iknosknpi ANNUAL REPORT AND ACCOUNTS for the year ended 31 March 2024 Page l of 56 Our Annual Report Contents About Thames Hospice Contents Page Proudly seNing the community of East Berkshire and South Buckinghamshire since 1987, we provide complex, specialist palliative and end-of-life care for people with a life-limiting condition, aged 16 years and over, as well as vital support for their families. We employ more than 340 dedicated and highly experienced staff who, with the support of over 930 volunteers, provided outstanding care to 2,938 people last year. Treating everyone with kindness, compassion and respect, we provide a safe and caring environment for those facing a life-limiting diagnosis. We are cornm￿ed to delivering care that is agile and responsive so that we give patients and their loved ones choices about the care they receive, providing the best clinical and therapeutic support in their homes and at the Hospice. 1. Trustees, ￿pOrt and administrative details 2. Independent Auditors, report 3. Consolidated Statement of Financial Activities 4. Balance Sheets S. Cash flow statement 6. Notes to the financial statements Alongside our Inpatient and Hospice at Home Services, our patients and their families can access a range of supportive outpatient activities and wellbeing therapies within our Paul Bevan Wellbeing Centre, including counselling and bereavement support, complementary therapies, physiotherapy and lymphoedema services. Our services are free of charge to all those in our community who need access to our vital services, but this is only made possible through the charitable support and generosity of the community we serve. We receive a 360h financial contribution towards our operating costs funded by NHS England and other statutory bodies, and we need to raise £34,000 each day to fund our services and support all those who need our care. On 11 October 2021 Thames Hospice was rated as 'outstanding' by the Care Quality Commission, following an inspection of its services. To find out more about our work, make a donation, access our services or join our amazing team of staff and volunteers, please visit www.thameshos Thank you, from us all, for your continued support. Page 2 of 56 WELCOME FROM OUR CHIEF EXECUTIVE AND CHAIR OF TRUSTEES On behalf of everyone at Thames Hospice. we are pleased to introduce our annual report and accounts for the year ended 31 March 2024. This past year we've seen incredible perf0rrnan￿ in all areas of the Hospice, with excellent financial results across our retail and fundraising operations - well above our predictions at the beginning of the financial year. Our Inpatient Services ran at just under 900/0 occupancy over the year, and our Hospice at Home Team has experienced increasing activity. Our Virtual Ward, launched in December 2022, has enabled us to care for more acutely unwell people in their own homes, rather than them being admitted to hospital or the Hospice. We were pleased to be able to expand this service from three to five beds and delighted that our overall patient satisfaction results for 202312024 have been exceptional across all services. We have focussed our efforts on increasing support for people being cared for in the wider health and social care system. Our clinical model of 'Care with Agility, is embedded and we have worked on increased co-ordination and integration of our own hospice seniices, and with our wider health care partners. This has led to significant reductions in waiting times for admission, and our patients have a far clearer expectation of what we can offer. The needs of our community are ever changing and we are committed to being agile in our response to rising demand. Our focus remains to provide support to more people in the community we serve, and to remain financially sustainable as our costs rise. We are committed to ensuring that our charity is here to provide care and support for all those who need us for generations to come, and we know that the actions we take now will have a direct impact on this ambition. Our collaborative relationships with the NHS and our community, together with the outstanding results from our income generation activities, has meant that we have achieved good financial results this year. However, to fund our ServI￿S going forwards, we will continue to focus our efforts on increasing our charitable income, profitability and investments, in order to maintain a strong and sustainable position for years to come. This includes negotiating new contractual arrangements with our NHS partners to secure a fair deal for future years. We are extremely proud of our results, our people and our volunteers. We could not do what we do without the generosity and unwavering support of our community who continue to support us to make moments matter for those who need our care and support. Thank you for your interest in Thames Hospice. If you have any questions please don't hesitate us at d.nandan thameshos ice.or Chris Aitken (Chair of Trustees) Page 3 of 56 THAMES HOSPICE TRUSTEES, REPORT for the year ended 31 March 2024 The trustees present their report and the audited financial statements for the year ended date 31 March 2024. Reference and administrative infomiation set out on pages 1 36 form part of this report. The financial statements comply with current statutory requirements, the memorandum and articles of association and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102. This trustees, annual report includes a directors, report and strategic report as required by company law. The trustees review the aims, objectives and activities of the charity each year. This report looks at what the charity has achieved and the outcomes of its work in the reporting period. The trustees report the success of each key actNty and the benefits the charity has brought to those groups of people that it is set up to help. The review also helps the trustees ensure the charity's aims, objectives and activities remained focused on its stated purposes. OUR VISION AND VALUES Our vision Quality of life to the end of life, for everyone. Our purpose To provide complex, specialist palliative and end-of-life care to local people facing a life-limiting diagnosis, giving them dignity, comfort and the best possible quality of life in their preferred place of care. Our values Our values underpin our vision and purpose. They drive our culture and shape our beliets, our priorities and our actions. They influence the decisions we make, how we treat each other and engage with our stakeholders. Compassion Ambition Respect Excellence cl￿￿11[0541￿RtrTrI 11135dl dr&li&iif',11 WVnf.ffimenT. Tl)e dé£Hv drid deieimin31ioD IFJ InWfiommuTrfiy. Slespect loi eveiYthbe¥ dwi1ity Page 4 of 56 THAMES HOSPICE TRUSTEES, REPORT for the year ended 31 March 2024 THANK YOU We are deeply grateful to all of our supporters, without whom we could not continue to provide vital Gare and support to thousands of local families each year. Last year, our community continued to help the Hospice in many ways by donating to, and shopping in, our stores, fundraising, attending events, baking, running, skydiving, volunteering, and so much more. Thank you to all our supporters over the past 12 months, including those who have given in memory of a loved one, through a community group or through a gift in their Will. In 2024125 it will cost us £18.5m to run our services. we receive a 33 % financial contribution towards our operating costs funded by NHS England and other statutory bodies and the balan￿ of £12.3 million comes from our amazing supporters, wonderful shoppers and our incredible community. We have to raise £34,000 every dayl Last year. we did it, thanks to youl Page 5 of 56 THAMES HOSPICE TRUSTEES, REPORT for the year ended 31 March 2024 IMPACT STATEMENT The combined challenges of an ageing population living with increasingly complex health conditions, and the ongoing pressures facing the NHS, means that demand for our services continues to rise. Despite these challenges, we are incredibly proud of our contribution to the local health and social care system, working in partnership with our healthcare colleagues to deliver vital palliative and end- of-lrfe care to our community. The impact and public benefit of Thames Hospice is clearly evidenced through the number of people we cared for last year, totalling 2,938 across our servI￿s, as well as the positive feedback we received frorn both patients and their loved ones. Our care in numbers In 202312024 Hospl¢e at Home Inpatlent 5ervlce5 C•uns•lllng. Past•v•l and •r•anm•nt Support 18,078.) We cared for Dur Pasloiai Care TpaTP Drtivsdtsd Calls answered on our 24 h4uradvicÉ Ilne CarlTrg tot our communlfy In 2023 3.275 4.793 patients on our Inpatient Unit 5¢$510ASWiTh pJlienls ano IDved Dtios beld by IhtCounsolliDg & Boroayempnt T¢3fft Owii*wIW•rd T&im caywj lor 1,672 Supportsve se551Ot55 held bv our Chilt1ten b Families Team OurPalliati¥e Caye Responseyeam m• 1. 114 patients al homemaklng 6.172 visits 480 visits Hosp1¢• Outpatl•nt Servl¢•s 1.099 Physiotherapy 5e551011S took plare tOPali*nls at httme Tblsensuved Ih•t thjr C3reT*am made 1.263 960/0 treatments pfov¢dèd by our Complementary fherapyTearn ol hospital athl￿￿$ 2.846 home visits, supportw Days of rare 231 gro¥idpd by our 0SPllt OutP314ootr5Teaffi 2.158 Lymphoedema appointment5 look place ACHIEVEMENTS IN 202312024 Despite the Gomplex challenges we have responded to in the last year, we are delighted that our patient satisfaction scores and feedback remain consistently high- again over 990/0 good or excellent in 2023/2024. Feedback has been consistently positive and complimentary, demonstrating our ability to deliver an outstanding standard of care. This year, Thames Hospice continued to deliver exceptional care and support to patients across all clinical services. Page 6 of 56 THAMES HOSPICE TRUSTEES. REPORT for the year ended 31 March 2024 OUR STRATEGIC VISION At Thames Hospi￿, our patients and families are at the heart of everything that we do. We are committed to providing the best care, that's agile and responsive to the needs and wishes of all those we support, delivered in a financially sustainable way, within a supportive and compassionate workplace. We have already taken great strides in working towards this whilst also ensuring we continue to meet our vision of providing 'Quality of life to the end of lrfe, for everyone, who needs hospice care. Patients It Faimilies 01 ijffo io itse Ènd ol lite, OUR STRATEGIC AMBITIONS FOR 202312024AND HOW WE'RE MEETING THEM Shaped by our overall vision, purpose and values, 202312024 was the second year of our three-year strategy. Despite Ihe ongoing challenges, we've continued to progress against our four strategic aims: 1. CARE WITH AGILITY - To enable the wider delivery of excellent palliative and end of lrfe care in all settings to all those in need. 2. FINANCIAL SUSTAINABILITY - To partner our budget holders, providing reliable financial and fiscal control to enable the organisation to achieve its strategic ambitions. 3. EXTENDING REACH - To be the community's charity of choice, while we grow income through and beyond philanthropy to deliver our mission. 4. SUPPORTIVE CULTURE - To recruit, engage and develop our people with an inclusive and diverse culture, living our values. Page 7 of 56 THAMES HOSPICE TRUSTEES, REPORT for the year ended 31 March 2024 CARE WITH AGILITY To deliver 'Care with Agility,, we undertook a root and branch review of our entire clinical offer to create three distinct clinical divisions: Inpatient serVi￿S, Hospice at Home and Hospi￿ Outpatient Services which are linked by a common commitment to keep the needs of patients and families at the heart of our care. The three seniice areas are underpinned by Counselling, Pastoral and Bereavement Serrfices and our Medical Team. Expansion of our community provision has been a key focus this year and we have reconfigured our Hospi￿ at Home model of care to increase proactive specialist clinical assessment to complement our well-established acute response servi￿. Early assessment and care planning in the community allows more timely identification of those with an increasing symptom burden or progression to the end of life. thereby reducing the risk of these patients reaching an acute crisis. However, it is reassuring to know that our 2417 response setvice is there to support patients who do experien￿ a sudden change in their clinical Condition. In July 2023, we expanded our Virtual Ward Service from three to five beds and appointed Consultant to provide dedicated medical leadership to the team alongside our established Clinical Nurse Specialist Team Lead and team of Doctors. In November 2023 we appointed another Consultant to an innovative post, in collaboration with Wexham Park Hospital, which has further increased medical support for the community. This role focuses on identifying patients with specialist palliative and end-of-life care needs, in the emergency department, to facilitate access to urgent symptom control and rapid discharge back to the communty or to our Inpatient Services. Clinical compliance and quality are monitored with monthly trend analysis of drug incidents, pressure area management, falls and complaints as well as our established case-by-case incident analysis. We have also established morbidity and mortality meelings, held every two months, to review our care and identify learning where we could improve for future patients. OUR SERVICES Inpatient Servlces {delivered in the Hosplcel Hosplce at Home Services Palliative Care Response Team Care Team Virtual Ward 28 Bed Inpatient Services Centre Hospice Outpatient Services {delivered In the Paul Bevan Wellbeing Cenlrel Counselling. Pastoral and Bereavement Support Services Six-week Outpatients Programme Complementary Therapy Lymphoedema Services Physiotherapy Counselling and Pastoral Care Bereavement Counselling Counselling for Children and Young People The income provided by the NHS represented approximately 36 % of the total income generated by Thames Hospice in the reporting period 202312024. The balance of our expenditure on charitable activities was raised through the generous support of our community, such as legacies and fundraising, as well as income generated from our retail activities and our investments. Page 8 of 56 THAMES HOSPICE TRUSTEES. REPORT for the year ended 31 March 2024 OPERATIONAL EFFICIENCY What we do with our mone We rely heavily on income from our community to run our services, receiving donations through fundraising activities, gifts in Wills ordonating and shopping in our charity stores. We're very thankful for both this money and the income we received from our NHS Commissioners, whose funding goes directly towards our clinical costs. The astounding £10.7m {2023: £10.7m) raised this year enabled us to continue providing care to local families across East Berkshire and South Buckinghamshire. Sources of Income 2023124 Total revenue £16.8M 1414S Gfarys 364 Lela ,.ht.)n£onx. In 2023124 it cost £17m to run Thames Hospice, which is detailed in our full financial review (see from page 14). Total expenditure 2023/24 Total Expenditure £17M Fundraislng Retail 28% Patient Services 61% Lottery 3% Page 9 of 56 THAMES HOSPICE TRUSTEES, REPORT for the year ended 31 March 2024 SUSTAINABLE INCOME We need to raise enough money every yearto fund the vital care and support we give to our patients and their loved ones. Our shops, our fundraising activities and our investments help generate this income. We are so grateful to everyone who has supported our income generation efforts this year, forexample, by volunteering at events or in our shops, donating items to sell in our stores, generously donating to us or leaving legacies to us. RETAIL 2023124 saw our Retail Team have another phenomenal year across all areas of trading, achieving year-end sales of £5.6 million vs a target of £5.3 million and increasing net contribution by 570h. Our 22 shops and e-commerce operations, including eBay, saw trading remain consistently high. Our Home store, located in the heart of Maidenhead, has embedded itself as the 'go to, place in the community and, following another successful year with a sales turnover of £0.71 million we are looking forward to securing new larger premises for us to relocate to during 2024125. Our portFolio of stores are regularly reviewed to ensure continued profitability and to identfy new business gr0￿h opportunities. We were pleased to secure new premises for our successful shop in Sandhurst last summer offering an additional larger site, giving us two stores within the local community. The new shop focussing on fashion, accessories, a children's department and leisure and the existing shop was revamped into a beautiful store selling a range of upcycled furniture and homewares. The new shop in Sandhurst is a welcome addition to our portfolio following the decision to close our Camberley store in March after a review of trading conditions in town centre. Café by the Lake, based at the Hospice, (open to the public as well as catering for our patients, staff, and volunteers), enjoyed another highly suc￿Ssful year, seeing demand increase and an uplift in revenue to £374.1 K, 230/0 up on budget. We were also very proud to be a Finalist in the Maidenhead and Windsor Business and Community 2023 awards in the summer. Following the move to larger premises last year our e-commer￿ trading operation also had a very successful year with revenue of £351.8K, an uplift of 21 % on the previous year. Last year we also hosted a successful "pop-up. shop at the "Charity Supermkt" in Reading, which is the first ever UK multi-charity concept, bringing together both national and local charities to prime trading sites across the UK. The event not only raised significant income in the weeks we traded. but also increased awareness of our work to a new community. Due to the success, we are looking forward to being a part of the Charity Supermkt again this year. In 202412025 we are also looking forward to opening our first charity Superstore in a prime site in Reading. Following a successful first five years of trading in Caversham we were delighted to secure a prominent and accessible site close by with ample free parking, enabling us to expand our portfolio and product offering. We will be closing the store in Caversham with the team relocating to the new Superstore which we hope to open late autumn 2024. Page 10 of 56 THAMES HOSPICE TRUSTEES. REPORT for the year ended 31 March 2024 Over 2,000 people supported us by attending our events last year! FUNDRAISING Thank you to our supporters It continues to be a difficult time for many with the cost of living crisis still at the forefront of our minds. So we are incredibly grateful to our community who continue to stand by us and support us. This year we have raised nearly £5m, thanks to you. Our events really shone this year with our Sunflower Walk raising over £100,000 and our Light up a Life servI￿s welcoming over 750 people. This demonstrates how important it is to take time to remember our loved ones and reflect on the care they received from the Hospice. Thank you to all those who supported us in memory of a loved one. We can continue to remember someone through leaving a gift in our Will. One in every four inpatient beds is funded through Gifts in Wills and we are so grateful for every family who choose to support us in this way and all the other ways to remember someone special. Regular gifts enable us to plan ahead and knowing that we have a steady income stream from regular gifts, the Thames Hospice Lottery and multi-year pledges really helps us to plan for the future. Whether you are an individual, a company, a trust, a community group or a group of family and friends, thank you for coming together to support us. You can feel proud that you are able to support the longevity of the Hospice. As we look to meet the growing demands on our servi￿$ now and in years to come, we will continue to ensure our supporters feel involved, thanked and engaged. We want to keep telling our story to our community. If you have a story to tell, an idea, suggestion or would like to support in another way, please contact us at su ortercare thameshos ice.or Thank you for your ongoing support and commitment to Thames HospiGe. Page 11 of 56 THAMES HOSPICE TRUSTEES, REPORT for the year ended 31 March 2024 Building a strong and supportive culture Each year we strive to improve what we do and how we do things. We want to make sure that all of our colleagues and volunteers feel valued for their contribution and that Thames Hospice is a great place to work and give time and energy to. This year, we have focussed on our cullure by improving how we manage people, making sure we listen and that we take action on the changes that are important to people. We reviewed our structure, training, coaching and support to ensure we really can bring Care with Agility to reality. We are delighted that in 202312024 both our reported sickness and turnover of staff reduced and we have increased the number of volunteers supporting us. The changes introduced have made recruitment of new starters so much easier - clinical staff are attracted to working here and want to stay. The environment we work in and the impact we can have across all teams from retail, fundraising, support services to our clinical teams makes people love the role they do- the impact they have is tangible. A couple of years ago we introduced Wellbeing Week, Learning for Work Week and a work experience week for year 12 students. This year, all these events have gone from strength to strength and all colleagues from across the charity have got involved and made a difference. People have shared knowledge, personal reflections and support to make this a better pla to work so that we can continue to deliver outstanding care to our patients and their families. We have continued to work on the feedback re￿IVed in team meetings, volunteer meetings and through 'Peoples' Voice, (our staff forum), and through the annual staff survey. In response to the changes we have made, this year staff have fed back that: The people and teams I work with are amazing It is such a responsive organisation I feel able to make a difference I can see progress - it is visible As always we know there is more to do to improve communication across teams, build career paths and progression and ensure we are doing everything we can to minimise our impact on the environment. Overthe coming year we will continue to Sisten and invest in our workforce. We know the value that our teams bring to local people and the difference their efforts make. We have solid plans for continued improvement in systems and ways of working and we feel eX￿ted about the work we a￿ undertaking to be more sustainable and providing hospice care today and for generations to come. We would like to take this opportuntty to thank our colleagues and volunteers for their hard work, dedication and professionalism. Every day we are proud to receive amazing feedback about our work across the organisation whether that's raising the money we need, delivering the care, lo ensuring our charity operates smoothly and efficiently - thank you. Page 12 of 56 THAMES HOSPICE TRUSTEES, REPORT for the year ended 31 March 2024 KEY OBJECTIVES FOR 2024125 We will launch our new strategy for 2024-2027 in the autumn of this year. Our key priorities for 202412025 include: To negotiate a new NHS contract with our commissioners that will ensure sustainable income for the charity for the next three years To tell the story of the Hospice in the local community to raise awareness and widen our reach To enhance our compliance and quality in accordan￿ with the new CQC framework To increase sustainable core income through our fundraising and retail activities To continue with implementation of our digital roadmap plan across the organisation VOLUNTEERING AT THAMES HOSPICE Vt)luNt•erdrivèrs coverovo¢ C•l•bYatlng our ¥•lunh•rs In 2024 mlles per year tTansportin9 palients to and from the Ilospk• Our longest servin9 volunteeT has been here for 37 years 9,500 hours donated each m(Hbth by our volunleeTS -E thp. IlogpTcr In thep•st year our collection box volunteers raistd An amazin9 . £20,418 936 volunteers in a typi¢*l shift a retall .¥olunteer can take ov¢1 support us in our shop5, communhl•s and lTrourMospk• £200 Theytan sorl Ihrou9h £75 wtsrth ot stock Our volunteers ha¥e ct)Iltxllvely voltsnleomd lor Voluttl**rf a9es rangeliom 'ss 14-93 3,670 rOl•S SUPlJOrting our years Page 13 of 56 THAMES HOSPICE TRU5TEES' REPORT for the year ended 31 March 2024 FINANCIAL REVIEW Review of the year 2023- 2024 The hospice sector continues to be financially challenged with Hospice UK estimating that for the year ended 31¥t March 2024 a collective £77 million deficit is predicted, driven mainly by increasing pay costs of 11 Oh. There is growing recognition that the current model of funding hospice care needs to be re*valuated against the backdrop of past cost increases but the expectation of continued future cost pressures. Thames Hospice is not immune from these extemal pressures with our overall cost base increasing by £1.7 million whilst total revenues rose by 0.17 million. The impact of cost of living pressures is not only apparent in the growth of our cost base, but also in the impact that it has on our supporters, ability to continue to help us fund our care. Income from charitable activities overall were down by £172K (1.60/0) on prior year. The combined impact is that pre investment gains and losses we reported a loss of £196K against a prior year surplus of £1.379 million. Below we look at each SOFA line and review the results. Raising funds.. donations and legacies This year there was a slight decrease overall in donations and legacies income to £5,148k from £5,663k. We have seen decreases in more than one area of our donation and legacy income. In-memory income decreased this year. despite the continuation of our heightened seniice presence in the community bringing in £529k (2023.. £611 k). We have also seen a decrease in our trusts and grants income generating £384k (2023: £568k) Total legacy income at £752k was all credited to revenue funding (2023.. £1,063k). Raising funds.. charitable activities Our charitable activities income has increased in comparison to last year totalling £6,134k (2023.. £5.794k). Our income is received largely from the Frimley Integrated Care Board (ICB), who contribute towards the operating costs of the Hospice. Raising funds., othar trading activrties This category of income has seen continued growth this year to £5,31 Ok (2023: £4,999k). From fundraising point of view, this was largely due to our events income which generated £456k versus last year's total of £230k. Our Sunflower Walk was refreshed and achieved unprecedented income of £101k {2023.' £17k). We also saw increases in our challenge events income generating £248k <2023: £155k). The retail division continued to go from strength to strength again this year, and we saw another Unpre￿dented perfomiance with our shops bringing in £3.51 Ok versus £3,472k in 2023124. We are extremely indebted to everyone who showed their support to the Hospice by donating to and shopping in our stores. Page 14 of 56 THAMES HOSPICE TRUSTEES. REPORT for the year ended 31 March 2024 Raising funds.. investment and other income Investment income has grown to £198k (2023: £162k). This reflects the increase in value of the portfolio over the last year, where surplus funds have been invested for the future and we are seeing the benefit through the income line. Expenditure." raising funds Direct costs of raising funds have increased to £5,586k this year (2023: £5,042k). This is in line with expectations and the overall expansion of our activities. We are continuing to invest in our income generation activities to ensure we build sustainable income streams for the future to support the charity. Expenditure." charitable activities Direct costs of charrtable activities have increased £726k to £7,681 k this year (2023: £6,955k). This increase is largely as a result of an increase in pay costs. The minimum wage increased effected a number of our workforce including our HCAS. We have also benchmarked our registered nurse salaries to ensure we remain competitive in the local market and can therefore attract and retain staff. Expenditure.. central services support costs Our ￿ntral support costs have increased this year at £3,753k (2023., £3,280k). We have seen increases in our utility costs of over 300 % (£223k) compared to the previous year alongside an increase in pay costs. This year we have invested £169k in the use of consultants to help ensure we are in the best position possible as we move forward with our key objectives. Investment gains and losses.. Our investments have had a positive year ending the yearwith a gain of £453k (2023: loss of £411k). We have continued to invest surplus funds into our investment portfolio where possible. Investment management fees have increased to £38k (2023: £31k) in line with the increased value of the investment portfolio. Balance sheet The balan￿ sheet has remained relatively stable when compared to last yearfs figures. The main changes have been a reduction in debtors, an increase in cash and a decrease in creditors. Reserves At the year end, the total funds in the group stood at £33.229k (2023: £32,020k). Of this, restricted funds totalled £324k (2023: £291k). General funds totalled £32,905k (2023: £32.729k). There are designated funds of £21,295k. which relate specifically to our tangible fixed assets. Page 15 of 56 THAMES HOSPICE TRUSTEES, REPORT for the year ended 31 March 2024 Reswves policy and going concern In order to maintain our level of service to our patients and their loved ones, our aim is to continue to achieve sustainable funding for Thames Hospi￿ and to ensure that our reserves give sufficient resilience to allow for fluctuations in income. It is recognised by the Trustees that the charity may generate a surplus or deficit in any one year depending on the unpredictable nature of some funding streams and general econornic conditions. The Trustees have therefore determined to maintain a resenie position that would enable the charity to continue operations during deficit years, and in surplus years, invest additional funds generated in our investment portfolio. The charity determines its future reserve requirements by producing long term projections of income and expenditure and reviewing the charity risk register on a quarterly basis or whenever a change in operations might ne￿SS1tate. The Trustees have decided to set the level of reserves and within that our free reserves by reviewing these projections and ensuring that potential deficit years would be coVe￿d. Free reserves are defined as our total reserve net of restricted funds, fixed assets and any reserves designated for specific purposes by the Trustees. Surplus reserves generated are set aside for future projects of a capital or revenue nature, Such designations for future projects are agreed by the Board prior to the financial year end as required by the Charities Statement of Recommended Practice. Our Reserves Policy is reviewed annually by our Finan￿ and Investment Committee and any recommendations for change presented to the Board for approval. The Committee reviews the sufficiency of free reserve at each year end. Our Board reviewed the policy in May 2024. and determined that it is fit for purpose and that reserves are adequate in accordance with the provisions of the policy. The long term financial projections for the charity show that we would need to ensure we keep approximately six months, of expenditure in a free reserve to cover potential annual deficits caused by income fluctuation. This amount would ensure the sustainability of the charity as long as there are no major material variances to the forecast expenditure or Changes to our major income streams. Reserves can be classified as follows.. Total reserves Restricted reserves Fixed Assets Free resep4es 33.2 21.6 11.6 The free reserve of £11.6 million currently sits above the target of six months, expenditure based on the 202412025 budget which would be £9.25 million. The Trustees have reviewed the financial position of the Charity and its subsidiartes, its forecast cash flows and its liquidity position for the foreseeable future. The Trustees believe that the Charity has adequate resources to continue in operational existence for the foreseeable future {12 months from the date of signing of the accounts>. As a result, they continue to adopt the going concern basis of accounting in preparing the annual report and accounts. Page 16 of 56 THAMES HOSPICE TRUSTEES, REPORT for the year ended 31 March 2024 Investment policy We have continued to use Investec Wealth & Investment Limited as our investment manager throughout the financial year, rernunerated by a management fee. Investec actively manage our portfolio in line with the investment policy set by the Trustees and report back to the Board on the performance of the portfolio on a quarterly basis, Assets of the charity must be invested in accordance with the Trustee Act 2000, We invest prudently in a broad range of fixed interest securities and equities which are quoted on a Recognised Investment Exchange and unit trusts and OEICS (open ended investment company) which are authorised under the Financial Services and Markets Act 2000. Our Portfolio is for long term investments and we aim to maintain and, if possible, through capital growth, enhance the value of invested funds while they are retained giving due and proper consideration to future needs, and achieving income for the charity. The portfolio is managed with a 'medium-high risk, according to Investec's standard portfolio classification and the mix falls within the following broad planning ranges. We also benchmark our investments against the ESG (Environmental, social and governance) scale to try and ensure we are investing sustainably. At 31 March 2024 the policy benchmark and actual asset allocation stood at: Policy Actual at 31 benchmart( March 2024 Fixed InterestlBonds Equities (UK and Overseas) Property Infrastructure Cash 10-30 70-80 0-10 0-10 0-10 12 76 Our investment criteria Total investment in equities should not consistently exceed 80010. No initial investment should exceed 7.5 % of the total value of the funds under management and total sum of all equity holdings in excess of 50/0 must not be equal to or exceed 40 % of the fund's value at any time. Direct investments in negotiable instwments known as 'derivatives' are not permitted in any circumstances. No investments are allowed in tobacco. The Trustees would wish to feel comfortable with the investments and, as such. the Investment Manager should take counsel from them if there is any doubt as to the suitability of a prospective investment. Trustees reviewed and agreed our Investment Policy at the November 2023 Finan￿ and Investment Committee. The total retum performance for the 202312024 year was +8.95 % against a benchmark of +13.960 so, overall our investment values have gone up over the last 12 months. See also Note 14. Page 17 of 56 THAMES HOSPICE TRUSTEES, REPORT for the year ended 31 March 2024 The realised and unrealised gains on our investments in the year totalled a gain of £453k (2023: Ioss of £411 k). Investment income increased in line with expectations during the year to £193k (2023: £162k). Review of Thames Hospice Retail Limited Thames Hospice Retail Limited is a wholly owned trading subsidiary of Thames Hospice. During the financial year, the company acted as agent for the sale of donated goods made under the HMRC gift aid scheme and a variety of new goods were also sold through the company. The company's results for the 202312024 financial year show a pre tax profit of £192k (2023: £251 k). The directors are comfortable that the Retail Company is a going concern, as trading of our new goods within our shops will continue and hopefully grow further. The directors will keep under review the sales and margins generated by the new goods and stock management as transaction volumes increase. Page 18 of 56 THAMES HOSPICE TRUSTEES, REPORT for the year ended 31 March 2024 Governance, structure and management Public benefit The Board of Trustees is aware of the Charity Commission's guidance in relation to public benefit. We are satisfied that all of the organisation's charitable activities fall within its objects and result in delivering considerable public benefit. This report details how our activities have delivered public benefit. The Charity Governance Code The Trustees and Executive Team of Thames Hospice use the Charity Governance Code as a set of aspirational principles that the charity can work towards as well as ensuring regulatory and legal compliance and satisfying specific targets set by our commissioning bodies. LEADERSHIP The Board of Trustees governs the charity and meets quarterly with the Chief Executive and Finance Director in attendance. All members of the Executive Team are invited to join the Board meetings. The Board meets at least four times per year, but any Trustee or the Company Secretary can call an extraordinary meeting by following due process. Board meetings are informed by quarterly sub-committees of the Board, each chaired by a Twstee and whose membership comprises Trustees and relevant members of the Executive Team. The Chief Executive attends all Gommittee meetings. The Board sub-committees operating during the course of the year were.. Finance & Investment; Patient Care & Quality; Income Generation., People. and the Nominations Committee. The Board Chair meets regularly with the Chief Executive of the Hospice and with Committee Chairs. Our Chair carries out appraisals of the other Trustees, provides feedback to them and to the Executive Team and attends committee meetings on a regular basis. Organisational effectiveness The Board, via the committee structure, reviews the Thames Hospice operating plan quarterly considering the achievement of objectives, assessing the effectiveness of operations and reviewing future sustainability. Each focussed committee has delegated authority according to its temis of reference to review and challenge the Executive Team on the performance of their teams against their objectives and key performance indicators, share specialist knowledge and agree next steps as required. INTEGRITY On becoming a Trustee, all new Board members sign a Trustee Code of Conduct which incorporates the Nolan principles and lays out the conduct expected of our Board. The Code includes agreement that the Trustee will not benefit from their involvement in the charity either materially or financially. No Trustee remuneration or expenses were paid in the year (2023: £nil). Details of related party transactions are disclosed in Note 22 to the accounts. Page 19 of 56 THAMES HOSPICE TRUSTEES, REPORT for the year ended 31 March 2024 Trustees are required to disclose all relevant interests and registerthem with the Company Secretary prior to each quarterly Board meeting where they are reviewed and noted. I n accordance with the Thames Hospice Articles of Association, the remainder of the Trustees are responsible for assessing whether a Trustee's Inte￿St gives rise to a conflict of interest and whether that conflict may require their exclusion from voting on a subject although they may still be pennitted to take part in the discussions. DECISION~MAKING, RISK AND CONTROL Strategy and planning An annual Operating Plan, in the wider context of our Strategic Plan, is prepared by the Chief Executive and Executive Team and is discussed and approved by the Trustees, providing an opportunity for their strategic input. Day to day operational management is delegated to the Executive Team along with responsibility for the completion of objectives and achievement of KPIS on the plan. Performance against the agreed aims and objectives for the year is monitored quarterly by each governing Trustee Committee and by the fvll Board. Each committee operates under Terms of Reference that are reviewed annually and revisions ratified by the full Board. 8udgets are produced annually and presented to the Finance and Investment Committee for recommendation to the full Board who provide overall approval. Performance against budget is reviewed by the Executive Team monthly through the management accounts process and then quarterly by the Finance and Investment Committee and Board. Full year reforecasts are completed after the second and third quarters each year to ensure we are mapping our progress towards a final year result. Our long term financial plan is reviewed and updated regularly in order to provide a longer term view of the charity's sustainability and potential risks. The results of this planning and constant review of the numbers helps the Executive Team and Board to make proactive assessments of, for example, new income streams, organisational change and cash flow. Risk management The charity uses a formal review process to analyse and manage the risks to which the charity is exposed in the course of its activities. both strategic and operational, through a risk register and embedding risk identification into the annual planning process. All significant risks are identified along with the likelihood of such risks occurring and the predicted level of the impact, together with mitigation measures. These are reviewed quarterly by the Executive Team and Board sub committees with key risks accelerated to the full Board. The main risks facing the charity relate to our IT infrastructure and systems. These risks are being managed with plans being developed to strengthen our IT capability supported by investment in a programme of updating systems, security and processes over the next three years. We continually review risk management and governance within all areas to ensure that identified risks are addressed and the learning is continuous. New projects are also assessed specifically for the associated risk as project plans are made. Page 20 of 56 THAMES HOSPICE TRUSTEES, REPORT for the year ended 31 March 2024 Controls To support the governance and management of Thames Hospice we have a comprehensive set of policies and procedures which are published and reviewed on a regular basis and controlled by our Company Secretary. Policy review is set at an appropriate number of years for each policy but will be overridden by changes in processes or external requirements which necessitate a more immediate change. All staff are trained in information govemance including Data Protection as part of their annual mandatory training. The Hospice also annually submits against the NHS Data Protection and Security Toolkit and is working towards IS09001 accreditation and Cyber Essentials. Mandatory training also includes equality and diversity. health and safety and manual handling. In addition to our suite of policies we have a series of management tools that we use to ensure control over the running and governance of the Hospi￿, including a comprehensive health and safety action plan, incident and accident reporting and an intemal audit programme; all of which run alongside our risk management as detailed above. BOARD EFFECTIVENESS There is a rigorous process for recruitment of new Trustees, which involves discussion about the skills required and how to ensure the continuity of a broad base of experien￿ amongst the Trustees. Recruitment and appointment of Directors and Trustees of Thames Hospice The Trustees of the charity are also directors of the company. Currently, Trustees are appointed for an initial period of three years., after which they may apply for re-election to serve a second period of three years. The second tenn of appointment may be extended for a further 12 months on an exceptional basis. The Trustees appoint a Chair from within their number, who can also serie two periods of three years with the option for an exceptional extension of 12 months. When a Trustee retires every effort is made to replace them with a person of qualities and experience that are relevant to the requirements of the charity. There is an open recruitment and selection process with Trustee vacancies advertised externally as ne￿Ssary. Potential Trustees are interrfiewed by a Nominations Committee, comprising three Trustees including the Chair of Trustees (and open to all Trustees wishing to attend). The committee will consider and recommend applications to the Board for ratrfication. New Trustees are then appointed by a majority decision of the full Board. Membership of the Board of Trustees in 2023 - 2024 is detailed on page 31. Trustee induction and training Trustees follow a formal induction process by spending time with the HospI￿'S Clinical Teams, meeting individually with the Executive Team and attending meetings of the Board committees. The Board identrfies and meets the individual training and development needs of its Trustees and has in place a frameworkfor evaluating board performance. Continuing professional development courses for Trustees are considered an essential part of the Trustee role and, as such, paid for by the Hospice. Page 21 of 56 THAMES HOSPICE TRUSTEES, REPORT for the year ended 31 March 2024 The Board seeks at all times to follow best practice in line with the recommendations of the Charity Commission and the Charity Governance Code. Training is provided as required and appropriate to the individual and relevant material made available to the Board as it is published. Board Governance Review The Trustee 8oard commissioned an independent Board Governance review in the year. The brief was to review our effectiveness as a team and undertake a full review of our governance processes. The review was a participative process including our Board and Executive team. The review has been completed and included the following recommendations which is currently being implemented. 1. A review of Trustee terms, reducing these from 4 to 3 yearterms in line with general Charity best practice. 2. A review of our ArtIGles of Association 3. Appointment of a Senior Independent Trustee 4. A review of our Board Committee structure resulting in the amalgamation of our Finance and Income Generation CommÉttees 5. Simplification of Board Documentation 6. A review of our EDI practices 7. A review of our Risk management processes and reporting 8. A review of our Trustee succession planning The whole process was perceived to be a valuable exercise and both appropriate and timely by the whole team. DIVERSITY The Hospice is committed to an equal opportunities approach in everything it does. This means that we seek to ensure anyone connected with Thames Hospice, from patients and families to donors, supporters, volunteers and staff, a￿ treated fairly and appropriately. All Staff and Volunteers, including Trustees, undertake mandatory equality and diversity training to ensure that these principles are embedded in our culture. The Board recognises that in order to serrfe a diverse community there should be a diversity of experience and backgrounds across the team to encourage debate and through robust challenge and discussion make better decisions. OPENNESS AND ACCOUNTABILITY The Trustees and Executive Team believe wholeheartedly in running a transparent and accountable charity. To this end, we have put in place regular communication with Staff, Volunteers, Donors and our Healthcare Partners to ensure we meet all reporting and regulatory requirements. We also operate systems of service user feedback and review all complaints, constructive feedback and compliments regularly. We fully accept that not everything will go according to plan all of the time and embrace feedback in the knowledge that it will help us lo improve our services for patients and their loved ones, the working environment for staff and volunteers and ultimately our sustainability through our partners and donors. To ensure we capture all feedback and act upon it, we have a number of key policies and processes including: Page 22 of 56 THAMES HOSPICE TRUSTEES, REPORT for the year ended 31 March 2024 Complaints Thames Hospice has a complaints policy, which is published on our website. Any reports of unsatisfactory treatment or behaviour are taken extremely seriously and referred initially to our Company Secretary and the responsible Executive Team member for further investigation and action. The complaints policy is audited as part of our annual audit programme run by our Governan￿ team. Incidents and accidents All incidents and accidents are reported using our online accidents and incidents reporting system, Vantage. This an online system for the reporting of incidents which is used by many hospices. It has proved successful in giving our staff and volunteers a straightforNard process to follow and the Executive Team an effective way to quantify and assess all reported incidents. Incident reporting is overseen by our Company Secretary. Incidents are reviewed monthly at an Incidents and Accidents Review Panel. Associated actions are identified and monitored with reports going to the appropriate committees and Board. Thames Hospice uses an external Health and Safety consultant to provide additional expertise in this area and to provide support to our own staff. Safeguarding Safeguarding is a key governan￿ priority for all charities, not just those working with groups traditionally considered at risk. Thames Hospice takes its responsibilities very seriously and safeguarding training is mandatory for all Trustees and senior management and relevant staff and volunteers. The Hospice has policies and measures in place to address the safeguarding of all individuals who come into contact with us, whether as patients. family members, staff or volunteers. These include specific Safeguarding Policies. Our HR policies include strict recruitment pro￿sses, which are in place to check the probty of all new employees, including mandatory DBS checks and the checking of referen￿s. Speaking Up The Hospice has a Freedom lo Speak Up Guardian who is supported by Freedom to Speak Up Champions across the organisation. Speaking Up is encouraged for all staff and volunteers who can express COn￿mS about any aspect of the Hospice. The Board of Trustees have also designated a Trustee as a Safeguarding Champion. Page 23 of 56 THAMES HOSPICE TRUSTEES, REPORT for the year ended 31 March 2024 TRUSTEES, DUTY TO PROMOTE THE SUCCESS OF THE CHARITY SECTION 172 STATEMENT Trustees have a duty to promote the success of the Charity and, in doing so, are required by section 172(1) of the Companies Act 2006 to have regard to various specffic factors. Thames Hospi￿ depends on the trust and confidence of its stakeholders to operate sustainably in the long term. Patients and their families are at the heart of our care,. supporting and developing our staff and volunteers and extending our reach into the community we serve is central to our mission. The Trustees of Thames Hospice have acted in accordance with their duties codified in law, which includes their duty to act in the way they consider, in good faith, would be most likely to promote the Suc￿sS of the organisation for the benefit of its members as a whole, having regard to the stakeholders and matters set out in section 172(1) of the Companies Act 2006. This annual report sets out how we engage WFth our health and social care stakeholders, such as healthcare professionals, patients and their families. This can be seen in the sections that cover our service performance and how our strategic objectives in 202312024 were met. Engaging with our local community through fundraising, volunteering and employment is vital to our work. We have over 930 volunteers who regularly give their time to support the charity. The Charity ensures that it maintains a reputation for high standards of business conduct by having in place a range of policies and pro￿sseS that promote corporate responsibility and ethical behaviour. Areas covered include: fundraising, gifts. safeguarding; bullying and harassment; and whistleblowing. All these policies are reviewed periodically. We also have dedicated leads for safeguarding and whistleblowing wsthin the Executive Team and the Board of Trustees Page 24 of 56 THAMES HOSPICE TRUSTEES, REPORT for the year ended 31 March 2024 ENVIRONMENTAL REPORTING Under the Energy and Carbon Reporting Regulations 2018 Thames Hospice is required to report on the environmental impacts of the organisation. The key environmental impacts for the Hospice are electricity and gas usage in both the Hospice and our retail stores, the use of three vans owned by the Hospice for the collection of donated goods and distribution of goods amongst our retail stores and the use of two leased vans by our maintenance workers. Energy usage has been calculated using opening and Glosing meter readings for stores and the Hospice. Opening and closing mileage readings have been made for the vans. UK Greenhouse gas emissions and energy use data 202312024 310,636 202212023 291,038 Energy consumption used to calculate emissions (KWHS) Energy consumption breakdown KWH Gas Electric 69,080 241,556 53,262 237,776 Energy consumption used to calculate emissions (KM) Transport 185,3161 100,109 | Scope 1 Emissions in metric tonnes C02e Gas Consumption Owned transport Electricity usage 10,648 1 5,483 45,981 j Intenslty Ratlos Hospice emissions per FTE l Retail emissions per shop 184 141 1,654 Thames Hospice strives at all times to consider its environmental impact. Staff have recycling bins located in offices and kitchens and they are encouraged to recycle wherever possible. We also recycle batteries and toner cartridges. Our retail vans are routed to use the lowest mileage possible when collecting and delivering. Suppliers are expected to demonstrate similar principles. Our Hospice building uses a system of thermal mass to control temperature in the building and the use of air conditioning is restricted to patient rooms, the Education Suite and the IT server room. In the grounds surrounding the Hospi￿ an existing water course has been re-landscaped and some of the outlying grass areas have been sown with wild flower meadow seed both to encourage wildlife and increase the ecological and biodiversity of the site. Thames Hospice has worked towards compliance with the government's Energy Savings Opportunity Scheme. (ESOS) in 2023 - 2024. We will review the findings and produce an action plan in 2024 - 2025. Page 25 of 56 THAMES HOSPICE TRUSTEES, REPORT for the year ended 31 March 2024 GROUP STRUCTURE The Charity is a company limited by guarantee, incorporated in England and Wales (company number 5316964) and a charity regislered in England and Wales (charity number.. 1108298). In 2005 the Charity then known as Thames Hospice care was formed following the merger of Thames Valley Hospice and the Paul Bevan Cancer Foundation. The merged charity rebranded to become Thames Hospice in 2013. The Charity operates under Articles of Association. a full review of which was last carried out in 2020 by our legal advisors. Thames Hospice Retail Limited The issued share capital of this company is held by the charity. This company is used to prO￿sS sales of new goods sold through the charity's retail outlets and to receive commission on gift aided goods donated to the charity for resale through the charity's retail outlets. Paul Bevan Cancer Foundation The Paul Bevan Cancer Foundation remains as a donnant charÉly at the financial year end. Related and other conneetsd parties The charity is supported by its subsidiary retail company. Charitable trusts, fundraising support groups and individuals also raise money for the Hospice via charity events, individual donations and legacies. NHS - The charity has a relationship with local NHS commissioners who in 202312024 provided essential funding towards the operating costs of the charity in the form of grants. Our NHS grants contributed £6,059k to the running costs of the Hospice representing 560k of costs excluding income generation (2023: £5,211 k was 51 OA). In addition, a Lymphoedema therapy service is commissioned which is also fully funded and has provided a substantial increase in the availability of this vital service. Page 26 of 56 THAMES HOSPICE TRUSTEES, REPORT for the year ended 31 March 2024 MANAGEMENT Key management personnel The Trustees consider the Board of Trustees and the Executive Team as comprising the key management personnel of the charity in charge of directing and controlling the charity. The day to day management of the charity is delegated to the Chief Executive OffI￿r who meets with the whole Executive Team weekly and individually with each Director every fortnight. The members of the Executive Team are detailed on page 31 . The Executive Team report to the Board both via the committee structure and on a more infomial basis as required to keep the Board informed and to ensure good communication within the senior leadership team. Reward policy The pay of the charity's Executive Team is agreed by our Nominations Committee. The pay of all other employees is reviewed by the Executive Team and annual pay awards approved by the Board of Trustees. Remuneration for new staff is benchmarked with similar roles and similar organisations by the Director of People and the remuneration for all posts kept under review in order to ensure Ihe levels are fair and supportable. Our policy reflects the needs of the organisation, enabling us to recruit the most suitable staff and run the Hospice effectively. The Thames Hospice Reward Policy aims to ensure that reward and recognition practice underpins and supports our vision, purpose, values and strategic objectives while remaining legally compliant and reflective of recognised best practice. We are committed to ensuring that our salaries remain compelitive in the labour market. Thames Hospice does not recognise any fonnal external pay schemes (unless for employees protected by TUPE regulations) and salaries are set independently in accordance with appropriate benchmarking. For medical, clinical and other patient facing roles we track but are not limited by NHS pay bandings. For all other roles we aim to pay at least the median salary rate as published in the annual Hospi￿ Rewards Salary Survey taking into account affordability and any other mitigating circumstances. We use Hospice HR Networks and other available published salary surveys to facilitate our approach to setting salaries to roles. Our Staff and Volunteers We know that our most important and valuable resour￿ is our people. Whether they are paid employees or volunteers we value their support and commitment equally and we recognise thal without them Thames Hospice would not be the charity that it is. We support, manage, develop and utilise the talents of our staff and volunteers, so that they are empowered and committed to delivering our strategic aims. During 202312024 our Staff and Volunteers have been resourceful and resilient to ensure that we met our commitments to our community. The Executive Team would like to thank each and every one of them for their contribution. Page 27 of 56 THAMES HOSPICETRUSTEES, REPORT for the year ended 31 March 2024 People Serrfices objectives include comprehensive training and development programmes to deliver a variety of staff training. both clinical and non-clinical. We run a series of mandatory training such as health & safety and governan￿ but have also offered training on areas such as managing and recognising stress at worf(, managing mental health at work and building effective and respecthJl relationships at work. Delivery against our objectives is overseen by the People Committee and reported to the Board. We also provide a comprehensive communication programme for staff including a staff forum, 'People's Vol￿, where they can provide feedback or ask questions through their representatives. We hold Executive Team roadshows where the Executive Team brief staff on how we are performing and what to expect in the future. Other forms of information sharing and discussion are staff newsletters our annual staff survey. Full and fair consideration is given to applications of employment made by disabled persons. If applicants have stated that they have a disability then they are asked before interview whether any reasonable adjustments need to be made in order that we can accommodate their requests where practicable. We take advice from our occupational health on how best to support employees that eitherjoin us with a disability. For people that become disabled during their employment with us we discuss with the individual their specific needs and make all practicable adjustments, alongside taking advice from our occupational heatth. We do not have a specific disability policy but it is woven into everything we do as part of the Equality Act compliance. We train it as part of our internal Empower course and we coach managers continually on a case by case basis. Volunteers The charity benefits from the support of over 930 Volunteers who undertake a range of activities on behalf of Thames Hospi￿, including working in our retail shops, driving patients to and from appointments at our Paul Bevan Wellbeing Centre, sorting our donated stock and helping to staff our reception desks. Qualified Counsellors also volunteer in the Hospice, providing professional counselling support to patients and families As at 31 March 2024 we had 936 volunteers supporting the chartty in 55 different roles. Our volunteers are aged between 14 to 93. with the majority {720A) volunteering in Retail based roles. Volunteers collectively donate on average 9,200 hours per month. Our Volunteer seNi￿s Team has overall responsibility for our volunteers. A programme of induction and ongoing training is also in pla￿ to enable our Volunteers to carry out their roles safely and effectively and to ensure they gain the most out of their experien￿ with us. We fully acknowledge the role of Volunteers and how valuable they are to the charity. Their contribLrtion to the charity is immense and we are most grateful to them for their hard work and commitment to Thames Hospice. We continue to be humbled by their determination and resilience. Page 28 of 56 THAMES HOSPICE TRUSTEES. REPORT for the year ended 31 March 2024 FUNDRAISING STATEMENT We are committed to responsible fundraising praCti￿S. We follow the Fundraising Code of Practice, we are registered with the Fundraising Regulator and our fundraising activity will always be legal, open, honest and respectful. We are members of the Institute of Fundraising (IOF) and registered with The Fundraising Regulator (FR). We endeavour to make all reasonable efforts to ensure the ongoing compliance of third parties with the Fundraising Code of Practice and the law. The work we undertake with commercial participators is governed by a contract, which sets out the obligations of the parties involved. Similarly, all work with agencies that process responses to campaigns. print campaigns and mail out campaigns on our behalf is governed by a contract. Thames Hospice relies on the support of our local community to help us raise the vital funds we need to continue to provide our care free of charge for those in need. We are committed to delivering the highest standards in fundraising and in response to the greater need fortransparency and formal regulation we have published our own Fundraising Promise on our website. We take our responsibilities in this area seriously and strive at all times to meet best practice standards and to adhere to all voluntary codes of conduct. We take our responsibility towards our donors very seriously. We aim to provide a positive experience and deliver meaningful and personalised communication to them. We strongly believe that no one should ever feel pressured into giving, and we take steps to ensure that the vulnerable are protected. We will not contact anyone unless they have requested or consented to receiving fundraising communications. Donors can opt out of receiving fundraising or any other communications at any time. We will never sell, swap or share donor data. We employ third parties to carry out face to face and telephone lottery canvassing. They are also instructed according to IOF and FR codes and regulations and we ensure that they are acting with respect to members of the public and safeguarding potentially vulnerable persons. We also employ company to call lottery players whose membership has expired to ask if they will renew. they have been similarly instructed and are appropriately monitored. All other fundraising is carried out by the Thames Hospice staff team who are trained and managed according to IOF and FR rules and best practice. It is our aim for all those donating to us to have an extremely positive experients. However, we recognise that there may be times when supporters are not happy with their experience. We are committed to investigating complaints and resolving them swiftly. If anyone is unsatisfied with their experien￿, we want to hear about it. Feedback enables us to improve our fundraising ser￿1￿. Thames Hospice has a Fundraising Complaints Policy. which is available on our website. We take any complaints received very seriously and they are reviewed and acted upon by the Director of Fundraising and Marketing and the fundraising team., the Board also reviews any fundraising complaints. During 202312024 the Fundraising team received 22 minor complaints (202212023: 15) which were all dealt with in-house; none were reportable to the regulator. Page 29 of 56 THAMES HOSPICE TRUSTEES. REPORT for the year ended 31 March 2024 LEGAL AND ADMINISTRATIVE INFORMATION Charity Name: Thames Hospi Charity Registration Number: 1108298 Company Registration Number: 5316964 Registered and Principal Offi￿. Windsor Road, Maidenhead, Berkshire SL6 2DN Independent Auditors: Sayer Vincent 110 Golden Lane London EC1Y OTG Bankers: Natwest Bank plc 118 High Street Slough SL1 1JH Investment Managers" Investec Wealth & I nvestment Management Ltd 30 Gresham Street London EC2V 7QN Page 30 of 56 THAMES HOSPICE TRUSTEES, REPORT for the year ended 31 March 2024 Our Board of Trustees: Mr Christopher Aitken (Chair) Ms Alice Hunt Mr Andy Ka Dr Judith Kinder Miss Janet King Ms Frances Lawrence Mr Craig Linton (to 8 June 2023} Mr Bruce Montgomery Mr Nilesh Shah (to 21 March 2024) Mr Jon Toohey Ms Nancy Barber (appointed 14 September 2023) Our Trustees March 2024 Our Key Management Personnel: Mrs Carol Carpenter Mrs Amy Chambers Dr Nick Dando Mrs Catherine McLaughlin Mrs Julie Rowley Mrs Jane Symmons Mrs Tracey Talbot Mr Phil Oldfield Director of People and Operations Director of Fundraising and Marketing (to 24 October 2023} Medical DirectorlDeputy CEO Chief Executive Director of Retail Director of Fundraising (from 1 January 2024) Finan￿ Director (to 7 June 2024) Interim Finance Director (from 7 June 2024) Page 31 of 56 THAMES HOSPICETRUSTEES, REPORT for the year ended 31 March 2024 TRUSTEES, RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS The Twstees (who are also directors of Thames Hospice for the purposes of company law) a responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and the 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 state of affairs of the charitable company and the group and of the incoming resources and application of reSoUr￿s, including the income and expenditure of the charitable group for that period. In preparing these fi'nancial statements, the trustees are required to: Select suitable accounting policies and apply them consistently., Observe the methods and principles in the Charities SORP (FRS 102). Make judgements and estimates that are reasonable and prudent; State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements. and Prepare the financial statements on the going concem basis unless it is inappropriate to presume 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 that enable them lo ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charrtable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the Maintenan￿ and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. STATEMENT AS TO DISCLOSURE OF INFORMATION TO THE AUDITOR So far as the Trustees are aware, there is no relevant audit information of which the charity's auditor is unaware. and each Trustee has confirmed that they have taken all the steps they ought to have taken as Trustees in order to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. AUDITORS Our audvcors are Sayer Vincent. The Trustees, Report and incorporated Strategic Report were approved by the Board of Trustees on 12 September 2024 and were signed on its behalf by Jon Toohey. Trustee and Chair of the Thames Hospi￿ Finance and Investment Committee. Signed: Date 12 September 2024 Page 32 of 56 Independent auditors report TOTHE MEMBERS ANDTRUSTEES OF THAMES HOSPICE for the year ended 31 March 2024 INDEPENDENT AUDITORS REPORT Opinion We have audited the financial statements of Thames Hospice (the 'parent charitable company,) and its subsidiary (the 'group') for the year ended 31 March 2024 which comprise the consolidated statement of financial activities, the group and parent Gharilable company balance sheets, the consolidated statement of cash flows and the notes to the financial statements, including a summary of 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 of the parent charitable company's affairs as at 31 March 2024 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 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 accordan￿ with Intemational 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 group financial statements section of our report. We are independent of the group and parent 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 fuffilled 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 golng concern In auditing the financial statements, we have concluded that the trustees, use of the going concem basis of accounting in the preparation of the financial ststements 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 Thames Hospice'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 Goncern are described in the relevant sections of this report. Other Information The other information comprises the infonnation included in the trustees, annual report, including the strategic report, other than the group financial statements and our auditor's report thereon. The trustees are responsible for the other information contsined within the annual report. Our opinion on the group Page 33 of 56 Independent auditors report TO THE MEMBERS AND TRUSTEES OF THAMES HOSPICE for the year ended 31 March 2024 financial statements does not cover the other information, and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other infonnation and, in doing so, consider whether the other information is materially inconsistent with the group financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the group financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other infomiation, 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, including the strategic report, for the financial year for which the financial statements are prepared is consistent with the financial statements The trustees, annual report. including the strategic report, has been prepared in accordance with applicable legal requirements Matters on which we are requlred to report by exception In the light of the knowledge and understanding of the group and the parent charttable company and their environment obtained in the course of the audit, we have not identrfied material misstatements in the trustees, annual report, including the strategic report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and Charities Act 2011 requires us to report to you if, in our opinion: Adequate accounting records have not been kept by the parent charitable company, or retums adequate for our audit have not been received from branches not visited by us; or The parent charitable company financial statements are not in agreement wilh the accounting records and retums., 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. Responslbllities of trustees As explained more fully in the statement of trustees, responsibilities set out in the trustees, annual report, the trustees (who are also the directors of the parent charttable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give 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's and the parent charitable company's ability to continue as a going concem, disclosing, as applicable, matters related to going cOn￿M and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic altemative but to do so. Page 34 of 56 Independent auditors report TOTHE MEMBERS AND TRUSTEES OF THAMES HOSPICE for the year ended 31 March 2024 Auditor's responsibilities for the audlt of the financial ststements We have been appointed auditor under the Companies Act 2006 and section 151 of the Charites Act 2011 and report in accordance with those Acts. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 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 are set out below. Capability of the audit in detecting irregularities In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-c0rnpl1an￿ with laws and regulations, our procedures included the following: We enqUI￿d of management and the Finan￿ and Investment Committee, which included obtaining and reviewing supporting documentation, concerning the group's policies and procedures relating Identifying, evaluating, and complying with laws and regulations and whether they were aware of any InStan￿S of non-compliance; Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud" The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations. We inspected the minutes of meetings of those charged with governance. We obtained an understanding of the legal and regulatory framework that the group operates in, focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the group from our professional and sector experience. We communicated applicable laws and regulations throughout the audit tearn and remained alert to any indications of non-compliance throughout the audil. We reviewed any reports made to regulators. We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations. We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made Page 35 of 56 Independent auditors report TOTHE MEMBERS ANDTRUSTEES OFTHAMES HOSPICE for the year ended 31 March 2024 in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those OLrtside the normal course of business. Because of the Inhe￿ nt limitations of an audit. there is a risk that we will not detect all i￿egUlar1ties, including those leading to a material misstatement in the financial statements or non-complian￿ with regulation. This risk increases the 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-complian￿. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities is available on the Financial Reporting Council's website at: www.frc.or .uklauditorsres onsibilities. This description forms part of our auditor's report. Use of our report This report is made solely to the charitable company's members as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charitable cornpany's members those matters we are required to state to them in an auditor's report and for no other pu￿OSe. To the fullest extent pennitted by law. we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body. for our audit work. for this report, or for the opinions we have fonned. Judith Miller (Senior Statutory Auditor) Date for and on behalf of Sayer Vincent LLP, Statutory Auditor 110 Golden Lane, LONDON, EC1Y OTG Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Act 2006 Page 36 of 56 THAMES HOSPICE CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (incorporating an income and expenditure account) for the year ended 31 March 2024 Un-restrirted Restrlrted Funds Funds Total Unrestricted Funds Restricted Funds Total 2024 2023 £000 £000 Income from: Donations and legacies Charitable activities 4.790 358 5.148 5,122 541 5,663 6.134 6.134 5,794 5,794 Other trading activities 5.310 5.310 4,999 4,999 Investment income 198 198 162 162 Other income 38 38 Totsl Income 16.466 358 16,824 16,115 541 16,656 Expenditure on: Raising funds Charitable Activities 7,229 7,229 6,487 6,487 325 9,791 8,232 558 8,790 Total Expendlture 16,695 325 17,020 14,719 558 15,277 Net Income/(Expenditurel before tax and investments (229) 33 (196) 1,396 117) 1,379 Corporation Tax Charge Net incomel{expenditure) before investment gainsl(lossesl Net gains/(10sses} on irniestments {277) 33 (244) 1,396 (17) 1,379 453 4S3 {411) (411) Net income 176 33 209 985 117) 968 Transfers between fund5 18 24 (24) {41) Net Movement in Funds 10 176 33 209 1,009 968 Reconciliation of Funds: Totsl funds brought forward 18 Total funds carried forward 32,729 291 33.020 31,720 332 32,052 32,905 324 33,229 32,729 291 33,020 The Statement of Financial Activitles includes all gains and losses in the year. All incoming resources and resources expended are derived from continuing activities. The notes on pages 40 - 56 form part of the financial statement. Page 37 of56 THAMES HOSPICE BALANCE SHEErs for the year ended March 2024 Registered Company No: 5316964 Group Charity Group Charity Note 2024 2024 2023 2023 £￿0 £000 £(x)o Fixed assets Tangible assets 13 21.295 21.295 21,840 21,840 Investments 14 7,344 7.344 6.732 6,732 28,639 28,639 28,572 28,572 Current assets Stocks 15 84 95 Debtors 16 1,242 2,106 2,398 Cash at bank and in hand 4.990 4,217 4,016 6,319 6,086 6,418 6,414 c￿ditors. amounts falling due within one year 17 (1,729) (1,701) (1,970) (1,968) Net current assets 4,590 4,385 4,448 4,446 Total assets less current liabilities 33.229 33,024 33,020 33,018 Net assets 33,229 33,024 33,020 33,018 Restricted funds 18 324 324 291 291 Unrestricted funds 18 32,905 32,700 32,729 32,727 Total Funds 33,229 33,024 33,020 33,018 As pennitted by Section 408 Companies Act 2006 the parent charity has not presented its own SOFA. The chariW5 surplu5 for the year wa5 £257k {2023- £968k). The Financlal Statements on pages 37- 56 wére approved and authorlsed for issue by the Board of Trustees on 12 September 2024 and were slgned on its behalf by Jon Toohey, Trustee. Signed: Page 38 of 56 THAMES HOSPICE CONSOLIDATED CASH FLOW STATEMENT for the year ended March 2024 2024 2023 £0 Net cash provided by continuing operating activities 20 1.031 3,591 Cash flows from Investing Activities: Investment income 198 162 Purchase of tsngible fixed assets Purchase of investments (292) (5,784) 5,620 (258) 1400} (4,054) 2,395 (1,897) Sale of investments Net cash used in investing activities Change in cash & cash equivalents in the year 773 1,694 Cash & cash equivalents at the beginning of the year 4,217 2,523 Cash & cash equivalents at the end of the year 4,990 4,217 Analysis of changes In Net Debt 2024 2023 Cash and cash equivalents £000 Cash at bank as at l April Cash flo￿￿ during the year 4,217 773 2,523 1.694 Total 4,990 4,217 Page 39 of 56 ACCOUNTING POLICIES The Charity is a company limited by guarantee, incorpordted in England and Wales (company number 5316964) and a charity registered in England and Wale5 (charity number: 11082981. The Charivs registered ofFice address is: Thames Hospice, Windsor Road, Maidenhead, Berkshi￿. SL6 2DN. Basis of preparation The Financial Statements are prepared under the historical cost convention with the exception of investments which have been included at fairvalue. The Financial Statements have been p￿pared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 {Charities SORP (FRS 102)) and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 and the Companies Act 2006. Thames Hospice meets the definition of a public benefit entity under FRS 102. The financial statements have been prepared on a going concern basis. The group statement of financial artivities (SOFA) and balance sheet consolidate the financial statements of the charity and its wholly owned subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis. The financial statements are presented in sterlin& rounded to the nearest £l,LXKJ. Fund accounting General fund5 are unrestricted fund5 that are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted fvnds are funds which are to be used in accordance with specific restrictions or which have been raised by the charity for particular purposes. Income All incorning resources are included in the SOFA when the chartty is entitled to the income, receipt is probable and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income: Donation income is recetved by way of grants, donations and gifts and is included in full in the SOFA when receivable. Grants, where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity become5 unconditionally entitled to the grant. Legacies are recognised when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. Entitlement is the earlier of the charity being notified of an impending distribution Page 40 of 56 or the legacy being ￿CeIved. Where the conditions for recognition are not met, the charity maintains a legacy pipeline. However, as these are not readily quantifiable they are not disclosed in these accounts. Donated services and facilities are included at the value to the charity where this can be quantified. The value of services by volunteers has not been included in these accounts. Goods donated for resale through the charit¢s shops are included as incoming resources within OtherTrading Activities when they are sold. Investment income is included when receivable. Expenditure Expenditure is recognised on an accruals basis as a liability is incurred. Any VAT which cannot be fully recovered is reported as part of the expenditure to which it relates: Costs of raising funds comprise the costs associated with attracting voluntary income and the costs of trading forfundraising purposes including the chariWs shops. Charitable activities expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Central support Services costs comprise those costs associated with Finance, HR, IT, governance and support such as maintenance, housekeeping and utilities. All costs are allocated between the expenditure categories of the SOFA on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly. The charity makes an accrual for outstanding holiday pay at the end of the financial year. Tangible fixed assets Tangible fixed assets are stated at historical cost less accumulated depreciation. Depreciation of fixed assets IS charged by annual instalments commencing in the year of acquisition at rates estimated to write off their cost less any residual value over their expected useful lives which are as follows: Freehold property Leasehold properties Plant and machinery Fixtures and fitting5 Computer equipment Motor vehicles 20- 50 years over lease period 5 - 10 years 5 years 3-8years 4 years Assets in the course of construction are not depreciated. Assets costing less than £1,000 are not capitalised. Land is not depreciated. Investments Investments are stated at fair value at the balance sheet date. The SOFA includes the net gains and losses arising on revaluations and disposals throughout the year. Page 41 of 56 Stocks Stocks of goods for resale are primarily donated goods to the charity and therefore have no value in the accounts until they are sold. Thames Hospice does not have a stock recording system for donated goods. New goods purchased for resale by the subsidiary company are valued at the lower of cost and net realisable value. Penslons Costs The charity makes defined contribution payments into pension schemes on behalf of its employees. Contributions payable forthe year are charged to the SOFA. The charity also participates in the NHS Superannuation Scheme, which provides benefit5 based upon final pensionable pay. The assets of the scheme are held separately from those of the Hospice and are independently administered. The fund is valued every five years by the Government Actuary, the rates of contribution payable being determined by the actuary. In the intervening years the actuary reviews the continuing appropriateness of the rates. Pension costs are charged to the hospice's SOFA in the period to which the salaries on which they are payable relate. Operating leases Rentals applicable to operating leases are charged in the SOFA over the period in which the cost is incurred. Financial Instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. DONATIONS AND LEGACIES Un- Restrlcted Funds 2024 Un- restricted Funds Restricted 2023 Funds strfcted Funds £(M)O £000 £(KJo £000 Community fundraising and committed giving Donations and appeals Legacies 1,267 1,267 1,389 1,389 2,920 603 3,129 752 5.148 2,670 1,063 5,122 541 3,211 1,063 5,663 149 4,790 358 541 At the end of the financial year we had legacies of £l.Im in the pipeline12023: £323kl that have not been fecognised in the accounts due to not meeting SORP regulations. Page 42 of 56 INCOME FROM CHARITABLE AcfiviTIES Unrestrlcted funds 2024 £000 Restrlcted funds 2024 £000 Total Unrestricted Restricted funds funds 2023 Total 2024 2023 2023 £000 £000 £000 £000 Education and training External service provision Catering ICB funding 70 70 19 19 6,059 6,134 6,059 6.134 5,771 5,794 5.771 5,794 INCOME FROM OTHER TRADING ACTIVITIES Unrestricted funds Unrestricted funds 2024 2023 £000 £000 Events 456 230 Lottery income Sales of donated goods Sales of new goods Commission income 970 973 3,042 430 392 29 Catering income 374 295 5,310 4,999 INVEsfMENT INCOME Unrestrirted funds 2024 Unrestricted funds 2023 Income from investments Bank interest receivable 193 162 198 162 OTHER INCOME Unrestrictsd funds 2024 Unrestricted funds 2023 £000 £000 Other income 34 38 34 38 Page 43 of 56 COSTS OF RAISING FUNOS AND CHARITABLE ACTIVITIES Staff related Totsl 2024 Totsl 2023 costs Premlses Other £(x)o £000 Costs of Ralslng Funds Direct costs 2,704 1, 148 1,734 5,586 5,042 Central services support costs- Note 8 695 515 433 1,643 7,229 1,445 6,487 3,399 1,663 2,167 Costs of Charitable Activities Direct costs 6,510 47 1,124 7,681 6,955 Central services support costs - Note 8 893 661 556 2,110 9,791 1,835 8,790 7,403 708 1,680 CENTRAL SERVICES SUPPORT COSTS Our Central services support costs comprise the following: Unrestricted funds Unrestricted funds 2024 2023 £000 1,380 360 Finance, including depreciation Governance and Chief Executive costs 1,250 478 Information Technology Human Resources 290 224 827 718 Facilities 908 598 3,753 3,280 All costs are apportioned to either the costs of Raising Funds or Charitable Activities on the basis of the direct costs charged to each category. The result is shown in Note 7. EMPLOYEE INFORMATION The average number of persons employed bythe group (including bank staffl during the period was as foll0v￿:_ 2024 2023 No. Fundraising Management and administration Retail 20 17 25 81 79 Direct patient care 211 209 330 Page 44 of 56 The average full time equivalent numbers of persons employed bythe group during the period was as follows:_ 2024 2023 No. Fundraising Management and administration Retail 17 14 23 18 67 79 Direct patient care 158 160 265 271 The aggregate payroll costs of these persons were as follows:_ 2024 2023 £000 £(K)O Wages and salaries Cost of living payment to staff Social security costs Pension contributions (see note 24) 9,331 8,996 211 852 818 619 528 10,802 10,553 Staff costs include "bank nurses" whom the Hospice views as an essential staff resource. Also included is an amount for termination payments of £97k relating to 6 members of staff whose employment was terminated during the year (2023: £81k, five members of staffl. The majority of these staff were made redundant due to ￿strUctureS within the organisation. The number of employees whose emoluments exceeded £60,000 was: £60,001- £70,000 £70,001- £80,000 £80,001- £90,000 £90,001- £100,000 £ioo,ooi - £iio,000 £110,001- £120,000 £120,001- £130,000 £130,001- £140,000 2024 No. 2023 No. Pension contributions were made in respect of the above employees totalling £105k12023: £50kl. Seven of the above staff are members of the Executive Team and five are members of the clinical teams. Key management staff comprises our Board of Trustees and our Executive Team see page 31. None of ourTrustees received any remuneration or expenses during the year (2023: nil}. The aggregate staff costs of the Executive were £774k (2023: £664kl including national insurance and pension costs. Based on full time equivalent salaries for permanent staff, the multiplier from median to highest salary is 4.82 {2023: 3.98). Although the Trustees receive no remuneration for their seNices, Thames Hospice does procure indemnity insurance on their behalf through a Management Liability policy. The premium paid in the year was £6,74612023: £4,606). Page 45 of 56 10 NEf MOVEMENT IN FUNDS Group Charity Group Charity 2024 2024 £000 2023 £000 2023 £(K)O Net income Is stated after charglng: Dep￿CIation Profrt / (loss) on disposal of fixed assets Auditorfs remuneration: 811 127) 811 (27) 810 810 - As auditor (excluding VAT) - As auditor other services lexcluding VATI 25 25 23 23 Operating lease charges on retail units and printers 846 774 774 li TAXATION The parent company is a Registered Charty, and as such is entitled to certain tax exemptions on income and profTrts from investments, and surpluses on any trading activities carried on in furtherance of the charity's primary objectives. if these profits and surpluses are applied solely for charitsble purposes. Thames Hospice Retail Limited is registered for VAT, and consequently all its income and expenditure is recorded net of VAT. Ordinarily, Thames Hospice Retail Limited gift aids all of its taxable profits to the charity, thereby resulting in no liability to corporation tax. Forthe yearended 31 March 2023 profits were notgift aided to Thames Hospice within the stipulated 9 months post year end and a charge to Corporation Tax has crystallised for£48,000. Forthe yearended 5t 31 March 2024 profit5 from Thames Hospice Retail Limited were gift aided under the deed of covenant so there wa5 no profit chargeable to corporation tax within Thames Hospice Retail Limited. Page 46 of 56 12 NET RESULT OF TRADING SUBSIDIARY The charity owns the whole of the ordinary share capital, consisting of two ordinary shares of £1 each, of Thames Hospice Retail Limited (Company number 2100844) which acts as agent under the HMRC gift aid scheme for goods donated to and sold by the charity. It also bought and sold a range of new goods, primarily accessories, small gifts and greetings cards. Ordinarily, the subsidiary distributes any taxable profits under gift aid to the charty each year. It5 trading results, as extracted from the audited Financial Statements, are summarised below: 2024 2023 £000 £000 Tumover 1,793 1446) 1,648 (317} Cost of sales Gross profit 1,347 1,331 Administrative expenses Profit on ordinary activities before taxation Taxation paid Repaid from /IDistributed tol/ charity holding company Retained in subsidiary in year 11.155) 192 (1,0801 251 (48) 59 (251} 203 Retained Profit brought forward Retsined surplus carry forward 205 The assets and liabilities of the trading subsidiary were: 2024 £000 2023 Current assets 262 306 Creditors: amount5 falling due within one year Totsl net {liabilities)/assets A88￿gate share capital and resendes (57) 205 1304) 205 Page 47 of 56 13 TANGIBLE FIXED ASSETS Group And Charlty Freehold Leasehold property Equipment Plant & Fixtures & Computer Motor equipment Vehlcles Totsi Property fittlngs Cost l April 2023 Additions 21.742 94 1.514 103 1,485 931 689 117 26,478 38 57 292 Disposals 31 March 2024 {53) 1.564 {53) 26,717 21036 1,485 969 746 117 Depreclatlon l April 2023 Charge for the year Disposals 31 March 2024 1,075 929 1,337 664 516 117 4,638 436 121 62 106 86 811 (271 1.023 127) 5.422 1,511 1,399 770 602 117 Net book value 31 March 2024 20,325 541 199 21.295 31 March 2023 20,667 585 148 267 173 21,840 14 INVESTMENTS Group 2024 Charity 2024 Group 2023 Charity 2023 £000 Securities and cash 6.732 6,732 Investment in group undertaking (See Note 12) 6,732 6,732 Page 48 of 56 Group and Charity securities and cash 2024 2023 £000 £000 A55ets brought forward at l April Additions at cost Movement in cash Disposals Realised and Unrealised investment gains/{losses) 6,732 5,738 41 (5.620) 453 5,512 4,115 161) (2,3951 (4391 Market value at 31 March 7,344 6,732 Investments comprise: 2024 2023 Group and Charity Fixed interest securities:_ £000 £000 -UK 870 958 Managed funds and unit trusts:_ -UK 6.353 121 5,308 466 Cash on deposlt Market value at 31 March 6,732 15 STOCKS Group Charity Group Charity 2024 2024 £000 2023 £000 2023 £000 £000 Stock held for resale 84 95 16 DEBTORS Group 2024 Charity 2024 Group 2023 Charity 2023 £￿0 £000 Amounts due frorn subsidiary undertaking Other debtors 303 268 633 624 Trade debtors 87 85 21 20 Prepayments and accrued income 890 889 1,452 2,106 1.451 2,398 1.245 1,242 Page 49 of 56 17 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Group 2024 Charity 2024 Group 2023 £000 Charity 2023 Amounts owed to Subsidiary undertaking Trade creditors 33 543 538 399 397 Pension liability Other taxation and social security Accruals and deferred income 91 91 79 79 230 225 195 195 817 815 1,297 1,970 1,297 1,968 1,681 1,701 Deferred income Income is deferred to the extent that it relates to an event or activity that occurs in a subsequent accounting period. Group 2024 Charity 2024 £000 Group 2023 Charity 2023 £000 Brought forward Deferred in the year Released in the year Carried forward at l April 926 926 1,126 113 1,126 113 527 527 (1,141) 312 (1,141) 312 (313) 926 (313) 926 18 FUNDS At 31 March 2024, funds are analysed as follovts: At l Aprll 2023 Incoming Resources Outgoing Resources General At 31 March Fund 2024 Transfers Unrestricted funds- Group £0 £000 General Fund 10,889 16,919 {16,743} 11,065 Transfer from designated funds General Funds Total 545 10,889 21,840 21,840 16,919 {16,7431 545 11,610 21.295 Designated- fixed assets fund Designated Funds Total {545} {545} 21.295 Unrestrfcted Funds Totsl 32,729 16,919 (16,743) 32,905 General Page 50 of 56 At l Aprfl 2023 Incoming Resources Outgoing Resources Fund At 31 March Transfers 2024 Unrestrirted funds- Charity £000 £000 £000 General fund 10,887 16,919 (16,946) 10.860 545 Transfer from designated funds General Funds Total 545 10,887 16,919 (16,946) 545 11.405 Designated fixed assets fund Designated Funds Total 21,840 21,840 {545) (545) 21,295 21,295 Unrestrirted Funds Total 32,727 16,919 (16.946) 32,700 The Trustees have designated £21,295k of the group unrestricted funds, which relates to the tangible fixed assets and would therefore not form part of our free reserve. Comparative figures for 31 March 2023 are analysed asfollows: Unrestrfcted funds- Group At l April 2022 Incomlng Resources Outgoing General fund At 31 March resources transfers 2023 £000 £000 £000 General Fund 31,440 16,115 {15,130) 32,425 (21,840) Transfer to designated funds Transfer from designated funds Transfer from restricted funds 121,840) 24 24 General Funds Total 31,440 16,115 115,130} 121,536} 10,889 Designated Inpatient Services costs fund 280 (280) Transfer from generdl fund Designated Funds Total 21,840 21,560 21,840 21,840 280 Unrestricted Funds Total 31.720 16,115 (15.130) 24 32,729 Page 51 of 56 Unrestrlcted funds- Charity At l April 2022 Incoming Resources tgoing General fund At 31 March resources transfers 2023 General Fund 31,438 16,115 (15,130} 32N23 (21.840) 280 Trdnsfer to designated funds Transfer from designated funds Transfer from restricted funds {21,840) 24 24 General FundsTotal 31,438 16,115 {15,130) (21,536) 10,887 Designated IPU costs fund Designated fixed assets fund Transfer to general fvnd Designated Funds Total 21,840 (280) 21,560 21.840 {280) 21 280 Unrestricted Funds Total 31,718 16,115 (15,130) 32,727 Restricted funds- Group & Charity 2024 2023 £000 At l April Net movement in funds 291 332 33 {41) 291 At 31 March 324 The net movement in restricted funds during 2023/24 is analysed as follows: At l April 2023 Incoming Outgoing Resour￿$ Resources To General At 31 March Fund Fixed 2024 Assets £￿0 £000 Clinical Funds for equipment etc. PCRT restricted fund 291 209 (325) 175 149 149 291 358 1325 324 The Clinical Funds represent donations for clinical training, equipment, staffing costs and supplies. PCRT funds represent a legacy with a restriction for use within the PCRT team. Page 52 of 56 Comparative figures for 31 March 2023 are analysed as follows: At l Aprll 2023 Incomlng Resources Outgoing Resources To General At 31 March Fund Fixed 2024 Assets £000 £000 Clinical Funds for equipment etc. 332 141) 141) 291 332 291 19 ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestrlcted funds £000 Restricted funds Total 2024 Unrestricted funds Restricted fvnds Total 2023 £000 £000 £000 Tangible assets Investments 21,295 21295 21,840 6,732 6.127 (1,970) 21,840 6,732 6,418 (1,970) Current assets 5,995 (1.729) 324 6,319 (1,729) 291 Creditors falling due within one year 32,905 324 33,229 32,729 291 33,020 20 RECONCILIATION OF OPERATING PROFIT TO NET CASH PROVIDED BY CONTINUING OPERATING ACTIVITIES 2024 2023 Net income forthe year Depreciation on tangible fixed assets (Gains}/Lo55es on investments Investment income 209 969 811 810 (449) (198) 27 439 {162) Fixed asset write offs (Increase) in stock including stock write offs (Increase) in debtors Increase in creditors 11 (i) 1.691 (155 (241} Net cash provlded by continuing operating actlvltles 1,031 3,591 Page 53 of 56 21 FINANCIAL COMMITMENTS At 31 March 2024, Thames Hospice had financial commitments under non-cancellable operating leases as follows: 2024 2023 Land and Buildings Land and Buildings £0 Due within one year Due within two to five years Due in more than five years Totsl financial commitments 817 754 2,602 583 3,356 22 RELATED PARTY TRANSAcfioNS The Trustees of Thames Hospice do not receive any remuneration and have not claimed any expenses during the year. During the year seven Trustees and their close family donated a total of £3,126 {2023: £3,734) to the charity. The donations were a mixture of one-off capital and revenue donations, lottery membership and ticketed events. Thames Hospi￿ Retail Limited The charity has a wholly owned trading subsidiary, Thames Hospice Retail Limited. During the year there have been intercompany transactions between the two entities: cha￿ed by the charity to the subsidiary - charges per the trading agreement in Pla￿ for use of name and 3% of turnover, a proportion of the running costs of the charity retail division and an overhead recharge. The total of these transactions was £1,204k (2023: £1,123k). Charged by the subsidiary to the charity- commission on gift aided sales and a dorK)r procurement charge. These totalled £1,027k {2023: £894k}. At the yearend a balance of £219k was owed by the 5ub5idiary to the charity (2023: £303k). See also Note 16. There have been no other related party transactions during the year. 23 PENSION COMMITMENTS The charity employees participate in two schemes:. Defined Contribution Scheme Thames Hospice participates in a defined contribution pension plan with Scottish Widows. The total pension cost for the period for the charity charged to the SOFA in respect of this scheme was £303k {2023: £247k). The liability outstanding at the end of the financial year was £45k (2023: £39k). The NHS Superannuatlon Scheme For qualifying Thame5 Hospice staff, participation in the NHS scheme provides benefjts based upon final pensionable pay. However, the contributions paid by the charity in respect of the NHS Superdnnuation scheme are accounted for Page 54 of 56 as if the scheme were a defined contribution scheme as the charity is unable to identify its share of the underlying assets and liabilities in the scheme. The total pension cost for the period forThame5 Hospice was £317k {2023: £281k}. The liability outstanding at the end of the financial year was £46k12023: £40k). The Government Actuary using the Projected Unit Method determines contributions charged to the SOFA. The NHS Pension Scheme is an unfunded, defined benefit scheme that covers NHS employers, general practices and other bodies allowed under the direction of the Secretary of State in England and Wales. As a consequence, it is not possible for Thames Hospice to identify its share of the assets and liabilities of the underlying scheme. Accounting valuation.. A valuation of scheme liability is carried out annually by the scheme actuary (currently the Government Actuarfs Department} as at the end of the reporting period. This utilises an actuarial assessment for the previous accounting period in conjunction with updated membership and financial data for the current reporting period, and are accepted as providing suitably robust figures for financial reporting purposes. The valuation of scheme liability as at 31 March 2021 is based on valuation data as at 31 March 2015, updated to 31 March 2016 with summary global member and accounting data. In undertaking this actuarial assessment, the methodology prescribed in IAS 19, relevant FReM interpretations, and the discount rate prescribed by HM Treasury have also been used. The latest a55e55ment of the liabilities of the scheme is contained in the scheme actuary report, which forms part of the annual NHS Pensionscheme (England and Wales) Pension Accounts. These accounts can be viewed on the NHS Pensions website and are published annually. Copies can also be obtained from The Stationery Office. Full actuarial valuation.. The purpose of this valuation 15 to assess the level of liability in respect of the benefits due under the schemes (taking into account their recent demographic experience), and to recommend contribution rates payable by employees and employers. The last published actuarial valuation undertaken forthe NHS Pension Scheme was completed forthe year ending 31 March 2012. The Scheme Regulations allow for the level of contribution rates to be changed by the Secretary of State for Health, with the consent of HM Treasury, and consideration of the advice of the Scheme Actuary and appropriate employee and employer representatives as deemed appropriate. CAPITAL COMMITMENTS The charity had no capital commitments at the end of the financial year (2023: EO.Om). 25 POST BALANCE SHEET EVENTS On the 3 July 2024, Thame5 Hospice agreed to a variation of a contract regarding future receipt of monies relating to the unconditional purchase of land. Underthisvariation£O.9M became immediately payableto Thames Hospice with a further estimated £1.4M to be received in two instalments in July 2026 and January 2028. In April 2024 we We￿ the beneficiaries of an endowment of £1.5M from Edward Gostling Foundation, the terms of which allow the capital and income to be drawn down over a minimum 5 year period to the maximum of £0.3M per annurn. Page 55 of 56 26 LEGAL STATUS OF THE CHARITY The charity is a comparw limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1. Page 56 of 56