16 Trustee5: (From l April 2023 until the date of approval of the annual report, and the committees on which they serve or served) Dr. Paul Simmonds Chair Richard Barrett (Resigned December 2023) Elizabeth Spencer Chairs Finance & Audit Chairs People & Governance, Clinical Governance DrJeremy Shearman Helen Cave Clinical Governance Income Strategy, Finance and Audit Chairs Income Strategy Income Strategy Chairs Finance &Audit, Clinical Governance Susan Newcombe Mandy Webb {Resigned Jan 2024 and Reappointed April 2024) Ross Taylor Nicola Gotrel Chairs Clinical Governance, People & Governance Richard Goodall (Appointed June 2023) Anita Watson (Appointed June 2023) Fiona Frizzell (Appointed June 2023) Income Strategy Finance and Audit Clinical Governance, People & Governance Dr Richard Lambert (Appointed June 20231 Peter Mayes (Appointed July 20241 Clinical Governance Finance and Audit Approval This report was approved by the Trustees on and signed on their behalf by: Dr Paul Simmonds (Chair)
17 REPORT OFTHE INDEPENDENT AUDITORSTO THE MEMBERS OF THE SHAKESPEARE HOSPICE Opinion We have audited the financial statements of The Shakespeare Hospice (the 'charitable company'l for the year ended 31 March 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows 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 standard5, including Financial Reporting Standard 102 The Financial Reporting Standardapplicoble 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 charitable company's affairs as at 31 March 2024, and of its incoming resources and application of resources, including its income and expenditure, for the year then have been properly prepared in accordance with United Kingdom GenerallyAccepted Accounting Practice. and have been prepared in accordance with the requirements of the Companies Act 2006. Basisforopinion We conducted our audit in accordance with International Standards on Auditing {UK) IISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities forthe 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 thatthe audit evidence we have obtained is sufficient and appropriate to provide a basis forouropinion. 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 event5 or conditions that, individually or collectively, may cast significant doubt on the charitable company'5 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 responsi bilities and the responsibi lities of the trustees with respect to going concern are descri bed in the relevant sections ofthis report. Other information The other information comprises the information included in the trustees annual report, otherthan the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report.
18 Our opinion on the financial statements does not coverthe other information and, exceptto the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whetherthis gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothingto report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In ouropinion, based on the work undertaken in thecourseofthe audit: the information given in the trustees, report lincorporatingthe directors, report) forthe financial yearfor which the financial statements are prepared is consistent with the financial statements. and the directors, report has 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 charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors, report. We have nothingto report in respect ofthe following matters in relation to which the Companies Act 2006 requires usto reportto you if, in ouropinion: adequate accounting record5 have not been kept, or returns adequate forouraudit have not been received from branches not visited by us. or the financial statements are not in agreement with the accounting records and returns; or certain disclosures of directors, remuneration specified by law are not made. or we have not received all the information and explanations we require for ouraudit. or the trustees were notentitled to prepare the financial statements in accordance with the small companies, regime and take advantage of the small companies, exemption from the requirement to prepare a strategic report. Responsibilities of trustees As explained more fully in the trustees, responsibilities statement set out on page 14, the trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for beingsatisfied thatthey give a true and fairview, and forsuch internal controlas the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud orerror. In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
19 Auditor responsibilities forthe audit of the financial statements Ourobjectivesareto obtain reasonable assurance aboutwhetherthefinancialstatementsasawhole arefreefrom 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 ISA5 (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influencethe economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, Outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. We gained an understanding of the legal and regulatory framework applicable to the charity and the industry in which it operates and assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Based on our understanding of the charity and the sectors it operates in we identified that the principal risks of non-compliance with laws and regulations related to breaches of Charities Act 2011- UK Tax Legislation and Employment Law; Companies Act 2006. Health care regulations. Safeguarding and GDPR regulations. as well as the terms of the charity'5 governing documents. We evaluated management incentive and opportunitie5 for fraudulent manipulations of the financial statements and determined the principal risks are related to fraudulent transactions to meet funders requirements or to gain personal benefit forthe Trustees or members of management. Audit procedures performed included.. Identifying and assessing the design effectiveness of contro15 in management have in place to prevent and detectfraud. Challenging assumptions and judgments made by management in their significant accounting estimates and assessing if these indicate evidence of management bia5. Reviewing the accounting records for large and unusual journal entries and testing any identified and, in particular, revieing any large or unusual bank payments and confirming that the rationale for any such transactions were not outside the charity's normal course of 3Ctivity' Reviewing correspondence, minutes and documents for evidence of non-compliance with regulations or legislation. Testing a sample of debit entries in the statement of financial activity to check they are bona-fide costs made forthe benefit of the charity,. Discussions with management, including consideration of known or suspected incidences of non- compliance with laws and regulation and fraud. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial Statements or non-cornpliance with regulation. This risk increasesthe more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, a5 fraud involve5 intentional concealment, forgery, collusion, omission or misrepresentation. f urther descri ption our responsibilities available on the FRC'S at.. htt www.frc.or auditors audit-assurance audito ~s-res onsibi lities-for-the-audit-of-the- descri tion-of-the-auditorO/oE2 % 80 % 99s-res onsibilities-forThis description forms part of our auditor's report. is website
20 Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company 3nd the charitable company's members as 3 body, for our audit work, for this report, or forthe opinions we have formed. Wende Hubbard l FCCA) Senior StatutoryAuditor Forand on behalf of Burgis and Bullock Chartered Accountants Statutory Auditor 23-25 Waterloo Place Warwick Street Leamington Spa Warwickshire CV32 SLA
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22 ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 Balance Sheet at 31 March 2024 Note 2024 2023 Fixed as5etS Tangible assets Investments 13 2,027,942 549,503 2,051,938 485,752 21 Total fixed 355ets 2,577.445 2,S37,690 Current assets Stock 9,394 70,000 718.661 2,069,041 7,758 70,000 Property for re-sale Debtors 14 517,343 2,612,781 Cash at bank and in hand 2.867.096 3,207,882 Liabilitles Creditors: amounts falling due within one year 15 272,761 274,052 Net current assets 2,594,335 2,933,830 Total net assets 5,171,780 5.471.520 The fundsof the charfty Unrestricted funds 3,135.745 1,027,912 4,163,657 1,008,123 3,410,732 1,063,296 4,474,028 997,492 Unre5tricted- Designated funds Total Unrestricted lunds 18 Restricted funds 17 Totsl fund5 19 5,171,780 5.471,520 th Approved by the trustees on 29 July 2024 and srgned and authorised for issue on their behalf by: Paul Simmonds Director Ross Taylor Director The notes on pages 24-43 form part of these accounts. Company number: 3291683
23 ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 statement of Cash Flows forthe year ended 31 March 2024 Note 2024 2023 Cash used in operating activitie5 22 1546,248) 175,119 Cash flow5 from investing activities Interest 74,986 24,453 Purchase of property, plant and equipment 172,478) 138,287) Investment5 Net cash used in investing activities 2,508 (13,8341 IncreasÈlldecreasel In cash and Cash equiyalents in the year 1543.740) 161.285 Cash and cash equivalents at start of year 2,612.781 2,451,496 Cash and cash equivalent5 at the end ofthe year 23 2,069,041 2,612,781 The notes on pages 24-43 form part of these accounts.
24 NOTESTO THEACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 l. Accounting Policies The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial Statements are as follows: a) Basis of preparation The financial statements have been prepared in accordance with: Chaflties SORP IFRS 1021, i.e. Accounting and Reporting by Charities,. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102, effective l January 2019); The Financial Reportingstandard applicable in the UKand Republic of Ireland IFRS 1021. The Companies Act 2006 and Charities Act 2011. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £1. The Hospice meets the definition of a public benefit entity under FRS 102, Assets and liabilities are initially recognised at historical cost or transaction value unles5 Otherwise stated in the relevant accounting policy note. b) Legal status The Hospice is a private company, incorporated in England, limited by guarantee and has no share capital. In the event of the Hospice being wound up, the liability in respect of the guarantee is limited to £2 per member of the Hospice. ) Going concern Given the Hospice's favourable fundraising record and the level of year-end reserve5, the Trustees consider that the Hospice has adequate resources to continue in operation for the foreseeable future. Accordingly, the financial statements have been prepared on a going concern basis. d) Fund accounting Unrestricted funds are available to spend on activities that further any of our charitable purposes. Designated funds are unrestricted funds which have been set aside by trustees for a future purpose. Restricted funds are donations where the donor has specified, they should only be used for certain aspects of ourwork. The costs of raisingand admini5tering5uch fund5 are charged againstthe specific fund, unless expressly forbidden by the donor. The aim and use of each material restricted fund is set out in the notes to the accounts. Investment income, gains and10sses are allocated to the appropriate fund. e) Income Income is recognised whenthe Hospice has entitlementtothefunds, any performanceconditions have been met, it is probable thatthe income will be received, and the amount can be measured reliably. Where income has related expenditure las with fundraising income), the income and related expenditure are reported gross in the Statement of Financial Activities. Donations, grants and gifts are recognised when receivable. If a donation is subject to fulfilling performance conditions, the income is recognised when it is probable thatthose conditions will be met.
25 Income from Gift Aid tax claims is recognised for any donations with relevant Gift Aid certificates recognised in income for the year. Any amounts of Gift Aid not received by the year end are accounted for in income and accrued income in debtors. Income from NHS contracts, government and other grants, whether capital grants or revenue grants, are recognised when the Hospice has entitlement to the funds, any performance conditions attached to the gfants have been met, it is probable that the income will be received, and the amount can be measured reliably and is not deferred. For legacies, entitlement is taken on a case by case basis as the earlierof. the date on which the Hospice is aware that probate has been granted, the estate has been finalised and notification has been made by the executor to the charity that a distribution will be made. or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. If the legacy is in the form of an asset otherthan cash or an asset listed on a recognised stock exchange, recognition is subject to the value of the asset being able to be reliably measured and title to the asset has passed to the charity. Where legacies have been notified to the charity or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material. Income received in advance for 3 future fundraising event or for a grant received relating to the following year are deferred until the criteria for income recognition are met. Interest on deposits is included when receivable and the amount can be measured reliably, which is normally on notification bythe bank of the interest paid or payable. Sponsorship from events, fundraising and events registration fees are recognised in income when the event takes place. Lottery income is accounted for in respect of those draws that have taken place in the year. Trading income is recognised on point of sale for both donated and purchased goods. f) Expenditure and irrecoverable VAT Expenditure is recognised once there is a legal or constructive obligation and the amount can be measured reliably. All expenditure is accounted for on an accruals basis under the following headings: Expenditure on raising funds comprises costs incurred in seeking donations, grants and legacies, and the costs of fundraising activities including the cost of goods sold, shop costs, commercial trading and their associated supportcosts. Expenditure on charitable activities i ncludes the costs of providing specialist palliative care and support, community services, and other activities to furtherthe purposes of the Hospice, and their associated support costs. Support costs are those that are incurred in support of expenditure on the objects of the Hospice. They consist mainly of governance, the CEO, and Finance. Governance costs are incurred in connection with the Hospice's constitutional and statutory requirement5, Support cost5 are allocated to each activity on the basis ofstafftime or usage. More deta il is given i n the releva nt note below. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. g) Volunteers The value of the Services provided by volunteers is not incorporated into these financial statements. Further details oftheir contribution are provided in the Trustees, report.
26 h) Fixed assets All assets costing more than £1,000 are capitalised at their historical cost when purchased. Assets costing less than £1,000 are capitalised when it is deemed appropriate. Depreciation is provided to write off the cost, less an estimated residual value, of all fixed assets over their expected economic useful lives on a straight-line basis as follows: Freehold land Freehold buildingand refurbishment Leasehold building improvements Other assets Not depreciated 50 year5 Shorter of 6 year5 or life of lease 4years The need for impairment of a fixed asset write-down 15 considered if there is concern overthe carrying value of an asset and is assessed by comparing the carrying value against the value in use or realisable value of the asset. i) Revaluation of tangible fixed assets The Hospice has not revalued any of its fixed assets. j) Investments Investments are a form of basic financial i nstru ment and are i nitially recogn ised at their transaction value and subsequently measured attheir fairvalue as atthe balance sheet date usingthe closing quoted market price. The Statement of Financial Activities includes the net gain5 and10sses arising on revaluation and disposals throughout the year. All gains and losses are taken to the Statement of Financial Activities as they arise. Reali5ed gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financi3lye3r. Unrealised gains and losses are calculated as the difference between the fairvalue at the year end and theircarryingvalue. Realised and unrealised gains and losses are combined in the Statement of Financial Activities. k) Stock stock of retail goods is included at the lower of cost or net realisable value. Donated items of stock for resale or distribution are not included in the financial statements until they are sold or distributed, because the Trustees consider it impractical to assess the net realisable value of donated stocks. This is because their eventual sale value is uncertain, there are no systems in place to record these items until they are sold and undertaking a stock take would incur undue cost which would outweigh the benefits. l} Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued atthe amount prepaid netofanytrade discounts due. Accrued income and tax recoverable is included at the best estirn3te of the amounts receivable at the balance sheet date.
27 m) Cash at bankand in hand Cash at bank and in hand includes cash and fixed term deposit5 Wlth le55than one yearto maturity. n) Creditors Creditors are recognised where the Hospice has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the arnount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowingforanytrade discounts due. o) Pensions Employees of the charity are entitled to join a pension scheme. The costs of the scheme are included with the associated staff costs and allocated to the activities of the charity when they fall due, A number of employees are in the NHS Superannuation scheme. Although this is a defined benefit scheme, it is a multi-employer scherne for which the Hospice's share of the underlying assets and liabilities ca nnot be identified. It 15 therefore accou nted for as a defined contri bution scheme in accordance with FRSIO2. Other employees are members of a defined contribution scheme. p) Operating leases Operating leases are recognised overthe period in which the lease falls due. q) Financial Instruments The Charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised attransaction value and subsequently measured at theirsettlementvalue.
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42 21 Investments Listed investments 2024 2023 Market value as at 01 April 2023 485,752 494,819 Additions Unrealised gain/llos51 in year 63,751 19,0671 Market value as at 31 March 2024 549,503 485,752 IOOO/o of the Investment 15 in the COIF Charities Ethical Investment Fund. 22 Reconciliation of net movements in funds to net cash flow from operating activities 2024 2023 Net movernent in funds 1299,7401 1253,3551 Adjustments.. Depreciation and105s on disposal Bank interest 96,474 {74,9861 163,7511 88,664 124.4531 9,067 ILessl/Add unrealised Eainlloss on investment lincreaselldecrease in stocks Ilncreaselldecrease in debtors (Decreasellincrease in creditors Net cash used in operating activities 11,6361 1201.3181 11,2911 1546,2481 11.6631 296.160 60,699 175,119 23 Analysis of cash and cash equivalents 2024 2023 Cash in hand 2,069,041 2,612,781 2,069,041 2,612,781
43 24 Pension Commitments Retirement benefit schemes The hospice operates three pension schemes forthe benefit of its employees. The assets of the pension schemes are held separately from those ofthe charity in independently administered funds. Scheme one Certain of the h05pice's employees are eligible tojoin the National Health Service pension scheme. The scheme is a defined benefit multi-employer scheme administered for the benefit of NHS employers, General Practices, and other bodies allowed underthe direction of the Secretary of State. The charity is unable to identify its share of the underlying notional assets and liabilities of the scheme, and accordingly has accounted for the scheme as if it was a defined contribution scheme. The employer's contributions to the scheme for the current year were based on a contribution rate of 14.38¥0 of pensionable pay12023 _ 14.380hl with employees contributing at varying rates in accordance with NHS revised contribution rules. The pension cost for the year as included in the Statement of Financial Activities includes contribution5 payable by the charity to the NHS scheme during the year of £46,398 12023 - £39,334). The most recentfull actuarial valuation of the NHS pension scheme was asat31 March 2020, which was undertaken by the government actuary. The notional deficit of the scheme as per this most recent valuation was £40.9bn. Scheme two and three A defined contribution pension scheme is operated by the Hospice. The pension cost for the year includes contribution5 payable by the charity to the scheme of £38,146 (2023- £33,787). 25 Other Gains and Losses 2024 2023 Net gainlllossl on investments 63,751 19,0671 63,751 (9,0671 26 Financial instruments 2024 2023 Carrying amount of financial assets Instruments measured at fair value through profit or1055 549.503 485,752 549.503 485,752