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← St Joseph's Hospice Hackney

2025-03-31-accounts

Annual Report and Financial

Statements

31 March 2025

St Joseph’s Hospice, Hackney Charity Registration No.: 1113125 Company Registration No.: 05513914 (England and Wales) Company Limited by Guarantee

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Contents

Reports ................................................................................................................................. 3 Reference and administrative details ................................................................................ 3 Chair’s statement ............................................................................................................... 5 Message from the CEO ..................................................................................................... 6 Trustees’ report (incorporating the strategic report) ........................................................... 7 Independent auditor’s report .............................................................................................25 Financial Statements ............................................................................................................29 Consolidated statement of financial activities ....................................................................29 Charity statement of financial activities .............................................................................30 Balance sheets as at 31[st] March 2025 ..............................................................................31 Statement of cash flows ....................................................................................................32 Principal accounting policies .............................................................................................33 Notes to the financial statements ......................................................................................39

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Reports

Reference and administrative details

Board of Trustees

8: Ba

Paddy McGuinness CMG, OBE, MA (Chair)

Dr Michael Moran

Ph.D MMedSci, MBBChBAO, BSc (Hons) MRCS, DO-HNS

Nick Howard

Edward Davies

MA (Oxon)

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Edward McGuigan

BA, FFA, FIPA

Prof. Jim McManus

OCDS, D.Sc, BD (Hons), M.Sc, CPsychol, CSci, FBPsS, FFPH, FISSR

Margaret Doherty

BA (Hons), MSc, DEBA, MCIPR

Jane Heffernan

BA (Hons), MA, NPQH NPQEL

Senior Management Team

A

Dr Rachel Black

Chief Executive RGN/RSCN, BSc(Hons), PGCLTHE, PhD

Dr Andrew Tysoe-Calnon

Medical Director BSc, MBBS, FRCP

Lindsey Tuley Interim HR Director Chartered FCIPD

Pin

Jacquie Hackett

Director of Care

RGN, MSc Supportive & Palliative Care, CTLLS

David French

Director of Finance, IT & Facilities FCCA, MBA (Open)

Tracey Macbeth

Director of Communications & Enterprise BA (Hons)

Fr Terence Seasman Lead Chaplain MA BACP accredited

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Administrative Details
**Company Registration Number ** 05513914 (England and Wales)
**Charity Registration Number ** 1113125
**Registered Address ** Mare Street
Hackney
London
E8 4SA
**Telephone ** 020 8525 6000
**Email ** info@stjh.org.uk
Website www.stjh.org.uk
Banker Barclays Bank plc
1 Churchill Place
London
E14 5HP
Solicitor Lee Bolton Monier-Williams LLP
1 The Sanctuary
Westminster
London
SW1P 3JT
Investment Manager CCLA Investment Management Limited
One Angel Lane
London
EC4R 3AB
Auditor Buzzacott Audit LLP
130 Wood Street
London
EC2V 6DL

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Chair’s statement

Heading into its 120[th] year, St Joseph’s Hospice continues to nurse and support all the communities of East London at our site in Mare Street Hackney and in their homes. This is possible because of the exceptional contribution of our staff and volunteers and the engagement from our patients and their families whom it is our privilege to serve. We draw on a great legacy of care from the Religious Sisters of Charity whose hard work and moral leadership built up what we now carry forward. Like them we are led on by the example of Christ.

We give thanks for the many individuals and corporate partners who have supported us through donations, legacies and personal engagement and advocacy. Their wonderful charity is more important than ever as we strive to provide the very best end-of-life care for our patients. This is a time when the overall shortfall in good palliative care is in the public eye. Radical solutions are proposed by some. As a Catholic hospice, our position is that assisted dying plays no part in our specialist palliative care practice and is not consistent with our ethos or values. We neither hasten death nor postpone it. We cherish life but also embrace a natural death when it comes. We aspire to provide an example of what good palliative care can be.

As you will read in this report, we have continued our programmes to renew our wards and treatment areas and innovate in the services we can offer. Our purpose is to reach all who need palliative care from every community, faith and position in life.

The context remains challenging. We have weathered the worst of the spike in the cost of living which raised our costs and put pressure on our staff and those who donate to us alike. It requires constant effort to find and retain staff to deliver this good care. The chronic shortfall in palliative care clinicians is a particular worry and we are grateful to our staff who take the strain. We are mindful that every pound we spend is precious and must have good effect.

A great strength of St Joseph’s is our work on care provision with the NHS. The material support we receive through the Integrated Care Board and our strong partnership with the great hospital and primary care providers in East London mean we can reach many more and diverse patients than might otherwise be the case. We are on standby to play our part in the strengthening of palliative care suggested by the Health Secretary.

Following his last stay in hospital in March 2025, the late Pope Francis spoke of the “miracle of tenderness” and “loving closeness” when care is provided. He was speaking of the care he received but also of the character of medical care more generally. As you are reading this, you must have St Joseph’s in your minds and, I hope, your prayers or at least hearts. Thank you for enabling our small part of this miracle delivered at St Joseph’s.

Paddy McGuinness CMG OBE Chair of Trustees

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Message from the CEO

I feel privileged that in November 2024, the Board of Trustees entrusted me to be the next CEO of St Joseph’s Hospice. I am grateful to former Joint CEOs Tony McLean and Jane Naismith for their stewardship, and for handing over the organisation in the good shape described in this report. They steered the organisation through challenging years and have allowed me time to get to know this wonderful Hospice and its committed staff.

The demand for our services continues to grow year-on-year, especially for our community provision. In the last twelve months, we received 4,846 referrals from all the geographies we serve. This represents a 40% increase over five years.

It is a similar picture for our day services with more than 2,000 internal and external referrals for Complementary Therapies, Occupational Therapy, Social Work, Physiotherapy and Benefits Advice. This represents an increase of 20% year-on-year, and more than 60% over five years. Notably we secured benefit awards for patients and their families to the value of £777,116. For many this is the difference between being able to die in dignity versus poverty.

June 2024 saw the completion of the refurbished St Michael’s Ward which was officially opened by our Patron, His Eminence Cardinal Vincent Nichols, Archbishop of Westminster. As Jane Naismith commented: “We had a specific vision for St Michael’s Ward that it would be a comfortable and stylish space for our patients, visitors and staff so that they could enjoy quality time together at such a critical point in their lives.”

We could not deliver without our staff and volunteers. This year, we are proud to have earned a silver Compassionate Employer award, designed to provide managers with the skills to support colleagues as they in turn support patients and families through dying and death. We also received our silver Investors in Diversity award, recognising that we embed practices and behaviours around Fairness, Respect, Equality, Diversity, Inclusion and Engagement (FREDIE) throughout the organisation.

Improved end-of-life care is a stated priority of the Health Secretary and we strive to enhance our service offerings, expanding our outreach efforts to ensure that quality hospice care is accessible to all. The needs of our patients are evolving, and we must innovate and explore new models.

Many contribute to make a charity hospice possible. We are guided by the Catholic ethos and example of our founders, the Religious Sisters of Charity, and the support of our Patron Cardinal Vincent. Our Trustees continue to provide solid governance and clear strategic direction. From our communities we have many in public office - MPs, Counsellors and other office holders alongside NHS leaders - who engage on our issues and we have the charity of so many individuals and groups and wonderfully engaged corporate partners. With this behind us, our team is well placed to make St Joseph’s particular contribution in these great communities of East London.

Dr Rachel Black Chief Executive

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Trustees’ report (incorporating the strategic report)

Introduction

The Trustees present their statutory report together with the consolidated financial statements of St Joseph’s Hospice, Hackney, for the year ended 31 March 2025. The report, which constitutes a Trustees’ report for the purposes of charity legislation and a Directors’ report for the purposes of company legislation, has been prepared in accordance with Part Vlll of the Charities Act 2011.

The financial statements consolidate the accounts of St Joseph’s Hospice with those of its fully owned trading subsidiary, Five Sisters Managed Services Limited, which was established on 22 October 2021.

The financial statements have been prepared in accordance with the accounting policies set out on page 33 of the attached financial statements and comply with the charitable company’s Memorandum and Articles of Association, applicable laws and Accounting and Reporting by Charities: Statement of Recommended Practice applicable in the United Kingdom and Republic of Ireland (FRS 102).

Overview

“Doctors, nurses, and all healthcare workers are true heroes, who deserve our gratitude and support.”

Pope Francis on International Nurses Day, May 12 2020

St Joseph’s Hospice is a proud, modern, caring and compassionate independent Catholic charity, which supports the diverse communities of East London, the City of London, and its surrounding areas. We deliver specialist palliative care and end-of-life care both in the Hospice and the community for people with progressive life-limiting illnesses, as well as providing comprehensive support for their families and carers. All of our services are provided free of charge.

The provision of outstanding standards of care for our patients and their families is our primary priority. Our team of highly skilled and innovative clinical and nursing staff work tirelessly to ensure that all our services are specifically tailored to each individual person under our care. Patients come to the Hospice often with complex medical conditions.

At St Joseph’s we have an expert multi-disciplinary team always ready to positively meet those complex medical conditions, ensuring that our care always begins and remains with the patient and their family, who are at the very centre of everything that we do. That same specialist support and expertise in end-of-life care is also provided to generalist services within the hospitals and communities within our catchment area and wider area.

In addition, we offer expert advice, support, education and training in specialist palliative care and end-of-life care to other professionals, and we undertake targeted research in aspects of this care. Underpinning all of our work, as part of our founding Mission, is a particular responsibility to support the poor regardless of the form which their poverty takes, whether it be poverty in health, economic condition, social circumstance, or emotional or spiritual need.

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We operate the Hospice in full sight of the highest clinical and ethical standards, underpinned by our Catholic values. We are profoundly committed to our responsibility to promote a clear vision of the highest quality in specialist and end-of-life care, being called to speak and act in our commitment to the human dignity of the entire person and the sacredness of every human life.

Approximately half of our income comes from the NHS through our contracts with Integrated Care Boards (ICBs), which means we need to raise an additional £7 million a year just to meet our existing operating costs and commitments. This funding comes from legacies, individual and corporate donations, and other fundraising initiatives that we undertake. We owe a significant debt to the generosity and goodwill of our corporate sponsors, our local communities, and many others in the City, across London, as well as nationally and internationally. We thank them for their continued commitment to us, and the considerable support that they offer us year after year.

St Joseph’s Hospice was founded in Hackney in 1905 by The Religious Sisters of Charity and has built an outstanding reputation in providing the highest quality care to our communities in East London, the City of London, and beyond. Historically, this part of East London has been characterised by material poverty and deprivation, as well as religious, ethnic, and cultural diversity.

We continue to develop new sources of funding to augment the income that we currently receive from the NHS and our charitable donors, and we endeavour to increase income from our various enterprises which are operated entirely in keeping with our founding Ethos, Mission, and Core Values.

A key element of these enterprises is our continuing commitment to ensuring that we always protect those we care for and their families, as we continue to engage with and influence those who commission our services, demonstrating the excellence of our care in a setting of valueadded efficiency and effectiveness.

Objectives and activities

Charitable objectives and principal activities

Our Charity’s purposes, as set out in the Objects contained in our Articles of Association, are the relief of sickness and disability, in particular by:

The aims of the Charity are to provide physical, emotional, social, and spiritual care to physically ill people of all races and creeds.

Mission statement

Our Mission is:

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Vision

Our Vision is that everyone with a life-limiting illness is as fully supported as possible to ensure that they live well until the end of their natural life, and that support is provided where and when they need it.

Core values

We are committed to five core values. These are:

Respect for human dignity

We respect human dignity when we respect the sacredness of life, care for the whole person, demonstrate unity of purpose while recognising individual differences, value each person’s contribution and act in a culturally appropriate manner.

Service quality

We provide service when we create an environment of welcome and hospitality, promote quality care and excellence, encourage and demonstrate team spirit, recognise the value of individual initiatives and ideas, and show an openness to constructive criticism and feedback.

Care of the poor and vulnerable/advocacy

We care for the poor and vulnerable when we listen attentively to identify unmet needs, respond in a practical way to those in need, collaborate with others to share resources, create access to needed services and provide basic resources for daily living to those in need.

Compassion

We show compassion when we act with understanding and sensitivity, work cooperatively with others, are available to those we serve and to each other, and respect and nurture the environment.

Justice

We promote justice when we act with integrity, respect the rights of others, take responsibility for our actions, preserve resources, provide quality without extravagance, demonstrate fairness in decision-making, affirm, celebrate and develop the gifts and talents of each person, and model justice in all aspects of business practice.

Strategic achievements and performance

As we embark on the next phase of the Hospice’s strategy, we are excited about the new opportunities afforded to us by technological advancements. The shift from analogue to digital,

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AI, and access to more sophisticated patient and business management tools will underpin our approach to innovation. Embracing technology will support our decision-making as we explore new models of access, allowing us to take a more nuanced approach to patient care in different boroughs.

We too are mindful of the need for our workforce to embrace a digitally focused culture so that we remain relevant and informed. Providing appropriate training will be key so the organisation remains agile and fit for purpose for the future.

Below we highlight our services and the key achievements of each during the 2024-25 financial year.

Patients

Our universal value is that everyone should have a good death. We continue with our mission to provide equitable access to specialist palliative care to all in our communities who need it. Our position is faith based but is one that works with all of those we serve.

The completion of the refurbishment of St Michael’s ward will assist us with the provision of that care in a calm, safe and peaceful environment.

Our primary priority remains unchanged - to deliver an outstanding quality of service to our patients. We maintain and enhance our reputation as a centre of excellence for specialist palliative care through our continued close working with colleagues within primary care, and our local hospitals. Our services include:

The geographical area that the Hospice serves presents a complex tapestry of ethnic and cultural diversity, just as existed in 1905. Indeed, the proportion of non-white service users continues to increase year-on-year - from 57% to 62%. More than a third (36%) are at or below the poverty threshold. Our imperative is to uphold the profound values that we inherited from our founding Sisters, and the compassion and love for all humanity. We serve and support all and every member of the communities that we serve, regardless of circumstance.

It is our ongoing mission to reach out to all, especially to those who may not traditionally have considered using our range of Hospice services. We all work extremely hard to meet the varying needs and expectations of every patient, and those of their families and carers,

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regardless of their cultural, spiritual, ethnic, gender or sexual orientation. We offer culturally sensitive diets, a comprehensive range of advocacy services, as well as a multi-faith Mission and Chaplaincy service.

Demand on the Hospice continues to grow year-on-year. In the year to March 2025, in the geographies we serve we recorded 6,403 patient contacts, including bereavement contacts and external referrals. This represents 3% more contacts than in 2024, and an 11% increase over a 5-year period.

The shift towards community services continues, with more than 18,000 (18,095) patient contacts made by the Community Palliative Care Team (CPCT), and 2,432 patient visits in their own home.

Of particular note is the increase in demand for carer support, with 119 pe referrals, many of which were complex. Volunteers deliver much of this care during the course of the year, giving 228 hours of respite support to unpaid carers compared with 156 hours in the previous year.

St Joseph’s Hospice was privileged to be able support 76 children and young people through bereavement counselling and/or art therapy, up from 54 in the previous year. Furthermore, 1,220 people affected by loss and grief were referred to Psychological Therapies for counselling. This represents 3% more people than the previous year - over a five-year period the number of referrals has increased by more than 70%.

Bed occupancy is at 59%, with the average length of stay down from 17 to 15 days year-onyear in our core areas. Of patients admitted to the Hospice, around a quarter (26%) were discharged to their usual place of residence which included their own home, their care home or into the care of a relative.

We remain focused on advance care planning and detailed conversations with patients, and in 2024/25, three quarters (75%) of patients who died whilst under our care did so in their preferred place of death.

Our ability to communicate effectively with those we serve is essential and, on any given day, the range of languages spoken by our staff, patients, visitors, volunteers and callers, numbers in excess of forty distinct languages and dialects.

We continually develop, direct, and enhance our service provision to ensure that we dovetail into the specific needs of our patients and their relatives and carers to ensure that we exceed their expectations whilst fully respecting their unique identity. This includes our patient communications, ensuring that information about the Hospice can be understood by all, for example on our website every page can be translated into multiple languages that are presented in both the written and spoken word.

We work extremely hard in providing a warm, welcoming, and comfortable environment for our patients, their families, and all our visitors and staff. This includes our five-star rated catering provision, with food freshly prepared by our kitchen staff every day.

Visitors, staff and volunteers continue to enjoy an ever-expanding range of affordable hot and cold food and drinks from our ever-popular Five Sisters Café, and everyone can relax and unwind when visiting our spectacular award-winning gardens.

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People

The HR department continues to drive forward our people and culture plan, which underpins the Mission of the Hospice. It aims to ensure that our people who are committed, motivated and skilled remain so and can explore and realise their talents. In doing this, we remain flexible and able to respond to the changing needs of our patients, staff and volunteers.

We continue to support managers to deliver their people management responsibilities. Looking ahead, we have started to think about the wide-ranging changes to the world of employment in the Employment Rights Bill.

The changes we implemented at the end of the last reporting period, particularly changing the group personal pension scheme provider to one that offers salary exchange, has been positively received. In parallel, staff are now better informed and educated about pensions and retirement. The medical cash plan is also a well-used and appreciated benefit. Also, for staff, we have collaborated with a local business to offer discounted goods, complementing our staff benefits portal and the Blue Light card that are already available.

It is pleasing to note that our gender pay gap is reducing year-on-year and is currently at 2.2% compared with 3.56% in 2023.

We have continued to demonstrate our commitment to our people, having achieved accreditation as a FREDIE ( F airness, R espect, E quality, D iversity, I nclusion and E ngagement) organisation at silver standard. This was a huge achievement for our first assessment, and we are striving towards achieving gold in two years’ time. We are also proud that the Hospice became a silver standard Compassionate Employer, again on first assessment.

As we come to the end of a strategic cycle, we have identified the department plan for the next phase, the key pillars of which are talent management; people and culture; organisational development; training, education and development; and maintaining a professional service. Our Values and Behaviours Competency Framework underpin our strategic plan.

We will continue to evolve the One Staff concept and will ensure that the asset that is our HRIS (Human Resources Information System) system is continually developed to support the people management of the employed team.

Training, Education and Development

Training, education and development remains a priority. 20 managers are currently actively engaged with the ILM (Institute of Leadership Management) programme, to support our aims to raise the professional standards of leaders and managers. Our Learning and Development team is now working on the next iteration of this programme, together with the Hospice’s executive.

We continue to maintain our high standard of statutory and mandatory training compliance, which currently stands at 96% across the Hospice.

We continue to embed apprenticeships within the Hospice at all levels up to and including L7, with an increasing number of staff taking up apprenticeships to help pursue their chosen career path.

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Oliver McGowan training part 2 has recently been introduced, providing our staff with an opportunity to learn and reflect on working with those who have a learning disability and autism in a care setting.

Staff Engagement and Voice

This year has been characterised by reviews of some of our programmes, such as our recognition programme “Above and Beyond”. This has evolved to become the ALiVE awards and has a much broader remit.

A key development has been completing the work to develop our Values and Behaviours Framework. It is currently in the consultation phase, prior to its implementation. The Framework’s priority is for staff to reflect on how the Values influence the way they work with patients, families, donors, the public, and each other, as well as asking the question what else can we do to ensure that the Hospice is truly led by its values.

Freedom to Speak Up

We retain our 13 Speak Up champions who are all active in supporting staff to raise any concerns. All staff are required to complete “Speak Up” training. Managers also complete “Listen Up” training, and senior leaders complete these two modules as well as a further “Follow Up” module.

This year, the Speak Up network has addressed concerns of staff effectively and has continued to think through the implications of high-profile prosecutions. Each year the Guardians report to the Trustees the work that is being done to provide a safe space for speaking up and the actions and learning we take from each case.

Enterprise

We have continued to evolve our Enterprise strategy which was developed back in 2019 to establish more predictable, sustainable and new income streams.

Enterprise remains firmly established as an important source of income for the Hospice and contributes to our ongoing strategy of finding new ways to fill the financial gap between our running costs and the income that we derive from our NHS block contract and fundraising. The success of the Enterprise strategy is against the trend of other commercial properties which are still trying to regain ground that was lost as a result of the pandemic, and despite the prevailing economic downturn.

We take great care to only offer commercial space to organisations aligned with our ethos and values and ensure that there is no negative impact on our patient services. Demand for commercial office space within the Hospice site has outstripped supply, with all single-person rooms remaining at full occupancy.

This year, with the Board’s agreement, we invested in a development plan to create more spaces for commercial leasing or rental, most of which are now occupied. We expect the investment to be recouped in less than two years - remarkable given that a commercial return on investment of 5-7 years is considered to be ‘good’.

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An additional benefit of the development plan was that we were able to re-locate almost all of our clinical teams into one space. Instead of being spread across the buildings, being in close physical proximity creates an opportunity for increased collaborative working.

With the shift to hybrid working that took place as a result of Covid, we are finding it more challenging to rent our larger spaces, such as in a neighbouring Hospice-owned building. As part of our long-term financial strategy, we will start to explore if the building can be utilised in a different way.

On-site, we continue to provide low-cost on-site accommodation to our nursing staff, as well as rooms in collaboration with an existing tenant and a local healthcare partner. In addition to providing a valuable service to them and generating an additional Enterprise income stream, the ability to offer on-site accommodation is a useful tool in our armoury when recruiting staff from further afield. We also offer rooms to overseas students who attend the Hospice to participate in some of our training programmes.

Additionally, we also generate rental and hospitality income from our state-of-the-art education and conference facilities. Our Garden Room continues to host community-based organisations, social enterprises and commercial businesses for meetings, events and workshops.

The picture has been more challenging for our retail operations. At a national level, charity shops point to payroll and other cost pressures, recruitment issues, falling volunteer numbers, reduced profits, increased energy costs, and a vanishing rag market. A major disability charity reported that they would be closing 77 of its 138 shops in the next financial year as they were projecting a loss of £1.5m.

With just three shops, the impact on us is less critical, but we have experienced similar issues such as fewer quality donated goods, the difficulty in recruiting and retaining reliable volunteers, combined with high rental costs. As part of the next phase of our strategy, consideration will be given to how we move forward with Retail, but in the short-term the focus is to ensure stability as much as possible.

In addition to our shops and as part of our Mission, we hold regular ‘pound sales’ in order to sell low-cost goods to the local community. These continue to be hugely popular, with queues extending down the street once we open our doors. We continue to be extremely grateful to the local community for their support and the generosity and quality of their donations.

Results for Five Sisters® Managed Services - the separate company established in November 2021 as a platform to provide commercial services to external organisations - are reported separately in Five Sisters® Managed Services accounts.

Estates and Facilities

The Facilities team has continued to provide a welcoming environment for all who use the Hospice. This year saw further progress in planned maintenance, energy efficiency and accessibility. We recognise that there is still a long way to go and the team continues to work hard to ensure we remain compliant in all areas. We have expanded our usage of external audits and work with appropriate agencies to ensure the delivery of a safe environment. Scheduled planning underpins risk safety; asset reviews ensure compliance, utility needs, tenancy standards. Facilities focus is on proactive management.

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Among the projects undertaken were roof repairs, improvements to staff changing rooms, plumbing upgrades and, as part of our ongoing commitment to sustainability, we installed voltage optimisation equipment on the main meter to reduce energy consumption and our carbon footprint.

The Hospice gardens continue to be a much-valued resource. Maintenance of the main pond has preserved its calming presence, and our summer events brought together patients, families, staff, volunteers and members of the local community. These spaces offer therapeutic benefits and a deep sense of peace that is often commented on by visitors and staff alike.

Despite rising costs and pressures on staffing, the team has worked tirelessly to maintain standards across the estate. Cleaning audits are consistently scored highly, and feedback about our Housekeeping team is very good.

One major bit of work that we have been scoping is improvements to the Day Hospice conservatory, and this project should ensure a brilliant space for patients and staff by the summer of 2025.

Looking ahead, we will develop a new five-year Estates strategy, conduct a full accessibility audit, and continue to improve internal storage and logistics, while expanding our focus on sustainable energy solutions.

Health and Safety

Health and safety remains a priority at St Joseph’s Hospice. We continue to make progress in strengthening our approach to risk management and creating a safe and supportive environment for everyone on site.

Comprehensive audits were carried out, covering both general health and safety and fire safety. These audits identified key risk areas, which are now being actively managed with clear action plans and oversight from leadership.

We also reviewed and enhanced our incident reporting systems, with improved follow-up processes that support learning and accountability. Service-level risk assessments have been updated to reflect current practices and emerging risks. The culture around health and safety is becoming increasingly proactive, with staff playing a greater role in reporting, feedback, and prevention - recognising not only that risk assessments are important when planning but also recognising how simple they are to complete as a team.

Health & Safety Advisor Seamus Lally noted: “This year’s audits gave us a clear picture of where we’re performing well and where we need to act quickly. We’re not just ticking boxes, but we’re taking a practical, proactive approach to risk, and working closely with teams to ensure safety is embedded in everything we do.”

The number of RIDDOR reportable incidents was zero (and also zero in the previous year). In the coming year, we will develop key performance indicators (KPIs) and dashboards to monitor safety across services, deliver scenario-based emergency training, and expand our wellbeing and mental health support for staff.

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Energy and carbon reporting

St Joseph’s is committed to reducing its environmental impact through a focused Energy Sustainability Programme . This initiative targets practical improvements to our buildings and systems, aiming to cut carbon emissions, reduce costs, and enhance comfort for patients and staff.

Key measures include:

This programme reflects our commitment to environmental responsibility, financial sustainability, and high-quality care; ensuring our Hospice remains fit for the future.

Although our energy usage increased between years, our sustainability programme started in 2020 with the installation of solar panels. 2024/25 consumption was 13% lower than 2019/20 consumption and with the installation of the second voltage optimiser in January 2025, recent upgrades to one of our aged boiler systems, plus our plans to install new windows across the estate, we are confident of further decreasing this consumption figure as we strive for net zero.

UK Emissions and Energy Use data forperiod 1st April to 31st March UK Emissions and Energy Use data forperiod 1st April to 31st March UK Emissions and Energy Use data forperiod 1st April to 31st March
2024/25 2023/24
Energy Consumption
Electricity 934,852 914,487
Gas 2,195,270 1,901,094
Total Consumption(KwH) 3,130,122 2,815,581
Direct Energy Emissions
Electricity 795 777
Gas 404 350
Total Emissions(metric tonnes) 1,199 1,127
Intensity Metric Ratio
Tonnes CO2 per staff FTE 5.48 5.10

IT

The IT function at St Joseph’s Hospice continues to evolve in support of our broader goal to become a more data-driven, digitally enabled organisation.

This year saw the successful launch of Project Opus, a strategic initiative to strengthen our data infrastructure and enhance decision-making. Through this project, we have now started

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using Power BI to deliver more timely and insightful reporting across directorates, helping managers make informed operational decisions.

We also began exploring the role of artificial intelligence and digital automation within operational workflows. One early success was the pilot of online data collection tools for Cleaning Audits, which reduced paperwork and enabled real-time oversight of compliance activity.

In parallel, we have started planning for the replacement of CrossCare, our legacy Patient Administration System (PAS). A modern, integrated clinical system is vital to support the delivery of high-quality care and to align with our future digital strategy.

Infrastructure improvements continued, including upgrades to our network and greater reliance on cloud-based systems, which provide better stability and scalability. The rollout of Microsoft Teams has helped strengthen communication, particularly for remote and flexible workers. However, integration between clinical and corporate systems remains limited, and IT capacity has, at times, constrained progress.

Looking ahead, we plan to expand Project Opus to include service-level dashboards, complete the procurement and planning process for our new PAS, and further explore automation and AI opportunities. Cybersecurity and business continuity will remain key priorities, and we will continue to invest in digital training and confidence-building initiatives across our workforce.

Funding and Fundraising

St Joseph’s Hospice is committed to responsible fundraising, complying with regulatory standards and ensuring that it is delivered in a manner consistent with our core values.

We are registered with the Fundraising Regulator and are committed to the Fundraising Promise and adhere to the Code of Fundraising Practice. Any third-party agencies used for the purpose of fundraising are contractually obliged to adhere to the relevant codes of practice.

St Joseph’s Hospice does not share any of its supporter data with other charities or companies unless we have a data-sharing agreement in place allowing us to do so. Our legal basis is “legitimate interest” for postal and telephone communications for fundraising purposes and “consent” for email and SMS communications for fundraising purpose. We regularly review supporter journeys to ensure we protect potentially vulnerable supporters and address process improvements following supporter feedback.

We complete an annual complaints return for the Fundraising Regulator. Fundraising complaints reported during 2024/25 were six (2023/24 - eight) .

This year saw the Fundraising team deliver year three of its three-year fundraising plan, focussing on income growth and relationship building.

Fundraising costs have increased due to organisational pay rises, retention of fundraising staff and additional expenditure on our successful campaign to recruit regular donors.

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We have continued to work towards our strategic pillars for success:

Key activity in 2024/25

We have continued our investment into face-to-face activity through a third-party provider and ran a successful test telemarketing campaign, which was well received by donors. This activity added just under 1,000 new regular givers to our supporter base and this will continue in 2025/26 alongside testing digital engagement.

Our events programme continued to grow following the pandemic, and we were able to double

our places in the Hackney Half (which will continue in 2025/26). We also hosted our best Great East End Walk ever, raising over £50,000 from the event. The Great East End Walk will be 25 in 2025, so we hope to maintain this momentum going forward.

We hosted two in-memory events across the year to remember loved ones. Flowers in Celebration took place in beautiful sunshine, where people bought a beautiful white flower, with many collecting the ceramic flowers year-on-year. We held our annual Light up a Life service in December, where more than 300 people braved the wind and rain to remember their loved ones and light a candle.

This was a good year for legacy fundraising, hosting several successful will writing workshops. Additionally, we were part of Hospice UK’s first national legacy campaign “This is Hospice Care”. Following the campaign we have promoted gifts in wills to our supporters and network through telephone and digital channels, growing our enquirer and pledger bases.

We have successfully grown our community engagement, which we continue to rebuild following the pandemic. We continue to work with schools - holding our third Rudolph Run, local business raising almost £20,000 from collection tins and religious organisations in our community. We also launched the Business Hub - a membership for business/organisations to support the work of the Hospice but also benefiting from social events, volunteering opportunities and specialist workshops.

We have maintained our relationships with key corporate partners and introduced three new partnerships that started in 2025, and have had a successful funding year from trusts and foundations.

We would like to take this opportunity to thank all of the trusts and foundations that have supported our work this year, including City Bridge Foundation, the funding arm of The City of London Corporation’s charity, Bridge House Estates (charity no. 1035628) for funding our Welfare Benefits service, and The Lord and Lady Lurgan Trust for contributing towards new syringe drivers.

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A huge thank you to partners National Australia Bank, Canary Wharf Contractors Fund and MFS for their support, and to Morrisons Foundation, St James’s Place Foundation, Haslers Foundation and Co-op Local Community Fund for grants towards our work.

Financial Review 2024/25 - Stability, Progress and Ambition

Looking Ahead: Leading with Confidence

Over the past four years, we are proud to report that our balance sheet has strengthened by 16% (£6.3M). That is not just a technical achievement - it marks a real shift in our financial resilience and our ability to plan with ambition and purpose. Having a strengthened balance sheet is not the outcome, but the driver for future success and reducing financial risk.

But we are not standing still. Our aspiration is to eliminate the persistent gap between NHS income and the true cost of delivering high-quality palliative care. That shortfall is substantial, and closing it will require a bold, integrated approach. By utilising the balance sheet strategically, we not only defend against risk, but drive opportunity.

We are developing a financial model that is both sustainable and transformative. By growing income, diversifying our investment portfolio, and improving our operational efficiency, we can create a system where charitable donations go directly to supporting outstanding clinical outcomes. This is about more than balancing the books - it is about reshaping how we finance end-of-life care and setting St Joseph’s apart in the hospice world.

Financial leadership is not simply about balancing figures. It is about securing long-term success by identifying and managing opportunities others may overlook, enabling clinical excellence through financial innovation, pragmatic decision-making, and robust risk management.

This is ambitious - and necessarily so. With the right financial leadership and the continued commitment of our people, partners and supporters, this is an achievable ambition.

The Year in Review: From Deficit to Surplus

The year began under considerable pressure, with a large operational deficit reflecting rising costs and constrained income. However, a strong performance in the second half of the year reversed this position. Legacy income rose substantially, and statutory funding was uplifted; together these shifts moved us into surplus and restored short-term stability.

Legacy and Statutory Income: Key Drivers of Recovery

Legacy gifts were particularly strong in the second half, reinforcing the generosity of our supporters and significantly boosting unrestricted income. Alongside this, our statutory income increased, reflecting growing recognition of the Hospice’s role in delivering high-quality, specialist palliative care.

Retail and Pay Pressures

Retail income fell short of targets, driven by lower footfall and staffing challenges; a pattern reported across the wider retail sector. On the cost side, staff pay rose by 5.5%, reflecting our commitment to fair, competitive remuneration. These were principled decisions, albeit with a real impact on expenditure.

19

Investment Portfolio

The final quarter saw our investments exposed to the global trade battle and this resulted in a reported loss of about £0.7M. Our portfolio is held with CCLA. Events over the past decade (Brexit, Covid-19, Ukraine war and the recent trade wars) may be signs that our investments are not sufficiently diversified, nor as stable as previously assumed.

The recent refurbishment of part of our estate into commercial space has already provided capital gains and improved revenue streams, demonstrating that investment into property can have a dual impact, including above average and stable income yields - ensuring that our physical assets, whilst themselves being illiquid, are actively contributing to our financial sustainability.

Income returns were stable due to increased income on our rental property, which offset falls in investment portfolio income.

Our Investment Policy considers both financial and reputational risks and sets out long-term capital growth targets for different asset classes plus annual income targets. Performance is regularly reviewed by the Trustees, who can approve changes to both policy and investment managers.

Reserves: A Foundation for Stability and Strategic Confidence

At St Joseph’s Hospice, our reserves policy plays a critical role in safeguarding both our operational continuity and our long-term ambitions. Reserves are not idle funds; they are the financial bedrock that enables the Hospice to remain resilient in the face of external shocks while continuing to invest in care, innovation, and infrastructure.

Our reserves are carefully structured to meet two core objectives:

The minimum level of free reserves is set with reference to a prudent view of operating costs, potential risks and our obligation to maintain service quality under pressure. This ensures that we can weather unexpected events, such as delayed funding, market volatility, or operational disruption, without compromising patient care.

Importantly, we also recognise that reserves held above our minimum threshold can and should be used proactively. Surplus reserves are designated to support developments that strengthen the Hospice’s position as a centre of excellence, including service expansion, estate improvement, and transformation initiatives.

In this way, our reserves policy reflects a balance between protection and progression, securing today while enabling the Hospice to shape tomorrow. The Trustees have set expenditure equivalent to nine months’ unrestricted reserves as a policy. In addition, Trustees have approved designated funds to support our goals.

Five Sisters: Mission-Aligned, But Under Review

Our subsidiary, Five Sisters Managed Services Ltd, continued to deliver excellent catering services and received positive feedback. However, the financial performance remains below the level originally envisaged. A full review is now underway to determine the longer-term role and value of this venture within our overall strategy. After the current contract expires at the

20

end of March 2026, Five Sisters Managed Services will be made dormant whilst we consider its future.

Capital Investment: A Better Place for Care

We continued to invest in our infrastructure to ensure the Hospice remains a safe, welcoming, and future-ready environment. The final phase of ward refurbishments has been completed, and upgrades to Mary Aikenhead House and the Centenary Wing have created flexible, highquality space for letting and office use. These investments not only improve patient and staff experience but support our enterprise and income generation plans.

Procurement Progress

We have made strong progress in strengthening procurement. A new e-procurement system, fully integrated with our financial platform, has increased transparency, improved contract management and streamlined purchasing. We have developed more collaborative relationships with suppliers and reduced stock levels, improving cash flow and reducing waste. Strategic procurement partnerships continue to support this progress through benchmarking, expert input and tailored pricing frameworks.

Governance, Risk and Assurance

Risk management remains a core part of how we operate. Our corporate risk register is reviewed regularly by the Board. We benefit from independent scrutiny, regular audits and a culture of learning and improvement.

The key risks identified on our risk register included:

As far as possible, risks are managed and mitigated through corrective action and we are strongly aligned with our insurers and other authorities to ensure risk is controlled.

Health and safety performance improved during the year, supported by robust training, proactive coordination, and an embedded risk ownership model. External audits continue to strengthen our approach, with areas for improvement translated into action plans which are regularly monitored.

We are continuing to develop our business continuity planning, using this to inform departmental strategies and guide resilience work across the organisation.

Key Management Personnel

The Trustees consider that they, together with the Senior Management Team, comprise the key management personnel.

Salaries for the Senior Management Team are set having regard to national pay agreements, considering the seniority and experience required by each post.

21

All Trustees give their time freely, and no Trustees were remunerated during the year (2023/24: no remuneration).

No Trustee expenses were paid during the year (2023/24: £Nil).

Final Word

This has been a year of consolidation, improvement, and ambition. Over the past few years, we have moved from financial uncertainty to renewed strength, and we are setting a course for long-term sustainability grounded in strategic purpose. The challenges ahead are real, but so are the opportunities.

We now look to the future with a clear goal: to build a financial model that does not just sustain the Hospice, but actively empowers it - delivering excellence, securing our mission, and ensuring that St Joseph’s continues to lead the way in palliative care.

During the year, there have been significant changes in key management personnel which meant that over half of the Senior Management Team have been in post for less than a year. These include the Chief Executive Officer, Director of Care and HR Director.

Governance, structure and management

Constitution

St Joseph’s Hospice, Hackney, a Charity registered under the Charities Act 2011, is constituted as a company limited by guarantee and is governed by its Memorandum and Articles of Association.

Liability of the members

The Charity is constituted as a company limited by guarantee. In the event of the Charity being wound up during the period of membership, or within the year following, company members are required to contribute an amount not exceeding £1.

The Religious Sisters of Charity are founding members of the charity and a process is in train to transfer their residual governance role as Members to the Cardinal Archbishop of Westminster. This will conclude in the next accounting period.

Structure

The Charity is governed by its Trustees (the Board) which meets regularly throughout the year to determine strategic vision and direction. The Trustees appoint a Chief Executive who is responsible for the day-to-day running of St Joseph’s Hospice and to inform and implement Board decisions.

The Registered Manager is the Director of Clinical Services and the CEO is the Responsible Individual for Care Quality Commission registration purposes.

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Trustees

The Trustees listed on page 3 were in office at the date on which this annual report was approved. The Trustees who served on the Board throughout the year to 31 March 2025 and up to the date on which this report was approved are as follows:

Directors Appointed/Resigned
Paddy McGuinness (Chair)
Edward McGuigan
Dr Michael Moran
Prof. Jim McManus
Margaret Doherty
Nick Howard
Jane Heffernan
Edward Davies
Peter Pledger Resigned 17thSeptember 2024

The Election of Trustees

The Trustees are elected at the Annual General Meeting of the Charity by the members.

Trustees are normally elected for an initial term of three years and, if reappointed, may serve for a second term of three years. In exceptional circumstances, the members may reappoint a Trustee for a third term of three years. The maximum length of service is therefore nine years. The Trustees, with the consent of the Congregational Leader of the Sisters of Charity, also have the power to co-opt people during the year to help deal with specific matters.

The Trustees are recruited and selected for their specific skills and experience, which currently cover finance, fundraising, business, governance, communications, and healthcare.

Policies and procedures relating to Trustees’ training and induction

All Trustees receive induction on joining the Board so that they are equipped to carry out their role, as well as signing a statement of their willingness to serve as a Trustee and completing a declaration of interests statement. Additionally, new Board members receive direct support from the Chief Executive. In order to keep Board members informed about the charity’s ongoing work, the Board receives reports from senior staff members as required. Moreover, members of the Board meet from time-to-time more informally with the management team and other staff to work on specific areas of development.

Statement of Trustees’ responsibilities

The Trustees (who are also directors of St Joseph’s Hospice, Hackney, for the purposes of company law) are responsible for preparing the Trustees’ report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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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 Group and the Charity and of the income and expenditure of the Group and the Charity for that period.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

Each of the Trustees confirms that:

This confirmation is given and should be integrated in accordance with the provisions of s418 of the Companies Act 2006.

Signed on behalf of the Trustees:

Paddy McGuinness CMG OBE

Trustee

Date of approval: 16[th] September 2025

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Independent auditor’s report

Opinion

We have audited the financial statements of St Joseph’s Hospice, Hackney (the Charitable Company and its subsidiary (‘the Group’) for the year ended 31 March 2025 which comprise the consolidated statement of financial activities, the Group and Charity balance sheets, the consolidated statement of cash flows, the charity statement of financial activities, the principal accounting policies and the notes to the financial statements. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and charitable parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the Annual Report and Financial Statements, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not

25

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.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the charitable parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ report, including the strategic report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Trustees’ responsibilities statement, the Trustees (who are also the Directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the group’s and the charitable parent company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable parent company or to cease operations, or have no realistic alternative but to do so.

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Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the group and parent charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

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In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures, which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of key management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditors responsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Peter Mackereth, Senior Statutory Auditor For and on behalf of Buzzacott Audit LLP Statutory Auditor 130 Wood Street London EC2V 6DL

16 September 2025

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Financial Statements

Consolidated statement of financial activities

Year to 31[st] March 2025

Notes Unrestricted
funds
Restricted
funds
2025 Total
funds
Unrestricted
funds Restricted funds
2024 Total
funds
£'000
£'000
£'000
£'000
£'000
£'000
Income and Expenditure
Income From:
Donations and legacies
1
Other trading activities:
Charity shops
Five Sisters Managed Services Ltd
Investments and bank deposits
2
Charitable activities
3
Miscellaneous Income
Total income
Expenditure on:
Raising funds:
Costs of generating donations & legacies
4
Costs of trading
. Charity Shops
4
. Investment property costs
. Five Sisters Managed Services Ltd
Charitable Activities
Hospice inpatient care
5
Hospice outpatient and day services
5
Community palliative care services
5
Psychosocial and bereavement services
5
Education, training and research
5
Patient café and dining room
5
Total expenditure
Net Income before Investment gains and transfers
Net Gains / (Losses) on investments
12
Net income before transfers
Transfers between funds
15
Net income and net movement in funds
7
Reconciliation of funds
Balances brought forward at 1 April 2024
Balances carried forward at 31 March 2025		 4,824
13
4,837
3,589
667
4,256
241
-
241
220
-
220
316
-
316
297
-
297
1,086
48
1,134
1,092
58
1,150
9,774
484
10,258
9,390
111
9,501
7
-
7
64
-
64
16,248
545
16,793
14,652
836
15,488
1,602
-
1,602
1,254
-
1,254
270
-
270
225
-
225
117
-
117
124
-
124
304
-
304
275
-
275
9,439
98
9,537
8,986
155
9,141
975
11
986
964
10
974
2,747
26
2,773
2,368
20
2,388
796
47
843
753
41
794
280
-
280
318
-
318
42
-
42
38
-
38
16,572
182
16,754
15,305
226
15,531
(324)
363
39
(653)
610
(43)
636
(84)
552
3,818
153
3,971
312
279
591
3,165
763
3,928
358
(358)
-
930
(930)
-
670
(79)
591
4,095
(167)
3,928
42,480
2,228
44,708
38,385
2,395
40,780
43,150
2,149
45,299
42,480
2,228
44,708

29

Charity statement of financial activities

Year to 31[st] March 2025

Notes Unrestricted
funds
Restricted
funds
2025 Total
funds
Unrestricted
funds
Restricted
funds
2024 Total
funds
£'000
£'000
£'000
£'000
£'000
£'000
Income and Expenditure
Income From:
Donations and legacies
1		 4,824
13
4,837
3,619
667
4,286
Other trading activities:
Charity shops
Investments and bank deposits
2		 241
-
241
220
-
220
1,086
48
1,134
1,092
58
1,150
Charitable activities
3		 9,814
484
10,298
9,390
111
9,501
Miscellaneous Income
Total income
Expenditure on:
Raising funds:
Costs of generating donations & legacies
4
Costs of trading
. Charity Shops
4
. Investment property costs
Charitable Activities
. Hospice inpatient care
5		 7
-
7
64
-
64
15,972
545
16,517
14,385
836
15,221
1,602
-
1,602
1,254
-
1,254
270
-
270
225
-
225
117
-
117
124
-
124
9,439
98
9,537
8,986
155
9,141
. Hospice outpatient and day services
5		 975
11
986
964
10
974
. Community palliative care services
5		 2,747
26
2,773
2,368
20
2,388
. Psychosocial and bereavement services
5		 796
47
843
753
41
794
. Education, training and research
5		 280
-
280
318
-
318
. Patient café and dining room
5
Total expenditure
Net Income before Investment gains and transfers
Net Gains / (Losses) on investments
12
Net income before transfers		 42
-
42
38
-
38
16,268
182
16,450
15,030
226
15,256
(296)
363
67
(645)
610
(35)
636
(84)
552
3,818
153
3,971
340
279
619
3,173
763
3,936
Transfers between funds
15		 358
(358)
-
930
(930)
-
Net income and net movement in funds
7		 698
(79)
619
4,103
(167)
3,936
Reconciliation of funds
Balances brought forward at 1 April 2024
Balances carried forward at 31 March 2025		 42,488
2,228
44,716
38,385
2,395
40,780
43,186
2,149
45,335
42,488
2,228
44,716

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Balance sheets as at 31[st] March 2025

Group Charity
2025 2024 2025 2024
Notes £'000 £'000 £'000 £'000
Fixed Assets
Tangible assets 11 17,198 16,834 17,198 16,834
Investments 12 24,602 24,683 24,602 24,683
41,800 41,517 41,800 41,517
Current assets
Stocks 5 6 - -
Debtors 13 2,925 3,831 2,957 3,835
Short term deposits 2,049 384 2,049 384
Cash at bank and in hand 54 1,051 26 1,030
5,033 5,272 5,032 5,249
Creditors: amounts falling due
within one year 14 (1,534) (2,081) (1,497) (2,050)
Net Current assets 3,499 3,191 3,535 3,199
Total net assets 45,299 44,708 45,335 44,716
The funds of the charity:
Income funds
Restricted funds 15 2,149 2,228 2,149 2,228
Unrestricted funds
General funds 10,751 11,747 10,751 11,747
Designated Funds 16 5,130 5,200 5,130 5,200
Tangible fixed assets fund 17 17,198 16,834 17,198 16,834
Investment property fund 18 10,107 8,707 10,107 8,707
Non-Charitable trading funds 10 (36) (8) - -
43,150 42,480 43,186 42,488
45,299 44,708 45,335 44,716

Approved by the Trustees and signed on their behalf by:

Paddy McGuinness CMG OBE

Trustee

Date of approval: 16[th] September 2025

St Joseph’s Hospice, Hackney: Company Registration No. 05513914 (England & Wales)

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Statement of cash flows

Year to 31[st] March 2025

Notes 2025
2024
£'000
£'000
251
(2,593)
1,134
1,150
(1,467)
(1,186)
750
2,000
417
1,964
668
(629)
1,435
2,064
2,103
1,435
Group		 2025
2024
£'000
£'000
Charity
Cash flows from operating activities
Net cash provided by (used in) operating activities
A
Cash flows from investing activities
Investment income and interest received
Purchase of tangible fixed assets
Proceeds from disposal of investments
Net cash used in investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at 1 April 2024
B
Cash and cash equivalents at 31 March 2025
B		 244
(2,595)
1,134
1,150
(1,467)
(1,186)
750
2,000
417
1,964
661
(631)
1,414
2,045
2,075
1,414
Notes to the statement of cash flows for the year to 31 March 2025
Reconciliation of net movement in funds to net cash provided by operating activities		 2,025
2,024
£'000
£'000
591
3,928
988
866
(553)
(3,971)
(1,134)
(1,150)
1
29
906
(1,810)
(548)
(485)
251
(2,593)		 2,025
2,024
£'000
£'000
Net movement in funds (as per the statement of financial activities)
Adjustments for:
Depreciation charge
Loss/(Gains) on investments
Investment income and interest receivable
Decrease in stock
Decrease / (Increase) in debtors
(Decrease)/Increase in creditors
Net cash provided by (used in) operating activities		 619
3,936
988
866
(553)
(3,971)
(1,134)
(1,150)
-
30
877
(1,854)
(553)
(452)
244
(2,595)
Analysis of cash and cash equivalents 2,025
2,024
£'000
£'000
54
1,051
2,049
384
2,103
1,435		 2,025
2,024
£'000
£'000
Cash at bank and in hand
Short term deposits
Total cash and cash equivalents		 26
1,030
2,049
384
2,075
1,414

32

Principal accounting policies

The principal accounting policies adopted, judgements used and key sources of estimation and uncertainty in the preparation of the financial statements are laid out below. These financial statements have been prepared for the year to 31 March 2025 with comparative information presented for the year to 31 March 2024. The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these financial statements. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (Charities SORP FRS 102) the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The Charity constitutes a public benefit entity as defined by FRS 102. The financial statements are presented in sterling and are rounded to the nearest thousand pounds.

Basis of consolidation

The financial statements consolidate the accounts of St Joseph’s Hospice, Hackney with those of its wholly owned subsidiary, Five Sisters Managed Services Limited, to the balance sheet date. All figures are consolidated on a line by line basis.

Critical accounting estimates and areas of judgment

Preparation of the financial statements requires the Trustees and management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include:

Assessment of going concern

The Trustees have assessed whether the use of the going concern assumption continues to be appropriate in preparing these financial statements. The Trustees have made this assessment in respect to a period of at least one year from the date of approval of these financial statements.

Despite the challenges faced by the Hospice, we have delivered an aggregate operational surplus demonstrating our continued ability to manage finances well whilst delivering quality care to patients.

We have increased our enterprise and are continually reviewing the efficiency of our expenditure base. We are entering Year 3 of a five-year NHS contract and have good relationships with commissioners.

Reserves remain healthy and the Trustees have confidence in us continuing to deliver Palliative Care in East London for a long time into the future.

33

Income recognition

Income is recognised in the period in which the charity has entitlement to the income, the amount of income can be measured reliably and it is probable that the income will be received.

Income comprises donations, legacies, income from fundraising events, income from investments and bank interest, and contracts, service level agreements and grants income for the provision of healthcare and related services.

Donations are recognised when the charity has confirmation of both the amount and settlement date. In the event of donations pledged but not received, the amount is accrued for where the receipt is considered probable. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period. In accordance with the Charities SORP FRS 102 volunteer time is not recognised.

Legacies are included in the statement of financial activities when the charity is entitled to the legacy, the executors have established that there are sufficient surplus assets in the estate to pay the legacy, and any conditions attached to the legacy are within the control of the charity. Entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor to the charity that a distribution will be made, or when a distribution is received from the estate.

Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution.

Where legacies have been notified to the charity, or the charity is aware of the granting of probate but the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title of the asset having being transferred to the charity.

Investment income from listed investments is recognised once the dividend has been declared and notification has been received of the dividend due.

Investment income generated from investment properties is recognised at the point when the income is due to the charity under tenancy or lease agreements. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Contracts and service agreements in respect to the provision of healthcare services are recognised to the extent that it is probable that the economic benefits will flow to the charity and the revenue can be reliably measured. It is measured at fair value of the consideration received or receivable, excluding any relevant value added tax.

Grants from government, NHS bodies, Clinical Commissioning Groups and from trusts and foundations have been included as income from charitable activities, i.e. the provision of healthcare and related services where they amount to a contract for services but as donations where the money is given in response to an appeal or grant application or with greater freedom of use, e.g. for core purposes.

34

Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Group and Charity to make a payment to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. Expenditure comprises direct costs and support costs. All expenses, including support costs, are allocated or apportioned to the applicable expenditure headings. The classification between activities is as follows:

Allocation of support and governance costs

Support costs represent indirect charitable expenditure. In order to carry out the primary purposes of the Group and Charity it is necessary to provide support in the form of personnel development, financial procedures, provision of office services and equipment and a suitable working environment. Governance costs comprise the costs involving the public accountability of the Group and Charity (including audit costs) and costs in respect to its compliance with regulation and good practice. Support costs and governance costs are apportioned based on the number of full time equivalent staff allocated to each of the charitable activities.

Tangible fixed assets

Freehold land and buildings

Transfers to the Charity on 1 April 2012 are included on the balance sheet at a valuation as at that date based on depreciated replacement cost. As permitted by FRS 102, this valuation is now assumed to be the deemed cost of these assets. Additions since 1 April 2012 are included on the balance sheet at cost. Freehold buildings are depreciated at a rate of 2% per annum based on cost or deemed cost. No depreciation is charged on freehold land.

Major building refurbishment

Major building refurbishment since 1 April 2012 is included on the balance sheet at cost. Major building refurbishment, once completed, is depreciated at a rate of 10% per annum based on cost. Major building refurbishment that is in progress is capitalised but only depreciated in accordance with the above policy once complete.

Plant and equipment

Transfers to the Charity on 1 April 2012 are included on the balance sheet at a valuation as at that date based on depreciated replacement cost. As permitted by FRS 102, this valuation is now assumed to be the deemed cost of these assets. Additions since 1 April 2012 on the purchase and replacement are capitalised at cost. Plant and equipment is depreciated between 10 and 20 years on a straight line basis, dependent upon the individual asset.

35

Computer equipment

Additions are capitalised at cost. Computer equipment is depreciated over a three-year period on a straight line basis in order to write off the cost of over its estimated useful life.

Motor vehicles

Motor vehicles transferred to the charity on 1 April 2012 are included on the balance sheet at a valuation as at that date based on depreciated replacement cost. Motor vehicles purchased since 1 April 2012 are capitalised at cost. As permitted by FRS 102, this valuation is now assumed to be the deemed cost of these assets. Motor vehicles are depreciated over a four-year period on a straight line basis in order to write off the cost of each motor vehicle over its estimated useful life.

Furniture

Transfers to the Charity on 1 April 2012 are included on the balance sheet at a valuation as at that date based on depreciated replacement cost. As permitted by FRS 102, this valuation is now assumed to be the deemed cost of these assets. Additions since 1 April 2012 are capitalised at cost. Furniture is depreciated over a four-year period on a straight-line basis.

Fixed asset investments

Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The Group and Charity do not acquire put options, derivatives or other complex financial instruments.

The main form of financial risk faced by the Group and Charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.

Properties held for investment purposes are included in these accounts at open market value. The valuations have been determined by the Trustees with the assistance of independent professionals who have carried out formal valuations periodically. The Trustees assess annually whether any changes in conditions have occurred which would result in a change in value and reflect these changes where the movement since the last formal valuation is considered to be material. Formal valuation assessments of those properties reclassified during the year were carried out in March 2025. We aim to make a 7.5% average return on commercial property and the valuer has used this figure as the basis for the valuation.

Investment by the Charity in the issued share capital of Five Sisters Managed Services Limited is shown at cost.

Realised gains (or losses) on investment assets are calculated as the difference between disposal proceeds and their opening carrying value or their purchase value is acquired subsequent to the first day of the financial year.

Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value at that date. Realised and unrealised investment gains (or losses) are combined in the statement of financial activities and are credited (or debited) in the year in which they arise.

36

Stock

The value of charity stock is immaterial for the size of the organisation. Thus, stock is charged directly to the I&E.

Stock held by Five Sisters Managed Services Ltd is held on the group balance sheet.

Debtors

Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid.

Cash at bank and in hand

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition.

Short term deposits relate to cash held in deposit accounts for medium term use or future reinvestment, but which are available on demand or have a maturity less than three months from the date of acquisition

Creditors and provisions

Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the Group and Charity anticipate they will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material.

Fund Structure

The general fund comprises those monies which may be used towards meeting the charitable objectives of the Charity and which may be applied at the discretion of the Trustees. The tangible fixed assets fund represents the net book value of the land and buildings occupied by the Charity and other tangible fixed assets. Such assets are vital to the Charity being able to carry out its charitable work and the value invested in the assets cannot, therefore, be realised in order to meet future expenditure or contingencies. To emphasise this point the net book value of the assets is represented by a specific tangible fixed assets fund on the balance sheet. The investment property fund represents the value of the buildings utilised by the Charity to generate a commercial return. Such assets cannot be realised easily in order to meet future expenditure or contingencies. To emphasise this point the value attributed to these assets is represented by a specific investment property fund on the balance sheet. Other funds have been designated for specific purposes as described later in this report.

The restricted funds are monies raised for, and their use restricted to, a specific purpose, or donations subject to donor-imposed conditions.

Designated funds are set aside by the Trustees to further our charitable objectives with funding for specific projects. These funds are reviewed regularly by the Trustees and funds allocated according to needs and levels of unrestricted funds.

Non-charitable trading funds comprise the accumulated losses of the subsidiary company, Five Sisters Managed Services Limited.

37

Operating Leases

An operating lease is a lease that does not transfer substantially all the risks and rewards incidental to ownership of an underlying asset to the lessee. Lease payments are recognised as an expense on a straight-line basis over the lease term.

The Hospice identifies a contract as a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

Changes to lease terms are accounted for by adjusting the lease expense over the remaining lease term.

Pension Costs

Pension costs are payable in respect of defined contribution and defined benefit pension schemes. The Group and Charity are unable to identify their share of the underlying assets and liabilities of the defined benefit schemes on a reasonable and consistent basis. Therefore in accordance with FRS 102, it has accounted for its normal contributions as if the schemes were defined contribution schemes. Normal contributions are charged to the statement of financial activities when payable.

38

Notes to the financial statements

1. Income from donations and legacies

==> picture [482 x 76] intentionally omitted <==

----- Start of picture text -----
Group and Charity Unrestricted Restricted Total 2025 Unrestricted Restricted Total 2024
£'000 £'000 £'000 £'000 £'000 £'000
Donations 1,288 13 1,301 1,218 667 1,885
Donations of cremation fees received 6 - 6 13 - 13
1,294 13 1,307 1,231 667 1,898
Legacies 3,530 - 3,530 2,358 - 2,358
Total funds 4,824 13 4,837 3,589 667 4,256
----- End of picture text -----

We are grateful to all the individuals, trusts and companies who have supported our work this year.

2. Income from investments and bank deposits

==> picture [482 x 76] intentionally omitted <==

----- Start of picture text -----
Group and Charity Unrestricted Restricted Total 2025 Unrestricted Restricted Total 2024
£'000 £'000 £'000 £'000 £'000 £'000
-
Income from listed investments
UK common investment funds 368 48 416 413 58 471
Rental income from investment 672 - 672 631 - 631
Bank interest 46 - 46 48 - 48
Total funds 1,086 48 1,134 1,092 58 1,150
----- End of picture text -----

3. Income from charitable activities

Group Unrestricted
funds
Restricted
funds
Total 2025
£'000
£'000
£'000		 Unrestricted
funds
Restricted
funds
Total 2024
£'000
£'000
£'000
Statutory grants and service agreements
Integrated Care Boards
DHSC Capital Grant
City Bridge Foundation
Other grants and service level agreements
Fees for education services and room hire
Residencies and other rental income
Income from provision of catering
Total funds		 9,340
48
9,388
-
315
315
-
49
49
129
72
201
78
-
78
76
-
76
151
-
151		 9,074
48
9,122
-
-
-
-
-
-
-
63
63
137
-
137
84
-
84
95
-
95
9,774
484
10,258		 9,390
111
9,501
Charity Unrestricted
funds
Restricted
funds
Total 2025
£'000
£'000
£'000		 Unrestricted
funds
Restricted
funds
Total 2024
£'000
£'000
£'000
Statutory grants and service agreements
Integrated Care Boards
DHSC Capital Grant
City Bridge Foundation
Other grants and service level agreements
Fees for education services and room hire
Residencies and other rental income
Income from provision of catering
Total funds		 9,340
48
9,388
-
315
315
-
49
49
129
72
201
118
-
118
76
-
76
151
-
151		 9,074
48
9,122
-
-
-
-
-
-
-
63
63
137
-
137
84
-
84
95
-
95
9,814
484
10,298		 9,390
111
9,501

4. Expenditure on raising funds

Group and Charity Direct costs Support costs Total 2025
£'000
£'000
£'000
828
-
828
599
-
599
-
445
445
1,427
445
1,872		 Direct costs Support costsTotal 2024
£'000
£'000
£'000
715
-
715
400
-
400
-
364
364
1,115
364
1,479
Staff costs
Other direct costs
Support costs
Total funds

39

5. Expenditure on charitable activities

Group and Charity Direct costs Support costs Total 2025
£'000
£'000
£'000		 Direct costs
Support costs
Total 2024
£'000
£'000
£'000
Hospital inpatient care
Hospice outpatient and day services
Community palliative care services
Psychosocial and bereavement
Education, training and research
Patient café and dining room
Total funds		 6,849
2,688
9,537
669
317
986
2,009
764
2,773
620
223
843
218
62
280
42
-
42		 6,720
2,421
9,141
672
302
974
1,778
610
2,388
598
196
794
251
67
318
38
-
38
10,407
4,054
14,461		 10,057
3,596
13,653

6. Support costs

6.
Support costs
2025 2024
Groupand Charity £'000 £'000
Staff costs 1,731 1,488
Recruitment and training 368 253
Services contracted out 57 54
Consumables 41 44
Maintenance and running costs 679 744
Depreciation 988 866
Office expenses 599 468
Auditors remuneration 36 44
Total funds 4,499 3,961

Support costs are allocated to raising funds and charitable activities based on the full-time equivalent staff allocated to each charitable activity.

7. Net income (expenditure) and net movements in funds

Group Charity
This is stated after charging: 2025 2024 2025 2024
£'000 £'000 £'000 £'000
Staff costs (note 8) 12,296 11,643 12,129 11,309
Auditors remuneration:
Current year audit fees 36 26 36 26
Other Services 4 - - -
Fees for HR Services - 18 - 18
Depreciation 988 866 988 866
Operatinglease rentals 51 11 51 11

8. Staff costs and Trustees’ remuneration

Staff costs during the year were as follows:
Wages and salaries
Social security costs
Pension costs
Seconded and agency staff		 2025
2024
10,057
9,492
1,012
991
625
588
11,694
11,071
602
392
12,296
11,463
Group		 Charity
2025
2024
9,973
9,426
1,005
984
623
585
11,601
10,995
528
314
12,129
11,309

40

The number of employees who earned £60,000 or more (including benefits but excluding employer pension contributions) during the year was as follows:

Group and Charity 2025 2024
£60,001 - £70,000 13 11
£70,001 - £80,000 6 5
£80,001 - £90,000 2 3
£90,001 - £100,000 2 -
£100,001 - £110,000 - -
£110,001 - £120,000 1 2

Of those employees who earned £60,000 or more during the year (as defined above), employer contributions were made to money purchase schemes in respect of ten employees (2024 - nine employees), and to defined benefit schemes in respect of nine employees (2024 - nine employees).

Total employer contributions to pension schemes in respect of such employees during the year amounted to £142,275 (2024 - £159,858).

When determining salary rates for clinical staff, the Hospice always makes reference to national pay agreements and considers the seniority and experience demanded by each post.

Key management personnel remuneration during the year totalled £693,117 (2024 - £608,960).

No Trustees received any remuneration during the year (2024 - £nil) and no expenses were reimbursed to Trustees (2024 - £nil). The average number of employees during the year, analysed per function, was as follows:

2025
2024
Full time equivalent
Full time equivalent
19
18
129
133
7
8
16
15
9
10
3
3
6
7
29
27
218
221
 2025
2024
Average Headcount
Average Headcount
Hospice
Support and administration
Raising funds
Hospice inpatient care
Hospice outpatient and day
Community palliative care
Psychosocial and
Education and training

20
19
152
155
11
11
17
16
24
22
3
4
7
8
31
30
265
265

9. Taxation

St Joseph’s Hospice, Hackney is a registered charity and is not liable to income tax or corporation tax on income derived from its charitable activities as it falls within the various exemptions available to registered charities. The subsidiary company Five Sisters Managed Services Limited has entered into a Gift Aid compliant Deed of Covenant whereby it donates its taxable profits (if any) to its parent charity each year. In the year to 31 March 2025, the amount payable was £nil (2024 - £30,467).

10. Subsidiary undertaking

The Charity owns the entire issued share capital of £1 in Five Sisters Managed Services Limited, a company registered in England and Wales (Company Registration Number 13698763). The registered office of the company is Mare Street, Hackney, London, E8 4SA. The subsidiary was set up on 22 October 2021. The results of the subsidiary for the year ended 31 March 2025 and comparative results for 31 March 2024.

41

Turnover
Cost of Sales
Gross Profit
Administrative expenses
Operating (loss)/profit before tax
Corporation Tax
Gift Aid
(Loss) for the year
Accumulated (loss) at 31 March 2025		 2025
2024
£'000
£'000
316
297
(101)
(86)
215
211
(243)
(181)
(28)
30
(8)
-
(30)
(28)
(8)
(36)
(8)

As at 31[st] March 2025, the subsidiary had accumulated losses of £35,923 (2024 - £8,314) and called up share capital of £1 (2024 - £1).

11. Tangible fixed assets

Group and Charity Furniture,
equipment
Freehold
Major
and
land and
building
Assets
motor
buildings
refurbishment
Under
vehicles
Total
£'000
£'000
Construction
£'000
£'000		 Furniture,
equipment
Freehold
Major
and
land and
building
Assets
motor
buildings
refurbishment
Under
vehicles
Total
£'000
£'000
Construction
£'000
£'000
At cost or deemed cost
At 1 April 2024		 16,039
2,852
1,235
3,551
23,677

Additions
Transfers		 -
1,361 -
106
1,467
1,235
(1,235)
-
0
Reclassification as investment (156)
-
-
-		 (156)
At 31 March 2025
At 1 April 2024
Charge for the year
Depreciation		 15,883
5,448
-
3,657
24,988
2,770
1,901
-
2,172
6,843
231
356
-
401
988

Reclassification as investment		 (41)
-
-
-		 (41)
At 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024		 2,960
2,257
-
2,573
7,790
12,923
3,191
-
1,084
17,198
13,269
951
1,235
1,379
16,834

The Hospice’s freehold land and buildings held at 1 April 2012 were valued on a depreciated replacement cost basis by an external valuer, Gerald Eve LLP, following the transfer of assets and liabilities from The Religious Sisters of Charity Charitable Trust as at that date. The valuation was carried out in accordance with the valuation standards and guidance notes contained in the Valuation - Professional Standards, incorporating the International Valuation Standards (“the Standards”) of the Royal Institution of Chartered Surveyors (RICS) March 2012. Other tangible fixed assets transferred at that date are included at their net book value at the date of transfer, i.e. 1 April 2012. As permitted by FRS 102, all valuations at 1 April 2012 are now assumed to be the deemed cost of the relevant assets. Additions to tangible fixed assets since 1 April 2012 are included at cost.

Capital Commitments

At year-end the Group and Charity had no capital commitments (2023/24 - £531k).

42

12. Investments

12. Investments
Group and Charity Investment
property
£'000
8,707
115		 Listed
Investments
£'000
15,976
-		 2025
Total
£'000
24,683
115
(768)
572
24,602
12,323		 2024
Total
£'000
Market value at 1 April 2024
Reclassification from tangible fixed assets (note 11)		 22,712
-
Disposals (proceeds: £750,000: loss £18,771) - (768)
(713)		 (1,871)
3,842
Unrealised gains/(losses) 1,285
At 31 March 2025
Cost of investments at 31 March 2025		 10,107
1,715		 14,495
10,608		 24,683
12,737

Investment property comprises of:

The Hospice has no intention of disposing of its investment properties and is a long-term investor.

Listed investments held at 31[st] March 2025 are as follows:

2025
£'000
UK common investment funds
14,495		 2024
£'000
15,976

At 31[st] March 2025, the Charity’s investments comprised holdings in COIF and CAIF Charities Investment Funds. Both are managed by CCLA.

In addition to the above, the charity owns the entire issued share capital of £1 in Five Sisters Managed Services Ltd (note 10).

13. Debtors

13. Debtors
GROUP CHARITY
2025 2024 2025 2024
£'000 £'000 £'000 £'000
Revenuegrants and fees receivable 4
-
2,105
2,891
105
108
219
305
208
248		 4
-
2,105
2,891
105
108
219
305
208
248
60
36
256
247
Legacies receivable
Investment income and interest receivable
VAT recoverable
Prepayments
Subsidiary -
-
Other debtors 284 279
2,925 3,831 2,957 3,835

43

14. Creditors - amounts falling due within one year

GROUP GROUP CHARITY CHARITY
2025 2024 2025 2024
£'000 £'000 £'000 £'000
759
754
-
367
247
242
-
125
270
372
102
98
-
-
119
92
Expense creditors
Capital Creditors
Social security and other taxes
Accruals for capital works
Other accruals
Deferred income
Corporation Tax
Other creditors		 774
759
-
367
248
243
-
125
274
377
102
98
-
8
136
104
1,534 2,081 1,497 2,050

Deferred income consists of contractual income received in advance.

GROUP GROUP
2025 2024
Deferred income £'000 £'000
Balance as at 1 April 2024 98
595
Income deferred in the year
Income released in theyear		 52
32
(48)
(529)
Balance as at 31 March 2025 102
98

15. Restricted funds

Group and Charity Mission fund
Restricted
Funds
2025
£'000
£'000
£'000
2,058
170
2,228
48
497
545
-
(182)
(182)
(84)
-
(84)
(30)
(328)
(358)
1,992
157
2,149		 Mission fund
Restricted
Funds
2024
£'000
£'000
£'000		 Mission fund
Restricted
Funds
2024
£'000
£'000
£'000
2024
At 1 April 2024
Income
Expenditure
Gains/losses on listed investment
Transfers
At 31 March 2025		 1,875
520
2,395
58
778
836
-
(226)
(226)
153
-
153
(28)
(902)
(930)
2,058 170 2,228

The income funds of the Group and Charity include restricted funds comprising the donations and grants held on trusts to be applied for specific purposes.

The specific purposes for which the funds are to be applied are as follows:

Mission fund

This fund is to provide for resources to promote the mission statement and core values of The Religious Sisters of Charity and St Joseph’s Hospice. Transfers to unrestricted funds represent qualifying expenditure that was not charged to the fund when incurred.

Other restricted funds

During the year we were in receipt of £328k restricted funding from NHS for capital projects - all the money was spent in year. Transfers from the Mission Fund comprises costs provided to cover nursing and other specific costs. At year-end money spent was transferred to the general fund.

44

16. Designated funds

Group and Charity At 1 April
2024
New
Designations
At 31 March
2025
£'000
£'000
Utilised
£'000
Patient Admin Software Fund
Repairs & Maintenance Fund
Development Fund
R&D & Education Fund		 1,000
-
-
1,000
500
-
-
500
1,500
-
-
1,500
500
-
-
500
500
-
(70)
430
1,200
-
-
1,200
Data & Information Fund
Legacies Fund
At 31 March 2025 5,200
-
(70)
5,130

Patient Admin Software Fund is a specific fund which will be used to fund the replacement project of our patient administration system, which will become obsolete at the end of 2025.

St Joseph’s has a large and aged estate and we recognise the value to our patients, relatives, staff and the wider community of continuing to invest in this estate.

The Repairs and Maintenance Fund recognises that occasionally we have major unplanned works and setting aside money to fund this ensures a funding stream over the next three years.

The Development Fund - This is a fund to focus on projects which will expand St Joseph’s charitable impact as a centre of excellence in palliative care and is a five-year project.

The R&D and Education Fund will be used to pump prime new developments over the next three years and to grow our income. It will enable us to be part of more funded projects, and it is our aim to be the ‘go to hospice’ for future R&D projects and education.

The Data & Information Fund recognises our ambition to support our understanding of everything we do through the smart use of data and evidence. This fund will be used to demonstrate the value of St Joseph’s to East London and to protect and grow our income streams by making a clear and compelling story. The project has started and is due to last five years.

Legacies Fund - Legacies income is a key income source for the charity and the volatility of this income stream can have a large impact on whether or not the charity is able to meet a balanced budget in any given year. The Trustees therefore decided to establish a fund to provide a buffer against this volatility. The fund value was initially established at £1m and it is the intention that funds shall be released to general funds if there are significant shortfalls in legacy income in any particular year. Correspondingly, the fund may be topped back up to £1m if legacy income raised significantly exceeds expectations. The aim of utilising this fund in such a way is to maintain the long-term financial sustainability of the charity, allowing us to continue to focus on our excellent clinical care.

17. Tangible fixed assets fund

Group and Charity 2025 2024
£'000 £'000
At 1 April 2024 16,834
16,022
1,467
1,678
(988)
(866)
(115)
-

Capital Purchases

Depreciation Charge for Year

Reclassification as investment property

At 31 March 2025		 17,198 16,834

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18. Investment property fund

Group and Charity 2025 2024
£'000 £'000
At 1 April 2024 8,707
6,195
1,400
2,512

Net movement in the year

At 31 March 2025		 10,107 8,707

19. Analysis of net assets between funds

Tangible Investment
General Designated fixed assets Property Restricted Total
GROUP funds Funds fund fund funds 2025
£'000 £'000 £'000 £'000 £'000
Fund balances at 31 March 2025 are represented by
Tangible fixed assets - - 17,198 - - 17,198
Investments 7,493 5,130 - 10,107 1,872 24,602
Current assets 4,756 - - - 277 5,033
Creditors: amounts falling due within one year (1,534) - - - - (1,534)
Total net assets 10,715 5,130 17,198 10,107 2,149 45,299
Accumulated unrealised gains included above consists of:
.On listed investments 3,473 - - - 413 3,886
.On investment properties - - - 8,392 - 8,392
3,473 - - 8,392 413 12,278
Reconciliation of movements in unrealised gains on investments
Unrealised gains at 1 April 2024 4,341 - - 7,108 497 11,946
Less: brought forward unrealised gains realised in the year (219) - - - (2) (221)
Add Net unrealised gains in the year (650) - - 1,284 (81) 553
Unrealised gains at 31 March 2025 3,472 - - 8,392 414 12,278
Tangible
Investment
General
Designated
fixed assets
Property
Restricted
Total
CHARITY funds
Funds
fund
fund
funds
2,025
£'000
£'000
£'000
£'000
£'000
Fund balances at 31 March 2025 are represented by
Tangible fixed assets
-
-
17,198
-
-
17,198
Investments
7,493
5,130
-
10,107
1,872
24,602
Current assets
4,755
-
-
-
277
5,032
Creditors: amounts falling due within one year
(1,497)
-
-
-
-
(1,497)
Total net assets
10,751
5,130
17,198
10,107
2,149
45,335
Accumulated unrealised gains included above consists of:
.On listed investments
3,473
-
-
-
413
3,886
.On investment properties
0
-
-
8,392
-
8,392
3,473
-
-
8,392
413
12,278
Reconciliation of movements in unrealised gains on investments
Unrealised gains at 1 April 2024
4,341
-
-
7,108
497
11,946
Less: brought forward unrealised gains realised in the year
(218)
-
-
-
(2)
(220)
Add Net unrealised gains in the year
(650)
-
-
1,284
(81)
553
Unrealised gains at 31 March 2025
3,473
-
-
8,392
414
12,279		 -
-
17,198
-
-
17,198
7,493
5,130
-
10,107
1,872
24,602
4,755
-
-
-
277
5,032
(1,497)
-
-
-
-
(1,497)
10,751
5,130
17,198
10,107
2,149
45,335
3,473
-
-
-
413
3,886
0
-
-
8,392
-
8,392
3,473
-
-
8,392
413
12,278
3,473
-
-
8,392
414
12,279

20. Pension costs

National Health Service Scheme

Retirement benefits for nursing staff and staff previously employed by the National Health Service (NHS) are provided by a defined benefit scheme, the National Health Service Pension Scheme, which is funded by contributions from the Hospice and the employees.

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The NHS Pension Scheme is an unfunded scheme. Contributions on a ‘pay-as-you-go’ basis are credited to the Exchequer under arrangements governed by the Superannuation Act 1972. Actuarial valuations are carried out on a notional set of investments.

The Charity is unable to identify its share of the underlying assets and liabilities as each employer is exposed to actuarial risks associated with the current and former employees of other entities participating in the National Health Service Pension Scheme. For schemes like this, FRS 102 requires the Charity to account for normal pension contributions on the basis of amounts payable to the Scheme in the year.

The Hospice has set out below the information available on the deficit in the scheme and the implications for it in terms of the anticipated contribution rates.

The pension cost is assessed in accordance with the advice of the government actuary. The assumptions and other data that have the most significant effect on the determination of the contributory levels are as follows:


contributory levels are as follows:
Latest actuarial valuation 31-Mar-20
Prospective benefits
Actuarial method
Discount rate (real rate) 1.70%
Discount rate (nominal rate) 1.80%
Pension increases 4.10%
Long term salary growth 2.50%
Value of assets at date of last valuation Nil
Value of liabilities at date of last valuation £653.2 billion
Proportion of members' accrued benefits covered by the actuarial value of assets
The employer's contribution rate 23.70%

Contributions paid to the Scheme during the year amounted to £542,301 (2024 - £559,383), of which £226,313 (2023 - £240,927) was employees’ contributions.

Standard Life Pension Scheme

This is a defined contribution scheme where employees can choose their level of contribution. From April 2024 the Hospice moved from Royal London Pension Scheme to Standard Life Pension Scheme.

21. Related party transactions

During the year, there were no related party transactions (either Trustee donations or payments to Trustees) (2024 - £nil).

22. Liability of the members

The Charity is constituted as a company limited by guarantee. In the event of the Charity being wound up, members are required to contribute an amount not exceeding £1.

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23. Operating lease commitments

At 31 March 2025, the Hospice had the following future commitments under non-cancellable operating leases, relating to items of equipment; and a five-year lease on three shops, which are cancellable after three years, with a maximum increase rate of 10% at unspecified review dates.

2025 2024
£'000 £'000
Operatingleasespayments due: within oneyear 71 51
Within one to twoyears 82 91
Within two to fiveyears 164 -
317 142

24. Post year-end events

There have been no post year-end events to report.

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